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Forthcoming in the Encyclopædia Britannica Christina D. Romer December 20, 2003 Great slump worldwide economical downturn that began in 1929 and lasted until about 1939. It was the longest and most severe depressive dis dictate ever experienced by the industrialized Western world. Although the feeling originated in the United States, it resulted in drastic declines in output, severe unemployment, and intense deflation in almost every country of the globe. But its accessible and cultural effects were no less staggering, especi entirelyy in the United States, where the Great first ranks second only to the Civil fight as the gravest crisis in American history. Economic history The timing and inclemency of the Great Depression varied substantially across countries. The Depression was particularly long and severe in the United States and europium; it was milder in Japan and much of Latin America. Perhaps non surprisingly, the worst depression ever experienced stemmed from a wad of causes. Declines in consumer demand, financial panics, and misguided government policies caused economic output to pass in the United States.

The gold standard, which linked nearly all the countries of the world in a network of fixed currency commuting rates, played a key role in transmission the American downturn to other countries. The recovery from the Great Depression was spurred for the most part by the abandonment of the gold standard and the ensuing fiscal expansion. The Great Depression brought about fundamental changes in economic institutions, macroeconomic policy, and economic theory. Timing and severity In the United States, the Great Depression began in the summer of 1929. The downturn became markedly worse in late(a) 1929 and continued until early 1933. Real output and prices fell precipitously. Between the rush and the trough of the downturn, industrial production in the United States declined 47 percent and real GDP fell 30 percent. The in large quantities price index declined 33... If you want to get a full essay, order it on our website: Ordercustompaper.com

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