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America's Great Depression: Countries
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The Great Depression was not unique in magnitude or duration. Several Latin American countries faced similar events in the 1980s. Finnish economists refer to the Finnish economic decline around the breakup of the Soviet Union (1989-1994) as a great depression. Kehoe and Prescott define a great depression to be a period of diminished economic output with at least one year where output is 20% below the trend. By this definition Argentina, Brazil, Chile, and Mexico experienced great depressions in the 1980s, and Argentina experienced another in 1998-2002. This definition ... includes the economic performance of New Zealand from 1974-1992 and Switzerland from 1973-present, although this designation for Switzerland has been controversial.
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The Great Depression ended at different times in different countries; for subsequent history see Home front during World War II. The majority of countries set up relief programs, and most underwent some sort of political upheaval, pushing them to the left or right. Liberal democracy was weakened and on the defensive, as dictators such as Adolf Hitler, Joseph Stalin and Benito Mussolini made major gains, which helped set the stage for World War II in 1939.
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The Great Depression ended at different times in different countries; for subsequent history see Home front during World War II. The majority of countries set up relief programs, and most underwent some sort of political upheaval, pushing them to the left or right. In many states, the desperate citizens turned toward nationalist demagogues like Adolf Hitler, António de Oliveira Salazar and Benito Mussolini, setting the stage for World War II in 1939.
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The revolutionary left saw the Great Depression as the beginning of capitalism's final collapse. The idea mobilized the far left for action, but they failed to take power in any major country in the 1929-32 period.
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