ECONOMIC DEPRESSION OF THE WORLD: 1929-34

Economic Depression of 

the world:1929-34

• In Economic terms, a declinein trade and general prosperity is called Deperession.
• The great Depression of 1929-34 was worldwide, starting with an agricultural recession folowed by financial panic and collapse, know as the Wall street Crash (Oct, 1929 ), in the USA.
• The effects on the USA were catastrophic: by 1933 alomost 14 million people were out of work and American President Hoover's efforts failed to make any impression on crisis.             Nobody was surprised when the Republicans lost the pre-sidential election of Nov.,1932. The new Democrat President,  Franklin D, Roosevelt, introduced policies know as the New Deal  to try and put the contry on the road to recovery.
• The Great Depression is turn affected institution and money markets in other parts of the world and causrd a run on the pound  in the UK. The result was a decline in internal consu-mption and exports in industrialzed countries,factory closu-res and massive unemployment.