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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, [230] though Hoover is widely credited with popularizing the term, [230] [231] informally referring to the downturn as a depression, with such uses as "Economic ...
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.
The Act and tariffs imposed by America's trading partners in retaliation were major factors of the reduction of American exports and imports by 67% during the Great Depression. [5] Economists and economic historians have agreed that the passage of the Smoot–Hawley Tariff worsened the effects of the Great Depression. [6]
The Great Depression was much less severe than in the United States, primarily because the sharp drop in the cost of food work to the benefit of the working class in the city. Washington provided much of the funding for a large middle-class bureaucracy and for major construction projects.
The Great Depression, which followed the Wall Street Crash of 1929, had extreme negative effects on the countries of Latin America. [6] Chile, Peru, and Bolivia were, according to a League of Nations report, the countries that were the worst hit by the Depression. The rise of fascism also became apparent in Latin America in the 1930s because of ...
During the Depression, a piece of cardboard or a new rubber sole may have extended the wear of a pricey pair, and clothes were certainly mended and patched long before they were ever thrown out.
English: The Great Depression in an international perspective. Triangles mark points at which nations suspended gold convertibility and/or devalued their currency against gold. For full explanation and sources see prout The Great Depression in Facts and Figures.
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 .