Global Economic Depression Overview
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Transcript of Global Economic Depression Overview
A BRIEF Look at the Global Economic Depression
“The Great Depression”
Beginning in 1929 and lasting into World War II
Causes of the Depression of the 1930s
World economy was heavily influenced byUS loans and trade during & after WWI.
In the 1920s, the US economy boomed …but• industry & agriculture overproduced as
European nations rebounded after WWI which caused prices to decline & unemployment to increase
• demand decreased for consumer goods (gap between rich and poor in the US)
Causes of the Depression of the 1930s
• the American stock market “crashed”• And businesses and banks began to fail
• Demands for payments by the US on international loans and reparations destabilized European economies.
The Results
• Banks failed . . . – Austria’s national bank
went bankrupt– All German banks closed
for a month– Over 2000 banks failed in
the US
• Agricultural and Industrial production dropped
The Results
• Unemployment increased and wages dropped– In US and Germany
unemployment reached 30%– In Britain 2.8 million
were unemployed
• Global Trade slowed– Value of exports from
Latin America dropped 50%– Southeast Asian rubber
exports dropped over 50%– Japan’s total exports
dropped 50%