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The Impact of the Great Depression

The Great Depression is the global economic crisis that began in 1929 and lasted until 1939. The 1930s are generally considered the period of the Great Depression.

The Great Depression most severely affected the US, Canada, UK, Germany and France, but was felt in other states as well. Industrial cities were hit the most and the construction has virtually stopped in some countries. Due to the reduction of solvent demand the prices for agricultural products have fallen by 40%-60%.

The events of exchange crash of 1929 preceded the Great Depression in the USA: a collapse in stock prices that began on black Thursday on October 24, 1929. After a small ascent of prices on October 25 the drop of prices took catastrophic proportions on Black Monday on October 28 and Black Tuesday on October 29. On October 29, 1929 was the day of the stock market crash on Wall Street.

Economists have not come to a consensus on the causes of the Great Depression.

There are a number of theories on this subject, but, apparently, the emergence of the economic crisis was influenced by the combination of factors.

The impact and outcomes of the Great Depression:

• Level of industrial production had dropped to the level of the beginning of 20th century, that is, 30 years back.

• There were about 30 million unemployed in industrialized countries with developed market economies.

• The situation of farmers, small traders, and the middle class had worsened. Many were below the poverty line.

• The fertility sharply decreased. From 25% to 90% of children suffered from malnutrition across the United States.

• The number of supporters of both communist and right-wing (fascist) parties has increased (for example, in Germany, Nazi Party came to power).

In January 1932, the US Congress created the Reconstruction Finance Corporation (RFC). This organization was designed to provide financial assistance to the railways, financial institutions and corporations. In July, its role has been expanded to assist the agriculture and finance state and local public works.

The New Deal of Roosevelt began to exit from the crisis in 1933 – a variety of measures aimed at the regulation of the economy. Some of them, according to modern concepts, helped to eliminate the causes of the Great Depression, some were of social orientation, helping most victims survive, while other measures have exacerbated the situation.

The Great Depression is the global economic crisis that began in 1929 and lasted until 1939. The 1930s are generally considered the period of the Great Depression.

The Great Depression most severely affected the US, Canada, UK, Germany and France, but was felt in other states as well. Industrial cities were hit the most and the construction has virtually stopped in some countries.

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100002788
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CREATED ON
November 8, 2016
COMPLETED ON
November 9, 2016
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$17
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December 3, 2016
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