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What Was the Great Depression of 1929? The Great Depression of 1929 was a worldwide economic depression that lasted for 10 years. Its kickoff was “Black Thursday", October 24, 1929. That's when traders sold 12.9 million shares of stock in one day. It was triple the usual amount. Over the next four days, stock prices fell 23 percent. That's called the stock market crash of 1929.
Unemployment Reached 25 Percent The height of the Depression was 1933. By then, unemployment had risen from 3 percent to 25 percent of the US’s workforce. Wages for those who still had jobs fell 42 percent. Gross domestic product was cut in half, from $103 billion to $55 billion. That was partly because of deflation. Prices fell 10 percent each year. Panicked government leaders passed the Smoot-Hawley tariff to protect domestic industries and jobs. As a result, world trade plummeted 65 percent as measured in U.S. dollars. It fell 25 percent in the total number of units.
What Caused It? The tight monetary policy of Federal Back is blamed for Great Depression. It used tight monetary policies when it should have done the opposite.
What Ended the Great Depression of 1929? In 1932, Franklin D. Roosevelt was elected as president of USA and he promised to create federal government programs to end the Great Depression.which was called 'New Deal'. It created 42 new agencies. They were designed to create jobs, allow unionization and provide unemployment insurance. They are as following-
Was it the New Deal or the World War II which ended the Great Depression of the 1930s?
Could a Great Depression Happen Again? A depression on the same scale could not happen the same way. Central banks around the world, including the U.S. Federal Reserve, have learned from the past. They know how to use monetary policy to manage the economy. But monetary policy can't offset fiscal policy. The sizes of the U.S. national debt and the current account deficit could trigger an economic crisis. That would be difficult for monetary policy to fix. No one can be certain what will happen, since the current U.S. debt level is unprecedented. This has also been proved by the Global Economic Recession of 2008-09 which points to the fact that today's complex world economic order needs international consensus to tackle any such possibility.
By: Deepak Thakur ProfileResourcesReport error
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