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  1. #1
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    What is meant by Great Depression?

    Very often, I read in IR and current affairs about the Great Depression of 1929. What does this mean???
    Take a chance!

  2. #2
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    The Great Depression (1929-39) was the deepest and longest-lasting economic downturn in the history of the Western industrialized world. In the United States, the Great Depression began soon after the stock market crash of October 1929, which sent Wall Street into a panic and wiped out millions of investors. Over the next several years, consumer spending and investment dropped, causing steep declines in industrial output and rising levels of unemployment as failing companies laid off workers. By 1933, when the Great Depression reached its nadir, some 13 to 15 million Americans were unemployed and nearly half of the country’s banks had failed. Though the relief and reform measures put into place by President Franklin D. Roosevelt helped lessen the worst effects of the Great Depression in the 1930s, the economy would not fully turn around until after 1939, when World War II kicked American industry into high gear.

  3. #3
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    Introduction

    The Great Depression (1929-39) was the deepest and longest-lasting economic downturn in the history of the Western industrialized world.
    Significance:

    Negatively impacted the world e.g spiraling inflation, collapse of consumer demand in industrial countries, decline in manufacturing industry, massive unemployment

    >>It manifested the start of the globalization (as an economic recession become globalized and its impacts were also global)

    >>It signaled the onset of WWII

    Because to in the wake of such economic turmoils, major power in order to find new markets, raw material and land for its population began to interfere and expansion into the territories of other states. The impetus came from Japan invasion into China. Between 1931- 1933, Japan consolidated its hold over Manchuria. By 1937, Japan was at war with China which caused worsening relations with U.S.

    On the other hand in Europe, the Nazi territorial expansionism under Hitler went beyond the provisions of Treaty of Versailles.

    The consequences of such expansion simply translated into WWII.
    "A JOURNEY OF A THOUSAND MILES BEGINS WITH A SINGLE STEP"

  4. #4
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    Thanks to Awais.

    Thank you Mudassir for elaborating it.
    Take a chance!

  5. #5
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    wow very nice

 

 

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