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The Great Depression (1929–1939) was a severe global economic downturn that affected many countries across the world. It became evident after a sharp decline in stock prices in the United States, the largest economy in the world at the time, leading to a period of economic depression. [1] The economic contagion began around September 1929 and ...
The Great Depression in a monetary view. In their 1963 book A Monetary History of the United States, 1867–1960, Milton Friedman and Anna Schwartz laid out their case for a different explanation of the Great Depression. Essentially, the Great Depression, in their view, was caused by the fall of the money supply.
The post–World War II economic expansion, also known as the postwar economic boom or the Golden Age of Capitalism, [1][2] was a broad period of worldwide economic expansion beginning with the aftermath of World War II and ending with the 1973–1975 recession. [1] The United States, the Soviet Union and Western European and East Asian ...
An economic depression is a period of carried long-term economic downturn that is the result of lowered economic activity in one or more major national economies. It is often understood in economics that economic crisis and the following recession that may be named economic depression are part of economic cycles where the slowdown of the economy follows the economic growth and vice versa.
However, with the end of war orders, a serious depression hit the economy by 1921–22. Exports fell to half of their 1913 levels, and unemployment peaked at 17%. [183] Factors explaining the economic depression are on one hand the return to prewar gold standard at parity or upcoming structural problems to the northern industrial core of the UK ...
e. The economic history of the world encompasses the development of human economic activity throughout time. It has been estimated that throughout prehistory, the world average GDP per capita was about $158 per annum (adjusted to 2013 dollars), and did not rise much until the Industrial Revolution. [citation needed]
Overall, world trade decreased by some 66% between 1929 and 1934. [33] Unemployment was 8% in 1930 when the Smoot–Hawley Act was passed, but the new law failed to lower it. The rate jumped to 16% in 1931 and 25% in 1932–1933. [34] There is some contention about whether this can necessarily be attributed to the tariff, however. [35] [36]
Economic globalization refers to the widespread international movement of goods, capital, services, technology and information. It is the increasing economic integration and interdependence of national, regional, and local economies across the world through an intensification of cross-border movement of goods, services, technologies and capital ...