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America's Great Depression
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The Great Depression began with the plunge of prices on the New York Stock Exchange that began on Tuesday, October 29, 1929 and lasted for months. The search for causes is closely connected to the question of how to avoid a future depression, so the political and policy viewpoints of scholars are mixed into the analysis of historic events eight decades ago. Current theories may be broadly classified into two main points of view. First, there is orthodox classical economics, monetarist, Keynesian, Austrian Economics and neoclassical economic theory, which focuses on the macroeconomic effects of money supply, including production and consumption. Second, there are structural theories, including those of institutional economics, that point to underconsumption and over-investment (or "economic bubble"), or to malfeasance by bankers and industrialists.
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While the Great Depression affected some sectors of the economy more than others, and ... some regions of the country more than others, all sectors and regions experienced a serious decline in output and a sharp rise in unemployment. The hardship of unemployment, though concentrated in the working class, affected millions in the middle class as well. Farmers suffered too, as the average price of their output fell by half (whereas the aggregate price level fell by only a third).
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Having removed itself from the capitalist world system both by choice and as a result of efforts of the capitalist powers to isolate it, the Great Depression had little effect on the Soviet Union. This was a period of industrial expansion for the Soviet Union as it recovered from Revolution and Civil War, and the apparent immunity of the Soviet Union to the Great Depression seemed to validate the theory of Marxism and contributed to Socialist and Communist agitation in affected nations. This in turn increased fears of Communist revolution among the elite, strengthening their support for anti-Communist leaders such as Franco, Hitler, and Mussolini.
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Having removed itself from the capitalist world system both by choice and as a result of efforts of the capitalist powers to isolate it, the Great Depression is considered not to be applicable to the Soviet Union. With a totalitarian regime like that of Germany this was a period of industrial expansion for the Soviet Union as it recovered from Revolution and Civil War.
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Let's review the generally accepted causes of the Great Depression. John Kenneth Galbraith, one of the better known economists to expound on the subject, observed that, in 1929, the U. S. economy was "fundamentally unsound." Indeed it was. And the next few pages will describe how it got that way [4].
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Many economists believed the Great Depression was evidence that capitalism, when left unchecked, is a dangerous ideology. This caused some nations to change their political structures, such as Germany, who adopted fascism.
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America's Great Depression