Question

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》 Explain what is Economic Depression? When it was started ?

》 What were the causes of Great Depression?

》 How USSR escaped from Great Depression?

》 How Hitler made use of Great Depression in Germany ?

》 How Roosevelt helped USA escaping from Great Depression?


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Answer 1

The Great Depression was a severe worldwide economic depression that took place mostly during the 1930s, beginning in the United States. The timing of the Great Depression varied across nations; in most countries it started in 1929 and lasted until the late-1930s.


Nine thousand banks failed during the months following the stock market crash of 1929. It is far too simplistic to view the stock market crash as the single cause of the Great Depression. A healthy economy can recover from such a contraction. ... Such wealth concentrated in the hands of a few limits economic growth.


Some suffered steep, others small, production declines; some recovered slowly, others more quickly. Despite these differences, no major industrialized market economy escaped significant economic losses from the Great Depression/Slump of the 1920s and 1930s.


The Great Depression was a long and extensive economic crisis, affecting most developed nations in the early and mid 1930s. It was triggered by a stockmarket crash in New York City in 1929, then soon spread beyond the United States, crippling the economies of dozens of nations. The impact of the Great Depression was particularly severe in Germany, which had enjoyed five years of artificial prosperity, propped up by American loans and goodwill. Unemployment hit millions of Germans, as companies shut down or downsized. Others lost their savings as banks folded. The dire conditions of the early 1930s led many German voters to abandon mainstream political parties and look to more radical alternatives, such as Adolf Hitler and the Nazi Party.




The prelude to the Great Depression was an economic bubble in the United States, caused by years of prosperity and inflated confidence. The 1920s had been a boom decade for American companies, which tallied up record production figures, skyrocketing sales and millions of dollars profit. These profits were passed onto shareholders, who also benefited from sharp increases in share prices. Thousands of Americans rushed to take advantage of the share market, many using their life savings or borrowing against their assets to take advantage of the boom. But the dramatic increases in profits and share prices could not be sustained forever. By 1928 there was considerable over-production in many industries, leading to declining sales and falling profits.


With the exception of supporting the 21st Amendment for the repeal of Prohibition, Roosevelt’s involvement in the economy was an unmitigated disaster. But in popular memory, that failure is obscured by U.S. success in WW2, over which Roosevelt presided.

Today, unfortunately, Obama and his minions are taking Roosevelt as a model and are straining to repeat his mistakes. Because the distortions in today’s economy are far greater than those in the 1920s and 1930s, and since the public now relies upon government far more than it did in those days, I don’t see any way around a more serious depression – the Greater Depression. It’s been going on since 2008, will get much worse, and has years left to run.

FDR himself was extraordinarily lucky. His performance looks successful because when he entered office, both the economy and the stock market were overdue for a cyclical recovery (nothing goes straight down forever). He was elected when the depression had already been going on for four years and the stock market had already fallen 90%. That fortunate timing was partly a gift from Hoover, whose large-scale interference in the economy had kept the depression going. (It’s odd how people believe Hoover was the free-marketeer and Roosevelt was the interventionist. Roosevelt really just continued and extended Hoover’s policies, but with more enthusiasm and far better PR.)

Roosevelt had more good luck (for him) with the arrival of WW2; the victories in Europe and the Pacific forever idealized every aspect of his administration. In many ways, the cult of FDR resembles that of Russia’s Joseph Stalin, who is still worshipped there as a demigod.

[article-quote]Although Obama seems bright enough, there’s little reason to believe he’s a student of history and no reason to believe he’s a student of economics. It’s more likely that he’s just a student of power politics, so he’s inclined to follow the conventional wisdom, which is that a combination of Roosevelt’s “bold action” in the New Deal plus World War 2 brought the country out of the Great Depression. What we hope to show here is that those notions are nonsense.