GREAT DEPRESSION Leo, Linda DIVISION OF LABOR IN OUR GROUP • Leo: finding the websites, discuss with Linda, finding the pictures in the PPT, having the meeting room which is our discussion room opened • Linda: making the PPT, find the pictures in the PPT, website finding, discuss with Leo. WHAT WAS THE GREAT DEPRESSION The Great Depression was the greatest and longest economic recession in modern world history. It began with the U.S. stock market crash of 1929 and did not end until 1946 after World War II. Economists and historians often cite the Great Depression as the most catastrophic economic event of the 20th century. THE C AUSE OF THE GREAT DEPRESSION There is no agreement on the causes of the great depression. [5] perhaps the best explanation of the causes of the recession is that the decline in spending by one or more social groups exceeds the increase in spending by other social groups. The American public began a frenzy of investing in the speculative market in the 1920s. The 1929 market crash wiped out a great deal of nominal wealth for individuals and businesses alike. THE C AUSE OF THE GREAT DEPRESSION • The Stock Market Crash • The U.S. Economy Tailspin • Mistakes by the Young Federal Reserve • Tight-Fisted Fed in the '30s • Hoover's Propped-Up Prices • U.S. Protectionism • The Controversial New Deal • New Deal Success and Failure • The Impact of World War II • The Bottom Line • Compete Risk Free with $100,000 in Virtual Cash SHORT VIDEO • https://m.v.qq.com/x/page/n/g/k/n0683f4sogk.html THE EFFECT Most people think the Great Depression started in October 1929, with the famous Black Tuesday stock market crash, but economists and historians point to an economic downturn which took hold in early 1929. The stock market crash led to unprecedented runs on banks, and by 1933, more than 11,000 of the nation’s 25,000 banks had failed. Franklin D. Roosevelt’s New Deal is largely credited with bringing America out of the Great Depression by providing jobs and relief, but in truth, the country didn’t fully recover until 1941, when munitions and ammunition factories geared up for World War II That means the Great Depression timeline spanned approximately twelve years, with unemployment reaching its highest point in 1933, when 25% of American workers were idle. Photos of the Great Depression depict harsh conditions, for men, women, and children. EFFECT-UNEMPLOYMENT RATE • During the Great Depression, most countries around the world experienced a rise in unemployment. The rise in unemployment was particularly marked in countries which were reliant on international trade, such as Chile, Australia and Canada. Countries which were relatively isolated and self-sufficient often avoided the worst costs of the great depression. Countries, such as Soviet Union, Spain and Japan. • In the US, the worst of the great depression ended in 1933, and unemployment rates started to fall. However, the rate of unemployment remained high in the US, and a second “double-dip” recession in 1936 caused it to increase again. WEBSITES: https://www.investopedia.com/terms/g/great_depression.asp http://thegreatdepressioncauses.com/ https://www.thoughtco.com/the-great-depression-1779289 https://www.economicshelp.org/blog/162985/economics/unempl oyment-during-the-great-depression/ THANKS
