The Great Depression and its Aftermath. By Maria Guida.
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By Maria Guida
“Great Depression [was a] worldwide economic downturn that began in 1929 and lasted until about 1939. It was the longest and most severe depression ever experienced by the industrialized Western world, sparking fundamental changes in economic institutions, macroeconomic policy, and economic theory. Although it originated in the United States, the Great Depression caused drastic declines in output, severe unemployment, and acute deflation in almost every country of the world.”
– Encyclopedia Britannica
Historical Statistics of the US: Millennial Edition. Carter, Susan (2006).
What is a bubble?A bubble in economics results when products are traded with inflated values. For a while the economy is on an upswing, but when the bubble bursts, there can be severe consequences.
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