Great Depression Comparing with Nowadays Economic Crisis
|1.||Great Depression in 1930’s||3|
|2.||Global financial crisis of 2008–2009||6|
|3.||Comparing the Great Depression to now for the world||8|
|4.||2008–2009 Latvian financial crisis||11|
|5.||Similar and different between Great Depression and economic crisis in 2008||12|
The Great Depression was a worldwide economic downturn starting in most places in 1929 and ending at different times in the 1930s or early 1940s for different countries. It was the largest and most important economic depression in the 20th century, and is used in the 21st century as an example of how far the world's economy can fall. The Great Depression originated in the United States; historians most often use as a starting date the stock market crash on October 29, 1929, known as Black Tuesday. The Wall Street Crash of 1929, also known as the Great Crash, was the most devastating stock market crash in the history of the United States, taking into consideration the full extent and longevity of its fallout.
The market crash marked the beginning of a decade of high unemployment, poverty, low profits, deflation, plunging farm incomes, and lost opportunities for economic growth and personal advancement. Although its causes are still uncertain, the basic cause was a sudden loss of confidence in the economic future. The usual explanations include numerous factors, especially high consumer debt, ill-regulated markets that permitted malfeasance by banks and investors, cutbacks in foreign trade, lack of high-growth new industries, and growing wealth inequality, all interacting to create a downward economic spiral of reduced spending, falling confidence, and lowered production.
The depression had devastating effects in virtually every country, rich or poor. International trade plunged by half to two-thirds, as did personal income, tax revenue, prices and profits. Cities all around the world were hit hard, especially those dependent on heavy industry. Construction was virtually halted in many countries. Farming and rural areas suffered as crop prices fell by roughly 60 percent.…
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