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The Great Depression
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The Great Depression (... known in the U.K. as the Great Slump) was a dramatic, worldwide economic downturn beginning in some countries as early as 1928. The beginning of the Great Depression in the United States is associated with the stock market crash on October 29, 1929, known as Black Tuesday. The depression had devastating effects in both the industrialized countries and those which exported raw materials. International trade declined sharply, as did personal incomes, tax revenues, prices, and profits. Cities all around the world were hit hard, especially those dependent on heavy industry. Construction was virtually halted in many countries.
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The Great Depression was a worldwide economic downturn which started in October of 1929 and lasted through most of the 1930s. It began in the United States and quickly spread to Europe and every part of the world, with devastating effects in both industrialized countries of raw materials. International trade declined sharply, as did personal incomes, tax revenues, prices and profits. Cities all around the world were hit hard, especially those dependent on heavy industry. Unemployment and homelessness soared. Construction was virtually halted in many countries.
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The Great Depression had important consequences in the political sphere. In the United States, economic distress led to the election of the Democrat Franklin D. Roosevelt to the presidency in late 1932. Roosevelt introduced a number of major changes in the structure of the American economy, using increased government regulation and massive public-works projects to promote a recovery. But despite this active intervention, mass unemployment and economic stagnation continued, though on a somewhat reduced scale, with about 15 percent of the work force still unemployed in 1939 at the outbreak of World War II. After that, unemployment dropped rapidly as American factories were flooded with orders from overseas for armaments and munitions. The depression ended completely soon after the United States' entry into World War II in 1941.
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The Great Depression began in 1929 when the entire world suffered an enormous drop in output and an unprecedented rise in unemployment. World economic output continued to decline until 1932 when it clinked bottom at 50% of its 1929 level. Unemployment soared, in the United States it peaked at 24.9% in 1933. It remained above 20% for two more years, reluctantly declining to 14.3% by 1937. It then leapt back to 19% before its long-term decline. Since most households had only one income earner the equivalent modern unemployment rates would likely be much higher.
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The Great Depression started with the crash of the stock market on Oct. 24, 1939. The losses for that day totaled, 16 billion dollars. A year later the Federal Reserve drops its interest rate from 6% to 4%. So as you can see, the entire economy of Washington has collapsed, and earlier, rather than later people are going to lose their jobs. In 1930 the GNP, which is the general net profit, has dropped 9.4% and unemployment is now at 8.7%. So let's say that if Washington has 1 million people then there are 8,700 people without jobs.
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The Great Depression was steeper and more protracted in the United States than in other industrialized countries. The unemployment rate rose higher and remained higher longer than in any other western country. As it deepened, the Depression had far-reaching political consequences.
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The Great Depression