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The term "The Great Depression" is most frequently attributed to British economist Lionel Robbins, whose 1934 book The Great Depression is credited with formalizing the phrase, [229] though Hoover is widely credited with popularizing the term, [229] [230] informally referring to the downturn as a depression, with such uses as "Economic ...
The gold bloc were seven countries led by France [1] that stuck to the gold standard monetary policy during the Great Depression, even though many other countries abandoned it. In addition to France, the gold bloc included Belgium, Luxembourg, the Netherlands, Italy, Poland, and Switzerland. [2]
Examining the causes of the Great Depression raises multiple issues: what factors set off the first downturn in 1929; what structural weaknesses and specific events turned it into a major depression; how the downturn spread from country to country; and why the economic recovery was so prolonged.
Although the impact of the Great Depression on Great Britain was less severe than elsewhere, the industrial cities of the Midlands, the North, and Scotland were very hard-hit. [1] Liverpool and Manchester, with years of high unemployment, had already acquired a reputation as highly depressed areas.
The upheaval associated with the transition from a wartime to peacetime economy contributed to a depression in 1920 and 1921. The Depression of 1920–1921 was a sharp deflationary recession in the United States, United Kingdom and other countries, beginning 14 months after the end of World War I. It lasted from January 1920 to July 1921. [1]
An important difference between the Great Depression in the Netherlands and the situation in most other affected countries was the role of the government. Until the late 1930s the Dutch government, headed from 1933 to 1939 by the Anti-Revolutionary statesman Hendrik Colijn , could be described as non-interventionist and strongly internationalist.
A map of British India in 1909. The Great Depression in India was a period of economic depression in the Indian subcontinent, then under British colonial rule. Beginning in 1929 in the United States, the Great Depression soon began to spread to countries around the globe.
The Great Depression in France started in about 1931 and lasted through the remainder of the decade. The crisis started in France a bit later than other countries. [ 1 ] The 1920s economy had grown at the very strong rate of 4.43% per year, the 1930s rate fell to only 0.63%. [ 2 ]