Question

a) Explain the impact of the Economic depression (1929-1939)






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Answer 1

Answer:

Explanation:

Great Depression, worldwide economic downturn that began in 1929 and lasted until about 1939. It was the longest and most severe depression ever experienced by the industrialized Western world, sparking fundamental changes in economic institutions, macroeconomic policy, and economic theory. Although it originated in the United States, the Great Depression caused drastic declines in output, severe unemployment, and acute deflation in almost every country of the world. Its social and cultural effects were no less staggering, especially in the United States, where the Great Depression represented the harshest adversity faced by Americans since the Civil War.

Answer 2

Great depression, a global economic crisis that began in 1929 and lasted until approximately 1939. It has been the longest and most extreme crisis of the developed Western world and has undergone major changes in economic institutions, fiscal policy and economic theory.

Explanation:

• Although it occurred in the United States, in almost every country of the world the Great Depression brought about dramatic decreases in productivity, extreme unemployment and intense deflation.
• Due to the Great Depression, the cultural and social consequences were no less drastic, particularly in the US , where it was America's most serious hardship since the Civil War
• Decreasing consumer demand, financial uncertainty and ineffective government policies had caused the US economic output to decline, whilst the gold standard, which in a network of fixed currency exchange rates bound almost all of the world's nations, played a major role in transmitted the American downturn to other nations
• In many different nations the duration and magnitude of the Great Depression differed. In the US and Europe the depression was very long and intense; for Japan and much of Latin America it was less serious.

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