The\u00a0Great Depression\u00a0was a severe\u00a0worldwide\u00a0economic depression\u00a0in the decade preceding\u00a0World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s.[1]\u00a0It was the longest, most widespread, and deepest depression of the 20th century. In the 21st century, the Great Depression is commonly used as an example of how far the world’s economy can decline.[2]The depression originated in the U.S., starting with the fall in stock prices that began around September 4, 1929 and became worldwide news with the\u00a0stock market crash\u00a0of October 29, 1929 (known as\u00a0Black Tuesday). From there, it quickly spread to almost every country in the world.<\/p>\n
The Great Depression had devastating effects in virtually every country,\u00a0rich\u00a0and\u00a0poor.\u00a0Personal income, tax revenue, profits and prices dropped, while international trade plunged by more than 50%. Unemployment in the U.S. rose to 25%, and in some countries rose as high as 33%.[3]\u00a0Cities all around the world\u00a0were hit hard, especially those dependent on\u00a0heavy industry. Construction was virtually halted in many countries.\u00a0Farming\u00a0and rural areas suffered as crop prices fell by approximately 60%.[4][5][6]\u00a0Facing plummeting demand with few alternate sources of jobs, areas dependent on\u00a0primary sector industriessuch as\u00a0cash cropping,\u00a0mining\u00a0and\u00a0logging\u00a0suffered the most.[7]<\/p>\n
Various countries around the world started to recover from the Great Depression at different times. In most countries of the world, recovery from the Great Depression began in 1933.[9]\u00a0In the U.S., recovery began in the spring of 1933.[9]\u00a0However, the U.S. did not return to 1929 GNP for over a decade and still had an unemployment rate of about 15% in 1940, albeit down from the high of 25% in 1933.<\/p>\n
There is no consensus among economists regarding the motive force for the U.S. economic expansion that continued through most of the Roosevelt years (and the 1937 recession that interrupted it).<\/p>\n
The common view among mainstream economists is that Roosevelt’s\u00a0New Deal\u00a0policies either caused or accelerated the recovery, although his policies were never aggressive enough to bring the economy completely out of recession. Some economists have also called attention to the positive effects from expectations of\u00a0reflation\u00a0and rising nominal interest rates that Roosevelt’s words and actions portended.[37][38]\u00a0However, opposition from the newConservative Coalition\u00a0caused a rollback of the New Deal policies in early 1937, which caused a setback in the recovery.[39]<\/p>\n
http:\/\/en.wikipedia.org\/wiki\/Great_Depression <\/p>\n
On September 20th, 2008 we were once again on the brink of such a collapse. Shock-waves are still being felt around the world with recent and projected bail-outs of Greece, Portugal and Iceland.<\/p>\n
A Democratic Congress appropriated money for a Republican President to use to keep America from going over the brink. A Democratic Congress did the same for a Democratic President. It took ten plus years for America to recover from the Great Depression but we somehow expect to recover in one or two years this time and complain that our Government is spending our money recklessly on a failed program. All signs show that we are recovering. Now we again have the know-nothing conservatives trying to roll back our efforts. <\/p>\n","protected":false},"excerpt":{"rendered":"
The\u00a0Great Depression\u00a0was a severe\u00a0worldwide\u00a0economic depression\u00a0in the decade preceding\u00a0World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s.[1]\u00a0It was the longest, most widespread, and deepest depression of the 20th century. In the 21st century, the Great […]<\/p>\n","protected":false},"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1428],"tags":[],"class_list":["post-36993","post","type-post","status-publish","format-standard","hentry","category-politics-2"],"_links":{"self":[{"href":"https:\/\/friendburst.com\/blog-new\/wp-json\/wp\/v2\/posts\/36993","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/friendburst.com\/blog-new\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/friendburst.com\/blog-new\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/friendburst.com\/blog-new\/wp-json\/wp\/v2\/comments?post=36993"}],"version-history":[{"count":0,"href":"https:\/\/friendburst.com\/blog-new\/wp-json\/wp\/v2\/posts\/36993\/revisions"}],"wp:attachment":[{"href":"https:\/\/friendburst.com\/blog-new\/wp-json\/wp\/v2\/media?parent=36993"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/friendburst.com\/blog-new\/wp-json\/wp\/v2\/categories?post=36993"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/friendburst.com\/blog-new\/wp-json\/wp\/v2\/tags?post=36993"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}