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The Great Depression on Economic

The Great Depression can be defined as a devastating economic tumble in North America, Europe as well as other industrialized areas of the world, which started in 1929 and lasted until about 1939. It appeared to be the longest and toughest depression ever faced by the industrialized Western world.

In spite of the fact the American economy had gone into fierce meltdown six months earlier, the Great Depression might be said to have started with a terrible collapse of stock-market prices on the New York Stock Exchange in October 1929. During the next three years stock prices in America kept going down until by late 1932 they had sagged to only 20% of their value in 1929. Besides ruining a great number of individual investors, that precipitous decline in the value of assets heavily strained banks as well as other financial institutions, especially those holding stocks in their portfolios.

A great number of banks were forced into insolvency. To be exact, by 1933, up to 11,000 of the US banks failed. It’s no wonder the failure of so many financial institutions, combined with a general as well as nationwide loss of confidence in the national economy, led to much-reduced levels of spending as well as demand, thus aggravating the downward spiral. The result was drastically dropping output along with rapidly growing unemployment. For instance, by 1932, American manufacturing output fell to 54% of its 1929 level, while unemployment rose to between 12 and 15 million workers, or about 25%-30% of the work force.

The Great Depression initially burst out in the USA, but rapidly turned into a worldwide economic downtime, owing to the special as well as intimate relationships, forged between the USA and European economies after World War I. America had emerged from the war as the number one creditor as well as financier of postwar Europe, whose national economies had been heavily weakened by the war itself, by war debts, and also in the case of Germany as well as other defeated countries, by the need to pay war reparations. So once the US economy tumbled and the flow of American investment credits to Europe ceased, prosperity immediately collapsed there too. The Depression affected hardest those nations, which were most heavily indebted to the United States, such as Great Britain and Germany. In Germany, unemployment edged up abruptly starting in late 1929, and by 1932 it had hit approximately 6 million workers, or simply 25% of the entire work force. The United Kingdom appeared to be less severely affected, though its industrial as well as export sectors remained heavily depressed until World War II. Many other countries were facing tough downtime by 1931.

The Great Depression can be defined as a devastating economic tumble in North America, Europe as well as other industrialized areas of the world, which started in 1929 and lasted until about 1939. It appeared to be the longest and toughest depression ever faced by the industrialized Western world.

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