Great Depression

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Great Depression,

in U.S. history, the severe economic crisis generally considered to have been precipitated by the U.S. stock-market crash of 1929. Although it shared the basic characteristics of other such crises (see depressiondepression,
in economics, period of economic crisis in commerce, finance, and industry, characterized by falling prices, restriction of credit, low output and investment, numerous bankruptcies, and a high level of unemployment.
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), the Great Depression was unprecedented in its length and in the wholesale poverty and tragedy it inflicted on society. Economists have disagreed over its causes, but certain causative factors are generally accepted. The prosperity of the 1920s was unevenly distributed among the various parts of the American economy—farmers and unskilled workers were notably excluded—with the result that the nation's productive capacity was greater than its capacity to consume. In addition, the tariff and war-debt policies of the Republican administrations of the 1920s had cut down the foreign market for American goods. Finally, easy-money policies led to an inordinate expansion of credit and installment buying and fantastic speculation in the stock market.

The American depression produced severe effects abroad, especially in Europe, where many countries had not fully recovered from the aftermath of World War I; in Germany, the economic disaster and resulting social dislocation contributed to the rise of Adolf Hitler. In the United States, at the depth (1932–33) of the depression, there were 16 million unemployed—about one third of the available labor force. The gross national product declined from the 1929 figure of $103,828,000,000 to $55,760,000,000 in 1933, and in two years more than 5,000 banks failed. As a social consequence of the depression, the birthrate fell precipitously, for the first time in American history falling below the replacement rate. The economic, agricultural, and relief policies of the New DealNew Deal,
in U.S. history, term for the domestic reform program of the administration of Franklin Delano Roosevelt; it was first used by Roosevelt in his speech accepting the Democratic party nomination for President in 1932.
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 administration under President Franklin Delano Roosevelt did a great deal to mitigate the effects of the depression and, most importantly, to restore a sense of confidence to the American people. Yet it is generally agreed that complete business recovery was not achieved and unemployment ended until the early 1940s, when as a result of World War II the government began to spend heavily for defense.

Bibliography

See R. R. and H. M. Lynd, Middletown in Transition (1937, repr. 1982); F. L. Allen, Since Yesterday: The 1930s in America (1940); D. Wecter, The Age of the Great Depression (1948, repr. 1956); A. M. Schlesinger, Jr., The Crisis of the Old Order (1957); D. A. Shannon, ed., The Great Depression (1960); C. Bird, The Invisible Scar: The Great Depression, and What It Did to American Life … (1966); A. U. Romasco, The Poverty of Abundance (1965); G. Rees, The Great Slump (1970); S. Terkel, Hard Times: An Oral History of the Great Depression (1970, repr. 2000); C. P. Kindleberger, The World in Depression (1973); G. H. Elder, Jr., Children of the Great Depression (1974, upd. ed. 1998); B. Eichengreen, Golden Fetters: The Gold Standard and the Great Depression, 1919–1939 (1996); D. M. Kennedy, Freedom from Fear (1999); T. H. Watkins, The Hungry Years (1999); L. Ahamed, Lords of Finance: The Bankers Who Broke the World (2009); M. Dickstein, Dancing in the Dark: A Cultural History of the Great Depression (2009); C. R. Morris, A Rabble of Dead Money (2017).

Great Depression

economic crisis of 1929–1939, unprecedented in length and widespread poverty. [Am. Hist.: NCE, 1132]
See: Poverty
References in periodicals archive ?
The government negotiated the biggest crisis plaguing the economy since the Great Depression of 1929." Referring to the issue of inflation, Mukherjee said it was an integral part of the system and the government had taken several measures to deal with the situation.
Declaring in his first inaugural address that " the only thing we have to fear is fear itself, " he dedicated his first term to a New Deal that would alleviate the economic distress caused by the depression of 1929. In 1936 he defeated Alfred Landon of Kansas to win reelection by a landslide, losing the electoral votes of only Maine and Vermont.
Two years ago, their first musical, "Tribulations of the Millionaire," set around the Great Depression of 1929, was performed at the Calliope Theatre, home of Calliope Productions in Boylston.
A WORLD slump followed the US depression of 1929, by 1931, the UK had 2.5 million workers out of work.
As we are all aware, newspapers love attention-grabbing headlines that compare the current situation to the Great Depression of 1929. Few editors care what effects such sensationalism will bring about because, after all, hype and drama attracts readers.
Mr Ghosn, president of the European car makers association, said: "We even talk about the Great Depression of 1929."
Carlos Ghosn, also president of the European carmakers' association, said the industry was facing a "crisis that is brutal, global and of an exceptional size - we even talk about the Great Depression of 1929," he said at a summit of carmakers, suppliers andunions organised by the French government.
The program also serves as a pseudo newspaper, "The Hooverville Times," sprinkled with several informative tidbits about child labor in the 1930's, Oliver Warbucks' proposed bailout (my, how relevant) of our nation's banking crisis following the Depression of 1929, the definition of "public enemy," and RCA's business arrangement with the new Rockefeller Center.
Now his government, and the country, are facing the worst financial crisis since the Depression of 1929 and promises made during the presidential campaign have not been realised," said Mr Price.
Other speakers at the forum underlined the need to take on learning lessons from the Great Depression of 1929 to get rid of the largest economic crisis in the past 80 years.
Recent falls in the market have been widely compared to the Great Depression of 1929, which saw equity markets fall dramatically, characterized by the stampede of panicked investors running for the exit door.
She grew up in Concord, New Hampshire during the time of the great depression of 1929 and worked as an Army Personnel Director for the 5th Ordinance district in Springfield, Massachusetts during World War II.

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