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id="toc-The_economic_picture_at_the_beginning_of_the_crisis" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#The_economic_picture_at_the_beginning_of_the_crisis"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>The economic picture at the beginning of the crisis</span> </div> </a> <ul id="toc-The_economic_picture_at_the_beginning_of_the_crisis-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Beyond_the_United_States" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Beyond_the_United_States"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.2</span> <span>Beyond the United States</span> </div> </a> <ul id="toc-Beyond_the_United_States-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Course" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Course"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Course</span> </div> </a> <button aria-controls="toc-Course-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Course subsection</span> </button> <ul id="toc-Course-sublist" class="vector-toc-list"> <li id="toc-Origins" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Origins"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Origins</span> </div> </a> <ul id="toc-Origins-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-The_Smoot–Hawley_Act_and_the_Breakdown_of_International_Trade" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#The_Smoot–Hawley_Act_and_the_Breakdown_of_International_Trade"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>The Smoot–Hawley Act and the Breakdown of International Trade</span> </div> </a> <ul id="toc-The_Smoot–Hawley_Act_and_the_Breakdown_of_International_Trade-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-The_Gold_Standard_and_the_Spreading_of_Global_Depression" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#The_Gold_Standard_and_the_Spreading_of_Global_Depression"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>The Gold Standard and the Spreading of Global Depression</span> </div> </a> <ul id="toc-The_Gold_Standard_and_the_Spreading_of_Global_Depression-sublist" class="vector-toc-list"> <li id="toc-Gold_standard" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Gold_standard"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3.1</span> <span>Gold standard</span> </div> </a> <ul id="toc-Gold_standard-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-German_banking_crisis_of_1931_and_British_crisis" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#German_banking_crisis_of_1931_and_British_crisis"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3.2</span> <span>German banking crisis of 1931 and British crisis</span> </div> </a> <ul id="toc-German_banking_crisis_of_1931_and_British_crisis-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Turning_point_and_recovery" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Turning_point_and_recovery"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.4</span> <span>Turning point and recovery</span> </div> </a> <ul id="toc-Turning_point_and_recovery-sublist" class="vector-toc-list"> <li id="toc-Role_of_women_and_household_economics" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Role_of_women_and_household_economics"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.4.1</span> <span>Role of women and household economics</span> </div> </a> <ul id="toc-Role_of_women_and_household_economics-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-World_War_II_and_recovery" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#World_War_II_and_recovery"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.4.2</span> <span>World War II and recovery</span> </div> </a> <ul id="toc-World_War_II_and_recovery-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Causes" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Causes"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Causes</span> </div> </a> <button aria-controls="toc-Causes-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Causes subsection</span> </button> <ul id="toc-Causes-sublist" class="vector-toc-list"> <li id="toc-Attempts_to_return_to_the_Gold_Standard" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Attempts_to_return_to_the_Gold_Standard"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Attempts to return to the Gold Standard</span> </div> </a> <ul id="toc-Attempts_to_return_to_the_Gold_Standard-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Keynesian_vs_Monetarist_view" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Keynesian_vs_Monetarist_view"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Keynesian vs Monetarist view</span> </div> </a> <ul id="toc-Keynesian_vs_Monetarist_view-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Mainstream_explanations" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Mainstream_explanations"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Mainstream explanations</span> </div> </a> <ul id="toc-Mainstream_explanations-sublist" class="vector-toc-list"> <li id="toc-Monetarist_view" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Monetarist_view"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3.1</span> <span>Monetarist view</span> </div> </a> <ul id="toc-Monetarist_view-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Keynesian_view" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Keynesian_view"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3.2</span> <span>Keynesian view</span> </div> </a> <ul id="toc-Keynesian_view-sublist" class="vector-toc-list"> <li id="toc-Debt_deflation" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Debt_deflation"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3.2.1</span> <span>Debt deflation</span> </div> </a> <ul id="toc-Debt_deflation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Expectations_hypothesis" class="vector-toc-list-item vector-toc-level-4"> <a class="vector-toc-link" href="#Expectations_hypothesis"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3.2.2</span> <span>Expectations hypothesis</span> </div> </a> <ul id="toc-Expectations_hypothesis-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Common_position" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Common_position"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3.3</span> <span>Common position</span> </div> </a> <ul id="toc-Common_position-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Heterodox_theories" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Heterodox_theories"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4</span> <span>Heterodox theories</span> </div> </a> <ul id="toc-Heterodox_theories-sublist" class="vector-toc-list"> <li id="toc-Austrian_School" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Austrian_School"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4.1</span> <span>Austrian School</span> </div> </a> <ul id="toc-Austrian_School-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Marxist" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Marxist"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4.2</span> <span>Marxist</span> </div> </a> <ul id="toc-Marxist-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Inequality" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Inequality"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4.3</span> <span>Inequality</span> </div> </a> <ul id="toc-Inequality-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Productivity_shock" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Productivity_shock"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4.4</span> <span>Productivity shock</span> </div> </a> <ul id="toc-Productivity_shock-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Effects_by_country" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Effects_by_country"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Effects by country</span> </div> </a> <button aria-controls="toc-Effects_by_country-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Effects by country subsection</span> </button> <ul id="toc-Effects_by_country-sublist" class="vector-toc-list"> <li id="toc-Argentina" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Argentina"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Argentina</span> </div> </a> <ul id="toc-Argentina-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Australia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Australia"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.2</span> <span>Australia</span> </div> </a> <ul id="toc-Australia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Canada" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Canada"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.3</span> <span>Canada</span> </div> </a> <ul id="toc-Canada-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Chile" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Chile"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.4</span> <span>Chile</span> </div> </a> <ul id="toc-Chile-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-China" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#China"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.5</span> <span>China</span> </div> </a> <ul id="toc-China-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-European_African_colonies" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#European_African_colonies"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.6</span> <span>European African colonies</span> </div> </a> <ul id="toc-European_African_colonies-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-France" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#France"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.7</span> <span>France</span> </div> </a> <ul id="toc-France-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Germany" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Germany"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.8</span> <span>Germany</span> </div> </a> <ul id="toc-Germany-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Greece" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Greece"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.9</span> <span>Greece</span> </div> </a> <ul id="toc-Greece-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Iceland" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Iceland"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.10</span> <span>Iceland</span> </div> </a> <ul id="toc-Iceland-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-India" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#India"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.11</span> <span>India</span> </div> </a> <ul id="toc-India-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Ireland" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Ireland"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.12</span> <span>Ireland</span> </div> </a> <ul id="toc-Ireland-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Italy" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Italy"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.13</span> <span>Italy</span> </div> </a> <ul id="toc-Italy-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Japan" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Japan"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.14</span> <span>Japan</span> </div> </a> <ul id="toc-Japan-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Latin_America" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Latin_America"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.15</span> <span>Latin America</span> </div> </a> <ul id="toc-Latin_America-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Netherlands" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Netherlands"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.16</span> <span>Netherlands</span> </div> </a> <ul id="toc-Netherlands-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-New_Zealand" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#New_Zealand"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.17</span> <span>New Zealand</span> </div> </a> <ul id="toc-New_Zealand-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Persia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Persia"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.18</span> <span>Persia</span> </div> </a> <ul id="toc-Persia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Poland" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Poland"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.19</span> <span>Poland</span> </div> </a> <ul id="toc-Poland-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Portugal" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Portugal"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.20</span> <span>Portugal</span> </div> </a> <ul id="toc-Portugal-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Puerto_Rico" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Puerto_Rico"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.21</span> <span>Puerto Rico</span> </div> </a> <ul id="toc-Puerto_Rico-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Romania" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Romania"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.22</span> <span>Romania</span> </div> </a> <ul id="toc-Romania-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-South_Africa" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#South_Africa"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.23</span> <span>South Africa</span> </div> </a> <ul id="toc-South_Africa-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Soviet_Union" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Soviet_Union"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.24</span> <span>Soviet Union</span> </div> </a> <ul id="toc-Soviet_Union-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Spain" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Spain"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.25</span> <span>Spain</span> </div> </a> <ul id="toc-Spain-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Sweden" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Sweden"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.26</span> <span>Sweden</span> </div> </a> <ul id="toc-Sweden-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Thailand" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Thailand"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.27</span> <span>Thailand</span> </div> </a> <ul id="toc-Thailand-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Turkey" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Turkey"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.28</span> <span>Turkey</span> </div> </a> <ul id="toc-Turkey-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-United_Kingdom" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_Kingdom"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.29</span> <span>United Kingdom</span> </div> </a> <ul id="toc-United_Kingdom-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-United_States" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_States"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.30</span> <span>United States</span> </div> </a> <ul id="toc-United_States-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Literature" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Literature"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Literature</span> </div> </a> <ul id="toc-Literature-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Naming" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Naming"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Naming</span> </div> </a> <button aria-controls="toc-Naming-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Naming subsection</span> </button> <ul id="toc-Naming-sublist" class="vector-toc-list"> <li id="toc-Other_"great_depressions"" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Other_"great_depressions""> <div class="vector-toc-text"> <span class="vector-toc-numb">6.1</span> <span>Other "great depressions"</span> </div> </a> <ul id="toc-Other_"great_depressions"-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Comparison_with_the_Great_Recession" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Comparison_with_the_Great_Recession"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Comparison with the Great Recession</span> </div> </a> <ul id="toc-Comparison_with_the_Great_Recession-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>See also</span> </div> </a> <button aria-controls="toc-See_also-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle See also subsection</span> </button> <ul id="toc-See_also-sublist" class="vector-toc-list"> <li id="toc-General" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#General"> <div class="vector-toc-text"> <span class="vector-toc-numb">8.1</span> <span>General</span> </div> </a> <ul id="toc-General-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>Further reading</span> </div> </a> <button aria-controls="toc-Further_reading-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Further reading subsection</span> </button> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> <li id="toc-Global" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Global"> <div class="vector-toc-text"> <span class="vector-toc-numb">10.1</span> <span>Global</span> </div> </a> <ul id="toc-Global-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Europe" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Europe"> <div class="vector-toc-text"> <span class="vector-toc-numb">10.2</span> <span>Europe</span> </div> </a> <ul id="toc-Europe-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-United_States_and_Canada" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_States_and_Canada"> <div class="vector-toc-text"> <span class="vector-toc-numb">10.3</span> <span>United States and Canada</span> </div> </a> <ul id="toc-United_States_and_Canada-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Other_areas" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Other_areas"> <div class="vector-toc-text"> <span class="vector-toc-numb">10.4</span> <span>Other areas</span> </div> </a> <ul id="toc-Other_areas-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Focus_on_economic_theory_or_econometrics" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Focus_on_economic_theory_or_econometrics"> <div class="vector-toc-text"> <span class="vector-toc-numb">10.5</span> <span>Focus on economic theory or econometrics</span> </div> </a> <ul id="toc-Focus_on_economic_theory_or_econometrics-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" title="Table of Contents" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Great Depression</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 116 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-116" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">116 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-af mw-list-item"><a href="https://af.wikipedia.org/wiki/Groot_Depressie" title="Groot Depressie – Afrikaans" lang="af" hreflang="af" data-title="Groot Depressie" data-language-autonym="Afrikaans" data-language-local-name="Afrikaans" class="interlanguage-link-target"><span>Afrikaans</span></a></li><li class="interlanguage-link interwiki-als mw-list-item"><a href="https://als.wikipedia.org/wiki/Weltwirtschaftskrise" title="Weltwirtschaftskrise – Alemannic" lang="gsw" hreflang="gsw" data-title="Weltwirtschaftskrise" data-language-autonym="Alemannisch" data-language-local-name="Alemannic" class="interlanguage-link-target"><span>Alemannisch</span></a></li><li class="interlanguage-link interwiki-ar badge-Q17437798 badge-goodarticle mw-list-item" title="good article badge"><a href="https://ar.wikipedia.org/wiki/%D8%A7%D9%84%D9%83%D8%B3%D8%A7%D8%AF_%D8%A7%D9%84%D9%83%D8%A8%D9%8A%D8%B1" title="الكساد الكبير – Arabic" lang="ar" hreflang="ar" data-title="الكساد الكبير" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-an mw-list-item"><a href="https://an.wikipedia.org/wiki/Gran_Depresi%C3%B3n" title="Gran Depresión – Aragonese" lang="an" hreflang="an" data-title="Gran Depresión" data-language-autonym="Aragonés" data-language-local-name="Aragonese" class="interlanguage-link-target"><span>Aragonés</span></a></li><li class="interlanguage-link interwiki-as mw-list-item"><a href="https://as.wikipedia.org/wiki/%E0%A6%AE%E0%A6%B9%E0%A6%BE%E0%A6%AE%E0%A6%A8%E0%A7%8D%E0%A6%A6%E0%A6%BE" title="মহামন্দা – Assamese" lang="as" hreflang="as" data-title="মহামন্দা" data-language-autonym="অসমীয়া" data-language-local-name="Assamese" class="interlanguage-link-target"><span>অসমীয়া</span></a></li><li class="interlanguage-link interwiki-ast mw-list-item"><a href="https://ast.wikipedia.org/wiki/Gran_Depresi%C3%B3n" title="Gran Depresión – Asturian" lang="ast" hreflang="ast" data-title="Gran Depresión" data-language-autonym="Asturianu" data-language-local-name="Asturian" class="interlanguage-link-target"><span>Asturianu</span></a></li><li class="interlanguage-link interwiki-gn mw-list-item"><a href="https://gn.wikipedia.org/wiki/%C3%91emboguejy_Guasu" title="Ñemboguejy Guasu – Guarani" lang="gn" hreflang="gn" data-title="Ñemboguejy Guasu" data-language-autonym="Avañe'ẽ" data-language-local-name="Guarani" class="interlanguage-link-target"><span>Avañe'ẽ</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/B%C3%B6y%C3%BCk_depressiya" title="Böyük depressiya – Azerbaijani" lang="az" hreflang="az" data-title="Böyük depressiya" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-azb mw-list-item"><a href="https://azb.wikipedia.org/wiki/%D8%A8%D8%A4%DB%8C%D9%88%DA%A9_%D8%A8%D8%A4%D8%AD%D8%B1%D8%A7%D9%86" title="بؤیوک بؤحران – South Azerbaijani" lang="azb" hreflang="azb" data-title="بؤیوک بؤحران" data-language-autonym="تۆرکجه" data-language-local-name="South Azerbaijani" class="interlanguage-link-target"><span>تۆرکجه</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%AE%E0%A6%B9%E0%A6%BE%E0%A6%AE%E0%A6%A8%E0%A7%8D%E0%A6%A6%E0%A6%BE" title="মহামন্দা – Bangla" lang="bn" hreflang="bn" data-title="মহামন্দা" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-zh-min-nan mw-list-item"><a href="https://zh-min-nan.wikipedia.org/wiki/T%C5%8Da_Siau-ti%C3%A2u" title="Tōa Siau-tiâu – Minnan" lang="nan" hreflang="nan" data-title="Tōa Siau-tiâu" data-language-autonym="閩南語 / Bân-lâm-gú" data-language-local-name="Minnan" class="interlanguage-link-target"><span>閩南語 / Bân-lâm-gú</span></a></li><li class="interlanguage-link interwiki-ba badge-Q17437796 badge-featuredarticle mw-list-item" title="featured article badge"><a href="https://ba.wikipedia.org/wiki/%D0%91%D3%A9%D0%B9%D3%A9%D0%BA_%D0%B4%D0%B5%D0%BF%D1%80%D0%B5%D1%81%D1%81%D0%B8%D1%8F" title="Бөйөк депрессия – Bashkir" lang="ba" hreflang="ba" data-title="Бөйөк депрессия" data-language-autonym="Башҡортса" data-language-local-name="Bashkir" class="interlanguage-link-target"><span>Башҡортса</span></a></li><li class="interlanguage-link interwiki-be mw-list-item"><a href="https://be.wikipedia.org/wiki/%D0%92%D1%8F%D0%BB%D1%96%D0%BA%D0%B0%D1%8F_%D0%B4%D1%8D%D0%BF%D1%80%D1%8D%D1%81%D1%96%D1%8F" title="Вялікая дэпрэсія – Belarusian" lang="be" hreflang="be" data-title="Вялікая дэпрэсія" data-language-autonym="Беларуская" data-language-local-name="Belarusian" class="interlanguage-link-target"><span>Беларуская</span></a></li><li class="interlanguage-link interwiki-be-x-old mw-list-item"><a href="https://be-tarask.wikipedia.org/wiki/%D0%92%D1%8F%D0%BB%D1%96%D0%BA%D0%B0%D1%8F_%D0%B4%D1%8D%D0%BF%D1%80%D1%8D%D1%81%D1%96%D1%8F" title="Вялікая дэпрэсія – Belarusian (Taraškievica orthography)" lang="be-tarask" hreflang="be-tarask" data-title="Вялікая дэпрэсія" data-language-autonym="Беларуская (тарашкевіца)" data-language-local-name="Belarusian (Taraškievica orthography)" class="interlanguage-link-target"><span>Беларуская (тарашкевіца)</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%93%D0%BE%D0%BB%D1%8F%D0%BC%D0%B0%D1%82%D0%B0_%D0%B4%D0%B5%D0%BF%D1%80%D0%B5%D1%81%D0%B8%D1%8F" title="Голямата депресия – Bulgarian" lang="bg" hreflang="bg" data-title="Голямата депресия" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-bs mw-list-item"><a href="https://bs.wikipedia.org/wiki/Velika_depresija" title="Velika depresija – Bosnian" lang="bs" hreflang="bs" data-title="Velika depresija" data-language-autonym="Bosanski" data-language-local-name="Bosnian" class="interlanguage-link-target"><span>Bosanski</span></a></li><li class="interlanguage-link interwiki-br mw-list-item"><a href="https://br.wikipedia.org/wiki/Enkadenn_Veur" title="Enkadenn Veur – Breton" lang="br" hreflang="br" data-title="Enkadenn Veur" data-language-autonym="Brezhoneg" data-language-local-name="Breton" class="interlanguage-link-target"><span>Brezhoneg</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Gran_Depressi%C3%B3" title="Gran Depressió – Catalan" lang="ca" hreflang="ca" data-title="Gran Depressió" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Velk%C3%A1_hospod%C3%A1%C5%99sk%C3%A1_krize" title="Velká hospodářská krize – Czech" lang="cs" hreflang="cs" data-title="Velká hospodářská krize" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-cy mw-list-item"><a href="https://cy.wikipedia.org/wiki/Dirwasgiad_Mawr" title="Dirwasgiad Mawr – Welsh" lang="cy" hreflang="cy" data-title="Dirwasgiad Mawr" data-language-autonym="Cymraeg" data-language-local-name="Welsh" class="interlanguage-link-target"><span>Cymraeg</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Depressionen" title="Depressionen – Danish" lang="da" hreflang="da" data-title="Depressionen" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Weltwirtschaftskrise" title="Weltwirtschaftskrise – German" lang="de" hreflang="de" data-title="Weltwirtschaftskrise" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/%C3%9Clemaailmne_majanduskriis" title="Ülemaailmne majanduskriis – Estonian" lang="et" hreflang="et" data-title="Ülemaailmne majanduskriis" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%A0%CE%B1%CE%B3%CE%BA%CF%8C%CF%83%CE%BC%CE%B9%CE%B1_%CE%BF%CE%B9%CE%BA%CE%BF%CE%BD%CE%BF%CE%BC%CE%B9%CE%BA%CE%AE_%CF%8D%CF%86%CE%B5%CF%83%CE%B7_1929" title="Παγκόσμια οικονομική ύφεση 1929 – Greek" lang="el" hreflang="el" data-title="Παγκόσμια οικονομική ύφεση 1929" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Gran_Depresi%C3%B3n" title="Gran Depresión – Spanish" lang="es" hreflang="es" data-title="Gran Depresión" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Granda_Depresio" title="Granda Depresio – Esperanto" lang="eo" hreflang="eo" data-title="Granda Depresio" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Depresio_Handia" title="Depresio Handia – Basque" lang="eu" hreflang="eu" data-title="Depresio Handia" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%B1%DA%A9%D9%88%D8%AF_%D8%A8%D8%B2%D8%B1%DA%AF" title="رکود بزرگ – Persian" lang="fa" hreflang="fa" data-title="رکود بزرگ" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-hif mw-list-item"><a href="https://hif.wikipedia.org/wiki/Great_Depression" title="Great Depression – Fiji Hindi" lang="hif" hreflang="hif" data-title="Great Depression" data-language-autonym="Fiji Hindi" data-language-local-name="Fiji Hindi" class="interlanguage-link-target"><span>Fiji Hindi</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Grande_D%C3%A9pression" title="Grande Dépression – French" lang="fr" hreflang="fr" data-title="Grande Dépression" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-fy mw-list-item"><a href="https://fy.wikipedia.org/wiki/Grutte_Depresje" title="Grutte Depresje – Western Frisian" lang="fy" hreflang="fy" data-title="Grutte Depresje" data-language-autonym="Frysk" data-language-local-name="Western Frisian" class="interlanguage-link-target"><span>Frysk</span></a></li><li class="interlanguage-link interwiki-ga mw-list-item"><a href="https://ga.wikipedia.org/wiki/An_Spealadh_M%C3%B3r" title="An Spealadh Mór – Irish" lang="ga" hreflang="ga" data-title="An Spealadh Mór" data-language-autonym="Gaeilge" data-language-local-name="Irish" class="interlanguage-link-target"><span>Gaeilge</span></a></li><li class="interlanguage-link interwiki-gl mw-list-item"><a href="https://gl.wikipedia.org/wiki/Gran_Depresi%C3%B3n" title="Gran Depresión – Galician" lang="gl" hreflang="gl" data-title="Gran Depresión" data-language-autonym="Galego" data-language-local-name="Galician" class="interlanguage-link-target"><span>Galego</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EB%8C%80%EA%B3%B5%ED%99%A9" title="대공황 – Korean" lang="ko" hreflang="ko" data-title="대공황" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-ha mw-list-item"><a href="https://ha.wikipedia.org/wiki/Great_Depression" title="Great Depression – Hausa" lang="ha" hreflang="ha" data-title="Great Depression" data-language-autonym="Hausa" data-language-local-name="Hausa" class="interlanguage-link-target"><span>Hausa</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%84%D5%A5%D5%AE_%D5%B3%D5%A3%D5%B6%D5%A1%D5%AA%D5%A1%D5%B4" title="Մեծ ճգնաժամ – Armenian" lang="hy" hreflang="hy" data-title="Մեծ ճգնաժամ" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%AE%E0%A4%B9%E0%A4%BE%E0%A4%AE%E0%A4%A8%E0%A5%8D%E0%A4%A6%E0%A5%80" title="महामन्दी – Hindi" lang="hi" hreflang="hi" data-title="महामन्दी" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Velika_gospodarska_kriza" title="Velika gospodarska kriza – Croatian" lang="hr" hreflang="hr" data-title="Velika gospodarska kriza" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-io mw-list-item"><a href="https://io.wikipedia.org/wiki/Ekonomiala_krizego_di_1929" title="Ekonomiala krizego di 1929 – Ido" lang="io" hreflang="io" data-title="Ekonomiala krizego di 1929" data-language-autonym="Ido" data-language-local-name="Ido" class="interlanguage-link-target"><span>Ido</span></a></li><li class="interlanguage-link interwiki-ilo mw-list-item"><a href="https://ilo.wikipedia.org/wiki/Nalatak_a_Depresion" title="Nalatak a Depresion – Iloko" lang="ilo" hreflang="ilo" data-title="Nalatak a Depresion" data-language-autonym="Ilokano" data-language-local-name="Iloko" class="interlanguage-link-target"><span>Ilokano</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Depresi_Besar" title="Depresi Besar – Indonesian" lang="id" hreflang="id" data-title="Depresi Besar" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-ia mw-list-item"><a href="https://ia.wikipedia.org/wiki/Grande_Depression" title="Grande Depression – Interlingua" lang="ia" hreflang="ia" data-title="Grande Depression" data-language-autonym="Interlingua" data-language-local-name="Interlingua" class="interlanguage-link-target"><span>Interlingua</span></a></li><li class="interlanguage-link interwiki-os mw-list-item"><a href="https://os.wikipedia.org/wiki/%D0%A1%D1%82%D1%8B%D1%80_%D0%94%D0%B5%D0%BF%D1%80%D0%B5%D1%81%D1%81%D0%B8" title="Стыр Депресси – Ossetic" lang="os" hreflang="os" data-title="Стыр Депресси" data-language-autonym="Ирон" data-language-local-name="Ossetic" class="interlanguage-link-target"><span>Ирон</span></a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/Kreppan_mikla" title="Kreppan mikla – Icelandic" lang="is" hreflang="is" data-title="Kreppan mikla" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target"><span>Íslenska</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Grande_depressione" title="Grande depressione – Italian" lang="it" hreflang="it" data-title="Grande depressione" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%94%D7%A9%D7%A4%D7%9C_%D7%94%D7%92%D7%93%D7%95%D7%9C" title="השפל הגדול – Hebrew" lang="he" hreflang="he" data-title="השפל הגדול" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-krc mw-list-item"><a href="https://krc.wikipedia.org/wiki/%D0%A3%D0%BB%D0%BB%D1%83_%D0%B4%D0%B5%D0%BF%D1%80%D0%B5%D1%81%D1%81%D0%B8%D1%8F" title="Уллу депрессия – Karachay-Balkar" lang="krc" hreflang="krc" data-title="Уллу депрессия" data-language-autonym="Къарачай-малкъар" data-language-local-name="Karachay-Balkar" class="interlanguage-link-target"><span>Къарачай-малкъар</span></a></li><li class="interlanguage-link interwiki-ka mw-list-item"><a href="https://ka.wikipedia.org/wiki/%E1%83%93%E1%83%98%E1%83%93%E1%83%98_%E1%83%93%E1%83%94%E1%83%9E%E1%83%A0%E1%83%94%E1%83%A1%E1%83%98%E1%83%90" title="დიდი დეპრესია – Georgian" lang="ka" hreflang="ka" data-title="დიდი დეპრესია" data-language-autonym="ქართული" data-language-local-name="Georgian" class="interlanguage-link-target"><span>ქართული</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D2%B0%D0%BB%D1%8B_%D1%82%D0%BE%D2%9B%D1%8B%D1%80%D0%B0%D1%83" title="Ұлы тоқырау – Kazakh" lang="kk" hreflang="kk" data-title="Ұлы тоқырау" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-kw mw-list-item"><a href="https://kw.wikipedia.org/wiki/Iselweyth_Meur" title="Iselweyth Meur – Cornish" lang="kw" hreflang="kw" data-title="Iselweyth Meur" data-language-autonym="Kernowek" data-language-local-name="Cornish" class="interlanguage-link-target"><span>Kernowek</span></a></li><li class="interlanguage-link interwiki-sw mw-list-item"><a href="https://sw.wikipedia.org/wiki/Mdororo_Mkuu" title="Mdororo Mkuu – Swahili" lang="sw" hreflang="sw" data-title="Mdororo Mkuu" data-language-autonym="Kiswahili" data-language-local-name="Swahili" class="interlanguage-link-target"><span>Kiswahili</span></a></li><li class="interlanguage-link interwiki-ht mw-list-item"><a href="https://ht.wikipedia.org/wiki/Gwo_Depresyon" title="Gwo Depresyon – Haitian Creole" lang="ht" hreflang="ht" data-title="Gwo Depresyon" data-language-autonym="Kreyòl ayisyen" data-language-local-name="Haitian Creole" class="interlanguage-link-target"><span>Kreyòl ayisyen</span></a></li><li class="interlanguage-link interwiki-gcr mw-list-item"><a href="https://gcr.wikipedia.org/wiki/Grann_D%C3%A9presyon" title="Grann Dépresyon – Guianan Creole" lang="gcr" hreflang="gcr" data-title="Grann Dépresyon" data-language-autonym="Kriyòl gwiyannen" data-language-local-name="Guianan Creole" class="interlanguage-link-target"><span>Kriyòl gwiyannen</span></a></li><li class="interlanguage-link interwiki-ky mw-list-item"><a href="https://ky.wikipedia.org/wiki/%D0%A3%D0%BB%D1%83%D1%83_%D0%A2%D0%BE%D0%BA%D1%83%D1%80%D0%BE%D0%BE" title="Улуу Токуроо – Kyrgyz" lang="ky" hreflang="ky" data-title="Улуу Токуроо" data-language-autonym="Кыргызча" data-language-local-name="Kyrgyz" class="interlanguage-link-target"><span>Кыргызча</span></a></li><li class="interlanguage-link interwiki-la mw-list-item"><a href="https://la.wikipedia.org/wiki/Depressio_oeconomica_magna" title="Depressio oeconomica magna – Latin" lang="la" hreflang="la" data-title="Depressio oeconomica magna" data-language-autonym="Latina" data-language-local-name="Latin" class="interlanguage-link-target"><span>Latina</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Liel%C4%81_depresija" title="Lielā depresija – Latvian" lang="lv" hreflang="lv" data-title="Lielā depresija" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Did%C5%BEioji_ekonomin%C4%97_kriz%C4%97" title="Didžioji ekonominė krizė – Lithuanian" lang="lt" hreflang="lt" data-title="Didžioji ekonominė krizė" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-lfn mw-list-item"><a href="https://lfn.wikipedia.org/wiki/Depresa_Grande" title="Depresa Grande – Lingua Franca Nova" lang="lfn" hreflang="lfn" data-title="Depresa Grande" data-language-autonym="Lingua Franca Nova" data-language-local-name="Lingua Franca Nova" class="interlanguage-link-target"><span>Lingua Franca Nova</span></a></li><li class="interlanguage-link interwiki-lmo mw-list-item"><a href="https://lmo.wikipedia.org/wiki/Granda_Depression" title="Granda Depression – Lombard" lang="lmo" hreflang="lmo" data-title="Granda Depression" data-language-autonym="Lombard" data-language-local-name="Lombard" class="interlanguage-link-target"><span>Lombard</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Nagy_gazdas%C3%A1gi_vil%C3%A1gv%C3%A1ls%C3%A1g" title="Nagy gazdasági világválság – Hungarian" lang="hu" hreflang="hu" data-title="Nagy gazdasági világválság" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-mk mw-list-item"><a href="https://mk.wikipedia.org/wiki/%D0%93%D0%BE%D0%BB%D0%B5%D0%BC%D0%B0%D1%82%D0%B0_%D0%B4%D0%B5%D0%BF%D1%80%D0%B5%D1%81%D0%B8%D1%98%D0%B0" title="Големата депресија – Macedonian" lang="mk" hreflang="mk" data-title="Големата депресија" data-language-autonym="Македонски" data-language-local-name="Macedonian" class="interlanguage-link-target"><span>Македонски</span></a></li><li class="interlanguage-link interwiki-ml mw-list-item"><a href="https://ml.wikipedia.org/wiki/%E0%B4%AE%E0%B4%B9%E0%B4%BE%E0%B4%B8%E0%B4%BE%E0%B4%AE%E0%B5%8D%E0%B4%AA%E0%B4%A4%E0%B5%8D%E0%B4%A4%E0%B4%BF%E0%B4%95%E0%B4%AE%E0%B4%BE%E0%B4%A8%E0%B5%8D%E0%B4%A6%E0%B5%8D%E0%B4%AF%E0%B4%82" title="മഹാസാമ്പത്തികമാന്ദ്യം – Malayalam" lang="ml" hreflang="ml" data-title="മഹാസാമ്പത്തികമാന്ദ്യം" data-language-autonym="മലയാളം" data-language-local-name="Malayalam" class="interlanguage-link-target"><span>മലയാളം</span></a></li><li class="interlanguage-link interwiki-xmf mw-list-item"><a href="https://xmf.wikipedia.org/wiki/%E1%83%93%E1%83%98%E1%83%93%E1%83%98_%E1%83%93%E1%83%94%E1%83%9E%E1%83%A0%E1%83%94%E1%83%A1%E1%83%98%E1%83%90" title="დიდი დეპრესია – Mingrelian" lang="xmf" hreflang="xmf" data-title="დიდი დეპრესია" data-language-autonym="მარგალური" data-language-local-name="Mingrelian" class="interlanguage-link-target"><span>მარგალური</span></a></li><li class="interlanguage-link interwiki-arz mw-list-item"><a href="https://arz.wikipedia.org/wiki/%D9%83%D8%B3%D8%A7%D8%AF_%D9%83%D8%A8%D9%8A%D8%B1" title="كساد كبير – Egyptian Arabic" lang="arz" hreflang="arz" data-title="كساد كبير" data-language-autonym="مصرى" data-language-local-name="Egyptian Arabic" class="interlanguage-link-target"><span>مصرى</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Zaman_Meleset" title="Zaman Meleset – Malay" lang="ms" hreflang="ms" data-title="Zaman Meleset" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-mwl mw-list-item"><a href="https://mwl.wikipedia.org/wiki/Grande_Depresson" title="Grande Depresson – Mirandese" lang="mwl" hreflang="mwl" data-title="Grande Depresson" data-language-autonym="Mirandés" data-language-local-name="Mirandese" class="interlanguage-link-target"><span>Mirandés</span></a></li><li class="interlanguage-link interwiki-mn mw-list-item"><a href="https://mn.wikipedia.org/wiki/%D0%98%D1%85_%D1%85%D1%8F%D0%BC%D1%80%D0%B0%D0%BB" title="Их хямрал – Mongolian" lang="mn" hreflang="mn" data-title="Их хямрал" data-language-autonym="Монгол" data-language-local-name="Mongolian" class="interlanguage-link-target"><span>Монгол</span></a></li><li class="interlanguage-link interwiki-my mw-list-item"><a href="https://my.wikipedia.org/wiki/%E1%80%80%E1%80%99%E1%80%B9%E1%80%98%E1%80%AC%E1%80%B7%E1%80%85%E1%80%AE%E1%80%B8%E1%80%95%E1%80%BD%E1%80%AC%E1%80%B8%E1%80%95%E1%80%BB%E1%80%80%E1%80%BA%E1%80%80%E1%80%95%E1%80%BA%E1%80%80%E1%80%BC%E1%80%AE%E1%80%B8" title="ကမ္ဘာ့စီးပွားပျက်ကပ်ကြီး – Burmese" lang="my" hreflang="my" data-title="ကမ္ဘာ့စီးပွားပျက်ကပ်ကြီး" data-language-autonym="မြန်မာဘာသာ" data-language-local-name="Burmese" class="interlanguage-link-target"><span>မြန်မာဘာသာ</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Crisis_van_de_jaren_1930" title="Crisis van de jaren 1930 – Dutch" lang="nl" hreflang="nl" data-title="Crisis van de jaren 1930" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ne mw-list-item"><a href="https://ne.wikipedia.org/wiki/%E0%A4%AE%E0%A4%B9%E0%A4%BE%E0%A4%AE%E0%A4%A8%E0%A5%8D%E0%A4%A6%E0%A5%80" title="महामन्दी – Nepali" lang="ne" hreflang="ne" data-title="महामन्दी" data-language-autonym="नेपाली" data-language-local-name="Nepali" class="interlanguage-link-target"><span>नेपाली</span></a></li><li class="interlanguage-link interwiki-new mw-list-item"><a href="https://new.wikipedia.org/wiki/%E0%A4%A4%E0%A4%A7%E0%A4%82%E0%A4%97%E0%A5%81_%E0%A4%AE%E0%A4%A8%E0%A5%8D%E0%A4%A6%E0%A5%80" title="तधंगु मन्दी – Newari" lang="new" hreflang="new" data-title="तधंगु मन्दी" data-language-autonym="नेपाल भाषा" data-language-local-name="Newari" class="interlanguage-link-target"><span>नेपाल भाषा</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E4%B8%96%E7%95%8C%E6%81%90%E6%85%8C" title="世界恐慌 – Japanese" lang="ja" hreflang="ja" data-title="世界恐慌" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-ce mw-list-item"><a href="https://ce.wikipedia.org/wiki/%D0%99%D0%BE%D0%BA%D0%BA%D1%85%D0%B0_%D0%B4%D0%B5%D0%BF%D1%80%D0%B5%D1%81%D1%81%D0%B8" title="Йоккха депресси – Chechen" lang="ce" hreflang="ce" data-title="Йоккха депресси" data-language-autonym="Нохчийн" data-language-local-name="Chechen" class="interlanguage-link-target"><span>Нохчийн</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Den_store_depresjonen" title="Den store depresjonen – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Den store depresjonen" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-nn mw-list-item"><a href="https://nn.wikipedia.org/wiki/Den_store_depresjonen" title="Den store depresjonen – Norwegian Nynorsk" lang="nn" hreflang="nn" data-title="Den store depresjonen" data-language-autonym="Norsk nynorsk" data-language-local-name="Norwegian Nynorsk" class="interlanguage-link-target"><span>Norsk nynorsk</span></a></li><li class="interlanguage-link interwiki-oc mw-list-item"><a href="https://oc.wikipedia.org/wiki/Crisi_economica_de_1929" title="Crisi economica de 1929 – Occitan" lang="oc" hreflang="oc" data-title="Crisi economica de 1929" data-language-autonym="Occitan" data-language-local-name="Occitan" class="interlanguage-link-target"><span>Occitan</span></a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/Buyuk_depressiya" title="Buyuk depressiya – Uzbek" lang="uz" hreflang="uz" data-title="Buyuk depressiya" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target"><span>Oʻzbekcha / ўзбекча</span></a></li><li class="interlanguage-link interwiki-pa mw-list-item"><a href="https://pa.wikipedia.org/wiki/%E0%A8%B5%E0%A9%B1%E0%A8%A1%E0%A8%BE_%E0%A8%86%E0%A8%B0%E0%A8%A5%E0%A8%BF%E0%A8%95_%E0%A8%AE%E0%A9%B0%E0%A8%A6%E0%A8%B5%E0%A8%BE%E0%A9%9C%E0%A8%BE" title="ਵੱਡਾ ਆਰਥਿਕ ਮੰਦਵਾੜਾ – Punjabi" lang="pa" hreflang="pa" data-title="ਵੱਡਾ ਆਰਥਿਕ ਮੰਦਵਾੜਾ" data-language-autonym="ਪੰਜਾਬੀ" data-language-local-name="Punjabi" class="interlanguage-link-target"><span>ਪੰਜਾਬੀ</span></a></li><li class="interlanguage-link interwiki-pnb mw-list-item"><a href="https://pnb.wikipedia.org/wiki/%DA%AF%D8%B1%DB%8C%D9%B9_%DA%88%DB%8C%D9%BE%D8%B1%DB%8C%D8%B4%D9%86" title="گریٹ ڈیپریشن – Western Punjabi" lang="pnb" hreflang="pnb" data-title="گریٹ ڈیپریشن" data-language-autonym="پنجابی" data-language-local-name="Western Punjabi" class="interlanguage-link-target"><span>پنجابی</span></a></li><li class="interlanguage-link interwiki-ps mw-list-item"><a href="https://ps.wikipedia.org/wiki/%D8%B3%D8%AA%D8%B1_%D8%A8%D8%AD%D8%B1%D8%A7%D9%86" title="ستر بحران – Pashto" lang="ps" hreflang="ps" data-title="ستر بحران" data-language-autonym="پښتو" data-language-local-name="Pashto" class="interlanguage-link-target"><span>پښتو</span></a></li><li class="interlanguage-link interwiki-jam mw-list-item"><a href="https://jam.wikipedia.org/wiki/Griet_Dipreshan" title="Griet Dipreshan – Jamaican Creole English" lang="jam" hreflang="jam" data-title="Griet Dipreshan" data-language-autonym="Patois" data-language-local-name="Jamaican Creole English" class="interlanguage-link-target"><span>Patois</span></a></li><li class="interlanguage-link interwiki-nds mw-list-item"><a href="https://nds.wikipedia.org/wiki/Grote_Depresschoon" title="Grote Depresschoon – Low German" lang="nds" hreflang="nds" data-title="Grote Depresschoon" data-language-autonym="Plattdüütsch" data-language-local-name="Low German" class="interlanguage-link-target"><span>Plattdüütsch</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Wielki_kryzys" title="Wielki kryzys – Polish" lang="pl" hreflang="pl" data-title="Wielki kryzys" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Grande_Depress%C3%A3o" title="Grande Depressão – Portuguese" lang="pt" hreflang="pt" data-title="Grande Depressão" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-crh mw-list-item"><a href="https://crh.wikipedia.org/wiki/B%C3%BCy%C3%BCk_depressiya" title="Büyük depressiya – Crimean Tatar" lang="crh" hreflang="crh" data-title="Büyük depressiya" data-language-autonym="Qırımtatarca" data-language-local-name="Crimean Tatar" class="interlanguage-link-target"><span>Qırımtatarca</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Marea_criz%C4%83_economic%C4%83" title="Marea criză economică – Romanian" lang="ro" hreflang="ro" data-title="Marea criză economică" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-rm mw-list-item"><a href="https://rm.wikipedia.org/wiki/Crisa_economica_mundiala" title="Crisa economica mundiala – Romansh" lang="rm" hreflang="rm" data-title="Crisa economica mundiala" data-language-autonym="Rumantsch" data-language-local-name="Romansh" class="interlanguage-link-target"><span>Rumantsch</span></a></li><li class="interlanguage-link interwiki-rue mw-list-item"><a href="https://rue.wikipedia.org/wiki/%D0%92%D0%B5%D0%BB%D0%B8%D0%BA%D0%B0_%D0%B4%D0%B5%D0%BF%D1%80%D0%B5%D1%81%D1%96%D1%8F" title="Велика депресія – Rusyn" lang="rue" hreflang="rue" data-title="Велика депресія" data-language-autonym="Русиньскый" data-language-local-name="Rusyn" class="interlanguage-link-target"><span>Русиньскый</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%92%D0%B5%D0%BB%D0%B8%D0%BA%D0%B0%D1%8F_%D0%B4%D0%B5%D0%BF%D1%80%D0%B5%D1%81%D1%81%D0%B8%D1%8F" title="Великая депрессия – Russian" lang="ru" hreflang="ru" data-title="Великая депрессия" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sah mw-list-item"><a href="https://sah.wikipedia.org/wiki/%D0%A3%D0%BB%D1%83%D1%83_%D0%BA%D1%8D%D1%85%D1%82%D0%B8%D0%B8" title="Улуу кэхтии – Yakut" lang="sah" hreflang="sah" data-title="Улуу кэхтии" data-language-autonym="Саха тыла" data-language-local-name="Yakut" class="interlanguage-link-target"><span>Саха тыла</span></a></li><li class="interlanguage-link interwiki-sc mw-list-item"><a href="https://sc.wikipedia.org/wiki/Depressione_Manna" title="Depressione Manna – Sardinian" lang="sc" hreflang="sc" data-title="Depressione Manna" data-language-autonym="Sardu" data-language-local-name="Sardinian" class="interlanguage-link-target"><span>Sardu</span></a></li><li class="interlanguage-link interwiki-sq mw-list-item"><a href="https://sq.wikipedia.org/wiki/Depresioni_i_madh" title="Depresioni i madh – Albanian" lang="sq" hreflang="sq" data-title="Depresioni i madh" data-language-autonym="Shqip" data-language-local-name="Albanian" class="interlanguage-link-target"><span>Shqip</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Great_Depression" title="Great Depression – Simple English" lang="en-simple" hreflang="en-simple" data-title="Great Depression" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Ve%C4%BEk%C3%A1_hospod%C3%A1rska_kr%C3%ADza_(30._roky_20._storo%C4%8Dia)" title="Veľká hospodárska kríza (30. roky 20. storočia) – Slovak" lang="sk" hreflang="sk" data-title="Veľká hospodárska kríza (30. roky 20. storočia)" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-sl mw-list-item"><a href="https://sl.wikipedia.org/wiki/Velika_gospodarska_kriza" title="Velika gospodarska kriza – Slovenian" lang="sl" hreflang="sl" data-title="Velika gospodarska kriza" data-language-autonym="Slovenščina" data-language-local-name="Slovenian" class="interlanguage-link-target"><span>Slovenščina</span></a></li><li class="interlanguage-link interwiki-ckb mw-list-item"><a href="https://ckb.wikipedia.org/wiki/%D8%A8%DB%8E%D8%A8%D8%A7%D8%B2%D8%A7%DA%95%DB%8C%DB%8C_%D9%85%DB%95%D8%B2%D9%86" title="بێبازاڕیی مەزن – Central Kurdish" lang="ckb" hreflang="ckb" data-title="بێبازاڕیی مەزن" data-language-autonym="کوردی" data-language-local-name="Central Kurdish" class="interlanguage-link-target"><span>کوردی</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%92%D0%B5%D0%BB%D0%B8%D0%BA%D0%B0_%D0%BA%D1%80%D0%B8%D0%B7%D0%B0" title="Велика криза – Serbian" lang="sr" hreflang="sr" data-title="Велика криза" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-sh mw-list-item"><a href="https://sh.wikipedia.org/wiki/Velika_ekonomska_kriza" title="Velika ekonomska kriza – Serbo-Croatian" lang="sh" hreflang="sh" data-title="Velika ekonomska kriza" data-language-autonym="Srpskohrvatski / српскохрватски" data-language-local-name="Serbo-Croatian" class="interlanguage-link-target"><span>Srpskohrvatski / српскохрватски</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/1930-luvun_lama" title="1930-luvun lama – Finnish" lang="fi" hreflang="fi" data-title="1930-luvun lama" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Den_stora_depressionen" title="Den stora depressionen – Swedish" lang="sv" hreflang="sv" data-title="Den stora depressionen" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tl mw-list-item"><a href="https://tl.wikipedia.org/wiki/Malawakang_Depresyon" title="Malawakang Depresyon – Tagalog" lang="tl" hreflang="tl" data-title="Malawakang Depresyon" data-language-autonym="Tagalog" data-language-local-name="Tagalog" class="interlanguage-link-target"><span>Tagalog</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%AA%E0%AF%86%E0%AE%B0%E0%AF%81%E0%AE%AE%E0%AF%8D_%E0%AE%AA%E0%AF%8A%E0%AE%B0%E0%AF%81%E0%AE%B3%E0%AE%BF%E0%AE%AF%E0%AE%B2%E0%AF%8D_%E0%AE%B5%E0%AF%80%E0%AE%B4%E0%AF%8D%E0%AE%9A%E0%AF%8D%E0%AE%9A%E0%AE%BF" title="பெரும் பொருளியல் வீழ்ச்சி – Tamil" lang="ta" hreflang="ta" data-title="பெரும் பொருளியல் வீழ்ச்சி" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-tt badge-Q17437798 badge-goodarticle mw-list-item" title="good article badge"><a href="https://tt.wikipedia.org/wiki/%D0%91%D3%A9%D0%B5%D0%BA_%D0%B4%D0%B5%D0%BF%D1%80%D0%B5%D1%81%D1%81%D0%B8%D1%8F" title="Бөек депрессия – Tatar" lang="tt" hreflang="tt" data-title="Бөек депрессия" data-language-autonym="Татарча / tatarça" data-language-local-name="Tatar" class="interlanguage-link-target"><span>Татарча / tatarça</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%A0%E0%B8%B2%E0%B8%A7%E0%B8%B0%E0%B9%80%E0%B8%A8%E0%B8%A3%E0%B8%A9%E0%B8%90%E0%B8%81%E0%B8%B4%E0%B8%88%E0%B8%95%E0%B8%81%E0%B8%95%E0%B9%88%E0%B8%B3%E0%B8%84%E0%B8%A3%E0%B8%B1%E0%B9%89%E0%B8%87%E0%B9%83%E0%B8%AB%E0%B8%8D%E0%B9%88" title="ภาวะเศรษฐกิจตกต่ำครั้งใหญ่ – Thai" lang="th" hreflang="th" data-title="ภาวะเศรษฐกิจตกต่ำครั้งใหญ่" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/B%C3%BCy%C3%BCk_Buhran" title="Büyük Buhran – Turkish" lang="tr" hreflang="tr" data-title="Büyük Buhran" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%92%D0%B5%D0%BB%D0%B8%D0%BA%D0%B0_%D0%B4%D0%B5%D0%BF%D1%80%D0%B5%D1%81%D1%96%D1%8F" title="Велика депресія – Ukrainian" lang="uk" hreflang="uk" data-title="Велика депресія" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-ur mw-list-item"><a href="https://ur.wikipedia.org/wiki/%DA%A9%D8%B3%D8%A7%D8%AF_%D8%B9%D8%B8%DB%8C%D9%85" title="کساد عظیم – Urdu" lang="ur" hreflang="ur" data-title="کساد عظیم" data-language-autonym="اردو" data-language-local-name="Urdu" class="interlanguage-link-target"><span>اردو</span></a></li><li class="interlanguage-link interwiki-vep mw-list-item"><a href="https://vep.wikipedia.org/wiki/Sur%27_depressii" title="Sur' depressii – Veps" lang="vep" hreflang="vep" data-title="Sur' depressii" data-language-autonym="Vepsän kel’" data-language-local-name="Veps" class="interlanguage-link-target"><span>Vepsän kel’</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/%C4%90%E1%BA%A1i_kh%E1%BB%A7ng_ho%E1%BA%A3ng" title="Đại khủng hoảng – Vietnamese" lang="vi" hreflang="vi" data-title="Đại khủng hoảng" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-fiu-vro mw-list-item"><a href="https://fiu-vro.wikipedia.org/wiki/Suur_majanduspits%C3%BCs" title="Suur majanduspitsüs – Võro" lang="vro" hreflang="vro" data-title="Suur majanduspitsüs" data-language-autonym="Võro" data-language-local-name="Võro" class="interlanguage-link-target"><span>Võro</span></a></li><li class="interlanguage-link interwiki-war mw-list-item"><a href="https://war.wikipedia.org/wiki/Duro_nga_Pagkabido" title="Duro nga Pagkabido – Waray" lang="war" hreflang="war" data-title="Duro nga Pagkabido" data-language-autonym="Winaray" data-language-local-name="Waray" class="interlanguage-link-target"><span>Winaray</span></a></li><li class="interlanguage-link interwiki-wuu mw-list-item"><a href="https://wuu.wikipedia.org/wiki/%E5%A4%A7%E8%90%A7%E6%9D%A1" title="大萧条 – Wu" lang="wuu" hreflang="wuu" data-title="大萧条" data-language-autonym="吴语" data-language-local-name="Wu" class="interlanguage-link-target"><span>吴语</span></a></li><li class="interlanguage-link interwiki-yi mw-list-item"><a href="https://yi.wikipedia.org/wiki/%D7%95%D7%95%D7%A2%D7%9C%D7%98_%D7%95%D7%95%D7%99%D7%A8%D7%98%D7%A9%D7%90%D7%A4%D7%98_%D7%A7%D7%A8%D7%99%D7%96%D7%99%D7%A1" title="וועלט ווירטשאפט קריזיס – Yiddish" lang="yi" hreflang="yi" data-title="וועלט ווירטשאפט קריזיס" data-language-autonym="ייִדיש" data-language-local-name="Yiddish" class="interlanguage-link-target"><span>ייִדיש</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E5%A4%A7%E8%95%AD%E6%A2%9D" title="大蕭條 – Cantonese" lang="yue" hreflang="yue" data-title="大蕭條" data-language-autonym="粵語" data-language-local-name="Cantonese" class="interlanguage-link-target"><span>粵語</span></a></li><li class="interlanguage-link interwiki-bat-smg mw-list-item"><a href="https://bat-smg.wikipedia.org/wiki/D%C4%97dliuoj%C4%97_akuonuom%C4%97n%C4%97_kr%C4%97z%C4%97" title="Dėdliuojė akuonuomėnė krėzė – Samogitian" lang="sgs" hreflang="sgs" data-title="Dėdliuojė akuonuomėnė krėzė" data-language-autonym="Žemaitėška" data-language-local-name="Samogitian" class="interlanguage-link-target"><span>Žemaitėška</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E5%A4%A7%E8%90%A7%E6%9D%A1" title="大萧条 – Chinese" lang="zh" hreflang="zh" data-title="大萧条" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li> </ul> <div 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noprint searchaux" style="display:none">Worldwide economic depression (1929–1939)</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">This article is about the severe worldwide economic downturn in the 1930s. For other uses, see <a href="/wiki/The_Great_Depression_(disambiguation)" class="mw-disambig" title="The Great Depression (disambiguation)">The Great Depression (disambiguation)</a>.</div> <p class="mw-empty-elt"> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Unemployed_men_queued_outside_a_depression_soup_kitchen_opened_in_Chicago_by_Al_Capone,_02-1931_-_NARA_-_541927.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6c/Unemployed_men_queued_outside_a_depression_soup_kitchen_opened_in_Chicago_by_Al_Capone%2C_02-1931_-_NARA_-_541927.jpg/300px-Unemployed_men_queued_outside_a_depression_soup_kitchen_opened_in_Chicago_by_Al_Capone%2C_02-1931_-_NARA_-_541927.jpg" decoding="async" width="300" height="244" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6c/Unemployed_men_queued_outside_a_depression_soup_kitchen_opened_in_Chicago_by_Al_Capone%2C_02-1931_-_NARA_-_541927.jpg/450px-Unemployed_men_queued_outside_a_depression_soup_kitchen_opened_in_Chicago_by_Al_Capone%2C_02-1931_-_NARA_-_541927.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6c/Unemployed_men_queued_outside_a_depression_soup_kitchen_opened_in_Chicago_by_Al_Capone%2C_02-1931_-_NARA_-_541927.jpg/600px-Unemployed_men_queued_outside_a_depression_soup_kitchen_opened_in_Chicago_by_Al_Capone%2C_02-1931_-_NARA_-_541927.jpg 2x" data-file-width="2939" data-file-height="2392" /></a><figcaption><a href="/wiki/Unemployment" title="Unemployment">Unemployed</a> people lined up outside a <a href="/wiki/Soup_kitchen" title="Soup kitchen">soup kitchen</a> opened in <a href="/wiki/Chicago" title="Chicago">Chicago</a> by <a href="/wiki/Al_Capone" title="Al Capone">Al Capone</a> during the Great Depression in February 1931</figcaption></figure> <p>The <b>Great Depression</b> was a severe global <a href="/wiki/Economic_downturn" class="mw-redirect" title="Economic downturn">economic downturn</a> from 1929 to 1939. The period was characterized by high rates of <a href="/wiki/Unemployment" title="Unemployment">unemployment</a> and <a href="/wiki/Poverty" title="Poverty">poverty</a>; drastic <a href="/wiki/Liquidity_crisis" title="Liquidity crisis">reductions in liquidity</a>, industrial production, and trade; and widespread bank and business failures around the world. The <a href="/wiki/Economic_contagion" class="mw-redirect" title="Economic contagion">economic contagion</a> began in 1929 in the United States, the largest economy in the world, with the devastating <a href="/wiki/Wall_Street_stock_market_crash_of_October_1929" class="mw-redirect" title="Wall Street stock market crash of October 1929">Wall Street stock market crash of October 1929</a> often considered the beginning of the Depression. Among the countries with the most unemployed were the U.S., the United Kingdom, and <a href="/wiki/Weimar_Republic" title="Weimar Republic">Germany</a>. </p><p>The Depression was preceded by a period of industrial growth and social development known as the "<a href="/wiki/Roaring_Twenties" title="Roaring Twenties">Roaring Twenties</a>". Much of the profit generated by the boom was invested in <a href="/wiki/Speculation" title="Speculation">speculation</a>, such as on the <a href="/wiki/Stock_market" title="Stock market">stock market</a>, which resulted in growing <a href="/wiki/Wealth_inequality" class="mw-redirect" title="Wealth inequality">wealth inequality</a>. Banks were subject to minimal regulation under <i><a href="/wiki/Laissez-faire" title="Laissez-faire">laissez-faire</a></i> economic policies, resulting in loose lending and widespread debt. By 1929, declining spending had led to reductions in manufacturing output and rising unemployment. Share values continued to rise until the Wall Street crash, after which the slide continued for three years, accompanied by a loss of confidence in the financial system. By 1933, the unemployment rate in the U.S. had risen to 25%, about one-third of farmers had lost their land, and about half of its 25,000 banks had gone out of business. The <a href="/wiki/U.S._federal_government" class="mw-redirect" title="U.S. federal government">U.S. federal government</a> under President <a href="/wiki/Herbert_Hoover" title="Herbert Hoover">Herbert Hoover</a> was unwilling to intervene heavily in the economy. In the <a href="/wiki/1932_United_States_presidential_election" title="1932 United States presidential election">1932 presidential election</a>, Hoover was defeated by <a href="/wiki/Franklin_D._Roosevelt" title="Franklin D. Roosevelt">Franklin D. Roosevelt</a>, who from 1933 pursued a set of expansive <a href="/wiki/New_Deal" title="New Deal">New Deal</a> programs in order to provide relief and create jobs. In Germany, which depended heavily on U.S. loans, the crisis caused unemployment to rise to nearly 30% and fueled political extremism, paving the way for <a href="/wiki/Adolf_Hitler" title="Adolf Hitler">Adolf Hitler</a>'s <a href="/wiki/Nazi_Party" title="Nazi Party">Nazi Party</a> to rise to power in 1933. </p><p>Between 1929 and 1932, worldwide <a href="/wiki/Gross_domestic_product" title="Gross domestic product">gross domestic product</a> (GDP) fell by an estimated 15%; in the U.S., the Depression resulted in a 30% contraction in GDP.<sup id="cite_ref-:5_1-0" class="reference"><a href="#cite_note-:5-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Recovery varied greatly around the world. Some economies, such as the U.S., Germany and Japan started to recover by the mid-1930s; others, like France, did not return to pre-shock growth rates until later in the decade.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> The Depression had devastating economic effects on both wealthy and poor countries: all experienced drops in <a href="/wiki/Personal_income" title="Personal income">personal income</a>, prices (<a href="/wiki/Deflation" title="Deflation">deflation</a>), tax revenues, and profits. International trade fell by more than 50%, and unemployment in some countries rose as high as 33%.<sup id="cite_ref-Frank_Bernanke_3-0" class="reference"><a href="#cite_note-Frank_Bernanke-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Cities_in_the_Great_Depression" title="Cities in the Great Depression">Cities around the world</a>, especially those dependent on <a href="/wiki/Heavy_industry" title="Heavy industry">heavy industry</a>, were heavily affected. Construction virtually halted in many countries, and farming communities and rural areas suffered as crop prices fell by up to 60%.<sup id="cite_ref-USBLS_4-0" class="reference"><a href="#cite_note-USBLS-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Faced with plummeting demand and few job alternatives, areas dependent on <a href="/wiki/Primary_sector_of_the_economy" title="Primary sector of the economy">primary sector industries</a> suffered the most.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> The outbreak of <a href="/wiki/World_War_II" title="World War II">World War II</a> in 1939 ended the Depression, as it stimulated factory production, providing jobs for women as militaries absorbed large numbers of young, unemployed men. </p><p>The precise causes for the Great Depression are disputed. One set of historians, for example, focuses on non-monetary economic causes. Among these, some regard the Wall Street crash itself as the main cause; others consider that the crash was a mere symptom of more general economic trends of the time, which had already been underway in the late 1920s.<sup id="cite_ref-Frank_Bernanke_3-1" class="reference"><a href="#cite_note-Frank_Bernanke-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Britannica_8-0" class="reference"><a href="#cite_note-Britannica-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> A contrasting set of views, which rose to prominence in the later part of the 20th century,<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> ascribes a more prominent role to failures of <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a>. According to those authors, while general economic trends can explain the emergence of the downturn, they fail to account for its severity and longevity; they argue that these were caused by the lack of an adequate response to the crises of liquidity that followed the initial economic shock of 1929 and the subsequent bank failures accompanied by a general collapse of the financial markets.<sup id="cite_ref-:5_1-1" class="reference"><a href="#cite_note-:5-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Overview">Overview</h2></div> <style data-mw-deduplicate="TemplateStyles:r1273380762/mw-parser-output/.tmulti">.mw-parser-output .tmulti .multiimageinner{display:flex;flex-direction:column}.mw-parser-output .tmulti .trow{display:flex;flex-direction:row;clear:left;flex-wrap:wrap;width:100%;box-sizing:border-box}.mw-parser-output .tmulti .tsingle{margin:1px;float:left}.mw-parser-output .tmulti .theader{clear:both;font-weight:bold;text-align:center;align-self:center;background-color:transparent;width:100%}.mw-parser-output .tmulti .thumbcaption{background-color:transparent}.mw-parser-output .tmulti .text-align-left{text-align:left}.mw-parser-output .tmulti .text-align-right{text-align:right}.mw-parser-output .tmulti .text-align-center{text-align:center}@media all and (max-width:720px){.mw-parser-output .tmulti .thumbinner{width:100%!important;box-sizing:border-box;max-width:none!important;align-items:center}.mw-parser-output .tmulti .trow{justify-content:center}.mw-parser-output .tmulti .tsingle{float:none!important;max-width:100%!important;box-sizing:border-box;text-align:center}.mw-parser-output .tmulti .tsingle .thumbcaption{text-align:left}.mw-parser-output .tmulti .trow>.thumbcaption{text-align:center}}@media screen{html.skin-theme-clientpref-night .mw-parser-output .tmulti .multiimageinner span:not(.skin-invert-image):not(.skin-invert):not(.bg-transparent) img{background-color:white}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .tmulti .multiimageinner span:not(.skin-invert-image):not(.skin-invert):not(.bg-transparent) img{background-color:white}}</style><div class="thumb tmulti tleft"><div class="thumbinner multiimageinner" style="width:408px;max-width:408px"><div class="trow"><div class="tsingle" style="width:202px;max-width:202px"><div class="thumbimage"><span typeof="mw:File"><a href="/wiki/File:US_Unemployment_from_1910-1960.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f1/US_Unemployment_from_1910-1960.svg/200px-US_Unemployment_from_1910-1960.svg.png" decoding="async" width="200" height="132" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f1/US_Unemployment_from_1910-1960.svg/300px-US_Unemployment_from_1910-1960.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f1/US_Unemployment_from_1910-1960.svg/400px-US_Unemployment_from_1910-1960.svg.png 2x" data-file-width="512" data-file-height="339" /></a></span></div><div class="thumbcaption">The unemployment rate in the U.S. during 1910–60, with the years of the Great Depression (1929–39) highlighted</div></div><div class="tsingle" style="width:202px;max-width:202px"><div class="thumbimage"><span typeof="mw:File"><a href="/wiki/File:1929_wall_street_crash_graph.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c5/1929_wall_street_crash_graph.svg/200px-1929_wall_street_crash_graph.svg.png" decoding="async" width="200" height="100" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c5/1929_wall_street_crash_graph.svg/300px-1929_wall_street_crash_graph.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c5/1929_wall_street_crash_graph.svg/400px-1929_wall_street_crash_graph.svg.png 2x" data-file-width="800" data-file-height="400" /></a></span></div><div class="thumbcaption">The <a href="/wiki/Dow_Jones_Industrial_Average" title="Dow Jones Industrial Average">Dow Jones Industrial Average</a>, 1928–1930</div></div></div></div></div> <div class="mw-heading mw-heading3"><h3 id="The_economic_picture_at_the_beginning_of_the_crisis">The economic picture at the beginning of the crisis</h3></div> <p>After the <a href="/wiki/Wall_Street_crash_of_1929" title="Wall Street crash of 1929">Wall Street crash of 1929</a>, when the <a href="/wiki/Dow_Jones_Industrial_Average" title="Dow Jones Industrial Average">Dow Jones Industrial Average</a> dropped from 381 to 198 over the course of two months, optimism persisted for some time. The stock market rose in early 1930, with the Dow returning to 294 (pre-depression levels) in April 1930, before steadily declining for years, to a low of 41 in 1932.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>At the beginning, governments and businesses spent more in the first half of 1930 than in the corresponding period of the previous year. On the other hand, consumers, many of whom suffered severe losses in the stock market the previous year, cut expenditures by 10%. In addition, beginning in the mid-1930s, a <a href="/wiki/Dust_Bowl" title="Dust Bowl">severe drought</a> ravaged the agricultural heartland of the U.S.<sup id="cite_ref-drought_11-0" class="reference"><a href="#cite_note-drought-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>Interest rates dropped to low levels by mid-1930, but expected <a href="/wiki/Deflation" title="Deflation">deflation</a> and the continuing reluctance of people to borrow meant that consumer spending and investment remained low.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> By May 1930, automobile sales declined to below the levels of 1928. Prices, in general, began to decline, although wages held steady in 1930. Then a <a href="/wiki/Deflationary_spiral" class="mw-redirect" title="Deflationary spiral">deflationary spiral</a> started in 1931. Farmers faced a worse outlook; declining crop prices and a Great Plains drought crippled their economic outlook. At its peak, the Great Depression saw nearly 10% of all Great Plains farms change hands despite federal assistance.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Beyond_the_United_States">Beyond the United States</h3></div> <p>At first, the decline in the <a href="/wiki/U.S._economy" class="mw-redirect" title="U.S. economy">U.S. economy</a> was the factor that triggered economic downturns in most other countries due to a decline in trade, capital movement, and global business confidence. Then, internal weaknesses or strengths in each country made conditions worse or better. For example, the U.K. economy, which experienced an economic downturn throughout most of the late 1920s, was less severely impacted by the shock of the depression than the U.S. By contrast, the German economy saw a similar decline in industrial output as that observed in the U.S.<sup id="cite_ref-cpk_14-0" class="reference"><a href="#cite_note-cpk-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> Some economic historians attribute the differences in the rates of recovery and relative severity of the economic decline to whether particular countries had been able to effectively devaluate their currencies or not. This is supported by the contrast in how the crisis progressed in, e.g., Britain, Argentina and Brazil, all of which devalued their currencies early and returned to normal patterns of growth relatively rapidly and countries which stuck to the <a href="/wiki/Gold_standard" title="Gold standard">gold standard</a>, such as France or Belgium.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p>Frantic attempts by individual countries to shore up their economies through <a href="/wiki/Protectionist" class="mw-redirect" title="Protectionist">protectionist</a> policies – such as the 1930 U.S. <a href="/wiki/Smoot%E2%80%93Hawley_Tariff_Act" title="Smoot–Hawley Tariff Act">Smoot–Hawley Tariff Act</a> and retaliatory tariffs in other countries – exacerbated the collapse in global trade, contributing to the depression.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> By 1933, the economic decline pushed world trade to one third of its level compared to four years earlier.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p> <table class="wikitable" style="width: 50%;text-align: right;"> <caption>Change in economic indicators 1929–1932<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </caption> <tbody><tr> <th scope="col" style="width:36%;"> </th> <th scope="col" style="width:16%; text-align:center;">United States </th> <th scope="col" style="width:16%; text-align:center;">United Kingdom </th> <th scope="col" style="width:16%; text-align:center;">France </th> <th scope="col" style="width:16%; text-align:center;">Germany </th></tr> <tr> <td style="text-align: left;">Industrial production </td> <td>−46% </td> <td>−23% </td> <td>−24% </td> <td>−41% </td></tr> <tr> <td style="text-align: left;">Wholesale prices </td> <td>−32% </td> <td>−33% </td> <td>−34% </td> <td>−29% </td></tr> <tr> <td style="text-align: left;">Foreign trade </td> <td>−70% </td> <td>−60% </td> <td>−54% </td> <td>−61% </td></tr> <tr> <td style="text-align: left;">Unemployment </td> <td>+607% </td> <td>+129% </td> <td>+214% </td> <td>+232% </td></tr></tbody></table> <div class="mw-heading mw-heading2"><h2 id="Course">Course</h2></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Crowd_outside_nyse.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e1/Crowd_outside_nyse.jpg/220px-Crowd_outside_nyse.jpg" decoding="async" width="220" height="314" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e1/Crowd_outside_nyse.jpg/330px-Crowd_outside_nyse.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e1/Crowd_outside_nyse.jpg/440px-Crowd_outside_nyse.jpg 2x" data-file-width="718" data-file-height="1024" /></a><figcaption>Crowd gathering at the intersection of <a href="/wiki/Wall_Street" title="Wall Street">Wall Street</a> and Broad Street after the <a href="/wiki/Wall_Street_crash_of_1929" title="Wall Street crash of 1929">1929 crash</a></figcaption></figure> <div class="mw-heading mw-heading3"><h3 id="Origins">Origins</h3></div> <p>While the precise causes for the occurrence of the Great depression are disputed and can be traced to both global and national phenomena, its immediate origins are most conveniently examined in the context of the U.S. economy, from which the initial crisis spread to the rest of the world. </p><p>In the aftermath of <a href="/wiki/World_War_I" title="World War I">World War I</a>, the <a href="/wiki/Roaring_Twenties" title="Roaring Twenties">Roaring Twenties</a> brought considerable wealth to the United States and Western Europe.<sup id="cite_ref-Soule-1947_19-0" class="reference"><a href="#cite_note-Soule-1947-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> Initially, the year 1929 dawned with good economic prospects: despite a minor crash on 25 March 1929, the market seemed to gradually improve through September. Stock prices began to slump in September, and were volatile at the end of the month.<sup id="cite_ref-pbsstock2_20-0" class="reference"><a href="#cite_note-pbsstock2-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> A large sell-off of stocks began in mid-October. Finally, on 24 October, <a href="/wiki/Wall_Street_crash_of_1929" title="Wall Street crash of 1929">Black Thursday</a>, the American stock market crashed 11% at the opening bell. Actions to stabilize the market failed, and on 28 October, Black Monday, the market crashed another 12%. The panic peaked the next day on Black Tuesday, when the market saw another 11% drop.<sup id="cite_ref-:02_21-0" class="reference"><a href="#cite_note-:02-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:4_22-0" class="reference"><a href="#cite_note-:4-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> Thousands of investors were ruined, and billions of dollars had been lost; many stocks could not be sold at any price.<sup id="cite_ref-:4_22-1" class="reference"><a href="#cite_note-:4-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> The market recovered 12% on Wednesday but by then significant damage had been done. Though the market entered a period of recovery from 14 November until 17 April 1930, the general situation had been a prolonged slump. From September 1929 to 8 July 1932, the market lost 85% of its value.<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Bank_of_the_United_States_failure_NYWTS.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/67/Bank_of_the_United_States_failure_NYWTS.jpg/260px-Bank_of_the_United_States_failure_NYWTS.jpg" decoding="async" width="260" height="149" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/67/Bank_of_the_United_States_failure_NYWTS.jpg/390px-Bank_of_the_United_States_failure_NYWTS.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/67/Bank_of_the_United_States_failure_NYWTS.jpg/520px-Bank_of_the_United_States_failure_NYWTS.jpg 2x" data-file-width="3432" data-file-height="1967" /></a><figcaption>Crowds outside the <a href="/wiki/Bank_of_United_States" title="Bank of United States">Bank of United States</a> in New York after its failure in 1931</figcaption></figure> <p>Despite the crash, the worst of the crisis did not reverberate around the world until after 1929. The crisis hit panic levels again in December 1930, with a <a href="/wiki/Bank_run" title="Bank run">bank run</a> on the <a href="/wiki/Bank_of_United_States" title="Bank of United States">Bank of United States</a>, a former privately run bank, bearing no relation to the U.S. government (not to be confused with the <a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a>). Unable to pay out to all of its creditors, the bank failed.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> Among the 608 American banks that closed in November and December 1930, the Bank of United States accounted for a third of the total $550 million deposits lost and, with its closure, bank failures reached a critical mass.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="The_Smoot–Hawley_Act_and_the_Breakdown_of_International_Trade"><span id="The_Smoot.E2.80.93Hawley_Act_and_the_Breakdown_of_International_Trade"></span>The Smoot–Hawley Act and the Breakdown of International Trade</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Smoot%E2%80%93Hawley_Tariff_Act" title="Smoot–Hawley Tariff Act">Smoot–Hawley Tariff Act</a></div> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:Smoot_and_Hawley_standing_together,_April_11,_1929.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/dc/Smoot_and_Hawley_standing_together%2C_April_11%2C_1929.jpg/220px-Smoot_and_Hawley_standing_together%2C_April_11%2C_1929.jpg" decoding="async" width="220" height="227" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/dc/Smoot_and_Hawley_standing_together%2C_April_11%2C_1929.jpg/330px-Smoot_and_Hawley_standing_together%2C_April_11%2C_1929.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/dc/Smoot_and_Hawley_standing_together%2C_April_11%2C_1929.jpg/440px-Smoot_and_Hawley_standing_together%2C_April_11%2C_1929.jpg 2x" data-file-width="3546" data-file-height="3662" /></a><figcaption><a href="/wiki/Willis_C._Hawley" title="Willis C. Hawley">Willis C. Hawley</a> (left) and <a href="/wiki/Reed_Smoot" title="Reed Smoot">Reed Smoot</a> in April 1929, shortly before the Smoot–Hawley Tariff Act passed the House of Representatives</figcaption></figure> <p>In an initial response to the crisis, the U.S. Congress passed the <a href="/wiki/Smoot%E2%80%93Hawley_Tariff_Act" title="Smoot–Hawley Tariff Act">Smoot–Hawley Tariff Act</a> on 17 June 1930. The Act was ostensibly aimed at protecting the American economy from foreign competition by imposing high tariffs on foreign imports. The consensus view among <a href="/wiki/Economist" title="Economist">economists</a> and economic historians (including <a href="/wiki/Keynesian" class="mw-redirect" title="Keynesian">Keynesians</a>, <a href="/wiki/Monetarist" class="mw-redirect" title="Monetarist">Monetarists</a> and <a href="/wiki/Austrian_economist" class="mw-redirect" title="Austrian economist">Austrian economists</a>) is that the passage of the Smoot–Hawley Tariff had, in fact, achieved an opposite effect to what was intended. It exacerbated the Great Depression<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> by preventing economic recovery after domestic production recovered, hampering the volume of trade; still there is disagreement as to the precise extent of the Act's influence. </p><p>In the popular view, the Smoot–Hawley Tariff was one of the leading causes of the depression.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-eichenirwin_29-0" class="reference"><a href="#cite_note-eichenirwin-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> In a 1995 survey of American economic historians, two-thirds agreed that the <a href="/wiki/Smoot%E2%80%93Hawley_Tariff_Act" title="Smoot–Hawley Tariff Act">Smoot–Hawley Tariff Act</a> at least worsened the Great Depression.<sup id="cite_ref-ReferenceB_30-0" class="reference"><a href="#cite_note-ReferenceB-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> According to the U.S. Senate website, the Smoot–Hawley Tariff Act is among the most catastrophic acts in congressional history.<sup id="cite_ref-Senate_On_Smoot-Hawley_Act_31-0" class="reference"><a href="#cite_note-Senate_On_Smoot-Hawley_Act-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p><p>Many economists have argued that the sharp decline in international trade after 1930 helped to worsen the depression, especially for countries significantly dependent on foreign trade. Most historians and economists blame the Act for worsening the depression by seriously reducing international trade and causing retaliatory tariffs in other countries. While foreign trade was a small part of overall economic activity in the U.S. and was concentrated in a few businesses like farming, it was a much larger factor in many other countries.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> The average <i><a href="/wiki/Ad_valorem" class="mw-redirect" title="Ad valorem">ad valorem</a></i> (value based) rate of duties on dutiable imports for 1921–1925 was 25.9% but under the new tariff it jumped to 50% during 1931–1935. In dollar terms, American exports declined over the next four years from about $5.2 billion in 1929 to $1.7 billion in 1933; so, not only did the physical volume of exports fall, but also the prices fell by about <style data-mw-deduplicate="TemplateStyles:r1154941027">.mw-parser-output .frac{white-space:nowrap}.mw-parser-output .frac .num,.mw-parser-output .frac .den{font-size:80%;line-height:0;vertical-align:super}.mw-parser-output .frac .den{vertical-align:sub}.mw-parser-output .sr-only{border:0;clip:rect(0,0,0,0);clip-path:polygon(0px 0px,0px 0px,0px 0px);height:1px;margin:-1px;overflow:hidden;padding:0;position:absolute;width:1px}</style><span class="frac"><span class="num">1</span>⁄<span class="den">3</span></span> as written. Hardest hit were farm commodities such as wheat, cotton, tobacco, and lumber.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p><p>Governments around the world took various steps into spending less money on foreign goods such as: "imposing tariffs, import quotas, and exchange controls". These restrictions triggered much tension among countries that had large amounts of bilateral trade, causing major export-import reductions during the depression. Not all governments enforced the same measures of protectionism. Some countries raised tariffs drastically and enforced severe restrictions on foreign exchange transactions, while other countries reduced "trade and exchange restrictions only marginally":<sup id="cite_ref-Eichengreen_34-0" class="reference"><a href="#cite_note-Eichengreen-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> </p> <ul><li>"Countries that remained on the gold standard, keeping currencies fixed, were more likely to restrict foreign trade." These countries "resorted to protectionist policies to strengthen the <a href="/wiki/Balance_of_payments" title="Balance of payments">balance of payments</a> and limit gold losses." They hoped that these restrictions and depletions would hold the economic decline.<sup id="cite_ref-Eichengreen_34-1" class="reference"><a href="#cite_note-Eichengreen-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup></li> <li>Countries that abandoned the gold standard allowed their currencies to <a href="/wiki/Currency_appreciation_and_depreciation" title="Currency appreciation and depreciation">depreciate</a> which caused their balance of payments to strengthen. It also freed up monetary policy so that central banks could lower interest rates and act as lenders of last resort. They possessed the best policy instruments to fight the Depression and did not need protectionism.<sup id="cite_ref-Eichengreen_34-2" class="reference"><a href="#cite_note-Eichengreen-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup></li> <li>"The length and depth of a country's economic downturn and the timing and vigor of its recovery are related to how long it remained on the <a href="/wiki/Gold_standard" title="Gold standard">gold standard</a>. Countries abandoning the gold standard relatively early experienced relatively mild recessions and early recoveries. In contrast, countries remaining on the gold standard experienced prolonged slumps."<sup id="cite_ref-Eichengreen_34-3" class="reference"><a href="#cite_note-Eichengreen-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading3"><h3 id="The_Gold_Standard_and_the_Spreading_of_Global_Depression">The Gold Standard and the Spreading of Global Depression</h3></div> <p>The <a href="/wiki/Gold_standard" title="Gold standard">gold standard</a> was the primary transmission mechanism of the Great Depression. Even countries that did not face bank failures and a monetary contraction first-hand were forced to join the deflationary policy since higher interest rates in countries that performed a deflationary policy led to a gold outflow in countries with lower interest rates. Under the gold standard's <a href="/wiki/Price%E2%80%93specie_flow_mechanism" title="Price–specie flow mechanism">price–specie flow mechanism</a>, countries that lost gold but nevertheless wanted to maintain the gold standard had to permit their money supply to decrease and the domestic price level to decline (<a href="/wiki/Deflation" title="Deflation">deflation</a>).<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> </p><p>There is also consensus that protectionist policies, and primarily the passage of the <a href="/wiki/Smoot%E2%80%93Hawley_Tariff_Act" title="Smoot–Hawley Tariff Act">Smoot–Hawley Tariff Act</a>, helped to exacerbate, or even cause the Great Depression.<sup id="cite_ref-ReferenceB_30-1" class="reference"><a href="#cite_note-ReferenceB-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Gold_standard">Gold standard</h4></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Graph_charting_income_per_capita_throughout_the_Great_Depression.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b5/Graph_charting_income_per_capita_throughout_the_Great_Depression.svg/400px-Graph_charting_income_per_capita_throughout_the_Great_Depression.svg.png" decoding="async" width="400" height="264" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b5/Graph_charting_income_per_capita_throughout_the_Great_Depression.svg/600px-Graph_charting_income_per_capita_throughout_the_Great_Depression.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b5/Graph_charting_income_per_capita_throughout_the_Great_Depression.svg/800px-Graph_charting_income_per_capita_throughout_the_Great_Depression.svg.png 2x" data-file-width="847" data-file-height="560" /></a><figcaption>The Depression in international perspective<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p>Some economic studies have indicated that the rigidities of the <a href="/wiki/Gold_standard" title="Gold standard">gold standard</a> not only spread the downturn worldwide, but also suspended gold convertibility (devaluing the currency in gold terms) that did the most to make recovery possible.<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> </p><p>Every major currency left the gold standard during the Great Depression. The UK was the first to do so. Facing <a href="/wiki/Speculative_attack" title="Speculative attack">speculative attacks</a> on the <a href="/wiki/Pound_sterling" title="Pound sterling">pound</a> and depleting <a href="/wiki/Gold_reserve" title="Gold reserve">gold reserves</a>, in September 1931 the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a> ceased exchanging pound notes for gold and the pound was floated on foreign exchange markets. Japan and the Scandinavian countries followed in 1931. Other countries, such as Italy and the United States, remained on the gold standard into 1932 or 1933, while a few countries in the so-called "gold bloc", led by France and including Poland, Belgium and Switzerland, stayed on the standard until 1935–36. </p><p>According to later analysis, the earliness with which a country left the gold standard reliably predicted its economic recovery. For example, The UK and Scandinavia, which left the gold standard in 1931, recovered much earlier than France and Belgium, which remained on gold much longer. Countries such as China, which had a <a href="/wiki/Silver_standard" title="Silver standard">silver standard</a>, almost avoided the depression entirely. The connection between leaving the gold standard as a strong predictor of that country's severity of its depression and the length of time of its recovery has been shown to be consistent for dozens of countries, including <a href="/wiki/Developing_countries" class="mw-redirect" title="Developing countries">developing countries</a>. This partly explains why the experience and length of the depression differed between regions and states around the world.<sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="German_banking_crisis_of_1931_and_British_crisis">German banking crisis of 1931 and British crisis</h4></div> <p>The financial crisis escalated out of control in mid-1931, starting with the collapse of the <a href="/wiki/Credit_Anstalt" class="mw-redirect" title="Credit Anstalt">Credit Anstalt</a> in Vienna in May.<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-William_Ashworth_1962_pp._237-244_41-0" class="reference"><a href="#cite_note-William_Ashworth_1962_pp._237-244-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> This put heavy pressure on Germany, which was already in political turmoil. With the rise in violence of National Socialist ('Nazi') and Communist movements, as well as investor nervousness at harsh government financial policies,<sup id="cite_ref-Isabel_Schnabel_1931_42-0" class="reference"><a href="#cite_note-Isabel_Schnabel_1931-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> investors withdrew their short-term money from Germany as confidence spiraled downward. The Reichsbank lost 150 million marks in the first week of June, 540 million in the second, and 150 million in two days, 19–20 June. Collapse was at hand. U.S. President Herbert Hoover called for a <a href="/wiki/Hoover_Moratorium" title="Hoover Moratorium">moratorium on payment of war reparations</a>. This angered Paris, which depended on a steady flow of German payments, but it slowed the crisis down, and the moratorium was agreed to in July 1931. An International conference in London later in July produced no agreements but on 19 August a standstill agreement froze Germany's foreign liabilities for six months. Germany received emergency funding from private banks in New York as well as the Bank of International Settlements and the Bank of England. The funding only slowed the process. Industrial failures began in Germany, a major bank closed in July and a two-day holiday for all German banks was declared. Business failures were more frequent in July, and spread to <a href="/wiki/Kingdom_of_Romania" title="Kingdom of Romania">Romania</a> and Hungary. The crisis continued to get worse in Germany, bringing political upheaval that finally led to the <a href="/wiki/Adolf_Hitler%27s_rise_to_power" title="Adolf Hitler's rise to power">coming to power of Hitler's Nazi regime</a> in January 1933.<sup id="cite_ref-V._Hodson,_1938_pp._64-76_43-0" class="reference"><a href="#cite_note-V._Hodson,_1938_pp._64-76-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> </p><p>The world financial crisis now began to overwhelm Britain; investors around the world started withdrawing their gold from London at the rate of £2.5 million per day.<sup id="cite_ref-David_Williams_1963_44-0" class="reference"><a href="#cite_note-David_Williams_1963-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> Credits of £25 million each from the Bank of France and the Federal Reserve Bank of New York and an issue of £15 million fiduciary note slowed, but did not reverse, the British crisis. The financial crisis now caused a major political crisis in Britain in August 1931. With deficits mounting, the bankers demanded a balanced budget; the divided cabinet of Prime Minister Ramsay MacDonald's Labour government agreed; it proposed to raise taxes, cut spending, and most controversially, to cut unemployment benefits 20%. The attack on welfare was unacceptable to the Labour movement. MacDonald wanted to resign, but King George V insisted he remain and form an all-party coalition "<a href="/wiki/National_Government_(United_Kingdom)" title="National Government (United Kingdom)">National Government</a>". The Conservative and Liberals parties signed on, along with a small cadre of Labour, but the vast majority of Labour leaders denounced MacDonald as a traitor for leading the new government. Britain went off the <a href="/wiki/Gold_standard" title="Gold standard">gold standard</a>, and suffered relatively less than other major countries in the Great Depression. In the 1931 British election, the Labour Party was virtually destroyed, leaving MacDonald as prime minister for a largely Conservative coalition.<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-John_Oxborrow_1976_pp._67-73_46-0" class="reference"><a href="#cite_note-John_Oxborrow_1976_pp._67-73-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Turning_point_and_recovery">Turning point and recovery</h3></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:GDP_depression.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/d/da/GDP_depression.svg/400px-GDP_depression.svg.png" decoding="async" width="400" height="286" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/da/GDP_depression.svg/600px-GDP_depression.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/da/GDP_depression.svg/800px-GDP_depression.svg.png 2x" data-file-width="1024" data-file-height="732" /></a><figcaption>The overall course of the Depression in the United States, as reflected in per-capita GDP (average income per person) shown in constant year 2000 dollars, plus some of the key events of the period. Dotted red line = long-term trend 1920–1970.<sup id="cite_ref-:0_47-0" class="reference"><a href="#cite_note-:0-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p>In most countries of the world, recovery from the Great Depression began in 1933.<sup id="cite_ref-Britannica_8-1" class="reference"><a href="#cite_note-Britannica-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> In the U.S., recovery began in early 1933,<sup id="cite_ref-Britannica_8-2" class="reference"><a href="#cite_note-Britannica-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> but the U.S. did not return to 1929 GNP for over a decade and still had an unemployment rate of about 15% in 1940, albeit down from the high of 25% in 1933. </p><p>There is no consensus among economists regarding the motive force for the U.S. economic expansion that continued through most of the <a href="/wiki/Franklin_D._Roosevelt#Presidency_(1933–1945)" title="Franklin D. Roosevelt">Roosevelt years</a> (and the 1937 recession that interrupted it). The common view among most economists is that Roosevelt's <a href="/wiki/New_Deal" title="New Deal">New Deal</a> policies either caused or accelerated the recovery, although his policies were never aggressive enough to bring the economy completely out of recession. Some economists have also called attention to the positive effects from expectations of <a href="/wiki/Reflation" title="Reflation">reflation</a> and rising nominal interest rates that Roosevelt's words and actions portended.<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> It was the rollback of those same reflationary policies that led to the interruption of a recession beginning in late 1937.<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> One contributing policy that reversed reflation was the <a href="/wiki/Banking_Act_of_1935" title="Banking Act of 1935">Banking Act of 1935</a>, which effectively raised reserve requirements, causing a monetary contraction that helped to thwart the recovery.<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup> GDP returned to its upward trend in 1938.<sup id="cite_ref-:0_47-1" class="reference"><a href="#cite_note-:0-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup> A revisionist view among some economists holds that the New Deal prolonged the Great Depression, as they argue that <a href="/wiki/National_Industrial_Recovery_Act_of_1933" title="National Industrial Recovery Act of 1933">National Industrial Recovery Act of 1933</a> and <a href="/wiki/National_Labor_Relations_Act_of_1935" title="National Labor Relations Act of 1935">National Labor Relations Act of 1935</a> restricted competition and established price fixing.<sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> <a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a> did not think that the New Deal under Roosevelt single-handedly ended the Great Depression: "It is, it seems, politically impossible for a capitalistic democracy to organize expenditure on the scale necessary to make the grand experiments which would prove my case—except in war conditions."<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> </p><p>According to <a href="/wiki/Christina_Romer" title="Christina Romer">Christina Romer</a>, the money supply growth caused by huge international gold inflows was a crucial source of the recovery of the United States economy, and that the economy showed little sign of self-correction. The gold inflows were partly due to <a href="/wiki/Executive_Order_6102" title="Executive Order 6102">devaluation of the U.S. dollar</a> and partly due to deterioration of the political situation in Europe.<sup id="cite_ref-55" class="reference"><a href="#cite_note-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> In their book, <i><a href="/wiki/A_Monetary_History_of_the_United_States" title="A Monetary History of the United States">A Monetary History of the United States</a></i>, <a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a> and <a href="/wiki/Anna_J._Schwartz" class="mw-redirect" title="Anna J. Schwartz">Anna J. Schwartz</a> also attributed the recovery to monetary factors, and contended that it was much slowed by poor management of money by the <a href="/wiki/Federal_Reserve_System" class="mw-redirect" title="Federal Reserve System">Federal Reserve System</a>. <a href="/wiki/Chairman_of_the_Federal_Reserve" class="mw-redirect" title="Chairman of the Federal Reserve">Chairman of the Federal Reserve</a> (2006–2014) <a href="/wiki/Ben_Bernanke" title="Ben Bernanke">Ben Bernanke</a> agreed that monetary factors played important roles both in the worldwide economic decline and eventual recovery.<sup id="cite_ref-56" class="reference"><a href="#cite_note-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> Bernanke also saw a strong role for institutional factors, particularly the rebuilding and restructuring of the financial system,<sup id="cite_ref-57" class="reference"><a href="#cite_note-57"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup> and pointed out that the Depression should be examined in an international perspective.<sup id="cite_ref-58" class="reference"><a href="#cite_note-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Role_of_women_and_household_economics">Role of women and household economics</h4></div> <p>Women's primary role was as housewives; without a steady flow of family income, their work became much harder in dealing with food and clothing and medical care. Birthrates fell everywhere, as children were postponed until families could financially support them. The average birthrate for 14 major countries fell 12% from 19.3 births per thousand population in 1930, to 17.0 in 1935.<sup id="cite_ref-59" class="reference"><a href="#cite_note-59"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup> In Canada, half of Roman Catholic women defied Church teachings and used contraception to postpone births.<sup id="cite_ref-60" class="reference"><a href="#cite_note-60"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup> </p><p>Among the few women in the labor force, layoffs were less common in the white-collar jobs and they were typically found in light manufacturing work. However, there was a widespread demand to limit families to one paid job, so that wives might lose employment if their husband was employed.<sup id="cite_ref-61" class="reference"><a href="#cite_note-61"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-62" class="reference"><a href="#cite_note-62"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-63" class="reference"><a href="#cite_note-63"><span class="cite-bracket">[</span>63<span class="cite-bracket">]</span></a></sup> Across Britain, there was a tendency for married women to join the labor force, competing for part-time jobs especially.<sup id="cite_ref-64" class="reference"><a href="#cite_note-64"><span class="cite-bracket">[</span>64<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-65" class="reference"><a href="#cite_note-65"><span class="cite-bracket">[</span>65<span class="cite-bracket">]</span></a></sup> </p><p>In France, very slow population growth, especially in comparison to Germany continued to be a serious issue in the 1930s. Support for increasing welfare programs during the depression included a focus on women in the family. The Conseil Supérieur de la Natalité campaigned for provisions enacted in the Code de la Famille (1939) that increased state assistance to families with children and required employers to protect the jobs of fathers, even if they were immigrants.<sup id="cite_ref-66" class="reference"><a href="#cite_note-66"><span class="cite-bracket">[</span>66<span class="cite-bracket">]</span></a></sup> </p><p>In rural and small-town areas, women expanded their operation of vegetable gardens to include as much food production as possible. In the United States, agricultural organizations sponsored programs to teach housewives how to optimize their gardens and to raise poultry for meat and eggs.<sup id="cite_ref-67" class="reference"><a href="#cite_note-67"><span class="cite-bracket">[</span>67<span class="cite-bracket">]</span></a></sup> Rural women made <a href="/wiki/Feed_sack_dress" title="Feed sack dress">feed sack dresses</a> and other items for themselves and their families and homes from feed sacks.<sup id="cite_ref-68" class="reference"><a href="#cite_note-68"><span class="cite-bracket">[</span>68<span class="cite-bracket">]</span></a></sup> In American cities, African American women quiltmakers enlarged their activities, promoted collaboration, and trained neophytes. Quilts were created for practical use from various inexpensive materials and increased social interaction for women and promoted camaraderie and personal fulfillment.<sup id="cite_ref-69" class="reference"><a href="#cite_note-69"><span class="cite-bracket">[</span>69<span class="cite-bracket">]</span></a></sup> </p><p>Oral history provides evidence for how housewives in a modern industrial city handled shortages of money and resources. Often they updated strategies their mothers used when they were growing up in poor families. Cheap foods were used, such as soups, beans and noodles. They purchased the cheapest cuts of meat—sometimes even horse meat—and recycled the <a href="/wiki/Sunday_roast" title="Sunday roast">Sunday roast</a> into sandwiches and soups. They sewed and patched clothing, traded with their neighbors for outgrown items, and made do with colder homes. New furniture and appliances were postponed until better days. Many women also worked outside the home, or took boarders, did laundry for trade or cash, and did sewing for neighbors in exchange for something they could offer. Extended families used mutual aid—extra food, spare rooms, repair-work, cash loans—to help cousins and in-laws.<sup id="cite_ref-70" class="reference"><a href="#cite_note-70"><span class="cite-bracket">[</span>70<span class="cite-bracket">]</span></a></sup> </p><p>In Japan, official government policy was deflationary and the opposite of Keynesian spending. Consequently, the government launched a campaign across the country to induce households to reduce their consumption, focusing attention on spending by housewives.<sup id="cite_ref-71" class="reference"><a href="#cite_note-71"><span class="cite-bracket">[</span>71<span class="cite-bracket">]</span></a></sup> </p><p>In Germany, the government tried to reshape private household consumption under the Four-Year Plan of 1936 to achieve German economic self-sufficiency. The Nazi women's organizations, other propaganda agencies and the authorities all attempted to shape such consumption as economic self-sufficiency was needed to prepare for and to sustain the coming war. The organizations, propaganda agencies and authorities employed slogans that called up traditional values of thrift and healthy living. However, these efforts were only partly successful in changing the behavior of housewives.<sup id="cite_ref-72" class="reference"><a href="#cite_note-72"><span class="cite-bracket">[</span>72<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="World_War_II_and_recovery">World War II and recovery</h4></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:WomanFactory1940s.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1a/WomanFactory1940s.jpg/220px-WomanFactory1940s.jpg" decoding="async" width="220" height="171" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1a/WomanFactory1940s.jpg/330px-WomanFactory1940s.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1a/WomanFactory1940s.jpg/440px-WomanFactory1940s.jpg 2x" data-file-width="7296" data-file-height="5656" /></a><figcaption>A female factory worker in 1942, <a href="/wiki/Fort_Worth,_Texas" title="Fort Worth, Texas">Fort Worth, Texas</a>. Women entered the workforce as men were drafted into the armed forces.</figcaption></figure> <p>The common view among economic historians is that the Great Depression ended with the advent of <a href="/wiki/World_War_II" title="World War II">World War II</a>. Many economists believe that government spending on the war caused or at least accelerated recovery from the Great Depression, though some consider that it did not play a very large role in the recovery, though it did help in reducing unemployment.<sup id="cite_ref-Britannica_8-3" class="reference"><a href="#cite_note-Britannica-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Galbraith_73-0" class="reference"><a href="#cite_note-Galbraith-73"><span class="cite-bracket">[</span>73<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-74" class="reference"><a href="#cite_note-74"><span class="cite-bracket">[</span>74<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-75" class="reference"><a href="#cite_note-75"><span class="cite-bracket">[</span>75<span class="cite-bracket">]</span></a></sup> </p><p>The rearmament policies leading up to World War II helped stimulate the economies of Europe in 1937–1939. By 1937, unemployment in Britain had fallen to 1.5 million. The <a href="/wiki/Mobilization" title="Mobilization">mobilization</a> of manpower following the outbreak of war in 1939 ended unemployment.<sup id="cite_ref-Great_Depression_and_World_War_II_76-0" class="reference"><a href="#cite_note-Great_Depression_and_World_War_II-76"><span class="cite-bracket">[</span>76<span class="cite-bracket">]</span></a></sup> </p><p>The American mobilization for <a href="/wiki/World_War_II" title="World War II">World War II</a> at the end of 1941 moved approximately 10 million people out of the civilian labor force and into the war.<sup id="cite_ref-77" class="reference"><a href="#cite_note-77"><span class="cite-bracket">[</span>77<span class="cite-bracket">]</span></a></sup> This finally eliminated the last effects from the Great Depression and brought the U.S. unemployment rate down below 10%.<sup id="cite_ref-Depression_&_World_War_II_78-0" class="reference"><a href="#cite_note-Depression_&_World_War_II-78"><span class="cite-bracket">[</span>78<span class="cite-bracket">]</span></a></sup> </p><p>World War II had a dramatic effect on many parts of the American economy.<sup id="cite_ref-Bloomberg_79-0" class="reference"><a href="#cite_note-Bloomberg-79"><span class="cite-bracket">[</span>79<span class="cite-bracket">]</span></a></sup> Government-financed capital spending accounted for only 5% of the annual U.S. investment in industrial capital in 1940; by 1943, the government accounted for 67% of U.S. capital investment.<sup id="cite_ref-Bloomberg_79-1" class="reference"><a href="#cite_note-Bloomberg-79"><span class="cite-bracket">[</span>79<span class="cite-bracket">]</span></a></sup> The massive war spending doubled economic growth rates, either masking the effects of the Depression or essentially ending the Depression. Businessmen ignored the mounting <a href="/wiki/National_debt_of_the_United_States" title="National debt of the United States">national debt</a> and heavy new taxes, redoubling their efforts for greater output to take advantage of generous government contracts.<sup id="cite_ref-80" class="reference"><a href="#cite_note-80"><span class="cite-bracket">[</span>80<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Causes">Causes</h2></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Causes_of_the_Great_Depression" title="Causes of the Great Depression">Causes of the Great Depression</a></div> <div class="mw-heading mw-heading3"><h3 id="Attempts_to_return_to_the_Gold_Standard">Attempts to return to the Gold Standard</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Financial_crisis_of_1914" title="Financial crisis of 1914">Financial crisis of 1914</a></div> <p>During <a href="/wiki/World_War_I" title="World War I">World War I</a> many countries suspended their <a href="/wiki/Gold_standard" title="Gold standard">gold standard</a> in varying ways. There was high inflation from WWI, and in the 1920s in the <a href="/wiki/Hyperinflation_in_the_Weimar_Republic" title="Hyperinflation in the Weimar Republic">Weimar Republic</a>, <a href="/wiki/Hyperinflation#Austria" title="Hyperinflation">Austria</a>, and throughout Europe. In the late 1920s there was a scramble to deflate prices to get the gold standard's conversation rates back on track to pre-WWI levels, by causing <a href="/wiki/Deflation" title="Deflation">deflation</a> and high unemployment through monetary policy. In 1933 <a href="/wiki/Franklin_D._Roosevelt" title="Franklin D. Roosevelt">FDR</a> signed <a href="/wiki/Executive_Order_6102" title="Executive Order 6102">Executive Order 6102</a> and in 1934 signed the <a href="/wiki/Gold_Reserve_Act" title="Gold Reserve Act">Gold Reserve Act</a>.<sup id="cite_ref-81" class="reference"><a href="#cite_note-81"><span class="cite-bracket">[</span>81<span class="cite-bracket">]</span></a></sup> </p> <table class="wikitable"> <caption>Gold Standard Policies by Country<sup id="cite_ref-82" class="reference"><a href="#cite_note-82"><span class="cite-bracket">[</span>82<span class="cite-bracket">]</span></a></sup> </caption> <tbody><tr> <th>Country</th> <th>Return to Gold</th> <th>Suspension of Gold Standard</th> <th>Foreign Exchange Control</th> <th>Devaluation </th></tr> <tr> <td>Australia</td> <td>April 1925</td> <td>December 1929</td> <td>—</td> <td>March 1930 </td></tr> <tr> <td>Austria</td> <td>April 1925</td> <td>April 1933</td> <td>October 1931</td> <td>September 1931 </td></tr> <tr> <td>Belgium</td> <td>October 1926</td> <td>—</td> <td>—</td> <td>March 1935 </td></tr> <tr> <td>Canada</td> <td>July 1926</td> <td>October 1931</td> <td>—</td> <td>September 1931 </td></tr> <tr> <td>Czechoslovakia</td> <td>April 1926</td> <td>—</td> <td>September 1931</td> <td>February 1934 </td></tr> <tr> <td>Denmark</td> <td>January 1927</td> <td>September 1931</td> <td>November 1931</td> <td>September 1931 </td></tr> <tr> <td>Estonia</td> <td>January 1928</td> <td>June 1933</td> <td>November 1931</td> <td>June 1933 </td></tr> <tr> <td>Finland</td> <td>January 1926</td> <td>October 1931</td> <td>—</td> <td>October 1931 </td></tr> <tr> <td>France</td> <td>August 1926 – June 1928</td> <td>—</td> <td>—</td> <td>October 1936 </td></tr> <tr> <td>Germany</td> <td>September 1924</td> <td>—</td> <td>July 1931</td> <td>— </td></tr> <tr> <td>Greece</td> <td>May 1928</td> <td>April 1932</td> <td>September 1931</td> <td>April 1932 </td></tr> <tr> <td>Hungary</td> <td>April 1925</td> <td>—</td> <td>July 1931</td> <td>— </td></tr> <tr> <td>Italy</td> <td>December 1927</td> <td>—</td> <td>May 1934</td> <td>October 1936 </td></tr> <tr> <td>Japan</td> <td>December 1930</td> <td>December 1931</td> <td>July 1932</td> <td>December 1931 </td></tr> <tr> <td>Latvia</td> <td>August 1922</td> <td>—</td> <td>October 1931</td> <td>— </td></tr> <tr> <td>Netherlands</td> <td>April 1925</td> <td>—</td> <td>—</td> <td>October 1936 </td></tr> <tr> <td>Norway</td> <td>May 1928</td> <td>September 1931</td> <td>—</td> <td>September 1931 </td></tr> <tr> <td>New Zealand</td> <td>April 1925</td> <td>September 1931</td> <td>—</td> <td>April 1930 </td></tr> <tr> <td>Poland</td> <td>October 1927</td> <td>—</td> <td>April 1936</td> <td>October 1936 </td></tr> <tr> <td>Romania</td> <td>March 1927 – February 1929</td> <td>—</td> <td>May 1932</td> <td>— </td></tr> <tr> <td>Sweden</td> <td>April 1924</td> <td>September 1931</td> <td>—</td> <td>September 1931 </td></tr> <tr> <td>Spain</td> <td>—</td> <td>—</td> <td>May 1931</td> <td>— </td></tr> <tr> <td>United Kingdom</td> <td>May 1925</td> <td>September 1931</td> <td>—</td> <td>September 1931 </td></tr> <tr> <td>United States</td> <td>June 1919</td> <td>March 1933</td> <td>March 1933</td> <td>April 1933 </td></tr></tbody></table> <div class="mw-heading mw-heading3"><h3 id="Keynesian_vs_Monetarist_view">Keynesian vs Monetarist view</h3></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Money_supply_during_the_great_depression_era.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Money_supply_during_the_great_depression_era.png/400px-Money_supply_during_the_great_depression_era.png" decoding="async" width="400" height="194" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Money_supply_during_the_great_depression_era.png/600px-Money_supply_during_the_great_depression_era.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/Money_supply_during_the_great_depression_era.png/800px-Money_supply_during_the_great_depression_era.png 2x" data-file-width="3036" data-file-height="1473" /></a><figcaption> Money supply decreased considerably between <a href="/wiki/Black_Tuesday" class="mw-redirect" title="Black Tuesday">Black Tuesday</a> and the <a href="/wiki/Emergency_Banking_Act" class="mw-redirect" title="Emergency Banking Act">Bank Holiday in March 1933</a>, when there were massive <a href="/wiki/Bank_runs" class="mw-redirect" title="Bank runs">bank runs</a> across the United States.</figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:CPI_1914-2022.webp" class="mw-file-description"><img alt="CPI 1914–2022" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/40/CPI_1914-2022.webp/350px-CPI_1914-2022.webp.png" decoding="async" width="350" height="168" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/40/CPI_1914-2022.webp/525px-CPI_1914-2022.webp.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/40/CPI_1914-2022.webp/700px-CPI_1914-2022.webp.png 2x" data-file-width="3962" data-file-height="1902" /></a><figcaption> <style data-mw-deduplicate="TemplateStyles:r981673959">.mw-parser-output .legend{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .legend-color{display:inline-block;min-width:1.25em;height:1.25em;line-height:1.25;margin:1px 0;text-align:center;border:1px solid black;background-color:transparent;color:black}.mw-parser-output .legend-text{}</style><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#0076BA ; color:white;"> </span> <a href="/wiki/Inflation" title="Inflation">Inflation</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-color mw-no-invert" style="background-color:#EE220C ; color:black;"> </span> <a href="/wiki/Deflation" title="Deflation">Deflation</a></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend"><span class="legend-line mw-no-invert" style="display: inline-block; vertical-align: middle; width: 1.67em; height: 0; border-style: none; border-top: 2px dotted black;border-top:#1DB100 solid 3px;"> </span> <a href="/wiki/Money_supply" title="Money supply">M2 money supply</a> increases Year/Year</div> </figcaption></figure> <p>The two classic competing economic theories of the Great Depression are the <a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> (demand-driven) and the <a href="/wiki/Monetarism" title="Monetarism">Monetarist</a> explanation.<sup id="cite_ref-83" class="reference"><a href="#cite_note-83"><span class="cite-bracket">[</span>83<span class="cite-bracket">]</span></a></sup> There are also various <a href="/wiki/Heterodox_economics" title="Heterodox economics">heterodox theories</a> that downplay or reject the explanations of the Keynesians and monetarists. The consensus among demand-driven theories is that a large-scale loss of confidence led to a sudden reduction in consumption and investment spending. Once panic and deflation set in, many people believed they could avoid further losses by keeping clear of the markets. Holding money became profitable as prices dropped lower and a given amount of money bought ever more goods, exacerbating the drop in demand.<sup id="cite_ref-84" class="reference"><a href="#cite_note-84"><span class="cite-bracket">[</span>84<span class="cite-bracket">]</span></a></sup> Monetarists believe that the Great Depression started as an ordinary recession, but the shrinking of the <a href="/wiki/Money_supply" title="Money supply">money supply</a> greatly exacerbated the economic situation, causing a recession to descend into the Great Depression.<sup id="cite_ref-85" class="reference"><a href="#cite_note-85"><span class="cite-bracket">[</span>85<span class="cite-bracket">]</span></a></sup> </p><p>Economists and economic historians are almost evenly split as to whether the traditional monetary explanation that monetary forces were the primary cause of the Great Depression is right, or the traditional Keynesian explanation that a fall in autonomous spending, particularly investment, is the primary explanation for the onset of the Great Depression.<sup id="cite_ref-in_JSTOR_86-0" class="reference"><a href="#cite_note-in_JSTOR-86"><span class="cite-bracket">[</span>86<span class="cite-bracket">]</span></a></sup> Today there is also significant academic support for the <a href="/wiki/Debt_deflation" title="Debt deflation">debt deflation</a> theory and the <a href="/wiki/Expectations_hypothesis" title="Expectations hypothesis">expectations hypothesis</a> that – building on the monetary explanation of <a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a> and <a href="/wiki/Anna_Schwartz" title="Anna Schwartz">Anna Schwartz</a> – add non-monetary explanations.<sup id="cite_ref-87" class="reference"><a href="#cite_note-87"><span class="cite-bracket">[</span>87<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-88" class="reference"><a href="#cite_note-88"><span class="cite-bracket">[</span>88<span class="cite-bracket">]</span></a></sup> </p><p>There is a consensus that the <a href="/wiki/Federal_Reserve_System" class="mw-redirect" title="Federal Reserve System">Federal Reserve System</a> should have cut short the process of monetary deflation and banking collapse, by expanding the money supply and acting as <a href="/wiki/Lender_of_last_resort" title="Lender of last resort">lender of last resort</a>. If they had done this, the economic downturn would have been far less severe and much shorter.<sup id="cite_ref-89" class="reference"><a href="#cite_note-89"><span class="cite-bracket">[</span>89<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Mainstream_explanations">Mainstream explanations</h3></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:1930Industry.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2b/1930Industry.svg/300px-1930Industry.svg.png" decoding="async" width="300" height="195" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2b/1930Industry.svg/450px-1930Industry.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2b/1930Industry.svg/600px-1930Industry.svg.png 2x" data-file-width="800" data-file-height="520" /></a><figcaption>U.S. industrial production, 1928–1939</figcaption></figure> <p>Modern mainstream economists see the reasons in </p> <ul><li>A money supply reduction (<a href="/wiki/Monetarists" class="mw-redirect" title="Monetarists">Monetarists</a>) and therefore a banking crisis, reduction of credit, and bankruptcies.</li> <li>Insufficient demand from the <a href="/wiki/Private_sector" title="Private sector">private sector</a> and insufficient fiscal spending (<a href="/wiki/Keynesians" class="mw-redirect" title="Keynesians">Keynesians</a>).</li> <li>Passage of the <a href="/wiki/Smoot%E2%80%93Hawley_Tariff_Act" title="Smoot–Hawley Tariff Act">Smoot–Hawley Tariff Act</a> exacerbated what otherwise might have been a more "standard" <a href="/wiki/Recession" title="Recession">recession</a> (both <a href="/wiki/Monetarists" class="mw-redirect" title="Monetarists">Monetarists</a> and <a href="/wiki/Keynesians" class="mw-redirect" title="Keynesians">Keynesians</a>).<sup id="cite_ref-ReferenceB_30-2" class="reference"><a href="#cite_note-ReferenceB-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup></li></ul> <p>Insufficient spending, the money supply reduction, and debt on margin led to falling prices and further bankruptcies (<a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a>'s debt deflation). </p> <div class="mw-heading mw-heading4"><h4 id="Monetarist_view">Monetarist view</h4></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Great_Depression_monetary_policy.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/1/17/Great_Depression_monetary_policy.png/220px-Great_Depression_monetary_policy.png" decoding="async" width="220" height="201" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/17/Great_Depression_monetary_policy.png/330px-Great_Depression_monetary_policy.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/17/Great_Depression_monetary_policy.png/440px-Great_Depression_monetary_policy.png 2x" data-file-width="918" data-file-height="837" /></a><figcaption>The Great Depression in the U.S. from a monetary view. <a href="/wiki/Real_gross_domestic_product" title="Real gross domestic product">Real gross domestic product</a> in 1996-Dollar (blue), <a href="/wiki/Price_index" title="Price index">price index</a> (red), <a href="/wiki/Money_supply" title="Money supply">money supply</a> M2 (green) and number of banks (grey). All data adjusted to 1929 = 100%.</figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:American_union_bank.gif" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cc/American_union_bank.gif/220px-American_union_bank.gif" decoding="async" width="220" height="172" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cc/American_union_bank.gif/330px-American_union_bank.gif 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cc/American_union_bank.gif/440px-American_union_bank.gif 2x" data-file-width="2841" data-file-height="2217" /></a><figcaption>Crowd at New York's American Union Bank during a <a href="/wiki/Bank_run" title="Bank run">bank run</a> early in the Great Depression</figcaption></figure> <p>The monetarist explanation was given by American economists <a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a> and <a href="/wiki/Anna_J._Schwartz" class="mw-redirect" title="Anna J. Schwartz">Anna J. Schwartz</a>.<sup id="cite_ref-90" class="reference"><a href="#cite_note-90"><span class="cite-bracket">[</span>90<span class="cite-bracket">]</span></a></sup> They argued that the Great Depression was caused by the banking crisis that caused one-third of all banks to vanish, a reduction of bank shareholder wealth and more importantly <a href="/wiki/Contractionary_monetary_policy" class="mw-redirect" title="Contractionary monetary policy">monetary contraction</a> of 35%, which they called "The <a href="/wiki/Great_Contraction" title="Great Contraction">Great Contraction</a>". This caused a price drop of 33% (<a href="/wiki/Deflation" title="Deflation">deflation</a>).<sup id="cite_ref-91" class="reference"><a href="#cite_note-91"><span class="cite-bracket">[</span>91<span class="cite-bracket">]</span></a></sup> By not lowering interest rates, by not increasing the monetary base and by not injecting liquidity into the banking system to prevent it from crumbling, the Federal Reserve passively watched the transformation of a normal recession into the Great Depression. Friedman and Schwartz argued that the downward turn in the economy, starting with the stock market crash, would merely have been an ordinary recession if the Federal Reserve had taken aggressive action.<sup id="cite_ref-92" class="reference"><a href="#cite_note-92"><span class="cite-bracket">[</span>92<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-93" class="reference"><a href="#cite_note-93"><span class="cite-bracket">[</span>93<span class="cite-bracket">]</span></a></sup> This view was endorsed in 2002 by <a href="/wiki/Federal_Reserve_Board_of_Governors" title="Federal Reserve Board of Governors">Federal Reserve Governor</a> <a href="/wiki/Ben_Bernanke" title="Ben Bernanke">Ben Bernanke</a> in a speech honoring Friedman and Schwartz with this statement: </p> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p>Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression, you're right. We did it. We're very sorry. But thanks to you, we won't do it again.</p><div class="templatequotecite">— <cite>Ben S. Bernanke<sup id="cite_ref-94" class="reference"><a href="#cite_note-94"><span class="cite-bracket">[</span>94<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-FriedmanSchwartz_95-0" class="reference"><a href="#cite_note-FriedmanSchwartz-95"><span class="cite-bracket">[</span>95<span class="cite-bracket">]</span></a></sup></cite></div></blockquote> <p>The Federal Reserve allowed some large public bank failures – particularly that of the <a href="/wiki/New_York_Bank_of_United_States" class="mw-redirect" title="New York Bank of United States">New York Bank of United States</a> – which produced panic and widespread runs on local banks, and the Federal Reserve sat idly by while banks collapsed. Friedman and Schwartz argued that, if the Fed had provided emergency lending to these key banks, or simply bought <a href="/wiki/Government_bond" title="Government bond">government bonds</a> on the <a href="/wiki/Open_market" title="Open market">open market</a> to provide liquidity and increase the quantity of money after the key banks fell, all the rest of the banks would not have fallen after the large ones did, and the money supply would not have fallen as far and as fast as it did.<sup id="cite_ref-96" class="reference"><a href="#cite_note-96"><span class="cite-bracket">[</span>96<span class="cite-bracket">]</span></a></sup> </p><p>With significantly less money to go around, businesses could not get new loans and could not even get their old loans renewed, forcing many to stop investing. This interpretation blames the Federal Reserve for inaction, especially the <a href="/wiki/Federal_Reserve_Bank_of_New_York" title="Federal Reserve Bank of New York">New York branch</a>.<sup id="cite_ref-97" class="reference"><a href="#cite_note-97"><span class="cite-bracket">[</span>97<span class="cite-bracket">]</span></a></sup> </p><p>One reason why the Federal Reserve did not act to limit the decline of the money supply was the <a href="/wiki/Gold_standard" title="Gold standard">gold standard</a>. At that time, the amount of credit the Federal Reserve could issue was limited by the <a href="/wiki/Federal_Reserve_Act" title="Federal Reserve Act">Federal Reserve Act</a>, which required 40% gold backing of Federal Reserve Notes issued. By the late 1920s, the Federal Reserve had almost hit the limit of allowable credit that could be backed by the gold in its possession. This credit was in the form of Federal Reserve demand notes.<sup id="cite_ref-text_98-0" class="reference"><a href="#cite_note-text-98"><span class="cite-bracket">[</span>98<span class="cite-bracket">]</span></a></sup> A "promise of gold" is not as good as "gold in the hand", particularly when they only had enough gold to cover 40% of the Federal Reserve Notes outstanding. During the bank panics, a portion of those demand notes was redeemed for Federal Reserve gold. Since the Federal Reserve had hit its limit on allowable credit, any reduction in gold in its vaults had to be accompanied by a greater reduction in credit. On 5 April 1933, President Roosevelt signed <a href="/wiki/Executive_Order_6102" title="Executive Order 6102">Executive Order 6102</a> making the private ownership of <a href="/wiki/Gold_certificate" class="mw-redirect" title="Gold certificate">gold certificates</a>, coins and bullion illegal, reducing the pressure on Federal Reserve gold.<sup id="cite_ref-text_98-1" class="reference"><a href="#cite_note-text-98"><span class="cite-bracket">[</span>98<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Keynesian_view">Keynesian view</h4></div> <p>British economist <a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a> argued in <i><a href="/wiki/The_General_Theory_of_Employment,_Interest_and_Money" title="The General Theory of Employment, Interest and Money">The General Theory of Employment, Interest and Money</a></i> that lower <a href="/w/index.php?title=Aggregate_expenditure&action=edit&redlink=1" class="new" title="Aggregate expenditure (page does not exist)">aggregate expenditures</a> in the economy contributed to a massive decline in income and to employment that was well below the average. In such a situation, the economy reached equilibrium at low levels of economic activity and high unemployment. </p><p>Keynes's basic idea was simple: to keep people fully employed, governments have to run deficits when the economy is slowing, as the private sector would not invest enough to keep production at the normal level and bring the economy out of recession. Keynesian economists called on governments during times of <a href="/wiki/Crisis_(economic)" class="mw-redirect" title="Crisis (economic)">economic crisis</a> to pick up the slack by increasing <a href="/wiki/Government_spending" title="Government spending">government spending</a> or cutting taxes. </p><p>As the Depression wore on, <a href="/wiki/Franklin_D._Roosevelt" title="Franklin D. Roosevelt">Franklin D. Roosevelt</a> tried <a href="/wiki/Public_works" title="Public works">public works</a>, <a href="/wiki/Agricultural_subsidy" title="Agricultural subsidy">farm subsidies</a>, and other devices to restart the U.S. economy, but never completely gave up trying to balance the budget. According to the Keynesians, this improved the economy, but Roosevelt never spent enough to bring the economy out of recession until the start of <a href="/wiki/World_War_II" title="World War II">World War II</a>.<sup id="cite_ref-99" class="reference"><a href="#cite_note-99"><span class="cite-bracket">[</span>99<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading5"><h5 id="Debt_deflation">Debt deflation</h5></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:U.S._Public_and_Private_Debt_as_a_%25_of_GDP.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/00/U.S._Public_and_Private_Debt_as_a_%25_of_GDP.jpg/220px-U.S._Public_and_Private_Debt_as_a_%25_of_GDP.jpg" decoding="async" width="220" height="175" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/00/U.S._Public_and_Private_Debt_as_a_%25_of_GDP.jpg/330px-U.S._Public_and_Private_Debt_as_a_%25_of_GDP.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/00/U.S._Public_and_Private_Debt_as_a_%25_of_GDP.jpg/440px-U.S._Public_and_Private_Debt_as_a_%25_of_GDP.jpg 2x" data-file-width="467" data-file-height="372" /></a><figcaption></figcaption></figure> <p><a href="/wiki/Irving_Fisher" title="Irving Fisher">Irving Fisher</a> argued that the predominant factor leading to the Great Depression was a vicious circle of deflation and growing over-indebtedness.<sup id="cite_ref-Fisher33_100-0" class="reference"><a href="#cite_note-Fisher33-100"><span class="cite-bracket">[</span>100<span class="cite-bracket">]</span></a></sup> He outlined nine factors interacting with one another under conditions of debt and deflation to create the mechanics of boom to bust. The chain of events proceeded as follows: </p> <ol><li>Debt liquidation and distress selling</li> <li>Contraction of the money supply as bank loans are paid off</li> <li>A fall in the level of asset prices</li> <li>A still greater fall in the net worth of businesses, precipitating bankruptcies</li> <li>A fall in profits</li> <li>A reduction in output, in trade and in employment</li> <li><a href="/wiki/Pessimism" title="Pessimism">Pessimism</a> and loss of confidence</li> <li>Hoarding of money</li> <li>A fall in nominal interest rates and a rise in deflation adjusted interest rates<sup id="cite_ref-Fisher33_100-1" class="reference"><a href="#cite_note-Fisher33-100"><span class="cite-bracket">[</span>100<span class="cite-bracket">]</span></a></sup></li></ol> <p>During the Crash of 1929 preceding the Great Depression, margin requirements were only 10%.<sup id="cite_ref-Margin_Requirements_101-0" class="reference"><a href="#cite_note-Margin_Requirements-101"><span class="cite-bracket">[</span>101<span class="cite-bracket">]</span></a></sup> Brokerage firms, in other words, would lend $9 for every $1 an investor had deposited. When the market fell, brokers <a href="/wiki/Margin_call" class="mw-redirect" title="Margin call">called in these loans</a>, which could not be paid back.<sup id="cite_ref-lhf-30s_102-0" class="reference"><a href="#cite_note-lhf-30s-102"><span class="cite-bracket">[</span>102<span class="cite-bracket">]</span></a></sup> Banks began to fail as debtors defaulted on debt and depositors attempted to withdraw their deposits <span title="French-language text"><i lang="fr">en masse</i></span>, triggering multiple <a href="/wiki/Bank_run" title="Bank run">bank runs</a>. Government guarantees and Federal Reserve banking regulations to prevent such panics were ineffective or not used. Bank failures led to the loss of billions of dollars in assets.<sup id="cite_ref-lhf-30s_102-1" class="reference"><a href="#cite_note-lhf-30s-102"><span class="cite-bracket">[</span>102<span class="cite-bracket">]</span></a></sup> </p><p>Outstanding debts became heavier, because prices and incomes fell by 20–50% but the debts remained at the same dollar amount. After the panic of 1929 and during the first 10 months of 1930, 744 U.S. banks failed. (In all, 9,000 banks failed during the 1930s.) By April 1933, around $7 billion in deposits had been frozen in failed banks or those left unlicensed after the <a href="/wiki/Emergency_Banking_Act" class="mw-redirect" title="Emergency Banking Act">March Bank Holiday</a>.<sup id="cite_ref-103" class="reference"><a href="#cite_note-103"><span class="cite-bracket">[</span>103<span class="cite-bracket">]</span></a></sup> Bank failures snowballed as desperate bankers called in loans that borrowers did not have time or money to repay. With future profits looking poor, <a href="/wiki/Investment" title="Investment">capital investment</a> and construction slowed or completely ceased. In the face of bad loans and worsening future prospects, the surviving banks became even more conservative in their lending.<sup id="cite_ref-lhf-30s_102-2" class="reference"><a href="#cite_note-lhf-30s-102"><span class="cite-bracket">[</span>102<span class="cite-bracket">]</span></a></sup> Banks built up their capital reserves and made fewer loans, which intensified deflationary pressures. A <a href="/wiki/Virtuous_circle_and_vicious_circle" class="mw-redirect" title="Virtuous circle and vicious circle">vicious cycle</a> developed and the downward spiral accelerated. </p><p>The liquidation of debt could not keep up with the fall of prices that it caused. The mass effect of the stampede to liquidate increased the value of each dollar owed, relative to the value of declining asset holdings. The very effort of individuals to lessen their burden of debt effectively increased it. Paradoxically, the more the debtors paid, the more they owed.<sup id="cite_ref-Fisher33_100-2" class="reference"><a href="#cite_note-Fisher33-100"><span class="cite-bracket">[</span>100<span class="cite-bracket">]</span></a></sup> This self-aggravating process turned a 1930 recession into a 1933 great depression. </p><p>Fisher's debt-deflation theory initially lacked mainstream influence because of the counter-argument that debt-deflation represented no more than a redistribution from one group (debtors) to another (creditors). Pure re-distributions should have no significant macroeconomic effects. </p><p>Building on both the monetary hypothesis of Milton Friedman and Anna Schwartz and the debt deflation hypothesis of Irving Fisher, <a href="/wiki/Ben_Bernanke" title="Ben Bernanke">Ben Bernanke</a> developed an alternative way in which the financial crisis affected output. He builds on Fisher's argument that dramatic declines in the price level and nominal incomes lead to increasing real debt burdens, which in turn leads to debtor insolvency and consequently lowers <a href="/wiki/Aggregate_demand" title="Aggregate demand">aggregate demand</a>; a further price level decline would then result in a debt deflationary spiral. According to Bernanke, a small decline in the price level simply reallocates wealth from debtors to creditors without doing damage to the economy. But when the deflation is severe, falling asset prices along with debtor bankruptcies lead to a decline in the nominal value of assets on bank balance sheets. Banks will react by tightening their credit conditions, which in turn leads to a <a href="/wiki/Credit_crunch" title="Credit crunch">credit crunch</a> that seriously harms the economy. A credit crunch lowers investment and consumption, which results in declining aggregate demand and additionally contributes to the deflationary spiral.<sup id="cite_ref-104" class="reference"><a href="#cite_note-104"><span class="cite-bracket">[</span>104<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Bernanke83_105-0" class="reference"><a href="#cite_note-Bernanke83-105"><span class="cite-bracket">[</span>105<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Mishkin78_106-0" class="reference"><a href="#cite_note-Mishkin78-106"><span class="cite-bracket">[</span>106<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading5"><h5 id="Expectations_hypothesis">Expectations hypothesis</h5></div> <p>Since economic mainstream turned to the <a href="/wiki/New_neoclassical_synthesis" title="New neoclassical synthesis">new neoclassical synthesis</a>, expectations are a central element of macroeconomic models. According to <a href="/wiki/Peter_Temin" title="Peter Temin">Peter Temin</a>, Barry Wigmore, Gauti B. Eggertsson and <a href="/wiki/Christina_Romer" title="Christina Romer">Christina Romer</a>, the key to recovery and to ending the Great Depression was brought about by a successful management of public expectations. The thesis is based on the observation that after years of deflation and a very severe recession important economic indicators turned positive in March 1933 when <a href="/wiki/Franklin_D._Roosevelt" title="Franklin D. Roosevelt">Franklin D. Roosevelt</a> took office. Consumer prices turned from deflation to a mild inflation, industrial production bottomed out in March 1933, and investment doubled in 1933 with a turnaround in March 1933. There were no monetary forces to explain that turnaround. Money supply was still falling and short-term interest rates remained close to zero. Before March 1933, people expected further deflation and a recession so that even interest rates at zero did not stimulate investment. But when Roosevelt announced major regime changes, people began to expect inflation and an economic expansion. With these positive expectations, interest rates at zero began to stimulate investment just as they were expected to do. Roosevelt's fiscal and monetary policy regime change helped make his policy objectives credible. The expectation of higher future income and higher future inflation stimulated demand and investment. The analysis suggests that the elimination of the policy dogmas of the gold standard, a balanced budget in times of crisis and small government led endogenously to a large shift in expectation that accounts for about 70–80% of the recovery of output and prices from 1933 to 1937. If the regime change had not happened and the Hoover policy had continued, the economy would have continued its free fall in 1933, and output would have been 30% lower in 1937 than in 1933.<sup id="cite_ref-107" class="reference"><a href="#cite_note-107"><span class="cite-bracket">[</span>107<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-108" class="reference"><a href="#cite_note-108"><span class="cite-bracket">[</span>108<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-109" class="reference"><a href="#cite_note-109"><span class="cite-bracket">[</span>109<span class="cite-bracket">]</span></a></sup> </p><p>The <a href="/wiki/Recession_of_1937%E2%80%931938" title="Recession of 1937–1938">recession of 1937–1938</a>, which slowed down economic recovery from the Great Depression, is explained by fears of the population that the moderate tightening of the monetary and fiscal policy in 1937 were first steps to a restoration of the pre-1933 policy regime.<sup id="cite_ref-110" class="reference"><a href="#cite_note-110"><span class="cite-bracket">[</span>110<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Common_position">Common position</h4></div> <p>There is common consensus among economists today that the government and the central bank should work to keep the interconnected macroeconomic aggregates of <a href="/wiki/Gross_domestic_product" title="Gross domestic product">gross domestic product</a> and <a href="/wiki/Money_supply" title="Money supply">money supply</a> on a stable growth path. When threatened by expectations of a depression, <a href="/wiki/Central_bank" title="Central bank">central banks</a> should expand liquidity in the banking system and the government should cut taxes and accelerate spending in order to prevent a collapse in money supply and <a href="/wiki/Aggregate_demand" title="Aggregate demand">aggregate demand</a>.<sup id="cite_ref-nber.org_111-0" class="reference"><a href="#cite_note-nber.org-111"><span class="cite-bracket">[</span>111<span class="cite-bracket">]</span></a></sup> </p><p>At the beginning of the Great Depression, most economists believed in <a href="/wiki/Say%27s_law" title="Say's law">Say's law</a> and the equilibrating powers of the market, and failed to understand the severity of the Depression. Outright leave-it-alone <a href="/wiki/Liquidationism_(economics)" title="Liquidationism (economics)">liquidationism</a> was a common position, and was universally held by <a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian School</a> economists.<sup id="cite_ref-Randall_E._Parker_2003,_p._9_112-0" class="reference"><a href="#cite_note-Randall_E._Parker_2003,_p._9-112"><span class="cite-bracket">[</span>112<span class="cite-bracket">]</span></a></sup> The liquidationist position held that a depression worked to liquidate failed businesses and investments that had been made obsolete by technological development – releasing <a href="/wiki/Factors_of_production" title="Factors of production">factors of production</a> (capital and labor) to be redeployed in other more productive sectors of the dynamic economy. They argued that even if self-adjustment of the economy caused mass bankruptcies, it was still the best course.<sup id="cite_ref-Randall_E._Parker_2003,_p._9_112-1" class="reference"><a href="#cite_note-Randall_E._Parker_2003,_p._9-112"><span class="cite-bracket">[</span>112<span class="cite-bracket">]</span></a></sup> </p><p>Economists like <a href="/wiki/Barry_Eichengreen" title="Barry Eichengreen">Barry Eichengreen</a> and <a href="/wiki/J._Bradford_DeLong" class="mw-redirect" title="J. Bradford DeLong">J. Bradford DeLong</a> note that President <a href="/wiki/Herbert_Hoover" title="Herbert Hoover">Herbert Hoover</a> tried to keep the federal budget balanced until 1932, when he lost confidence in his Secretary of the Treasury <a href="/wiki/Andrew_Mellon" title="Andrew Mellon">Andrew Mellon</a> and replaced him.<sup id="cite_ref-Randall_E._Parker_2003,_p._9_112-2" class="reference"><a href="#cite_note-Randall_E._Parker_2003,_p._9-112"><span class="cite-bracket">[</span>112<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-WhiteLawrence_113-0" class="reference"><a href="#cite_note-WhiteLawrence-113"><span class="cite-bracket">[</span>113<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-114" class="reference"><a href="#cite_note-114"><span class="cite-bracket">[</span>114<span class="cite-bracket">]</span></a></sup> An increasingly common view among economic historians is that the adherence of many Federal Reserve policymakers to the liquidationist position led to disastrous consequences.<sup id="cite_ref-WhiteLawrence_113-1" class="reference"><a href="#cite_note-WhiteLawrence-113"><span class="cite-bracket">[</span>113<span class="cite-bracket">]</span></a></sup> Unlike what liquidationists expected, a large proportion of the capital stock was not redeployed but vanished during the first years of the Great Depression. According to a study by <a href="/wiki/Olivier_Blanchard" title="Olivier Blanchard">Olivier Blanchard</a> and <a href="/wiki/Lawrence_Summers" title="Lawrence Summers">Lawrence Summers</a>, the recession caused a drop of net <a href="/wiki/Capital_accumulation" title="Capital accumulation">capital accumulation</a> to pre-1924 levels by 1933.<sup id="cite_ref-115" class="reference"><a href="#cite_note-115"><span class="cite-bracket">[</span>115<span class="cite-bracket">]</span></a></sup> Milton Friedman called leave-it-alone liquidationism "dangerous nonsense".<sup id="cite_ref-nber.org_111-1" class="reference"><a href="#cite_note-nber.org-111"><span class="cite-bracket">[</span>111<span class="cite-bracket">]</span></a></sup> He wrote: </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>I think the Austrian business-cycle theory has done the world a great deal of harm. If you go back to the 1930s, which is a key point, here you had the Austrians sitting in London, Hayek and Lionel Robbins, and saying you just have to let the bottom drop out of the world. You've just got to let it cure itself. You can't do anything about it. You will only make it worse. ... I think by encouraging that kind of do-nothing policy both in Britain and in the United States, they did harm.<sup id="cite_ref-WhiteLawrence_113-2" class="reference"><a href="#cite_note-WhiteLawrence-113"><span class="cite-bracket">[</span>113<span class="cite-bracket">]</span></a></sup></p></blockquote> <div class="mw-heading mw-heading3"><h3 id="Heterodox_theories">Heterodox theories</h3></div> <div class="mw-heading mw-heading4"><h4 id="Austrian_School">Austrian School</h4></div> <p>Two prominent theorists in the <a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian School</a> on the Great Depression include Austrian economist <a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Friedrich Hayek</a> and American economist <a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Murray Rothbard</a>, who wrote <i><a href="/wiki/America%27s_Great_Depression" title="America's Great Depression">America's Great Depression</a></i> (1963). In their view, much like the monetarists, the <a href="/wiki/Federal_Reserve_System" class="mw-redirect" title="Federal Reserve System">Federal Reserve</a> (created in 1913) shoulders much of the blame; however, unlike the <a href="/wiki/Monetarism" title="Monetarism">Monetarists</a>, they argue that the key cause of the Depression was the expansion of the <a href="/wiki/Money_supply" title="Money supply">money supply</a> in the 1920s which led to an unsustainable credit-driven boom.<sup id="cite_ref-America's_Great_Depression,_pp._159-163_116-0" class="reference"><a href="#cite_note-America's_Great_Depression,_pp._159-163-116"><span class="cite-bracket">[</span>116<span class="cite-bracket">]</span></a></sup> </p><p>In the Austrian view, it was this inflation of the money supply that led to an unsustainable boom in both asset prices (stocks and bonds) and <a href="/wiki/Capital_goods" class="mw-redirect" title="Capital goods">capital goods</a>. Therefore, by the time the Federal Reserve tightened in 1928 it was far too late to prevent an economic contraction.<sup id="cite_ref-America's_Great_Depression,_pp._159-163_116-1" class="reference"><a href="#cite_note-America's_Great_Depression,_pp._159-163-116"><span class="cite-bracket">[</span>116<span class="cite-bracket">]</span></a></sup> In February 1929 <a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a> published a paper predicting the Federal Reserve's actions would lead to a crisis starting in the <a href="/wiki/Stock_market" title="Stock market">stock</a> and <a href="/wiki/Credit_market" class="mw-redirect" title="Credit market">credit</a> markets.<sup id="cite_ref-117" class="reference"><a href="#cite_note-117"><span class="cite-bracket">[</span>117<span class="cite-bracket">]</span></a></sup> </p><p>According to Rothbard, the government support for failed enterprises and efforts to keep wages above their market values actually prolonged the Depression.<sup id="cite_ref-118" class="reference"><a href="#cite_note-118"><span class="cite-bracket">[</span>118<span class="cite-bracket">]</span></a></sup> Unlike <a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a>, after 1970 <a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a> believed that the Federal Reserve had further contributed to the problems of the Depression by permitting the money supply to shrink during the earliest years of the Depression.<sup id="cite_ref-119" class="reference"><a href="#cite_note-119"><span class="cite-bracket">[</span>119<span class="cite-bracket">]</span></a></sup> However, during the Depression (in 1932<sup id="cite_ref-:1_120-0" class="reference"><a href="#cite_note-:1-120"><span class="cite-bracket">[</span>120<span class="cite-bracket">]</span></a></sup> and in 1934)<sup id="cite_ref-:1_120-1" class="reference"><a href="#cite_note-:1-120"><span class="cite-bracket">[</span>120<span class="cite-bracket">]</span></a></sup> Hayek had criticized both the <a href="/wiki/Federal_Reserve_System" class="mw-redirect" title="Federal Reserve System">Federal Reserve</a> and the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a> for not taking a more contractionary stance.<sup id="cite_ref-:1_120-2" class="reference"><a href="#cite_note-:1-120"><span class="cite-bracket">[</span>120<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Hans_Sennholz" title="Hans Sennholz">Hans Sennholz</a> argued that most <a href="/wiki/Austrian_business_cycle_theory" title="Austrian business cycle theory">boom and busts</a> that plagued the American economy, such as those in <a href="/wiki/Panic_of_1819" title="Panic of 1819">1819–20</a>, <a href="/wiki/Depression_of_1837" class="mw-redirect" title="Depression of 1837">1839–1843</a>, <a href="/wiki/Panic_of_1857" title="Panic of 1857">1857–1860</a>, <a href="/wiki/Long_Depression" title="Long Depression">1873–1878</a>, <a href="/wiki/Depression_of_1893" class="mw-redirect" title="Depression of 1893">1893–1897</a>, and <a href="/wiki/Depression_of_1920%E2%80%9321" class="mw-redirect" title="Depression of 1920–21">1920–21</a>, were generated by government creating a boom through easy money and credit, which was soon followed by the inevitable bust.<sup id="cite_ref-121" class="reference"><a href="#cite_note-121"><span class="cite-bracket">[</span>121<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">Ludwig von Mises</a> wrote in the 1930s: "Credit expansion cannot increase the supply of real goods. It merely brings about a rearrangement. It diverts capital investment away from the course prescribed by the state of economic wealth and market conditions. It causes production to pursue paths which it would not follow unless the economy were to acquire an increase in material goods. As a result, the upswing lacks a solid base. It is not real prosperity. It is illusory prosperity. It did not develop from an increase in economic wealth, i.e. the accumulation of savings made available for productive investment. Rather, it arose because the credit expansion created the illusion of such an increase. Sooner or later, it must become apparent that this economic situation is built on sand."<sup id="cite_ref-122" class="reference"><a href="#cite_note-122"><span class="cite-bracket">[</span>122<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-123" class="reference"><a href="#cite_note-123"><span class="cite-bracket">[</span>123<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Marxist">Marxist</h4></div> <p><a href="/wiki/Marxism" title="Marxism">Marxists</a> generally argue that the Great Depression was the result of the inherent instability of the <a href="/wiki/Capitalist_mode_of_production_(Marxist_theory)" title="Capitalist mode of production (Marxist theory)">capitalist mode of production</a>.<sup id="cite_ref-124" class="reference"><a href="#cite_note-124"><span class="cite-bracket">[</span>124<span class="cite-bracket">]</span></a></sup> According to <i><a href="/wiki/Forbes" title="Forbes">Forbes</a></i>, "The idea that capitalism caused the Great Depression was widely held among intellectuals and the general public for many decades."<sup id="cite_ref-125" class="reference"><a href="#cite_note-125"><span class="cite-bracket">[</span>125<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Inequality">Inequality</h4></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Tenantless_farm_Texas_panhandle_1938.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f8/Tenantless_farm_Texas_panhandle_1938.jpg/220px-Tenantless_farm_Texas_panhandle_1938.jpg" decoding="async" width="220" height="157" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f8/Tenantless_farm_Texas_panhandle_1938.jpg/330px-Tenantless_farm_Texas_panhandle_1938.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f8/Tenantless_farm_Texas_panhandle_1938.jpg/440px-Tenantless_farm_Texas_panhandle_1938.jpg 2x" data-file-width="4000" data-file-height="2863" /></a><figcaption><a href="/wiki/Mechanised_agriculture" title="Mechanised agriculture">Power farming</a> displaces tenants from the land in the western dry cotton area. <a href="/wiki/Childress_County,_Texas" title="Childress County, Texas">Childress County, Texas</a>, 1938.</figcaption></figure> <p>Two economists of the 1920s, <a href="/wiki/Waddill_Catchings" title="Waddill Catchings">Waddill Catchings</a> and <a href="/wiki/William_Trufant_Foster" title="William Trufant Foster">William Trufant Foster</a>, popularized a theory that influenced many policy makers, including <a href="/wiki/Herbert_Hoover" title="Herbert Hoover">Herbert Hoover</a>, <a href="/wiki/Henry_A._Wallace" title="Henry A. Wallace">Henry A. Wallace</a>, <a href="/wiki/Paul_Douglas_(Illinois_politician)" title="Paul Douglas (Illinois politician)">Paul Douglas</a>, and <a href="/wiki/Marriner_Eccles" class="mw-redirect" title="Marriner Eccles">Marriner Eccles</a>. It held the economy produced more than it consumed, because the consumers did not have enough income. Thus the unequal <a href="/wiki/Distribution_of_wealth" title="Distribution of wealth">distribution of wealth</a> throughout the 1920s caused the Great Depression.<sup id="cite_ref-126" class="reference"><a href="#cite_note-126"><span class="cite-bracket">[</span>126<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Allgoewer_127-0" class="reference"><a href="#cite_note-Allgoewer-127"><span class="cite-bracket">[</span>127<span class="cite-bracket">]</span></a></sup> </p><p>According to this view, the root cause of the Great Depression was a global over-investment in heavy industry capacity compared to wages and earnings from independent businesses, such as farms. The proposed solution was for the government to pump money into the consumers' pockets. That is, it must redistribute purchasing power, maintaining the industrial base, and re-inflating prices and wages to force as much of the inflationary increase in purchasing power into <a href="/wiki/Consumer_spending" title="Consumer spending">consumer spending</a>. The economy was overbuilt, and new factories were not needed. Foster and Catchings recommended<sup id="cite_ref-128" class="reference"><a href="#cite_note-128"><span class="cite-bracket">[</span>128<span class="cite-bracket">]</span></a></sup> federal and state governments to start large construction projects, a program followed by Hoover and Roosevelt. </p> <div class="mw-heading mw-heading4"><h4 id="Productivity_shock">Productivity shock</h4></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>It cannot be emphasized too strongly that the [productivity, output, and employment] trends we are describing are long-time trends and were thoroughly evident before 1929. These trends are in nowise the result of the present depression, nor are they the result of the World War. On the contrary, the present depression is a collapse resulting from these long-term trends.</p><div class="templatequotecite">— <cite><a href="/wiki/M._King_Hubbert" title="M. King Hubbert">M. King Hubbert</a><sup id="cite_ref-129" class="reference"><a href="#cite_note-129"><span class="cite-bracket">[</span>129<span class="cite-bracket">]</span></a></sup></cite></div></blockquote> <p>The first three decades of the 20th century saw economic output surge with <a href="/wiki/Electrification" title="Electrification">electrification</a>, <a href="/wiki/Mass_production" title="Mass production">mass production</a>, and motorized farm machinery, and because of the rapid growth in productivity there was a lot of excess production capacity and the work week was being reduced. The dramatic rise in <a href="/wiki/Productivity" title="Productivity">productivity</a> of major industries in the U.S. and the effects of productivity on output, wages and the workweek are discussed by Spurgeon Bell in his book <i>Productivity, Wages, and National Income</i> (1940).<sup id="cite_ref-130" class="reference"><a href="#cite_note-130"><span class="cite-bracket">[</span>130<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Effects_by_country">Effects by country</h2></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-More_citations_needed_section plainlinks metadata ambox ambox-content ambox-Refimprove" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><a href="/wiki/File:Question_book-new.svg" class="mw-file-description"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/50px-Question_book-new.svg.png" decoding="async" width="50" height="39" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/75px-Question_book-new.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/99/Question_book-new.svg/100px-Question_book-new.svg.png 2x" data-file-width="512" data-file-height="399" /></a></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs additional citations for <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verification</a></b>.<span class="hide-when-compact"> Please help <a href="/wiki/Special:EditPage/Great_Depression" title="Special:EditPage/Great Depression">improve this article</a> by <a href="/wiki/Help:Referencing_for_beginners" title="Help:Referencing for beginners">adding citations to reliable sources</a> in this section. Unsourced material may be challenged and removed.</span> <span class="date-container"><i>(<span class="date">May 2016</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Poor_mother_and_children,_Oklahoma,_1936_by_Dorothea_Lange.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/61/Poor_mother_and_children%2C_Oklahoma%2C_1936_by_Dorothea_Lange.jpg/170px-Poor_mother_and_children%2C_Oklahoma%2C_1936_by_Dorothea_Lange.jpg" decoding="async" width="170" height="170" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/61/Poor_mother_and_children%2C_Oklahoma%2C_1936_by_Dorothea_Lange.jpg/255px-Poor_mother_and_children%2C_Oklahoma%2C_1936_by_Dorothea_Lange.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/61/Poor_mother_and_children%2C_Oklahoma%2C_1936_by_Dorothea_Lange.jpg/340px-Poor_mother_and_children%2C_Oklahoma%2C_1936_by_Dorothea_Lange.jpg 2x" data-file-width="2926" data-file-height="2926" /></a><figcaption>An impoverished American family living in a shanty, 1936</figcaption></figure> <p>The majority of countries set up relief programs and most underwent some sort of political upheaval, pushing them to the <a href="/wiki/Right-wing_politics" title="Right-wing politics">right</a>. Many of the countries in Europe and Latin America, that were democracies, saw their democratic governments overthrown by some form of dictatorship or authoritarian rule, most famously <a href="/wiki/Nazi_Germany#Nazi_seizure_of_power" title="Nazi Germany">in Germany in 1933</a>. <a href="/wiki/History_of_Newfoundland_and_Labrador#Political_collapse" title="History of Newfoundland and Labrador">The Dominion of Newfoundland abandoned</a> its <a href="/wiki/Dominion" title="Dominion">autonomy within the British Empire</a>, becoming the only region ever to voluntarily relinquish democracy. There, too, were severe impacts across the Middle East and North Africa, including economic decline which led to social unrest.<sup id="cite_ref-131" class="reference"><a href="#cite_note-131"><span class="cite-bracket">[</span>131<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-132" class="reference"><a href="#cite_note-132"><span class="cite-bracket">[</span>132<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Argentina">Argentina</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Expand_section plainlinks metadata ambox mbox-small-left ambox-content" role="presentation"><tbody><tr><td class="mbox-image"><span typeof="mw:File"><a href="/wiki/File:Wiki_letter_w_cropped.svg" class="mw-file-description"><img alt="[icon]" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/20px-Wiki_letter_w_cropped.svg.png" decoding="async" width="20" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/30px-Wiki_letter_w_cropped.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/40px-Wiki_letter_w_cropped.svg.png 2x" data-file-width="44" data-file-height="31" /></a></span></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs expansion</b>. You can help by <span class="anonymous-show"><span class="plainlinks"><a class="external text" href="https://en.wikipedia.org/w/index.php?title=Talk%3AGreat_Depression&preload=Template%3ASubmit+an+edit+request%2Fpreload&action=edit&section=new&editintro=Template%3AEdit+protected%2Feditintro&preloadtitle=Protected+edit+request+on+6+February+2025&preloadparams%5B%5D=edit+fully-protected&preloadparams%5B%5D=Great+Depression">making an edit request</a></span></span><span class="user-show"><a class="external text" href="https://en.wikipedia.org/w/index.php?title=Great_Depression&action=edit&section=">adding to it</a> </span>. <span class="date-container"><i>(<span class="date">April 2024</span>)</i></span></div></td></tr></tbody></table> <p>Decline in foreign trade hit Argentina hard. The British decision to stop importing Argentine beef led to the signing of the <a href="/wiki/Roca%E2%80%93Runciman_Treaty" title="Roca–Runciman Treaty">Roca–Runciman Treaty</a>, which preserved a quota in exchange for significant concessions to British exports. By 1935, the economy had recovered to 1929 levels, and the same year, the <a href="/wiki/Central_Bank_of_Argentina" title="Central Bank of Argentina">Central Bank of Argentina</a> was formed.<sup id="cite_ref-133" class="reference"><a href="#cite_note-133"><span class="cite-bracket">[</span>133<span class="cite-bracket">]</span></a></sup> However, the Great Depression was the last time when Argentina was one of the richer countries of the world, as it stopped growing in the decades thereafter, and became underdeveloped.<sup id="cite_ref-134" class="reference"><a href="#cite_note-134"><span class="cite-bracket">[</span>134<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Australia">Australia</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Great_Depression_in_Australia" title="Great Depression in Australia">Great Depression in Australia</a></div> <p>Australia's dependence on agricultural and industrial exports meant it was one of the hardest-hit developed countries.<sup id="cite_ref-135" class="reference"><a href="#cite_note-135"><span class="cite-bracket">[</span>135<span class="cite-bracket">]</span></a></sup> Falling export demand and commodity prices placed massive downward pressures on wages. Unemployment reached a record high of 29% in 1932,<sup id="cite_ref-136" class="reference"><a href="#cite_note-136"><span class="cite-bracket">[</span>136<span class="cite-bracket">]</span></a></sup> with incidents of <a href="/wiki/Civil_unrest" class="mw-redirect" title="Civil unrest">civil unrest</a> becoming common.<sup id="cite_ref-137" class="reference"><a href="#cite_note-137"><span class="cite-bracket">[</span>137<span class="cite-bracket">]</span></a></sup> After 1932, an increase in wool and meat prices led to a gradual recovery.<sup id="cite_ref-138" class="reference"><a href="#cite_note-138"><span class="cite-bracket">[</span>138<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Canada">Canada</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Great_Depression_in_Canada" title="Great Depression in Canada">Great Depression in Canada</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:UnemployedMarch.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/49/UnemployedMarch.jpg/170px-UnemployedMarch.jpg" decoding="async" width="170" height="225" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/49/UnemployedMarch.jpg/255px-UnemployedMarch.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/49/UnemployedMarch.jpg/340px-UnemployedMarch.jpg 2x" data-file-width="439" data-file-height="580" /></a><figcaption>Unemployed men march in <a href="/wiki/Toronto" title="Toronto">Toronto</a>, Ontario, Canada.</figcaption></figure> <p>Harshly affected by both the global economic downturn and the <a href="/wiki/Dust_Bowl" title="Dust Bowl">Dust Bowl</a>, Canadian industrial production had by 1932 fallen to only 58% of its 1929 figure, the second-lowest level in the world after the United States, and well behind countries such as Britain, which fell to only 83% of the 1929 level. Total <a href="/wiki/Measures_of_national_income_and_output" title="Measures of national income and output">national income</a> fell to 56% of the 1929 level, again worse than any country apart from the United States. Unemployment reached 27% at the depth of the Depression in 1933.<sup id="cite_ref-139" class="reference"><a href="#cite_note-139"><span class="cite-bracket">[</span>139<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Chile">Chile</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Great_Depression_in_Chile" title="Great Depression in Chile">Great Depression in Chile</a></div> <p>The <a href="/wiki/League_of_Nations" title="League of Nations">League of Nations</a> labeled <a href="/wiki/Chile" title="Chile">Chile</a> the country hardest-hit by the Great Depression, because 80% of government revenue came from exports of copper and nitrates, which were in low demand. Chile initially felt the impact of the Great Depression in 1930, when GDP dropped 14%, mining income declined 27%, and export earnings fell 28%. By 1932, GDP had shrunk to less than half of what it had been in 1929, exacting a terrible toll in unemployment and business failures. </p><p>Influenced profoundly by the Great Depression, many government leaders promoted the development of local industry in an effort to insulate the economy from future external shocks. After six years of government <a href="/wiki/Austerity" title="Austerity">austerity measures</a>, which succeeded in reestablishing Chile's creditworthiness, Chileans elected to office during the 1938–58 period a succession of center and left-of-center governments interested in promoting economic growth through government intervention. </p><p>Prompted in part by the devastating <a href="/wiki/1939_Chill%C3%A1n_earthquake" title="1939 Chillán earthquake">1939 Chillán earthquake</a>, the <a href="/wiki/Popular_Front_(Chile)" title="Popular Front (Chile)">Popular Front</a> government of <a href="/wiki/Pedro_Aguirre_Cerda" title="Pedro Aguirre Cerda">Pedro Aguirre Cerda</a> created the Production Development Corporation (Corporación de Fomento de la Producción, <a href="/wiki/CORFO" title="CORFO">CORFO</a>) to encourage with subsidies and direct investments – an ambitious program of <a href="/wiki/Import_substitution_industrialization" title="Import substitution industrialization">import substitution industrialization</a>. Consequently, as in other Latin American countries, <a href="/wiki/Protectionism" title="Protectionism">protectionism</a> became an entrenched aspect of the Chilean economy. </p> <div class="mw-heading mw-heading3"><h3 id="China">China</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Nanjing_Decade" class="mw-redirect" title="Nanjing Decade">Nanjing Decade</a></div> <p>China was largely unaffected by the Depression, mainly by having stuck to the <a href="/wiki/Silver_standard" title="Silver standard">Silver standard</a>. However, the U.S. silver purchase act of 1934 created an intolerable demand on China's silver coins, and so, in the end, the silver standard was officially abandoned in 1935 in favor of the four Chinese national banks'<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Avoid_weasel_words" class="mw-redirect" title="Wikipedia:Avoid weasel words"><span title="The material near this tag possibly uses too vague attribution or weasel words. (September 2020)">which?</span></a></i>]</sup> "legal note" issues. China and the <a href="/wiki/British_colony_of_Hong_Kong" class="mw-redirect" title="British colony of Hong Kong">British colony of Hong Kong</a>, which followed suit in this regard in September 1935, would be the last to abandon the silver standard. In addition, the <a href="/wiki/Nationalist_Government" class="mw-redirect" title="Nationalist Government">Nationalist Government</a> also acted energetically to modernize the legal and penal systems, stabilize prices, amortize debts, reform the banking and currency systems, build railroads and highways, improve public health facilities, legislate against traffic in narcotics, and augment industrial and agricultural production. On 3 November 1935, the government instituted the fiat currency (fapi) reform, immediately stabilizing prices and also raising revenues for the government. </p> <div class="mw-heading mw-heading3"><h3 id="European_African_colonies">European African colonies</h3></div> <p>The sharp fall in commodity prices and the steep decline in exports hurt the economies of the European colonies in Africa and Asia.<sup id="cite_ref-140" class="reference"><a href="#cite_note-140"><span class="cite-bracket">[</span>140<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-141" class="reference"><a href="#cite_note-141"><span class="cite-bracket">[</span>141<span class="cite-bracket">]</span></a></sup> The agricultural sector was especially hard-hit. For example, <a href="/wiki/Sisal" title="Sisal">sisal</a> had recently become a major export crop in Kenya and Tanganyika. During the depression, it suffered severely from low prices and marketing problems that affected all colonial commodities in Africa. Sisal producers established centralized controls for the export of their fibre.<sup id="cite_ref-142" class="reference"><a href="#cite_note-142"><span class="cite-bracket">[</span>142<span class="cite-bracket">]</span></a></sup> There was widespread unemployment and hardship among peasants, labourers, colonial auxiliaries, and artisans.<sup id="cite_ref-143" class="reference"><a href="#cite_note-143"><span class="cite-bracket">[</span>143<span class="cite-bracket">]</span></a></sup> The budgets of colonial governments were cut, which forced the reduction in ongoing infrastructure projects, such as the building and upgrading of roads, ports, and communications.<sup id="cite_ref-144" class="reference"><a href="#cite_note-144"><span class="cite-bracket">[</span>144<span class="cite-bracket">]</span></a></sup> The budget cuts delayed the schedule for creating systems of higher education.<sup id="cite_ref-145" class="reference"><a href="#cite_note-145"><span class="cite-bracket">[</span>145<span class="cite-bracket">]</span></a></sup> </p><p>The depression severely hurt the export-based <a href="/wiki/Belgian_Congo" title="Belgian Congo">Belgian Congo</a> economy because of the drop in international demand for raw materials and for agricultural products. For example, the price of peanuts fell from 125 to 25 centimes. In some areas, as in the <a href="/wiki/Katanga_Province" title="Katanga Province">Katanga</a> mining region, employment declined by 70%. In the country as a whole, the wage labour force decreased by 72,000 people, and many men returned to their villages. In Leopoldville, the population decreased by 33% because of this labour migration.<sup id="cite_ref-146" class="reference"><a href="#cite_note-146"><span class="cite-bracket">[</span>146<span class="cite-bracket">]</span></a></sup> </p><p>Political protests were not common. However, there was a growing demand, that the paternalistic claims be honored by colonial governments to respond vigorously. The theme was, that economic reforms were more urgently needed than political reforms.<sup id="cite_ref-147" class="reference"><a href="#cite_note-147"><span class="cite-bracket">[</span>147<span class="cite-bracket">]</span></a></sup> French West Africa launched an extensive program of educational reform, in which "rural schools", designed to modernize agriculture, would stem the flow of under-employed farm workers to cities where unemployment was high. Students were trained in traditional arts, crafts, and farming techniques and were then expected to return to their own villages and towns.<sup id="cite_ref-148" class="reference"><a href="#cite_note-148"><span class="cite-bracket">[</span>148<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="France">France</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Great_Depression_in_France" title="Great Depression in France">Great Depression in France</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Agence_Mondial_1932_-_Soupe_populaire_offerte_aux_ch%C3%B4meurs_en_1932_2.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/47/Agence_Mondial_1932_-_Soupe_populaire_offerte_aux_ch%C3%B4meurs_en_1932_2.jpg/220px-Agence_Mondial_1932_-_Soupe_populaire_offerte_aux_ch%C3%B4meurs_en_1932_2.jpg" decoding="async" width="220" height="164" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/47/Agence_Mondial_1932_-_Soupe_populaire_offerte_aux_ch%C3%B4meurs_en_1932_2.jpg/330px-Agence_Mondial_1932_-_Soupe_populaire_offerte_aux_ch%C3%B4meurs_en_1932_2.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/47/Agence_Mondial_1932_-_Soupe_populaire_offerte_aux_ch%C3%B4meurs_en_1932_2.jpg/440px-Agence_Mondial_1932_-_Soupe_populaire_offerte_aux_ch%C3%B4meurs_en_1932_2.jpg 2x" data-file-width="5889" data-file-height="4384" /></a><figcaption>Soup kitchen for the unemployed in Paris, 1932</figcaption></figure> <p>The crisis affected France a bit later than other countries, hitting hard around 1931.<sup id="cite_ref-149" class="reference"><a href="#cite_note-149"><span class="cite-bracket">[</span>149<span class="cite-bracket">]</span></a></sup> While the 1920s grew at the very strong rate of 4.43% per year, the 1930s rate fell to only 0.63%.<sup id="cite_ref-150" class="reference"><a href="#cite_note-150"><span class="cite-bracket">[</span>150<span class="cite-bracket">]</span></a></sup> </p><p>The depression was relatively mild: unemployment peaked under 5%, the fall in production was at most 20% below the 1929 output; there was no banking crisis.<sup id="cite_ref-151" class="reference"><a href="#cite_note-151"><span class="cite-bracket">[</span>151<span class="cite-bracket">]</span></a></sup> </p><p>However, the depression had drastic effects on the local economy, and partly explains the <a href="/wiki/February_6,_1934_riots" class="mw-redirect" title="February 6, 1934 riots">February 6, 1934 riots</a> and even more the formation of the <a href="/wiki/Popular_Front_(France)" title="Popular Front (France)">Popular Front</a>, led by <a href="/wiki/Section_fran%C3%A7aise_de_l%27Internationale_ouvri%C3%A8re" class="mw-redirect" title="Section française de l'Internationale ouvrière">SFIO socialist leader</a> <a href="/wiki/L%C3%A9on_Blum" title="Léon Blum">Léon Blum</a>, which won the elections in 1936. Ultra-nationalist groups also saw increased popularity, though democracy prevailed into <a href="/wiki/World_War_II" title="World War II">World War II</a>. </p><p>France's relatively high degree of self-sufficiency meant the damage was considerably less than in neighbouring states like Germany. </p> <div class="mw-heading mw-heading3"><h3 id="Germany">Germany</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Weimar_Republic" title="Weimar Republic">Weimar Republic</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Bundesarchiv_Bild_102-11008,_Hamburg,_Arbeitslose_Hafenarbeiter_im_Hafenviertel.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c7/Bundesarchiv_Bild_102-11008%2C_Hamburg%2C_Arbeitslose_Hafenarbeiter_im_Hafenviertel.jpg/220px-Bundesarchiv_Bild_102-11008%2C_Hamburg%2C_Arbeitslose_Hafenarbeiter_im_Hafenviertel.jpg" decoding="async" width="220" height="147" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c7/Bundesarchiv_Bild_102-11008%2C_Hamburg%2C_Arbeitslose_Hafenarbeiter_im_Hafenviertel.jpg/330px-Bundesarchiv_Bild_102-11008%2C_Hamburg%2C_Arbeitslose_Hafenarbeiter_im_Hafenviertel.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c7/Bundesarchiv_Bild_102-11008%2C_Hamburg%2C_Arbeitslose_Hafenarbeiter_im_Hafenviertel.jpg/440px-Bundesarchiv_Bild_102-11008%2C_Hamburg%2C_Arbeitslose_Hafenarbeiter_im_Hafenviertel.jpg 2x" data-file-width="800" data-file-height="536" /></a><figcaption>Unemployed men in Hamburg, 1931</figcaption></figure> <p>The Great Depression hit Germany hard. The impact of the <a href="/wiki/Wall_Street_Crash" class="mw-redirect" title="Wall Street Crash">Wall Street Crash</a> forced American banks to end the new loans that had been funding the repayments under the <a href="/wiki/Dawes_Plan" title="Dawes Plan">Dawes Plan</a> and the <a href="/wiki/Young_Plan" title="Young Plan">Young Plan</a>. The financial crisis escalated out of control in mid-1931, starting with the collapse of the <a href="/wiki/Credit_Anstalt" class="mw-redirect" title="Credit Anstalt">Credit Anstalt</a> in Vienna in May.<sup id="cite_ref-William_Ashworth_1962_pp._237-244_41-1" class="reference"><a href="#cite_note-William_Ashworth_1962_pp._237-244-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> This put heavy pressure on Germany, which was already in political turmoil with the rise in violence of <a href="/wiki/Nazism" title="Nazism">national socialist</a> and <a href="/wiki/Communism" title="Communism">communist</a> movements, as well as with investor nervousness at harsh government financial policies,<sup id="cite_ref-Isabel_Schnabel_1931_42-1" class="reference"><a href="#cite_note-Isabel_Schnabel_1931-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> investors withdrew their short-term money from Germany as confidence spiraled downward. The Reichsbank lost 150 million marks in the first week of June, 540 million in the second, and 150 million in two days, 19–20 June. Collapse was at hand. U.S. President Herbert Hoover called for a moratorium on payment of war reparations. This angered Paris, which depended on a steady flow of German payments, but it slowed the crisis down, and the moratorium was agreed to in July 1931. An international conference in London later in July produced no agreements, but on 19 August, a standstill agreement froze Germany's foreign liabilities for six months. Germany received emergency funding from private banks in New York as well as the Bank of International Settlements and the Bank of England. The funding only slowed the process. Industrial failures began in Germany, a major bank closed in July, and a two-day holiday for all German banks was declared. Business failures became more frequent in July, and spread to Romania and Hungary.<sup id="cite_ref-V._Hodson,_1938_pp._64-76_43-1" class="reference"><a href="#cite_note-V._Hodson,_1938_pp._64-76-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> </p><p>In 1932, 90% of German reparation payments were cancelled (in the 1950s, Germany repaid all its missed reparations debts). Widespread unemployment reached 25%, as every sector was hurt. The government did not increase government spending to deal with Germany's growing crisis, as they were afraid, that a high-spending policy could lead to a return of the <a href="/wiki/Hyperinflation" title="Hyperinflation">hyperinflation</a> that had affected Germany in 1923. Germany's <a href="/wiki/Weimar_Republic" title="Weimar Republic">Weimar Republic</a> was hit hard by the depression, as American loans to help rebuild the German economy now stopped.<sup id="cite_ref-152" class="reference"><a href="#cite_note-152"><span class="cite-bracket">[</span>152<span class="cite-bracket">]</span></a></sup> The unemployment rate reached nearly 30% in 1932.<sup id="cite_ref-pbs_153-0" class="reference"><a href="#cite_note-pbs-153"><span class="cite-bracket">[</span>153<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:The_Great_Depression_German_Medal_1932,_the_Devil_operating_a_Screw_Press_against_a_Workman,_obverse.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/ad/The_Great_Depression_German_Medal_1932%2C_the_Devil_operating_a_Screw_Press_against_a_Workman%2C_obverse.jpg/220px-The_Great_Depression_German_Medal_1932%2C_the_Devil_operating_a_Screw_Press_against_a_Workman%2C_obverse.jpg" decoding="async" width="220" height="211" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/ad/The_Great_Depression_German_Medal_1932%2C_the_Devil_operating_a_Screw_Press_against_a_Workman%2C_obverse.jpg/330px-The_Great_Depression_German_Medal_1932%2C_the_Devil_operating_a_Screw_Press_against_a_Workman%2C_obverse.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/ad/The_Great_Depression_German_Medal_1932%2C_the_Devil_operating_a_Screw_Press_against_a_Workman%2C_obverse.jpg/440px-The_Great_Depression_German_Medal_1932%2C_the_Devil_operating_a_Screw_Press_against_a_Workman%2C_obverse.jpg 2x" data-file-width="2272" data-file-height="2182" /></a><figcaption>The <a href="/wiki/Devil" title="Devil">devil</a> operating a screw press against a workman, Nazi propaganda <a href="/wiki/Medal" title="Medal">medal</a>, obverse</figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:The_Great_Depression_German_Medal_1932,_the_Devil_operating_a_Screw_Press_against_a_Workman,_reverse.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/9/99/The_Great_Depression_German_Medal_1932%2C_the_Devil_operating_a_Screw_Press_against_a_Workman%2C_reverse.jpg/220px-The_Great_Depression_German_Medal_1932%2C_the_Devil_operating_a_Screw_Press_against_a_Workman%2C_reverse.jpg" decoding="async" width="220" height="213" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/99/The_Great_Depression_German_Medal_1932%2C_the_Devil_operating_a_Screw_Press_against_a_Workman%2C_reverse.jpg/330px-The_Great_Depression_German_Medal_1932%2C_the_Devil_operating_a_Screw_Press_against_a_Workman%2C_reverse.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/99/The_Great_Depression_German_Medal_1932%2C_the_Devil_operating_a_Screw_Press_against_a_Workman%2C_reverse.jpg/440px-The_Great_Depression_German_Medal_1932%2C_the_Devil_operating_a_Screw_Press_against_a_Workman%2C_reverse.jpg 2x" data-file-width="2275" data-file-height="2202" /></a><figcaption>The reverse of this medal supporting the German election Nazi campaigns of 1932</figcaption></figure> <p>The German political landscape was dramatically altered, leading to <a href="/wiki/Adolf_Hitler%27s_rise_to_power" title="Adolf Hitler's rise to power">Adolf Hitler's rise to power</a>. The <a href="/wiki/Nazi_Party" title="Nazi Party">Nazi Party</a> rose from being peripheral to winning 18.3% of the vote in the <a href="/wiki/1930_German_federal_election" title="1930 German federal election">September 1930 election</a>, and the <a href="/wiki/Communist_Party_of_Germany" title="Communist Party of Germany">Communist Party</a> also made gains, while moderate forces, like the <a href="/wiki/Social_Democratic_Party_of_Germany" title="Social Democratic Party of Germany">Social Democratic Party</a>, the <a href="/wiki/German_Democratic_Party" title="German Democratic Party">Democratic Party</a>, and the <a href="/wiki/German_People%27s_Party" title="German People's Party">People's Party</a> lost seats. The next two years were marked by increased street violence between Nazis and Communists, while governments under President <a href="/wiki/Paul_von_Hindenburg" title="Paul von Hindenburg">Paul von Hindenburg</a> increasingly relied on <a href="/wiki/Rule_by_decree" title="Rule by decree">rule by decree</a>, bypassing the <a href="/wiki/Reichstag_(Weimar_Republic)" title="Reichstag (Weimar Republic)">Reichstag</a>.<sup id="cite_ref-154" class="reference"><a href="#cite_note-154"><span class="cite-bracket">[</span>154<span class="cite-bracket">]</span></a></sup> Hitler ran for the Presidency in 1932, and while he lost to the incumbent Hindenburg in the election, it marked a point during which both Nazi Party and the Communist parties rose in the years following the crash to altogether possess a Reichstag majority following the <a href="/wiki/July_1932_German_federal_election" title="July 1932 German federal election">general election in July 1932</a>.<sup id="cite_ref-pbs_153-1" class="reference"><a href="#cite_note-pbs-153"><span class="cite-bracket">[</span>153<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-155" class="reference"><a href="#cite_note-155"><span class="cite-bracket">[</span>155<span class="cite-bracket">]</span></a></sup> Although the Nazis lost seats in <a href="/wiki/November_1932_German_federal_election" title="November 1932 German federal election">November 1932 election</a>, they remained the largest party, and Hitler was appointed as Chancellor the following January. The government formation deal was designed to give Hitler's conservative coalition partners many checks on his power, but over the next few months, the Nazis manoeuvred to consolidate a single-party dictatorship.<sup id="cite_ref-Kershaw98_156-0" class="reference"><a href="#cite_note-Kershaw98-156"><span class="cite-bracket">[</span>156<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Bundesarchiv_Bild_119-11-19-12,_Adolf_Hitler_bei_Ortsgruppenfeier_der_NSDAP_Rosenheim.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/7d/Bundesarchiv_Bild_119-11-19-12%2C_Adolf_Hitler_bei_Ortsgruppenfeier_der_NSDAP_Rosenheim.jpg/220px-Bundesarchiv_Bild_119-11-19-12%2C_Adolf_Hitler_bei_Ortsgruppenfeier_der_NSDAP_Rosenheim.jpg" decoding="async" width="220" height="156" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/7d/Bundesarchiv_Bild_119-11-19-12%2C_Adolf_Hitler_bei_Ortsgruppenfeier_der_NSDAP_Rosenheim.jpg/330px-Bundesarchiv_Bild_119-11-19-12%2C_Adolf_Hitler_bei_Ortsgruppenfeier_der_NSDAP_Rosenheim.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/7d/Bundesarchiv_Bild_119-11-19-12%2C_Adolf_Hitler_bei_Ortsgruppenfeier_der_NSDAP_Rosenheim.jpg/440px-Bundesarchiv_Bild_119-11-19-12%2C_Adolf_Hitler_bei_Ortsgruppenfeier_der_NSDAP_Rosenheim.jpg 2x" data-file-width="800" data-file-height="569" /></a><figcaption><a href="/wiki/Adolf_Hitler" title="Adolf Hitler">Adolf Hitler</a> speaking in 1935</figcaption></figure> <p>Hitler followed an economic policy of <a href="/wiki/Autarky" title="Autarky">autarky</a>, creating a network of client states and economic allies in central Europe and Latin America. By cutting wages and taking control of labor unions, plus public works spending, unemployment fell significantly by 1935. Large-scale military spending played a major role in the recovery.<sup id="cite_ref-157" class="reference"><a href="#cite_note-157"><span class="cite-bracket">[</span>157<span class="cite-bracket">]</span></a></sup> The policies had the effect of driving up the cost of food imports and depleting foreign currency reserves, leading to economic impasse by 1936. Nazi Germany faced a choice of either reversing course or pressing ahead with rearmament and autarky. Hitler chose the latter route, which, according to <a href="/wiki/Ian_Kershaw" title="Ian Kershaw">Ian Kershaw</a>, "could only be partially accomplished without territorial expansion" and therefore war.<sup id="cite_ref-158" class="reference"><a href="#cite_note-158"><span class="cite-bracket">[</span>158<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-159" class="reference"><a href="#cite_note-159"><span class="cite-bracket">[</span>159<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Greece">Greece</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Economic_history_of_Greece_and_the_Greek_world" title="Economic history of Greece and the Greek world">Economic history of Greece and the Greek world</a></div> <p>The reverberations of the Great Depression hit Greece in 1932. The <a href="/wiki/Bank_of_Greece" title="Bank of Greece">Bank of Greece</a> tried to adopt deflationary policies to stave off the crises that were going on in other countries, but these largely failed. For a brief period, the drachma was pegged to the U.S. dollar, but this was unsustainable given the country's large trade deficit and the only long-term effects of this were Greece's foreign exchange reserves being almost totally wiped out in 1932. Remittances from abroad declined sharply, and the value of the drachma began to plummet from 77 drachmas to the dollar in March 1931 to 111 drachmas to the dollar in April 1931. This was especially harmful to Greece, as the country relied on imports from the UK, France, and the Middle East for many necessities. Greece went off the gold standard in April 1932, and declared a moratorium on all interest payments. The country also adopted protectionist policies, such as import quotas, which several European countries also did during the period. </p><p>Protectionist policies coupled with a weak drachma and the stifling of imports allowed the Greek industry to expand during the Great Depression. In 1939, the Greek industrial output was 179% that of 1928. These industries were for the most part "built on sand", as one report of the Bank of Greece put it, as without massive protection, they would not have been able to survive. Despite the global depression, Greece managed to suffer comparatively little, averaging an average growth rate of 3.5% from 1932 to 1939. The dictatorial regime of <a href="/wiki/Ioannis_Metaxas" title="Ioannis Metaxas">Ioannis Metaxas</a> took over the Greek government in 1936, and economic growth was strong in the years leading up to the Second World War. </p> <div class="mw-heading mw-heading3"><h3 id="Iceland">Iceland</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Economic_history_of_Iceland" title="Economic history of Iceland">Economic history of Iceland</a></div> <p>Icelandic post-World War I prosperity came to an end with the outbreak of the Great Depression. The Depression hit Iceland hard, as the value of exports plummeted. The total value of Icelandic exports fell from 74 million kronur in 1929 to 48 million in 1932, and was not to rise again to the pre-1930 level until after 1939.<sup id="cite_ref-:3_160-0" class="reference"><a href="#cite_note-:3-160"><span class="cite-bracket">[</span>160<span class="cite-bracket">]</span></a></sup> Government interference in the economy increased: "Imports were regulated, trade with foreign currency was monopolized by state-owned banks, and loan capital was largely distributed by state-regulated funds".<sup id="cite_ref-:3_160-1" class="reference"><a href="#cite_note-:3-160"><span class="cite-bracket">[</span>160<span class="cite-bracket">]</span></a></sup> Due to the outbreak of the <a href="/wiki/Spanish_Civil_War" title="Spanish Civil War">Spanish Civil War</a>, which cut Iceland's exports of saltfish by half, the Depression lasted in Iceland until the outbreak of World War II (when prices for fish exports soared).<sup id="cite_ref-:3_160-2" class="reference"><a href="#cite_note-:3-160"><span class="cite-bracket">[</span>160<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="India">India</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Great_Depression_in_India" title="Great Depression in India">Great Depression in India</a></div> <p>How much India was affected, has been hotly debated. Historians have argued, that the Great Depression slowed long-term industrial development.<sup id="cite_ref-161" class="reference"><a href="#cite_note-161"><span class="cite-bracket">[</span>161<span class="cite-bracket">]</span></a></sup> Apart from two sectors – <a href="/wiki/Jute" title="Jute">jute</a> and coal – the economy was little-affected. However, there were major negative impacts on the jute industry, as world demand fell and prices plunged.<sup id="cite_ref-162" class="reference"><a href="#cite_note-162"><span class="cite-bracket">[</span>162<span class="cite-bracket">]</span></a></sup> Otherwise, conditions were fairly stable. Local markets in agriculture and small-scale industry showed modest gains.<sup id="cite_ref-163" class="reference"><a href="#cite_note-163"><span class="cite-bracket">[</span>163<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Ireland">Ireland</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Economic_history_of_the_Republic_of_Ireland" title="Economic history of the Republic of Ireland">Economic history of the Republic of Ireland</a></div> <p>Frank Barry and <a href="/wiki/Mary_E._Daly" title="Mary E. Daly">Mary E. Daly</a> have argued that: </p> <dl><dd>Ireland was a largely agrarian economy, trading almost exclusively with the UK at the time of the Great Depression. Beef and dairy products comprised the bulk of exports, and Ireland fared well relative to many other commodity producers, particularly in the early years of the depression.<sup id="cite_ref-164" class="reference"><a href="#cite_note-164"><span class="cite-bracket">[</span>164<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-165" class="reference"><a href="#cite_note-165"><span class="cite-bracket">[</span>165<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-166" class="reference"><a href="#cite_note-166"><span class="cite-bracket">[</span>166<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-167" class="reference"><a href="#cite_note-167"><span class="cite-bracket">[</span>167<span class="cite-bracket">]</span></a></sup></dd></dl> <div class="mw-heading mw-heading3"><h3 id="Italy">Italy</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Economic_history_of_Italy" title="Economic history of Italy">Economic history of Italy</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Bundesarchiv_Bild_102-12509,_Italien,_Arbeitslose_vor_Fabrik.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/ce/Bundesarchiv_Bild_102-12509%2C_Italien%2C_Arbeitslose_vor_Fabrik.jpg/220px-Bundesarchiv_Bild_102-12509%2C_Italien%2C_Arbeitslose_vor_Fabrik.jpg" decoding="async" width="220" height="158" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/ce/Bundesarchiv_Bild_102-12509%2C_Italien%2C_Arbeitslose_vor_Fabrik.jpg/330px-Bundesarchiv_Bild_102-12509%2C_Italien%2C_Arbeitslose_vor_Fabrik.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/ce/Bundesarchiv_Bild_102-12509%2C_Italien%2C_Arbeitslose_vor_Fabrik.jpg/440px-Bundesarchiv_Bild_102-12509%2C_Italien%2C_Arbeitslose_vor_Fabrik.jpg 2x" data-file-width="800" data-file-height="573" /></a><figcaption>Unemployed outside a factory in Italy, October 1931</figcaption></figure> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Mussolini_visiting_Fiat,_1932.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/c9/Mussolini_visiting_Fiat%2C_1932.jpg/220px-Mussolini_visiting_Fiat%2C_1932.jpg" decoding="async" width="220" height="181" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/c9/Mussolini_visiting_Fiat%2C_1932.jpg/330px-Mussolini_visiting_Fiat%2C_1932.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/c9/Mussolini_visiting_Fiat%2C_1932.jpg/440px-Mussolini_visiting_Fiat%2C_1932.jpg 2x" data-file-width="1397" data-file-height="1152" /></a><figcaption><a href="/wiki/Benito_Mussolini" title="Benito Mussolini">Benito Mussolini</a> giving a speech at the <a href="/wiki/Fiat" title="Fiat">Fiat</a> <a href="/wiki/Lingotto" title="Lingotto">Lingotto</a> factory in Turin, 1932</figcaption></figure> <p>The Great Depression hit <a href="/wiki/Economy_of_Italy_under_fascism#The_Great_Depression" class="mw-redirect" title="Economy of Italy under fascism">Italy</a> very hard.<sup id="cite_ref-168" class="reference"><a href="#cite_note-168"><span class="cite-bracket">[</span>168<span class="cite-bracket">]</span></a></sup> As industries came close to failure they were bought out by the banks in a largely illusionary bail-out—the assets used to fund the purchases were largely worthless. This led to a financial crisis peaking in 1932 and major government intervention. The <a href="/wiki/Industrial_Reconstruction_Institute" class="mw-redirect" title="Industrial Reconstruction Institute">Industrial Reconstruction Institute</a> (IRI) was formed in January 1933 and took control of the bank-owned companies, suddenly giving Italy the largest state-owned industrial sector in Europe (excluding the USSR). IRI did rather well with its new responsibilities—restructuring, modernising and rationalising as much as it could. It was a significant factor in post-1945 development. But it took the Italian economy until 1935 to recover the manufacturing levels of 1930—a position that was only 60% better than that of 1913.<sup id="cite_ref-169" class="reference"><a href="#cite_note-169"><span class="cite-bracket">[</span>169<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-170" class="reference"><a href="#cite_note-170"><span class="cite-bracket">[</span>170<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Japan">Japan</h3></div> <p>The Great Depression did not strongly affect Japan. The Japanese economy shrank by 8% during 1929–31. Japan's Finance Minister <a href="/wiki/Takahashi_Korekiyo" title="Takahashi Korekiyo">Takahashi Korekiyo</a> was the first to implement what have come to be identified as <a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> economic policies: first, by large fiscal stimulus involving <a href="/wiki/Deficit_spending" title="Deficit spending">deficit spending</a>; and second, by devaluing <a href="/wiki/Yen" class="mw-redirect" title="Yen">the currency</a>. Takahashi used the Bank of Japan to sterilize the deficit spending and minimize resulting inflationary pressures. Econometric studies have identified the fiscal stimulus as especially effective.<sup id="cite_ref-171" class="reference"><a href="#cite_note-171"><span class="cite-bracket">[</span>171<span class="cite-bracket">]</span></a></sup> </p><p>The devaluation of the currency had an immediate effect. Japanese textiles began to displace British textiles in export markets. The deficit spending proved to be most profound and went into the purchase of munitions for the armed forces. By 1933, Japan was already out of the depression. By 1934, Takahashi realized that the economy was in danger of overheating, and to avoid inflation, moved to reduce the deficit spending that went towards armaments and munitions. </p><p>This resulted in a strong and swift negative reaction from nationalists, especially those in the army, culminating in his assassination in the course of the <a href="/wiki/February_26_Incident" class="mw-redirect" title="February 26 Incident">February 26 Incident</a>. This had a <a href="/wiki/Chilling_effect_(term)" class="mw-redirect" title="Chilling effect (term)">chilling effect</a> on all civilian bureaucrats in the Japanese government. From 1934, the military's dominance of the government continued to grow. Instead of reducing deficit spending, the government introduced price controls and rationing schemes that reduced, but did not eliminate inflation, which remained a problem until the end of World War II. </p><p>The deficit spending had a transformative effect on Japan. Japan's industrial production doubled during the 1930s. Further, in 1929 the list of the largest firms in Japan was dominated by light industries, especially textile companies (many of Japan's automakers, such as <a href="/wiki/Toyota" title="Toyota">Toyota</a>, have their roots in the textile industry). By 1940 <a href="/wiki/Light_industry" title="Light industry">light industry</a> had been displaced by heavy industry as the largest firms inside the Japanese economy.<sup id="cite_ref-172" class="reference"><a href="#cite_note-172"><span class="cite-bracket">[</span>172<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Latin_America">Latin America</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Great_Depression_in_Latin_America" title="Great Depression in Latin America">Great Depression in Latin America</a></div> <p>Because of high levels of U.S. investment in Latin American economies, they were severely damaged by the Depression. Within the region, <a href="/wiki/Chile" title="Chile">Chile</a>, <a href="/wiki/Bolivia" title="Bolivia">Bolivia</a> and <a href="/wiki/Peru" title="Peru">Peru</a> were particularly badly affected.<sup id="cite_ref-173" class="reference"><a href="#cite_note-173"><span class="cite-bracket">[</span>173<span class="cite-bracket">]</span></a></sup> </p><p>Before the 1929 crisis, links between the world economy and <a href="/wiki/Latin_America" title="Latin America">Latin American</a> economies had been established through American and British investment in Latin American exports to the world. As a result, Latin Americans export industries felt the depression quickly. World prices for commodities such as wheat, coffee and copper plunged. Exports from all of Latin America to the U.S. fell in value from $1.2 billion in 1929 to $335 million in 1933, rising to $660 million in 1940. </p><p>But on the other hand, the depression led the area governments to develop new local industries and expand consumption and production. Following the example of the New Deal, governments in the area approved regulations and created or improved welfare institutions that helped millions of new industrial workers to achieve a better standard of living. </p> <div class="mw-heading mw-heading3"><h3 id="Netherlands">Netherlands</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Great_Depression_in_the_Netherlands" title="Great Depression in the Netherlands">Great Depression in the Netherlands</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Werklozen_in_de_rij_-_Row_of_unemployed_(5371990267).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/05/Werklozen_in_de_rij_-_Row_of_unemployed_%285371990267%29.jpg/220px-Werklozen_in_de_rij_-_Row_of_unemployed_%285371990267%29.jpg" decoding="async" width="220" height="154" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/05/Werklozen_in_de_rij_-_Row_of_unemployed_%285371990267%29.jpg/330px-Werklozen_in_de_rij_-_Row_of_unemployed_%285371990267%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/05/Werklozen_in_de_rij_-_Row_of_unemployed_%285371990267%29.jpg/440px-Werklozen_in_de_rij_-_Row_of_unemployed_%285371990267%29.jpg 2x" data-file-width="761" data-file-height="533" /></a><figcaption>A line of unemployed people in Amsterdam, 1933</figcaption></figure> <p>From roughly 1931 to 1937, the <a href="/wiki/Netherlands" title="Netherlands">Netherlands</a> suffered a deep and exceptionally long depression. This depression was partly caused by the after-effects of the American stock-market crash of 1929, and partly by internal factors in the Netherlands. Government policy, especially the very late dropping of the Gold Standard, played a role in prolonging the depression. The Great Depression in the Netherlands led to some political instability and riots, and can be linked to the rise of the Dutch fascist political party <a href="/wiki/Nationaal_Socialistische_Beweging" class="mw-redirect" title="Nationaal Socialistische Beweging">NSB</a>. The depression in the Netherlands eased off somewhat at the end of 1936, when the government finally dropped the Gold Standard, but real economic stability did not return until after World War II.<sup id="cite_ref-174" class="reference"><a href="#cite_note-174"><span class="cite-bracket">[</span>174<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="New_Zealand">New Zealand</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/History_of_New_Zealand#Great_Depression" title="History of New Zealand">History of New Zealand § Great Depression</a></div> <p><a href="/wiki/Dominion_of_New_Zealand" title="Dominion of New Zealand">New Zealand</a> was especially vulnerable to worldwide depression, as it relied almost entirely on agricultural exports to the United Kingdom for its economy. The drop in exports led to a lack of disposable income from the farmers, who were the mainstay of the local economy. Jobs disappeared and wages plummeted, leaving people desperate and charities unable to cope. Work relief schemes were the only government support available to the unemployed, the rate of which by the early 1930s was officially around 15%, but unofficially nearly twice that level (official figures excluded Māori and women). In 1932, riots occurred among the unemployed in three of the country's main cities (<a href="/wiki/Auckland" title="Auckland">Auckland</a>, <a href="/wiki/Dunedin" title="Dunedin">Dunedin</a>, and <a href="/wiki/Wellington" title="Wellington">Wellington</a>). Many were arrested or injured through the tough official handling of these riots by police and volunteer "special constables".<sup id="cite_ref-175" class="reference"><a href="#cite_note-175"><span class="cite-bracket">[</span>175<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Persia">Persia</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Expand_section plainlinks metadata ambox mbox-small-left ambox-content" role="presentation"><tbody><tr><td class="mbox-image"><span typeof="mw:File"><a href="/wiki/File:Wiki_letter_w_cropped.svg" class="mw-file-description"><img alt="[icon]" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/20px-Wiki_letter_w_cropped.svg.png" decoding="async" width="20" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/30px-Wiki_letter_w_cropped.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/40px-Wiki_letter_w_cropped.svg.png 2x" data-file-width="44" data-file-height="31" /></a></span></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs expansion</b>. You can help by <span class="anonymous-show"><span class="plainlinks"><a class="external text" href="https://en.wikipedia.org/w/index.php?title=Talk%3AGreat_Depression&preload=Template%3ASubmit+an+edit+request%2Fpreload&action=edit&section=new&editintro=Template%3AEdit+protected%2Feditintro&preloadtitle=Protected+edit+request+on+6+February+2025&preloadparams%5B%5D=edit+fully-protected&preloadparams%5B%5D=Great+Depression">making an edit request</a></span></span><span class="user-show"><a class="external text" href="https://en.wikipedia.org/w/index.php?title=Great_Depression&action=edit&section=">adding to it</a> </span>. <span class="date-container"><i>(<span class="date">April 2024</span>)</i></span></div></td></tr></tbody></table> <p>In Iran, then known as the <a href="/wiki/Imperial_State_of_Persia" class="mw-redirect" title="Imperial State of Persia">Imperial State of Persia</a>, the Great Depression had negative impacts on its exports. In 1933 a new concession was signed with the <a href="/wiki/Anglo-Persian_Oil_Company" title="Anglo-Persian Oil Company">Anglo-Persian Oil Company</a>.<sup id="cite_ref-176" class="reference"><a href="#cite_note-176"><span class="cite-bracket">[</span>176<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Poland">Poland</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Second_Polish_Republic#Economy" title="Second Polish Republic">Second Polish Republic § Economy</a></div> <p>Poland was affected by the Great Depression longer and stronger than other countries due to inadequate economic response of the government and the pre-existing economic circumstances of the country. At that time, Poland was under the authoritarian rule of <a href="/wiki/Sanation" title="Sanation">Sanacja</a>, whose leader, <a href="/wiki/J%C3%B3zef_Pi%C5%82sudski" title="Józef Piłsudski">Józef Piłsudski</a>, was opposed to leaving the <a href="/wiki/Gold_standard" title="Gold standard">gold standard</a> until his death in 1935. As a result, Poland was unable to perform a more active monetary and budget policy. Additionally, Poland was a relatively young country that emerged merely 10 years earlier after being partitioned between <a href="/wiki/German_Empire" title="German Empire">German</a>, <a href="/wiki/Russian_Empire" title="Russian Empire">Russian</a>, and the <a href="/wiki/Austria-Hungary" title="Austria-Hungary">Austro-Hungarian Empires</a> for over a century. Prior to independence, the Russian part exported 91% of its exports to Russia proper, while the German part exported 68% to Germany proper. After independence, these markets were largely lost, as Russia transformed into <a href="/wiki/Soviet_Union" title="Soviet Union">USSR</a> that was mostly a closed economy, and Germany was in a tariff war with Poland throughout the 1920s.<sup id="cite_ref-177" class="reference"><a href="#cite_note-177"><span class="cite-bracket">[</span>177<span class="cite-bracket">]</span></a></sup> </p><p><a href="/wiki/Industrial_production" title="Industrial production">Industrial production</a> fell significantly: in 1932 <a href="/wiki/Anthracite" title="Anthracite">hard coal</a> production was down 27% compared to 1928, <a href="/wiki/Steel" title="Steel">steel</a> production was down 61%, and <a href="/wiki/Iron_ore" title="Iron ore">iron ore</a> production noted an 89% decrease.<sup id="cite_ref-:2_178-0" class="reference"><a href="#cite_note-:2-178"><span class="cite-bracket">[</span>178<span class="cite-bracket">]</span></a></sup> On the other hand, electrotechnical, leather, and paper industries noted marginal increases in production output. Overall, industrial production decreased by 41%.<sup id="cite_ref-179" class="reference"><a href="#cite_note-179"><span class="cite-bracket">[</span>179<span class="cite-bracket">]</span></a></sup> A distinct feature of the Great Depression in Poland was the de-concentration of industry, as larger conglomerates were less flexible and paid their workers more than smaller ones. </p><p><a href="/wiki/Unemployment" title="Unemployment">Unemployment rate</a> rose significantly (up to 43%) while nominal <a href="/wiki/Wage" title="Wage">wages</a> fell by 51% in 1933 and 56% in 1934, relative to 1928. However, real wages fell less due to the government's policy of decreasing cost of living, particularly food expenditures (food prices were down by 65% in 1935 compared to 1928 price levels). Material conditions deprivation led to strikes, some of them violent or violently pacified – like in <a href="/wiki/Sanok" class="mw-redirect" title="Sanok">Sanok</a> (<a href="/w/index.php?title=Marsz_G%C5%82odnych_w_Sanoku&action=edit&redlink=1" class="new" title="Marsz Głodnych w Sanoku (page does not exist)">March of the Hungry in Sanok</a><span class="noprint" style="font-size:85%; font-style: normal;"> [<a href="https://pl.wikipedia.org/wiki/Marsz_G%C5%82odnych_w_Sanoku" class="extiw" title="pl:Marsz Głodnych w Sanoku">pl</a>]</span> 6 March 1930), <a href="/wiki/Lesko_County" title="Lesko County">Lesko county</a> (<a href="/wiki/Lesko_uprising" title="Lesko uprising">Lesko uprising</a> 21 June – 9 July 1932) and <a href="/wiki/Zawiercie" title="Zawiercie">Zawiercie</a> (<a href="/w/index.php?title=Krwawy_pi%C4%85tek_(1930)&action=edit&redlink=1" class="new" title="Krwawy piątek (1930) (page does not exist)">Bloody Friday (1930)</a><span class="noprint" style="font-size:85%; font-style: normal;"> [<a href="https://pl.wikipedia.org/wiki/Bloody_Friday_(1930)" class="extiw" title="pl:Bloody Friday (1930)">pl</a>]</span> 18 April 1930). </p><p>To adapt to the crisis, Polish government employed deflation methods such as high <a href="/wiki/Interest_rate" title="Interest rate">interest rates</a>, credit limits and budget <a href="/wiki/Austerity" title="Austerity">austerity</a> to keep a <a href="/wiki/Fixed_exchange_rate_system" title="Fixed exchange rate system">fixed exchange rate</a> with currencies tied to the gold standard. Only in late 1932 did the government effect a plan to fight the economic crisis.<sup id="cite_ref-180" class="reference"><a href="#cite_note-180"><span class="cite-bracket">[</span>180<span class="cite-bracket">]</span></a></sup> Part of the plan was mass <a href="/wiki/Public_works" title="Public works">public works</a> scheme, employing up to 100,000 people in 1935.<sup id="cite_ref-:2_178-1" class="reference"><a href="#cite_note-:2-178"><span class="cite-bracket">[</span>178<span class="cite-bracket">]</span></a></sup> After Piłsudski's death, in 1936 the gold standard regime was relaxed, and launching the development of the <a href="/wiki/Central_Industrial_Region_(Poland)" title="Central Industrial Region (Poland)">Central Industrial Region</a> kicked off the economy, to over 10% annual growth rate in the 1936–1938 period. </p> <div class="mw-heading mw-heading3"><h3 id="Portugal">Portugal</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Economic_history_of_Portugal" title="Economic history of Portugal">Economic history of Portugal</a></div> <p>Already under the rule of a dictatorial junta, the <a href="/wiki/Ditadura_Nacional" title="Ditadura Nacional">Ditadura Nacional</a>, Portugal suffered no turbulent political effects of the Depression, although <a href="/wiki/Ant%C3%B3nio_de_Oliveira_Salazar" title="António de Oliveira Salazar">António de Oliveira Salazar</a>, already appointed Minister of Finance in 1928 greatly expanded his powers and in 1932 rose to <a href="/wiki/Prime_Minister_of_Portugal" title="Prime Minister of Portugal">Prime Minister of Portugal</a> to found the <a href="/wiki/Estado_Novo_(Portugal)" title="Estado Novo (Portugal)">Estado Novo</a>, an <a href="/wiki/Authoritarian" class="mw-redirect" title="Authoritarian">authoritarian</a> <a href="/wiki/Corporatist" class="mw-redirect" title="Corporatist">corporatist</a> dictatorship. With the budget balanced in 1929, the effects of the depression were relaxed through harsh measures towards <a href="/wiki/Budget_balance" class="mw-redirect" title="Budget balance">budget balance</a> and <a href="/wiki/Autarky" title="Autarky">autarky</a>, causing social discontent but stability and, eventually, an impressive economic growth.<sup id="cite_ref-181" class="reference"><a href="#cite_note-181"><span class="cite-bracket">[</span>181<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Puerto_Rico">Puerto Rico</h3></div> <p>In the years immediately preceding the depression, negative developments in the island and world economies perpetuated an unsustainable cycle of subsistence for many Puerto Rican workers. The 1920s brought a dramatic drop in Puerto Rico's two primary exports, raw sugar and coffee, due to a devastating hurricane in 1928 and the plummeting demand from global markets in the latter half of the decade. 1930 unemployment on the island was roughly 36% and by 1933 Puerto Rico's per capita income dropped 30% (by comparison, unemployment in the United States in 1930 was approximately 8% reaching a height of 25% in 1933).<sup id="cite_ref-182" class="reference"><a href="#cite_note-182"><span class="cite-bracket">[</span>182<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-183" class="reference"><a href="#cite_note-183"><span class="cite-bracket">[</span>183<span class="cite-bracket">]</span></a></sup> To provide relief and economic reform, the United States government and Puerto Rican politicians such as <a href="/wiki/Carlos_E._Chard%C3%B3n" title="Carlos E. Chardón">Carlos Chardon</a> and <a href="/wiki/Luis_Mu%C3%B1oz_Mar%C3%ADn" title="Luis Muñoz Marín">Luis Muñoz Marín</a> created and administered first the Puerto Rico Emergency Relief Administration (PRERA) 1933 and then in 1935, the <a href="/wiki/Puerto_Rico_Reconstruction_Administration" title="Puerto Rico Reconstruction Administration">Puerto Rico Reconstruction Administration</a> (PRRA).<sup id="cite_ref-184" class="reference"><a href="#cite_note-184"><span class="cite-bracket">[</span>184<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Romania">Romania</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Great_Depression_in_Romania" title="Great Depression in Romania">Great Depression in Romania</a></div> <p>Romania was also affected by the Great Depression.<sup id="cite_ref-185" class="reference"><a href="#cite_note-185"><span class="cite-bracket">[</span>185<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-186" class="reference"><a href="#cite_note-186"><span class="cite-bracket">[</span>186<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="South_Africa">South Africa</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Great_Depression_in_South_Africa" title="Great Depression in South Africa">Great Depression in South Africa</a></div> <p>As world trade slumped, demand for South African agricultural and mineral exports fell drastically. The <a href="/wiki/Carnegie_Commission_of_Investigation_on_the_Poor_White_Question_in_South_Africa" title="Carnegie Commission of Investigation on the Poor White Question in South Africa">Carnegie Commission on Poor Whites</a> had concluded in 1931 that nearly one-third of <a href="/wiki/Afrikaner" class="mw-redirect" title="Afrikaner">Afrikaners</a> lived as paupers. The social discomfort caused by the depression was a contributing factor in the 1933 split between the "gesuiwerde" (purified) and "smelter" (fusionist) factions within the <a href="/wiki/National_Party_(South_Africa)" title="National Party (South Africa)">National Party</a> and the National Party's subsequent fusion with the <a href="/wiki/South_African_Party" title="South African Party">South African Party</a>.<sup id="cite_ref-187" class="reference"><a href="#cite_note-187"><span class="cite-bracket">[</span>187<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-188" class="reference"><a href="#cite_note-188"><span class="cite-bracket">[</span>188<span class="cite-bracket">]</span></a></sup> Unemployment programs were begun that focused primarily on the white population.<sup id="cite_ref-189" class="reference"><a href="#cite_note-189"><span class="cite-bracket">[</span>189<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Soviet_Union">Soviet Union</h3></div> <p>The Soviet Union was the only major <a href="/wiki/Socialist_state" title="Socialist state">socialist state</a> in the world and had very little international trade. Its economy was not tied to the rest of the world and was mostly unaffected by the Great Depression.<sup id="cite_ref-190" class="reference"><a href="#cite_note-190"><span class="cite-bracket">[</span>190<span class="cite-bracket">]</span></a></sup> </p><p>At the time of the Depression, the Soviet economy was growing steadily, fuelled by intensive investment in heavy industry. The apparent economic success of the Soviet Union at a time when the capitalist world was in crisis led many Western intellectuals to view the Soviet system favorably. Jennifer Burns wrote: </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><p>As the Great Depression ground on and unemployment soared, intellectuals began unfavorably comparing their faltering capitalist economy to Russian Communism. Karl Marx had predicted that capitalism would fall under the weight of its own contradictions, and now with the economic crisis gripping the West, his predictions seem to be coming true. By contrast Russia seemed an emblematic modern nation, making the staggering leap from a feudal past to an industrial future with ease.<sup id="cite_ref-191" class="reference"><a href="#cite_note-191"><span class="cite-bracket">[</span>191<span class="cite-bracket">]</span></a></sup></p></blockquote> <p>The early years of the Great Depression caused mass immigration to the Soviet Union, including 10,000 to 15,000 from Finland and thousands more from Poland, Sweden, Germany, and other nearby countries. The Kremlin was at first happy to help these immigrants settle, believing that they were victims of capitalism who had come to help the Soviet cause. However, by 1933, the worst of the Depression had come to an end in many countries, and word had been received that illegal migrants to the Soviet Union were being sent to Siberia.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (December 2024)">citation needed</span></a></i>]</sup> These factors caused immigration to the Soviet Union to slow significantly, and roughly a tenth of Finnish migrants returned to Finland, either legally or illegally.<sup id="cite_ref-192" class="reference"><a href="#cite_note-192"><span class="cite-bracket">[</span>192<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Spain">Spain</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Economic_history_of_Spain" title="Economic history of Spain">Economic history of Spain</a></div> <p>Spain had a relatively isolated economy, with high protective tariffs and was not one of the main countries affected by the Depression. The banking system held up well, as did agriculture.<sup id="cite_ref-193" class="reference"><a href="#cite_note-193"><span class="cite-bracket">[</span>193<span class="cite-bracket">]</span></a></sup> </p><p>By far the most serious negative impact came after 1936 from the heavy destruction of infrastructure and manpower by the <a href="/wiki/Spanish_Civil_War" title="Spanish Civil War">civil war, 1936–39</a>. Many talented workers were forced into permanent exile. By staying neutral in the Second World War, and selling to both sides<sup class="noprint Inline-Template" style="margin-left:0.1em; white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify"><span title="The text near this tag may need clarification or removal of jargon. (March 2020)">clarification needed</span></a></i>]</sup>, the economy avoided further disasters.<sup id="cite_ref-194" class="reference"><a href="#cite_note-194"><span class="cite-bracket">[</span>194<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Sweden">Sweden</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Economy_of_Sweden" title="Economy of Sweden">Economy of Sweden</a></div> <p>By the 1930s, Sweden had what America's <i><a href="/wiki/Life_(magazine)" title="Life (magazine)">Life magazine</a></i> called in 1938 the "world's highest standard of living". Sweden was also the first country worldwide to recover completely from the Great Depression. Taking place amid a short-lived government and a less-than-a-decade old Swedish democracy, events such as those surrounding <a href="/wiki/Ivar_Kreuger" title="Ivar Kreuger">Ivar Kreuger</a> (who eventually committed suicide) remain infamous in Swedish history. The <a href="/wiki/Swedish_Social_Democratic_Party" title="Swedish Social Democratic Party">Social Democrats</a> under <a href="/wiki/Per_Albin_Hansson" title="Per Albin Hansson">Per Albin Hansson</a> formed their first long-lived government in 1932 based on strong <a href="/wiki/Interventionism_(economics)" class="mw-redirect" title="Interventionism (economics)">interventionist</a> and <a href="/wiki/Welfare_state" title="Welfare state">welfare state</a> policies, monopolizing the office of <a href="/wiki/Prime_Minister_of_Sweden" title="Prime Minister of Sweden">Prime Minister</a> until 1976 with the sole and short-lived exception of <a href="/wiki/Axel_Pehrsson-Bramstorp" title="Axel Pehrsson-Bramstorp">Axel Pehrsson-Bramstorp</a>'s "summer cabinet" in 1936. During forty years of hegemony, it was the most successful political party in the history of Western liberal democracy.<sup id="cite_ref-195" class="reference"><a href="#cite_note-195"><span class="cite-bracket">[</span>195<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Thailand">Thailand</h3></div> <p>In Thailand, then known as the <a href="/wiki/Rattanakosin_Kingdom" class="mw-redirect" title="Rattanakosin Kingdom">Kingdom of Siam</a>, the Great Depression contributed to the end of the <a href="/wiki/Prajadhipok#Last_absolute_monarch" title="Prajadhipok">absolute monarchy of King Rama VII</a> in the <a href="/wiki/Siamese_revolution_of_1932" title="Siamese revolution of 1932">Siamese revolution of 1932</a>.<sup id="cite_ref-196" class="reference"><a href="#cite_note-196"><span class="cite-bracket">[</span>196<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Turkey">Turkey</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Expand_section plainlinks metadata ambox mbox-small-left ambox-content" role="presentation"><tbody><tr><td class="mbox-image"><span typeof="mw:File"><a href="/wiki/File:Wiki_letter_w_cropped.svg" class="mw-file-description"><img alt="[icon]" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/20px-Wiki_letter_w_cropped.svg.png" decoding="async" width="20" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/30px-Wiki_letter_w_cropped.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1c/Wiki_letter_w_cropped.svg/40px-Wiki_letter_w_cropped.svg.png 2x" data-file-width="44" data-file-height="31" /></a></span></td><td class="mbox-text"><div class="mbox-text-span">This section <b>needs expansion</b>. You can help by <span class="anonymous-show"><span class="plainlinks"><a class="external text" href="https://en.wikipedia.org/w/index.php?title=Talk%3AGreat_Depression&preload=Template%3ASubmit+an+edit+request%2Fpreload&action=edit&section=new&editintro=Template%3AEdit+protected%2Feditintro&preloadtitle=Protected+edit+request+on+6+February+2025&preloadparams%5B%5D=edit+fully-protected&preloadparams%5B%5D=Great+Depression">making an edit request</a></span></span><span class="user-show"><a class="external text" href="https://en.wikipedia.org/w/index.php?title=Great_Depression&action=edit&section=">adding to it</a> </span>. <span class="date-container"><i>(<span class="date">April 2024</span>)</i></span></div></td></tr></tbody></table> <p>The Great Depression came at a time when the relatively newly-established Turkish state was still reforming its economic policy following the end of the <a href="/wiki/Ottoman_Empire" title="Ottoman Empire">Ottoman</a> era. As the depression began, the country's trade deficits saw an increase and the Turkish lira significantly lost value. Turkey's economy was predominantly agrarian, thus the fall in demand which caused a fall in export prices of many goods affected the country's economy badly. As a result of the depression, the government, which had been following increasingly more liberal economic policies up until then, started opting for more statist policies.<sup id="cite_ref-197" class="reference"><a href="#cite_note-197"><span class="cite-bracket">[</span>197<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="United_Kingdom">United Kingdom</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/Great_Depression_in_the_United_Kingdom" title="Great Depression in the United Kingdom">Great Depression in the United Kingdom</a> and <a href="/wiki/Interwar_Britain" title="Interwar Britain">Interwar Britain</a></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Bundesarchiv_Bild_102-10246,_England,_Arbeitslose_vor_Gewerkschaftshaus.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a7/Bundesarchiv_Bild_102-10246%2C_England%2C_Arbeitslose_vor_Gewerkschaftshaus.jpg/220px-Bundesarchiv_Bild_102-10246%2C_England%2C_Arbeitslose_vor_Gewerkschaftshaus.jpg" decoding="async" width="220" height="158" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a7/Bundesarchiv_Bild_102-10246%2C_England%2C_Arbeitslose_vor_Gewerkschaftshaus.jpg/330px-Bundesarchiv_Bild_102-10246%2C_England%2C_Arbeitslose_vor_Gewerkschaftshaus.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a7/Bundesarchiv_Bild_102-10246%2C_England%2C_Arbeitslose_vor_Gewerkschaftshaus.jpg/440px-Bundesarchiv_Bild_102-10246%2C_England%2C_Arbeitslose_vor_Gewerkschaftshaus.jpg 2x" data-file-width="800" data-file-height="576" /></a><figcaption>Unemployed people in front of a workhouse in London, 1930</figcaption></figure> <p>The world depression broke at a time when the United Kingdom had still not fully recovered from the effects of the <a href="/wiki/World_War_I" title="World War I">First World War</a> more than a decade earlier. The country was driven off the <a href="/wiki/Gold_standard" title="Gold standard">gold standard</a> in 1931. </p><p>The world financial crisis began to overwhelm Britain in 1931; investors around the world started withdrawing their gold from London at the rate of £2.5 million per day.<sup id="cite_ref-David_Williams_1963_44-1" class="reference"><a href="#cite_note-David_Williams_1963-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> Credits of £25 million each from the Bank of France and the Federal Reserve Bank of New York and an issue of £15 million fiduciary note slowed, but did not reverse the British crisis. The financial crisis now caused a major political crisis in Britain in August 1931. With deficits mounting, the bankers demanded a balanced budget; the divided cabinet of Prime Minister Ramsay MacDonald's Labour government agreed; it proposed to raise taxes, cut spending and most controversially, to cut unemployment benefits by 20%. The attack on welfare was totally unacceptable to the Labour movement. MacDonald wanted to resign, but King George V insisted he remain and form an all-party coalition "<a href="/wiki/National_Government_(United_Kingdom)" title="National Government (United Kingdom)">National Government</a>". The Conservative and Liberals parties signed on, along with a small cadre of Labour, but the vast majority of Labour leaders denounced MacDonald as a traitor for leading the new government. Britain went off the gold standard, and suffered relatively less than other major countries in the Great Depression. In the 1931 British election, the Labour Party was virtually destroyed, leaving MacDonald as prime minister for a largely Conservative coalition.<sup id="cite_ref-198" class="reference"><a href="#cite_note-198"><span class="cite-bracket">[</span>198<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-John_Oxborrow_1976_pp._67-73_46-1" class="reference"><a href="#cite_note-John_Oxborrow_1976_pp._67-73-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> </p><p>The effects on the northern industrial areas of Britain were immediate and devastating, as demand for traditional industrial products collapsed. By the end of 1930 unemployment had more than doubled from 1 million to 2.5 million (20% of the insured workforce), and exports had fallen in value by 50%. In 1933, 30% of <a href="/wiki/Glasgow" title="Glasgow">Glaswegians</a> were unemployed due to the severe decline in heavy industry. In some towns and cities in the north east, unemployment reached as high as 70% as shipbuilding fell by 90%.<sup id="cite_ref-199" class="reference"><a href="#cite_note-199"><span class="cite-bracket">[</span>199<span class="cite-bracket">]</span></a></sup> The <a href="/wiki/National_Hunger_March,_1932" title="National Hunger March, 1932">National Hunger March</a> of September–October 1932 was the largest<sup id="cite_ref-200" class="reference"><a href="#cite_note-200"><span class="cite-bracket">[</span>200<span class="cite-bracket">]</span></a></sup> of a series of <a href="/wiki/Hunger_marches" title="Hunger marches">hunger marches</a> in Britain in the 1920s and 1930s. About 200,000 unemployed men were sent to the work camps, which continued in operation until 1939.<sup id="cite_ref-201" class="reference"><a href="#cite_note-201"><span class="cite-bracket">[</span>201<span class="cite-bracket">]</span></a></sup> </p><p>In the less industrial <a href="/wiki/English_Midlands" class="mw-redirect" title="English Midlands">Midlands</a> and <a href="/wiki/Southern_England" title="Southern England">Southern England</a>, the effects were short-lived and the later 1930s were a prosperous time. Growth in modern manufacture of electrical goods and a boom in the motor car industry was helped by a growing southern population and an expanding <a href="/wiki/Middle_class" title="Middle class">middle class</a>. Agriculture also saw a boom during this period.<sup id="cite_ref-Social_Conditions_in_Britain_1918–1939_202-0" class="reference"><a href="#cite_note-Social_Conditions_in_Britain_1918–1939-202"><span class="cite-bracket">[</span>202<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="United_States">United States</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main articles: <a href="/wiki/Great_Depression_in_the_United_States" title="Great Depression in the United States">Great Depression in the United States</a> and <a href="/wiki/The_New_Deal" class="mw-redirect" title="The New Deal">The New Deal</a></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Unemployed_men_queued_outside_a_depression_soup_kitchen_opened_in_Chicago_by_Al_Capone,_02-1931_-_NARA_-_541927.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/6/6c/Unemployed_men_queued_outside_a_depression_soup_kitchen_opened_in_Chicago_by_Al_Capone%2C_02-1931_-_NARA_-_541927.jpg/220px-Unemployed_men_queued_outside_a_depression_soup_kitchen_opened_in_Chicago_by_Al_Capone%2C_02-1931_-_NARA_-_541927.jpg" decoding="async" width="220" height="179" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/6/6c/Unemployed_men_queued_outside_a_depression_soup_kitchen_opened_in_Chicago_by_Al_Capone%2C_02-1931_-_NARA_-_541927.jpg/330px-Unemployed_men_queued_outside_a_depression_soup_kitchen_opened_in_Chicago_by_Al_Capone%2C_02-1931_-_NARA_-_541927.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/6/6c/Unemployed_men_queued_outside_a_depression_soup_kitchen_opened_in_Chicago_by_Al_Capone%2C_02-1931_-_NARA_-_541927.jpg/440px-Unemployed_men_queued_outside_a_depression_soup_kitchen_opened_in_Chicago_by_Al_Capone%2C_02-1931_-_NARA_-_541927.jpg 2x" data-file-width="2939" data-file-height="2392" /></a><figcaption>Unemployed men standing in line outside a depression soup kitchen in Chicago, 1931</figcaption></figure> <p>Hoover's first measures to combat the depression were based on encouraging businesses not to reduce their workforce or cut wages but businesses had little choice: wages were reduced, workers were laid off, and investments postponed.<sup id="cite_ref-Peter_Clemens_1954,_p._114_203-0" class="reference"><a href="#cite_note-Peter_Clemens_1954,_p._114-203"><span class="cite-bracket">[</span>203<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-204" class="reference"><a href="#cite_note-204"><span class="cite-bracket">[</span>204<span class="cite-bracket">]</span></a></sup> </p><p>In June 1930, Congress approved the <a href="/wiki/Smoot%E2%80%93Hawley_Tariff_Act" title="Smoot–Hawley Tariff Act">Smoot–Hawley Tariff Act</a> which raised tariffs on thousands of imported items. The intent of the Act was to encourage the purchase of American-made products by increasing the cost of imported goods, while raising revenue for the federal government and protecting farmers. Most countries that traded with the U.S. increased tariffs on American-made goods in retaliation, reducing international trade, and worsening the Depression.<sup id="cite_ref-205" class="reference"><a href="#cite_note-205"><span class="cite-bracket">[</span>205<span class="cite-bracket">]</span></a></sup> </p><p>In 1931, Hoover urged bankers to set up the <a href="/wiki/National_Credit_Corporation" title="National Credit Corporation">National Credit Corporation</a><sup id="cite_ref-206" class="reference"><a href="#cite_note-206"><span class="cite-bracket">[</span>206<span class="cite-bracket">]</span></a></sup> so that big banks could help failing banks survive. But bankers were reluctant to invest in failing banks, and the National Credit Corporation did almost nothing to address the problem.<sup id="cite_ref-207" class="reference"><a href="#cite_note-207"><span class="cite-bracket">[</span>207<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:Evictbonusarmy.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/00/Evictbonusarmy.jpg/220px-Evictbonusarmy.jpg" decoding="async" width="220" height="168" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/00/Evictbonusarmy.jpg/330px-Evictbonusarmy.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/00/Evictbonusarmy.jpg/440px-Evictbonusarmy.jpg 2x" data-file-width="1418" data-file-height="1083" /></a><figcaption>Burning shacks on the Anacostia flats, Washington, D.C., put up by the <a href="/wiki/Bonus_Army" title="Bonus Army">Bonus Army</a> (World War I veterans) after the marchers with their wives and children were driven out by the regular Army by order of <a href="/wiki/Herbert_Hoover" title="Herbert Hoover">President Hoover</a>, 1932<sup id="cite_ref-208" class="reference"><a href="#cite_note-208"><span class="cite-bracket">[</span>208<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p>By 1932, unemployment had reached 23.6%, peaking in early 1933 at 25%.<sup id="cite_ref-209" class="reference"><a href="#cite_note-209"><span class="cite-bracket">[</span>209<span class="cite-bracket">]</span></a></sup> Those released from prison during this period had an especially difficult time finding employment given the stigma of their criminal records, which often led to recidivism out of economic desperation.<sup id="cite_ref-PDN2_210-0" class="reference"><a href="#cite_note-PDN2-210"><span class="cite-bracket">[</span>210<span class="cite-bracket">]</span></a></sup> Drought persisted in the agricultural heartland, businesses and families defaulted on record numbers of loans, and more than 5,000 banks had failed.<sup id="cite_ref-211" class="reference"><a href="#cite_note-211"><span class="cite-bracket">[</span>211<span class="cite-bracket">]</span></a></sup> Hundreds of thousands of Americans found themselves homeless, and began congregating in <a href="/wiki/Shanty_town" title="Shanty town">shanty towns</a> – dubbed "<a href="/wiki/Hooverville" title="Hooverville">Hoovervilles</a>" – that began to appear across the country.<sup id="cite_ref-212" class="reference"><a href="#cite_note-212"><span class="cite-bracket">[</span>212<span class="cite-bracket">]</span></a></sup> In response, President Hoover and Congress approved the <a href="/wiki/Federal_Home_Loan_Bank_Act" title="Federal Home Loan Bank Act">Federal Home Loan Bank Act</a>, to spur new home construction, and reduce foreclosures. The final attempt of the Hoover Administration to stimulate the economy was the passage of the <a href="/wiki/Emergency_Relief_and_Construction_Act" title="Emergency Relief and Construction Act">Emergency Relief and Construction Act</a> (ERA) which included funds for <a href="/wiki/Public_works" title="Public works">public works</a> programs such as dams and the creation of the <a href="/wiki/Reconstruction_Finance_Corporation" title="Reconstruction Finance Corporation">Reconstruction Finance Corporation</a> (RFC) in 1932. The Reconstruction Finance Corporation was a Federal agency with the authority to lend up to $2 billion to rescue banks and restore confidence in financial institutions. But $2 billion was not enough to save all the banks, and <a href="/wiki/Bank_run" title="Bank run">bank runs</a> and bank failures continued.<sup id="cite_ref-Peter_Clemens_1954,_p._114_203-1" class="reference"><a href="#cite_note-Peter_Clemens_1954,_p._114-203"><span class="cite-bracket">[</span>203<span class="cite-bracket">]</span></a></sup> Quarter by quarter the economy went downhill, as prices, profits and employment fell, leading to the <a href="/wiki/Realigning_election" class="mw-redirect" title="Realigning election">political realignment</a> in 1932 that brought to power <a href="/wiki/Franklin_Delano_Roosevelt" class="mw-redirect" title="Franklin Delano Roosevelt">Franklin Delano Roosevelt</a>. </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Dust_Bowl_-_Dallas,_South_Dakota_1936.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ef/Dust_Bowl_-_Dallas%2C_South_Dakota_1936.jpg/220px-Dust_Bowl_-_Dallas%2C_South_Dakota_1936.jpg" decoding="async" width="220" height="165" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ef/Dust_Bowl_-_Dallas%2C_South_Dakota_1936.jpg/330px-Dust_Bowl_-_Dallas%2C_South_Dakota_1936.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ef/Dust_Bowl_-_Dallas%2C_South_Dakota_1936.jpg/440px-Dust_Bowl_-_Dallas%2C_South_Dakota_1936.jpg 2x" data-file-width="2400" data-file-height="1800" /></a><figcaption>Buried machinery in a barn lot; <a href="/wiki/South_Dakota" title="South Dakota">South Dakota</a>, May 1936. The <a href="/wiki/Dust_Bowl" title="Dust Bowl">Dust Bowl</a> on the Great Plains coincided with the Great Depression.<sup id="cite_ref-213" class="reference"><a href="#cite_note-213"><span class="cite-bracket">[</span>213<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p>Shortly after President <a href="/wiki/Franklin_Delano_Roosevelt" class="mw-redirect" title="Franklin Delano Roosevelt">Franklin Delano Roosevelt</a> was inaugurated in 1933, drought and erosion combined to cause the <a href="/wiki/Dust_Bowl" title="Dust Bowl">Dust Bowl</a>, shifting hundreds of thousands of <a href="/wiki/Displaced_persons" class="mw-redirect" title="Displaced persons">displaced persons</a> off their farms in the Midwest. From his inauguration onward, Roosevelt argued that restructuring of the economy would be needed to prevent another depression or avoid prolonging the current one. New Deal programs sought to stimulate <a href="/wiki/Demand" title="Demand">demand</a> and provide work and relief for the impoverished through increased government spending and the institution of financial reforms. </p><p>During a "bank holiday" that lasted five days, the <a href="/wiki/Emergency_Banking_Act" class="mw-redirect" title="Emergency Banking Act">Emergency Banking Act</a> was signed into law. It provided for a system of reopening sound banks under <a href="/wiki/United_States_Department_of_Treasury" class="mw-redirect" title="United States Department of Treasury">Treasury</a> supervision, with federal loans available if needed. The <a href="/wiki/Securities_Act_of_1933" title="Securities Act of 1933">Securities Act of 1933</a> comprehensively regulated the securities industry. This was followed by the <a href="/wiki/Securities_Exchange_Act_of_1934" title="Securities Exchange Act of 1934">Securities Exchange Act of 1934</a> which created the <a href="/wiki/Securities_and_Exchange_Commission" class="mw-redirect" title="Securities and Exchange Commission">Securities and Exchange Commission</a>. Although amended, key provisions of both Acts are still in force. Federal insurance of <a href="/wiki/Deposit_account" title="Deposit account">bank deposits</a> was provided by the <a href="/wiki/Federal_Deposit_Insurance_Corporation" title="Federal Deposit Insurance Corporation">FDIC</a>, and the <a href="/wiki/Glass%E2%80%93Steagall_Act" class="mw-redirect" title="Glass–Steagall Act">Glass–Steagall Act</a>. </p><p>The <a href="/wiki/Agricultural_Adjustment_Act" title="Agricultural Adjustment Act">Agricultural Adjustment Act</a> provided incentives to cut farm production in order to raise farming prices. The <a href="/wiki/National_Recovery_Administration" title="National Recovery Administration">National Recovery Administration</a> (NRA) made a number of sweeping changes to the American economy. It forced businesses to work with government to set price codes through the NRA to fight <a href="/wiki/Deflation" title="Deflation">deflationary</a> "cut-throat competition" by the setting of minimum prices and <a href="/wiki/Minimum_wage" title="Minimum wage">wages</a>, labor standards, and competitive conditions in all industries. It encouraged unions that would raise wages, to increase the <a href="/wiki/Purchasing_power" title="Purchasing power">purchasing power</a> of the <a href="/wiki/Working_class" title="Working class">working class</a>. The NRA <a href="/wiki/Schechter_v._United_States" class="mw-redirect" title="Schechter v. United States">was deemed unconstitutional</a> by the <a href="/wiki/Supreme_Court_of_the_United_States" title="Supreme Court of the United States">Supreme Court of the United States</a> in 1935. </p> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:Civilian_Conservation_Corps_-_NARA_-_195832.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/72/Civilian_Conservation_Corps_-_NARA_-_195832.jpg/220px-Civilian_Conservation_Corps_-_NARA_-_195832.jpg" decoding="async" width="220" height="176" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/72/Civilian_Conservation_Corps_-_NARA_-_195832.jpg/330px-Civilian_Conservation_Corps_-_NARA_-_195832.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/7/72/Civilian_Conservation_Corps_-_NARA_-_195832.jpg/440px-Civilian_Conservation_Corps_-_NARA_-_195832.jpg 2x" data-file-width="1965" data-file-height="1575" /></a><figcaption><a href="/wiki/Civilian_Conservation_Corps" title="Civilian Conservation Corps">CCC</a> workers constructing drainage culvert, 1933. Over 3 million unemployed young men were taken out of the cities and placed into 2,600+ work camps managed by the CCC.<sup id="cite_ref-214" class="reference"><a href="#cite_note-214"><span class="cite-bracket">[</span>214<span class="cite-bracket">]</span></a></sup></figcaption></figure> <p>These reforms, together with several other relief and recovery measures, are called the <a href="/wiki/First_New_Deal" class="mw-redirect" title="First New Deal">First New Deal</a>. Economic stimulus was attempted through a new <a href="/wiki/Alphabet_agencies" title="Alphabet agencies">alphabet soup of agencies</a> set up in 1933 and 1934 and previously extant agencies such as the <a href="/wiki/Reconstruction_Finance_Corporation" title="Reconstruction Finance Corporation">Reconstruction Finance Corporation</a>. By 1935, the "<a href="/wiki/Second_New_Deal" title="Second New Deal">Second New Deal</a>" added <a href="/wiki/Social_Security_(United_States)" title="Social Security (United States)">Social Security</a> (which was later considerably extended through the <a href="/wiki/Fair_Deal" title="Fair Deal">Fair Deal</a>), a jobs program for the unemployed (the <a href="/wiki/Works_Progress_Administration" title="Works Progress Administration">Works Progress Administration</a>, WPA) and, through the <a href="/wiki/National_Labor_Relations_Board" title="National Labor Relations Board">National Labor Relations Board</a>, a strong stimulus to the growth of labor unions. In 1929, federal expenditures constituted only 3% of the <a href="/wiki/Gross_domestic_product" title="Gross domestic product">GDP</a>. The national debt as a proportion of GNP rose under Hoover from 20% to 40%. Roosevelt kept it at 40% until the war began, when it soared to 128%. </p><p>By 1936, the main <a href="/wiki/Economic_indicator" title="Economic indicator">economic indicators</a> had regained the levels of the late 1920s, except for unemployment, which remained high at 11%, although this was considerably lower than the 25% unemployment rate seen in 1933. In the spring of 1937, American industrial production exceeded that of 1929 and remained level until June 1937. In June 1937, the Roosevelt administration cut spending and increased taxation in an attempt to balance the federal budget.<sup id="cite_ref-215" class="reference"><a href="#cite_note-215"><span class="cite-bracket">[</span>215<span class="cite-bracket">]</span></a></sup> The American economy then took a sharp downturn, lasting for 13 months through most of 1938. Industrial production fell almost 30% within a few months and production of <a href="/wiki/Durable_good" title="Durable good">durable goods</a> fell even faster. Unemployment jumped from 14.3% in 1937 to 19.0% in 1938, rising from 5 million to more than 12 million in early 1938.<sup id="cite_ref-216" class="reference"><a href="#cite_note-216"><span class="cite-bracket">[</span>216<span class="cite-bracket">]</span></a></sup> Manufacturing output fell by 37% from the 1937 peak and was back to 1934 levels.<sup id="cite_ref-217" class="reference"><a href="#cite_note-217"><span class="cite-bracket">[</span>217<span class="cite-bracket">]</span></a></sup> </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Wpa1.JPG" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b3/Wpa1.JPG/220px-Wpa1.JPG" decoding="async" width="220" height="166" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b3/Wpa1.JPG/330px-Wpa1.JPG 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b3/Wpa1.JPG/440px-Wpa1.JPG 2x" data-file-width="1361" data-file-height="1028" /></a><figcaption>The <a href="/wiki/Works_Progress_Administration" title="Works Progress Administration">WPA</a> employed 2–3 million at unskilled labor.</figcaption></figure> <p>Producers reduced their expenditures on durable goods, and inventories declined, but personal income was only 15% lower than it had been at the peak in 1937. As unemployment rose, consumers' expenditures declined, leading to further cutbacks in production. By May 1938 retail sales began to increase, employment improved, and industrial production turned up after June 1938.<sup id="cite_ref-218" class="reference"><a href="#cite_note-218"><span class="cite-bracket">[</span>218<span class="cite-bracket">]</span></a></sup> After the recovery from the Recession of 1937–38, conservatives were able to form a bipartisan <a href="/wiki/Conservative_coalition" title="Conservative coalition">conservative coalition</a> to stop further expansion of the New Deal and, when unemployment dropped to 2% in the early 1940s, they abolished WPA, CCC and the PWA relief programs. Social Security remained in place. </p><p>Between 1933 and 1939, federal expenditure tripled, and Roosevelt's critics charged that he was turning America into a <a href="/wiki/Socialism" title="Socialism">socialist</a> state.<sup id="cite_ref-219" class="reference"><a href="#cite_note-219"><span class="cite-bracket">[</span>219<span class="cite-bracket">]</span></a></sup> The Great Depression was a main factor in the implementation of <a href="/wiki/Social_democracy" title="Social democracy">social democracy</a> and <a href="/wiki/Planned_economy" title="Planned economy">planned economies</a> in European countries after World War II (see <a href="/wiki/Marshall_Plan" title="Marshall Plan">Marshall Plan</a>). <a href="/wiki/Keynesianism" class="mw-redirect" title="Keynesianism">Keynesianism</a> generally remained the most influential economic school in the United States and in parts of Europe until the periods between the 1970s and the 1980s, when <a href="/wiki/Milton_Friedman" title="Milton Friedman">Milton Friedman</a> and other <a href="/wiki/Neoliberal" class="mw-redirect" title="Neoliberal">neoliberal</a> economists formulated and propagated the newly created theories of <a href="/wiki/Neoliberalism" title="Neoliberalism">neoliberalism</a> and incorporated them into the <a href="/wiki/Chicago_School_of_Economics" class="mw-redirect" title="Chicago School of Economics">Chicago School of Economics</a> as an alternative approach to the study of economics. Neoliberalism went on to challenge the dominance of the Keynesian school of Economics in the mainstream academia and policy-making in the United States, having reached its peak in popularity in the election of the presidency of <a href="/wiki/Ronald_Reagan" title="Ronald Reagan">Ronald Reagan</a> in the United States, and <a href="/wiki/Margaret_Thatcher" title="Margaret Thatcher">Margaret Thatcher</a> in the United Kingdom.<sup id="cite_ref-220" class="reference"><a href="#cite_note-220"><span class="cite-bracket">[</span>220<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Literature">Literature</h2></div> <style data-mw-deduplicate="TemplateStyles:r1224211176">.mw-parser-output .quotebox{background-color:#F9F9F9;border:1px solid #aaa;box-sizing:border-box;padding:10px;font-size:88%;max-width:100%}.mw-parser-output .quotebox.floatleft{margin:.5em 1.4em .8em 0}.mw-parser-output .quotebox.floatright{margin:.5em 0 .8em 1.4em}.mw-parser-output .quotebox.centered{overflow:hidden;position:relative;margin:.5em auto .8em auto}.mw-parser-output .quotebox.floatleft span,.mw-parser-output .quotebox.floatright span{font-style:inherit}.mw-parser-output .quotebox>blockquote{margin:0;padding:0;border-left:0;font-family:inherit;font-size:inherit}.mw-parser-output .quotebox-title{text-align:center;font-size:110%;font-weight:bold}.mw-parser-output .quotebox-quote>:first-child{margin-top:0}.mw-parser-output .quotebox-quote:last-child>:last-child{margin-bottom:0}.mw-parser-output .quotebox-quote.quoted:before{font-family:"Times New Roman",serif;font-weight:bold;font-size:large;color:gray;content:" “ ";vertical-align:-45%;line-height:0}.mw-parser-output .quotebox-quote.quoted:after{font-family:"Times New Roman",serif;font-weight:bold;font-size:large;color:gray;content:" ” ";line-height:0}.mw-parser-output .quotebox .left-aligned{text-align:left}.mw-parser-output .quotebox .right-aligned{text-align:right}.mw-parser-output .quotebox .center-aligned{text-align:center}.mw-parser-output .quotebox .quote-title,.mw-parser-output .quotebox .quotebox-quote{display:block}.mw-parser-output .quotebox cite{display:block;font-style:normal}@media screen and (max-width:640px){.mw-parser-output .quotebox{width:100%!important;margin:0 0 .8em!important;float:none!important}}</style><div class="quotebox pullquote floatright" style="width:40%; ;"> <blockquote class="quotebox-quote left-aligned" style=""> <p>And the great owners, who must lose their land in an upheaval, the great owners with access to history, with eyes to read history and to know the great fact: when property accumulates in too few hands it is taken away. And that companion fact: when a majority of the people are hungry and cold they will take by force what they need. And the little screaming fact that sounds through all history: repression works only to strengthen and knit the repressed. </p> </blockquote> <div style="padding-bottom: 0; padding-top: 0.5em"><cite class="left-aligned" style="">–John Steinbeck, <i>The Grapes of Wrath</i><sup id="cite_ref-221" class="reference"><a href="#cite_note-221"><span class="cite-bracket">[</span>221<span class="cite-bracket">]</span></a></sup></cite></div> </div> <p>The Great Depression has been the subject of much writing, as authors have sought to evaluate an era that caused both financial and emotional trauma. Perhaps the most noteworthy and famous novel written on the subject is <i><a href="/wiki/The_Grapes_of_Wrath" title="The Grapes of Wrath">The Grapes of Wrath</a></i>, published in 1939 and written by <a href="/wiki/John_Steinbeck" title="John Steinbeck">John Steinbeck</a>, who was awarded the <a href="/wiki/Pulitzer_Prize" title="Pulitzer Prize">Pulitzer Prize</a> for the work, and in 1962 was awarded the <a href="/wiki/Nobel_Prize" title="Nobel Prize">Nobel Prize</a> for literature. The novel focuses on a poor family of sharecroppers who are forced from their home as drought, economic hardship, and changes in the <a href="/wiki/Agriculture" title="Agriculture">agricultural industry</a> occur during the Great Depression. Steinbeck's <i><a href="/wiki/Of_Mice_and_Men" title="Of Mice and Men">Of Mice and Men</a></i> is another important novella about a journey during the Great Depression. Additionally, Harper Lee's <i><a href="/wiki/To_Kill_a_Mockingbird" title="To Kill a Mockingbird">To Kill a Mockingbird</a></i> is set during the Great Depression. Margaret Atwood's Booker prize-winning <i><a href="/wiki/The_Blind_Assassin" title="The Blind Assassin">The Blind Assassin</a></i> is likewise set in the Great Depression, centering on a privileged socialite's love affair with a Marxist revolutionary. The era spurred the resurgence of social realism, practiced by many who started their writing careers on relief programs, especially the <a href="/wiki/Federal_Writers%27_Project" title="Federal Writers' Project">Federal Writers' Project</a> in the U.S.<sup id="cite_ref-222" class="reference"><a href="#cite_note-222"><span class="cite-bracket">[</span>222<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-223" class="reference"><a href="#cite_note-223"><span class="cite-bracket">[</span>223<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-224" class="reference"><a href="#cite_note-224"><span class="cite-bracket">[</span>224<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-225" class="reference"><a href="#cite_note-225"><span class="cite-bracket">[</span>225<span class="cite-bracket">]</span></a></sup> Nonfiction works from this time also capture important themes. The 1933 memoir <i>Prison Days and Nights</i> by <a href="/wiki/Victor_Folke_Nelson" title="Victor Folke Nelson">Victor Folke Nelson</a> provides insight into criminal justice ramifications of the Great Depression, especially in regard to patterns of recidivism due to lack of economic opportunity.<sup id="cite_ref-PDN2_210-1" class="reference"><a href="#cite_note-PDN2-210"><span class="cite-bracket">[</span>210<span class="cite-bracket">]</span></a></sup> </p><p>A number of works for younger audiences are also set during the Great Depression, among them the <a href="/wiki/Kit_Kittredge" title="Kit Kittredge">Kit Kittredge</a> series of <i><a href="/wiki/American_Girl_(book_series)" title="American Girl (book series)">American Girl</a></i> books written by <a href="/wiki/Valerie_Tripp" title="Valerie Tripp">Valerie Tripp</a> and illustrated by <a href="/wiki/Walter_Rane" title="Walter Rane">Walter Rane</a>, released to tie in with the dolls and playsets sold by the company. The stories, which take place during the early to mid 1930s in <a href="/wiki/Cincinnati" title="Cincinnati">Cincinnati</a>, focuses on the changes brought by the Depression to the titular character's family and how the Kittredges dealt with it.<sup id="cite_ref-Communications2000_226-0" class="reference"><a href="#cite_note-Communications2000-226"><span class="cite-bracket">[</span>226<span class="cite-bracket">]</span></a></sup> A theatrical adaptation of the series entitled <i><a href="/wiki/Kit_Kittredge:_An_American_Girl" title="Kit Kittredge: An American Girl">Kit Kittredge: An American Girl</a></i> was later released in 2008 to positive reviews.<sup id="cite_ref-Morency_227-0" class="reference"><a href="#cite_note-Morency-227"><span class="cite-bracket">[</span>227<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Pimpare2017_228-0" class="reference"><a href="#cite_note-Pimpare2017-228"><span class="cite-bracket">[</span>228<span class="cite-bracket">]</span></a></sup> Similarly, <i>Christmas After All</i>, part of the <i><a href="/wiki/Dear_America" title="Dear America">Dear America</a></i> series of books for older girls, take place in 1930s <a href="/wiki/Indianapolis" title="Indianapolis">Indianapolis</a>; while <i>Kit Kittredge</i> is told in a third-person viewpoint, <i>Christmas After All</i> is in the form of a fictional journal as told by the protagonist Minnie Swift as she recounts her experiences during the era, especially when her family takes in an orphan cousin from Texas.<sup id="cite_ref-Smith2006_229-0" class="reference"><a href="#cite_note-Smith2006-229"><span class="cite-bracket">[</span>229<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Naming">Naming</h2></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Economic_depression" title="Economic depression">Economic depression</a></div> <p>The term "The Great Depression" is most frequently attributed to British economist <a href="/wiki/Lionel_Robbins" title="Lionel Robbins">Lionel Robbins</a>, whose 1934 book <i>The Great Depression</i> is credited with formalizing the phrase,<sup id="cite_ref-hnn_230-0" class="reference"><a href="#cite_note-hnn-230"><span class="cite-bracket">[</span>230<span class="cite-bracket">]</span></a></sup> though Hoover is widely credited with popularizing the term,<sup id="cite_ref-hnn_230-1" class="reference"><a href="#cite_note-hnn-230"><span class="cite-bracket">[</span>230<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-231" class="reference"><a href="#cite_note-231"><span class="cite-bracket">[</span>231<span class="cite-bracket">]</span></a></sup> informally referring to the downturn as a depression, with such uses as "Economic depression cannot be cured by legislative action or executive pronouncement" (December 1930, Message to Congress), and "I need not recount to you that the world is passing through a great depression" (1931). </p> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:Schwarzer_Freitag_Wien_1873.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/07/Schwarzer_Freitag_Wien_1873.jpg/260px-Schwarzer_Freitag_Wien_1873.jpg" decoding="async" width="260" height="173" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/07/Schwarzer_Freitag_Wien_1873.jpg/390px-Schwarzer_Freitag_Wien_1873.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/07/Schwarzer_Freitag_Wien_1873.jpg/520px-Schwarzer_Freitag_Wien_1873.jpg 2x" data-file-width="1581" data-file-height="1050" /></a><figcaption>Black Friday, 9 May 1873, Vienna Stock Exchange. The <a href="/wiki/Panic_of_1873" title="Panic of 1873">Panic of 1873</a> and <a href="/wiki/Long_Depression" title="Long Depression">Long Depression</a> followed.</figcaption></figure> <p>The term "<a href="/wiki/Depression_(economics)" class="mw-redirect" title="Depression (economics)">depression</a>" to refer to an economic downturn dates to the 19th century, when it was used by varied Americans and British politicians and economists. The first major American economic crisis, the <a href="/wiki/Panic_of_1819" title="Panic of 1819">Panic of 1819</a>, was described by then-president <a href="/wiki/James_Monroe" title="James Monroe">James Monroe</a> as "a depression",<sup id="cite_ref-hnn_230-2" class="reference"><a href="#cite_note-hnn-230"><span class="cite-bracket">[</span>230<span class="cite-bracket">]</span></a></sup> and the most recent economic crisis, the <a href="/wiki/Depression_of_1920%E2%80%9321" class="mw-redirect" title="Depression of 1920–21">Depression of 1920–21</a>, had been referred to as a "depression" by then-president <a href="/wiki/Calvin_Coolidge" title="Calvin Coolidge">Calvin Coolidge</a>. </p><p>Financial crises were traditionally referred to as "panics", most recently the major <a href="/wiki/Panic_of_1907" title="Panic of 1907">Panic of 1907</a>, and the minor <a href="/wiki/Panic_of_1910%E2%80%9311" title="Panic of 1910–11">Panic of 1910–11</a>, though the 1929 crisis was called "The Crash", and the term "panic" has since fallen out of use. At the time of the Great Depression, the term "The Great Depression" was already used to refer to the period 1873–96 (in the United Kingdom), or more narrowly 1873–79 (in the United States), which has retroactively been renamed the <a href="/wiki/Long_Depression" title="Long Depression">Long Depression</a>.<sup id="cite_ref-232" class="reference"><a href="#cite_note-232"><span class="cite-bracket">[</span>232<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Other_"great_depressions""><span id="Other_.22great_depressions.22"></span>Other "great depressions"</h3></div> <p>The <a href="/wiki/Dissolution_of_the_Soviet_Union" title="Dissolution of the Soviet Union">collapse of the Soviet Union</a>, and the breakdown of economic ties which followed, led to a severe economic crisis and catastrophic fall in the <a href="/wiki/Standard_of_living" title="Standard of living">standards of living</a> in the 1990s in <a href="/wiki/Post-Soviet_states" title="Post-Soviet states">post-Soviet states</a> and the former <a href="/wiki/Eastern_Bloc" title="Eastern Bloc">Eastern Bloc</a>,<sup id="cite_ref-233" class="reference"><a href="#cite_note-233"><span class="cite-bracket">[</span>233<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-234" class="reference"><a href="#cite_note-234"><span class="cite-bracket">[</span>234<span class="cite-bracket">]</span></a></sup> which was even worse than the Great Depression.<sup id="cite_ref-235" class="reference"><a href="#cite_note-235"><span class="cite-bracket">[</span>235<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Russia_236-0" class="reference"><a href="#cite_note-Russia-236"><span class="cite-bracket">[</span>236<span class="cite-bracket">]</span></a></sup> Even before Russia's <a href="/wiki/1998_Russian_financial_crisis" title="1998 Russian financial crisis">financial crisis</a> of 1998, Russia's GDP was half of what it had been in the early 1990s.<sup id="cite_ref-Russia_236-1" class="reference"><a href="#cite_note-Russia-236"><span class="cite-bracket">[</span>236<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Comparison_with_the_Great_Recession">Comparison with the Great Recession</h2></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Comparisons_between_the_Great_Recession_and_the_Great_Depression" title="Comparisons between the Great Recession and the Great Depression">Comparisons between the Great Recession and the Great Depression</a></div> <p>The <a href="/wiki/Late-2000s_recession" class="mw-redirect" title="Late-2000s recession">worldwide economic decline after 2008</a> has been compared to the 1930s.<sup id="cite_ref-237" class="reference"><a href="#cite_note-237"><span class="cite-bracket">[</span>237<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-238" class="reference"><a href="#cite_note-238"><span class="cite-bracket">[</span>238<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-239" class="reference"><a href="#cite_note-239"><span class="cite-bracket">[</span>239<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-240" class="reference"><a href="#cite_note-240"><span class="cite-bracket">[</span>240<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-241" class="reference"><a href="#cite_note-241"><span class="cite-bracket">[</span>241<span class="cite-bracket">]</span></a></sup> </p><p>The <a href="/wiki/Causes_of_the_Great_Recession" title="Causes of the Great Recession">causes of the Great Recession</a> seem similar to the Great Depression, but significant differences exist. The then-chairman of the <a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a>, <a href="/wiki/Ben_Bernanke" title="Ben Bernanke">Ben Bernanke</a>, had extensively studied the Great Depression as part of his doctoral work at MIT, and implemented policies to manipulate the money supply and interest rates in ways that were not done in the 1930s. Bernanke's policies will undoubtedly be analyzed and scrutinized in the years to come, as economists debate the wisdom of his choices. In 2011, one journalist contrasted the Great Depression of the 1930s as opposed to the <a href="/wiki/Late-2000s_recession" class="mw-redirect" title="Late-2000s recession">late-2000s recession</a>.<sup id="cite_ref-242" class="reference"><a href="#cite_note-242"><span class="cite-bracket">[</span>242<span class="cite-bracket">]</span></a></sup> </p> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1244412712"><blockquote class="templatequote"><div class="poem"> <p>If we contrast the 1930s with the Crash of 2008 where gold went through the roof, it is clear that the U.S. dollar on the gold standard was a completely different animal in comparison to the fiat free-floating U.S. dollar currency we have today. Both currencies in 1929 and 2008 were the U.S. dollar, but analogously it is as if one was a <a href="/wiki/Saber-toothed_tiger" class="mw-redirect" title="Saber-toothed tiger">Saber-toothed tiger</a> and the other is a <a href="/wiki/Bengal_tiger" title="Bengal tiger">Bengal tiger</a>; they are two completely different animals. Where we have experienced inflation since the Crash of 2008, the situation was much different in the 1930s when deflation set in. Unlike the deflation of the early 1930s, the U.S. economy currently appears to be in a "<a href="/wiki/Liquidity_trap" title="Liquidity trap">liquidity trap</a>", or a situation where monetary policy is unable to stimulate an economy back to health.<br /> <br /> In terms of the stock market, nearly three years after the 1929 crash, the <a href="/wiki/Dow_Jones_Industrial_Average" title="Dow Jones Industrial Average">DJIA</a> dropped 8.4% on 12 August 1932. Where we have experienced great volatility with large intraday swings in the past two months, in 2011, we have not experienced any record-shattering daily percentage drops to the tune of the 1930s. Where many of us may have that '30s feeling, in light of the DJIA, the CPI, and the national unemployment rate, we are simply not living in the '30s. Some individuals may feel as if we are living in a depression, but for many others the current <a href="/wiki/Financial_crisis_of_2007%E2%80%932008" class="mw-redirect" title="Financial crisis of 2007–2008">global financial crisis</a> simply does not feel like a depression akin to the 1930s. </p> </div></blockquote> <p>1928 and 1929 were the times in the 20th century that the <a href="/wiki/Wealth_gap" class="mw-redirect" title="Wealth gap">wealth gap</a> reached such skewed extremes;<sup id="cite_ref-243" class="reference"><a href="#cite_note-243"><span class="cite-bracket">[</span>243<span class="cite-bracket">]</span></a></sup> half the unemployed had been out of work for over six months, something that was not repeated until the late-2000s recession. 2007 and 2008 eventually saw the world reach new levels of wealth gap inequality that rivalled the years of 1928 and 1929. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2></div> <style data-mw-deduplicate="TemplateStyles:r1266661725">.mw-parser-output .portalbox{padding:0;margin:0.5em 0;display:table;box-sizing:border-box;max-width:175px;list-style:none}.mw-parser-output .portalborder{border:1px solid var(--border-color-base,#a2a9b1);padding:0.1em;background:var(--background-color-neutral-subtle,#f8f9fa)}.mw-parser-output .portalbox-entry{display:table-row;font-size:85%;line-height:110%;height:1.9em;font-style:italic;font-weight:bold}.mw-parser-output .portalbox-image{display:table-cell;padding:0.2em;vertical-align:middle;text-align:center}.mw-parser-output .portalbox-link{display:table-cell;padding:0.2em 0.2em 0.2em 0.3em;vertical-align:middle}@media(min-width:720px){.mw-parser-output .portalleft{margin:0.5em 1em 0.5em 0}.mw-parser-output .portalright{clear:right;float:right;margin:0.5em 0 0.5em 1em}}</style><ul role="navigation" aria-label="Portals" class="noprint portalbox portalborder portalright"> <li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/28px-Emblem-money.svg.png" decoding="async" width="28" height="28" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/42px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/56px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span></span><span class="portalbox-link"><a href="/wiki/Portal:Economy" class="mw-redirect" title="Portal:Economy">Economy portal</a></span></li><li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/2a/Trumpet01.svg/32px-Trumpet01.svg.png" decoding="async" width="32" height="10" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/2a/Trumpet01.svg/48px-Trumpet01.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/2a/Trumpet01.svg/64px-Trumpet01.svg.png 2x" data-file-width="539" data-file-height="170" /></span></span></span><span class="portalbox-link"><a href="/wiki/Portal:1920s" title="Portal:1920s">1920s portal</a></span></li><li class="portalbox-entry"><span class="portalbox-image"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/54/Lange-MigrantMother02.jpg/21px-Lange-MigrantMother02.jpg" decoding="async" width="21" height="28" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/54/Lange-MigrantMother02.jpg/32px-Lange-MigrantMother02.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/54/Lange-MigrantMother02.jpg/43px-Lange-MigrantMother02.jpg 2x" data-file-width="6205" data-file-height="8066" /></span></span></span><span class="portalbox-link"><a href="/wiki/Portal:1930s" class="mw-redirect" title="Portal:1930s">1930s portal</a></span></li></ul> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col"> <ul><li><a href="/wiki/Causes_of_the_Great_Depression" title="Causes of the Great Depression">Causes of the Great Depression</a></li> <li><a href="/wiki/Cities_in_the_Great_Depression" title="Cities in the Great Depression">Cities in the Great Depression</a></li> <li><a href="/wiki/Entertainment_during_the_Great_Depression" title="Entertainment during the Great Depression">Entertainment during the Great Depression</a></li> <li><a href="/wiki/List_of_Depression-era_outlaws" class="mw-redirect" title="List of Depression-era outlaws">List of Depression-era outlaws</a></li> <li><a href="/wiki/Timeline_of_the_Great_Depression" title="Timeline of the Great Depression">Timeline of the Great Depression</a></li></ul> </div> <div class="mw-heading mw-heading3"><h3 id="General">General</h3></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1184024115"><div class="div-col"> <ul><li><a href="/wiki/Causes_of_World_War_II" title="Causes of World War II">Causes of World War II</a></li> <li><a href="/wiki/Causes_of_World_War_I" title="Causes of World War I">Causes of World War I</a></li> <li><a href="/wiki/Economic_collapse" title="Economic collapse">Economic collapse</a></li> <li><a href="/wiki/International_relations_(1919%E2%80%931939)" title="International relations (1919–1939)">International relations (1919–1939)</a></li> <li><a href="/wiki/Interwar_France" title="Interwar France">Interwar France</a></li> <li><a href="/wiki/Involuntary_unemployment" title="Involuntary unemployment">Involuntary unemployment</a></li> <li><a href="/wiki/List_of_economic_crises" title="List of economic crises">List of economic crises</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-:5-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-:5_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:5_1-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFFriedmanSchwartz2008" class="citation book cs1">Friedman, Milton; Schwartz, Anna Jacobson (2008). <i>A monetary history of the United States 1867–1960</i>. Princeton paperbacks (9th pbk. printing, 22nd printing ed.). Princeton: Princeton University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-691-00354-2" title="Special:BookSources/978-0-691-00354-2"><bdi>978-0-691-00354-2</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=A+monetary+history+of+the+United+States+1867%E2%80%931960&rft.place=Princeton&rft.series=Princeton+paperbacks&rft.edition=9th+pbk.+printing%2C+22nd+printing&rft.pub=Princeton+University+Press&rft.date=2008&rft.isbn=978-0-691-00354-2&rft.aulast=Friedman&rft.aufirst=Milton&rft.au=Schwartz%2C+Anna+Jacobson&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLewis2003" class="citation book cs1">Lewis, William Arthur (2003). <i>Economic survey: 1919–1939</i>. International economics (Reprint [der Ausg.] 1949 ed.). London [u.a.]: Routledge. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-415-31359-9" title="Special:BookSources/978-0-415-31359-9"><bdi>978-0-415-31359-9</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Economic+survey%3A+1919%E2%80%931939&rft.place=London+%5Bu.a.%5D&rft.series=International+economics&rft.edition=Reprint+%5Bder+Ausg.%5D+1949&rft.pub=Routledge&rft.date=2003&rft.isbn=978-0-415-31359-9&rft.aulast=Lewis&rft.aufirst=William+Arthur&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-Frank_Bernanke-3"><span class="mw-cite-backlink">^ <a href="#cite_ref-Frank_Bernanke_3-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Frank_Bernanke_3-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFrankBernanke2007" class="citation book cs1">Frank, Robert H.; Bernanke, Ben S. (2007). <i>Principles of Macroeconomics</i> (3rd ed.). Boston: McGraw-Hill/Irwin. p. 98. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-07-319397-7" title="Special:BookSources/978-0-07-319397-7"><bdi>978-0-07-319397-7</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Principles+of+Macroeconomics&rft.place=Boston&rft.pages=98&rft.edition=3rd&rft.pub=McGraw-Hill%2FIrwin&rft.date=2007&rft.isbn=978-0-07-319397-7&rft.aulast=Frank&rft.aufirst=Robert+H.&rft.au=Bernanke%2C+Ben+S.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-USBLS-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-USBLS_4-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.bls.gov/data/">"Commodity Data"</a>. U.S. Bureau of Labor Statistics. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190603140110/https://www.bls.gov/data/">Archived</a> from the original on 3 June 2019<span class="reference-accessdate">. Retrieved <span class="nowrap">30 November</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Commodity+Data&rft.pub=U.S.+Bureau+of+Labor+Statistics&rft_id=https%3A%2F%2Fwww.bls.gov%2Fdata%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCochrane,_Willard_W.1958" class="citation book cs1"><a href="/wiki/Willard_Cochrane" title="Willard Cochrane">Cochrane, Willard W.</a> (1958). <i>Farm Prices, Myth and Reality</i>. p. 15.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Farm+Prices%2C+Myth+and+Reality&rft.pages=15&rft.date=1958&rft.au=Cochrane%2C+Willard+W.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation journal cs1">"World Economic Survey 1932–33". <i><a href="/wiki/League_of_Nations" title="League of Nations">League of Nations</a></i>: 43.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=League+of+Nations&rft.atitle=World+Economic+Survey+1932%E2%80%9333&rft.pages=43&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text">Mitchell, <i>Depression Decade</i></span> </li> <li id="cite_note-Britannica-8"><span class="mw-cite-backlink">^ <a href="#cite_ref-Britannica_8-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Britannica_8-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Britannica_8-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-Britannica_8-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.britannica.com/EBchecked/topic/243118/Great-Depression">"Great Depression"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150509121741/https://www.britannica.com/EBchecked/topic/243118/Great-Depression">Archived</a> 9 May 2015 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, <i>Encyclopædia Britannica</i></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text">Thomas S. Coleman (2019). <i>Milton Friedman, Anna Schwartz, and A Monetary History of the US.</i> Draft Lecture, Harris School of Public Policy, University of Chicago.</span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20080517075810/https://www.gold-eagle.com/editorials_98/vronsky060698.html">"1998/99 Prognosis Based Upon 1929 Market Autopsy"</a>. Gold Eagle. Archived from <a rel="nofollow" class="external text" href="https://www.gold-eagle.com/editorials_98/vronsky060698.html">the original</a> on 17 May 2008<span class="reference-accessdate">. Retrieved <span class="nowrap">22 May</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=1998%2F99+Prognosis+Based+Upon+1929+Market+Autopsy&rft.pub=Gold+Eagle&rft_id=https%3A%2F%2Fwww.gold-eagle.com%2Feditorials_98%2Fvronsky060698.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-drought-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-drought_11-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.ncdc.noaa.gov/paleo/drought/drght_history.html">"Drought: A Paleo Perspective – 20th Century Drought"</a>. <a href="/wiki/National_Climatic_Data_Center" title="National Climatic Data Center">National Climatic Data Center</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090330022940/http://www.ncdc.noaa.gov/paleo/drought/drght_history.html">Archived</a> from the original on 30 March 2009<span class="reference-accessdate">. Retrieved <span class="nowrap">5 April</span> 2009</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Drought%3A+A+Paleo+Perspective+%E2%80%93+20th+Century+Drought&rft.pub=National+Climatic+Data+Center&rft_id=https%3A%2F%2Fwww.ncdc.noaa.gov%2Fpaleo%2Fdrought%2Fdrght_history.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHamilton1987" class="citation journal cs1">Hamilton, James (1987). "Monetary Factors in the Great Depression". <i>Journal of Monetary Economics</i>. <b>19</b> (2): <span class="nowrap">145–</span>69. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2F0304-3932%2887%2990045-6">10.1016/0304-3932(87)90045-6</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0304-3932">0304-3932</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Monetary+Economics&rft.atitle=Monetary+Factors+in+the+Great+Depression&rft.volume=19&rft.issue=2&rft.pages=%3Cspan+class%3D%22nowrap%22%3E145-%3C%2Fspan%3E69&rft.date=1987&rft_id=info%3Adoi%2F10.1016%2F0304-3932%2887%2990045-6&rft.issn=0304-3932&rft.aulast=Hamilton&rft.aufirst=James&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-13"><span class="mw-cite-backlink"><b><a href="#cite_ref-13">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://drought.unl.edu/DroughtBasics/DustBowl/TheGreatDepression.aspx">"The Great Depression"</a>. <i>drought.unl.edu</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20180329184059/http://drought.unl.edu/DroughtBasics/DustBowl/TheGreatDepression.aspx">Archived</a> from the original on 29 March 2018<span class="reference-accessdate">. Retrieved <span class="nowrap">29 March</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=drought.unl.edu&rft.atitle=The+Great+Depression&rft_id=https%3A%2F%2Fdrought.unl.edu%2FDroughtBasics%2FDustBowl%2FTheGreatDepression.aspx&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-cpk-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-cpk_14-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKindleberger1986" class="citation book cs1">Kindleberger, Charles P. (1986). <i>The world in depression, 1929–1939</i>. History of the world economy in the twentieth century (Rev. and enl. ed.). Berkeley: University of California Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-520-05591-9" title="Special:BookSources/978-0-520-05591-9"><bdi>978-0-520-05591-9</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+world+in+depression%2C+1929%E2%80%931939&rft.place=Berkeley&rft.series=History+of+the+world+economy+in+the+twentieth+century&rft.edition=Rev.+and+enl.&rft.pub=University+of+California+Press&rft.date=1986&rft.isbn=978-0-520-05591-9&rft.aulast=Kindleberger&rft.aufirst=Charles+P.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-15"><span class="mw-cite-backlink"><b><a href="#cite_ref-15">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKindleberger1973" class="citation book cs1">Kindleberger, Charles Poor (1973). <i>The world in depression, 1929–1939</i>. History of the world economy in the twentieth century (Rev. and enl. ed., 11. [print.] ed.). Berkeley, Calif.: University of California Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-520-05592-6" title="Special:BookSources/978-0-520-05592-6"><bdi>978-0-520-05592-6</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+world+in+depression%2C+1929%E2%80%931939&rft.place=Berkeley%2C+Calif.&rft.series=History+of+the+world+economy+in+the+twentieth+century&rft.edition=Rev.+and+enl.+ed.%2C+11.+%5Bprint.%5D&rft.pub=University+of+California+Press&rft.date=1973&rft.isbn=978-0-520-05592-6&rft.aulast=Kindleberger&rft.aufirst=Charles+Poor&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-16"><span class="mw-cite-backlink"><b><a href="#cite_ref-16">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRichard2002" class="citation book cs1">Richard, Clay Hanes, ed. (July 2002). <i>Historic Events for Students: The Great Depression</i> (Volume I ed.). Gale. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-7876-5701-7" title="Special:BookSources/978-0-7876-5701-7"><bdi>978-0-7876-5701-7</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Historic+Events+for+Students%3A+The+Great+Depression&rft.edition=Volume+I&rft.pub=Gale&rft.date=2002-07&rft.isbn=978-0-7876-5701-7&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-17"><span class="mw-cite-backlink"><b><a href="#cite_ref-17">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFTignor2013" class="citation book cs1">Tignor, Robert L. (28 October 2013). <i>Worlds together, worlds apart: a history of the world from the beginnings of humankind to the present</i> (Fourth ed.). New York: W. W. Norton. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-393-92207-3" title="Special:BookSources/978-0-393-92207-3"><bdi>978-0-393-92207-3</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/854609153">854609153</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Worlds+together%2C+worlds+apart%3A+a+history+of+the+world+from+the+beginnings+of+humankind+to+the+present&rft.place=New+York&rft.edition=Fourth&rft.pub=W.+W.+Norton&rft.date=2013-10-28&rft_id=info%3Aoclcnum%2F854609153&rft.isbn=978-0-393-92207-3&rft.aulast=Tignor&rft.aufirst=Robert+L.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-18"><span class="mw-cite-backlink"><b><a href="#cite_ref-18">^</a></b></span> <span class="reference-text"><a href="/wiki/Jerome_Blum" class="mw-redirect" title="Jerome Blum">Jerome Blum</a>, <a href="/wiki/Rondo_Cameron" title="Rondo Cameron">Rondo Cameron</a>, <a href="/wiki/Thomas_G._Barnes" title="Thomas G. Barnes">Thomas G. Barnes</a>, <i>The European world: a history,</i> (2nd ed 1970), 885 pp.</span> </li> <li id="cite_note-Soule-1947-19"><span class="mw-cite-backlink"><b><a href="#cite_ref-Soule-1947_19-0">^</a></b></span> <span class="reference-text">George H. Soule, <i>Prosperity Decade: From War to Depression: 1917–1929,</i> (1947).</span> </li> <li id="cite_note-pbsstock2-20"><span class="mw-cite-backlink"><b><a href="#cite_ref-pbsstock2_20-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20080923040829/http://www.pbs.org/wgbh/amex/crash/timeline/timeline2.html">"Timeline: A selected Wall Street chronology"</a>. PBS. Archived from <a rel="nofollow" class="external text" href="https://www.pbs.org/wgbh/amex/crash/timeline/timeline2.html">the original</a> on 23 September 2008<span class="reference-accessdate">. Retrieved <span class="nowrap">30 September</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Timeline%3A+A+selected+Wall+Street+chronology&rft.pub=PBS&rft_id=https%3A%2F%2Fwww.pbs.org%2Fwgbh%2Famex%2Fcrash%2Ftimeline%2Ftimeline2.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-:02-21"><span class="mw-cite-backlink"><b><a href="#cite_ref-:02_21-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPost2011" class="citation news cs1">Post, Special to Financial (24 October 2011). <a rel="nofollow" class="external text" href="https://financialpost.com/personal-finance/the-great-crash-of-1929-some-key-dates">"The Great Crash of 1929, some key dates"</a>. <i>Financial Post</i><span class="reference-accessdate">. Retrieved <span class="nowrap">22 July</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Financial+Post&rft.atitle=The+Great+Crash+of+1929%2C+some+key+dates&rft.date=2011-10-24&rft.aulast=Post&rft.aufirst=Special+to+Financial&rft_id=https%3A%2F%2Ffinancialpost.com%2Fpersonal-finance%2Fthe-great-crash-of-1929-some-key-dates&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-:4-22"><span class="mw-cite-backlink">^ <a href="#cite_ref-:4_22-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:4_22-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://economictimes.indiatimes.com/industry/miscellaneous/market-crash-of-1929-some-facts-of-the-economic-downturn/articleshow/61166918.cms">"Market crash of 1929: Some facts of the economic downturn"</a>. <i>The Economic Times</i>. Times Inernet. 22 October 2017<span class="reference-accessdate">. Retrieved <span class="nowrap">16 February</span> 2019</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=The+Economic+Times&rft.atitle=Market+crash+of+1929%3A+Some+facts+of+the+economic+downturn&rft.date=2017-10-22&rft_id=https%3A%2F%2Feconomictimes.indiatimes.com%2Findustry%2Fmiscellaneous%2Fmarket-crash-of-1929-some-facts-of-the-economic-downturn%2Farticleshow%2F61166918.cms&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-23"><span class="mw-cite-backlink"><b><a href="#cite_ref-23">^</a></b></span> <span class="reference-text">According to the Federal Reserve Bank of St. Louis Economic Data website, based on a monthly timeseries 1929 September – 1932 June, the Dow Jones Industrial Average lost 87.1% while the Cowles Commission and S&P's all stock index lost 85.0%: <a rel="nofollow" class="external free" href="https://fred.stlouisfed.org/graph/?g=qj2m">https://fred.stlouisfed.org/graph/?g=qj2m</a> , <a rel="nofollow" class="external free" href="https://fred.stlouisfed.org/graph/?g=qj2l">https://fred.stlouisfed.org/graph/?g=qj2l</a>.</span> </li> <li id="cite_note-24"><span class="mw-cite-backlink"><b><a href="#cite_ref-24">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGordon2018" class="citation journal cs1">Gordon, John Steele (November–December 2018). <a rel="nofollow" class="external text" href="https://www.proquest.com/docview/2160290916">"The Bank of United States"</a>. <i>ABA Banking Journal</i>. <b>110</b> (6): 58. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ProQuest" title="ProQuest">ProQuest</a> <a rel="nofollow" class="external text" href="https://www.proquest.com/docview/2160290916">2160290916</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=ABA+Banking+Journal&rft.atitle=The+Bank+of+United+States&rft.volume=110&rft.issue=6&rft.pages=58&rft.date=2018-11%2F2018-12&rft.aulast=Gordon&rft.aufirst=John+Steele&rft_id=https%3A%2F%2Fwww.proquest.com%2Fdocview%2F2160290916&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCalomiris2007" class="citation journal cs1">Calomiris, Charles W. (November 2007). <a rel="nofollow" class="external text" href="https://www.nber.org/papers/w13597">"Bank Failures in Theory and History: The Great Depression and Other "Contagious" Events"</a>. <i>National Bureau of Economic Research</i>. Working Paper Series. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.3386%2Fw13597">10.3386/w13597</a></span>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:154123748">154123748</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=National+Bureau+of+Economic+Research&rft.atitle=Bank+Failures+in+Theory+and+History%3A+The+Great+Depression+and+Other+%22Contagious%22+Events&rft.date=2007-11&rft_id=info%3Adoi%2F10.3386%2Fw13597&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A154123748%23id-name%3DS2CID&rft.aulast=Calomiris&rft.aufirst=Charles+W.&rft_id=https%3A%2F%2Fwww.nber.org%2Fpapers%2Fw13597&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFerguson2009" class="citation cs2">Ferguson, Niall (October 2009), <i>The Ascent of Money</i>, Penguin, p. 163, <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-986-173-584-9" title="Special:BookSources/978-986-173-584-9"><bdi>978-986-173-584-9</bdi></a></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Ascent+of+Money&rft.pages=163&rft.pub=Penguin&rft.date=2009-10&rft.isbn=978-986-173-584-9&rft.aulast=Ferguson&rft.aufirst=Niall&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWhaples1995" class="citation journal cs1"><a href="/wiki/Robert_Whaples" title="Robert Whaples">Whaples, Robert</a> (March 1995). "Where Is There Consensus Among American Economic Historians? The Results of a Survey on Forty Propositions". <i><a href="/wiki/The_Journal_of_Economic_History" title="The Journal of Economic History">The Journal of Economic History</a></i>. <b>55</b> (1). <a href="/wiki/Cambridge_University_Press" title="Cambridge University Press">Cambridge University Press</a>: 144. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1017%2FS0022050700040602">10.1017/S0022050700040602</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2123771">2123771</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:145691938">145691938</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Journal+of+Economic+History&rft.atitle=Where+Is+There+Consensus+Among+American+Economic+Historians%3F+The+Results+of+a+Survey+on+Forty+Propositions&rft.volume=55&rft.issue=1&rft.pages=144&rft.date=1995-03&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A145691938%23id-name%3DS2CID&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2123771%23id-name%3DJSTOR&rft_id=info%3Adoi%2F10.1017%2FS0022050700040602&rft.aulast=Whaples&rft.aufirst=Robert&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://krugman.blogs.nytimes.com/2009/11/30/protectionism-and-the-great-depression/">"Protectionism and the Great Depression"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210225033620/https://krugman.blogs.nytimes.com/2009/11/30/protectionism-and-the-great-depression/">Archived</a> 25 February 2021 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, <a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a>, <i><a href="/wiki/New_York_Times" class="mw-redirect" title="New York Times">New York Times</a>,</i> 30 November 2009</span> </li> <li id="cite_note-eichenirwin-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-eichenirwin_29-0">^</a></b></span> <span class="reference-text">Barry Eichengreen, Douglas Irwin (17 March 2009). <a rel="nofollow" class="external text" href="https://voxeu.org/index.php?q=node/3280">"The protectionist temptation: Lessons from the Great Depression for today"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120524215509/http://voxeu.org/index.php?q=node%2F3280">Archived</a> 24 May 2012 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. VOX.</span> </li> <li id="cite_note-ReferenceB-30"><span class="mw-cite-backlink">^ <a href="#cite_ref-ReferenceB_30-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-ReferenceB_30-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-ReferenceB_30-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWhaples1995" class="citation journal cs1">Whaples, Robert (1995). "Where is There Consensus Among American Economic Historians? The Results of a Survey on Forty Propositions". <i>The Journal of Economic History</i>. <b>55</b> (1): <span class="nowrap">139–</span>154. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1017%2FS0022050700040602">10.1017/S0022050700040602</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2123771">2123771</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:145691938">145691938</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Journal+of+Economic+History&rft.atitle=Where+is+There+Consensus+Among+American+Economic+Historians%3F+The+Results+of+a+Survey+on+Forty+Propositions&rft.volume=55&rft.issue=1&rft.pages=%3Cspan+class%3D%22nowrap%22%3E139-%3C%2Fspan%3E154&rft.date=1995&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A145691938%23id-name%3DS2CID&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2123771%23id-name%3DJSTOR&rft_id=info%3Adoi%2F10.1017%2FS0022050700040602&rft.aulast=Whaples&rft.aufirst=Robert&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-Senate_On_Smoot-Hawley_Act-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-Senate_On_Smoot-Hawley_Act_31-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.senate.gov/artandhistory/history/minute/Senate_Passes_Smoot_Hawley_Tariff.htm">"The Senate Passes the Smoot-Hawley Tariff"</a>. <i>United States Senate</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20211020163037/https://www.senate.gov/artandhistory/history/minute/Senate_Passes_Smoot_Hawley_Tariff.htm">Archived</a> from the original on 20 October 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">3 May</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=United+States+Senate&rft.atitle=The+Senate+Passes+the+Smoot-Hawley+Tariff&rft_id=https%3A%2F%2Fwww.senate.gov%2Fartandhistory%2Fhistory%2Fminute%2FSenate_Passes_Smoot_Hawley_Tariff.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20080310145946/https://www.mtholyoke.edu/acad/intrel/depress.htm">"The World in Depression"</a>. <a href="/wiki/Mount_Holyoke_College" title="Mount Holyoke College">Mount Holyoke College</a>. Archived from <a rel="nofollow" class="external text" href="https://www.mtholyoke.edu/acad/intrel/depress.htm">the original</a> on 10 March 2008<span class="reference-accessdate">. Retrieved <span class="nowrap">22 May</span> 2008</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=The+World+in+Depression&rft.pub=Mount+Holyoke+College&rft_id=https%3A%2F%2Fwww.mtholyoke.edu%2Facad%2Fintrel%2Fdepress.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-33">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFParker2010" class="citation book cs1">Parker, Selwyn (2 September 2010). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=iA05AgAAQBAJ&dq=Smoot-Hawley+wheat,+cotton,+tobacco,+and+lumber&pg=PT146"><i>The Great Crash: How the Stock Market Crash of 1929 Plunged the World into Depression</i></a>. Little, Brown Book Group. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-7481-2231-8" title="Special:BookSources/978-0-7481-2231-8"><bdi>978-0-7481-2231-8</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Great+Crash%3A+How+the+Stock+Market+Crash+of+1929+Plunged+the+World+into+Depression&rft.pub=Little%2C+Brown+Book+Group&rft.date=2010-09-02&rft.isbn=978-0-7481-2231-8&rft.aulast=Parker&rft.aufirst=Selwyn&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DiA05AgAAQBAJ%26dq%3DSmoot-Hawley%2Bwheat%2C%2Bcotton%2C%2Btobacco%2C%2Band%2Blumber%26pg%3DPT146&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-Eichengreen-34"><span class="mw-cite-backlink">^ <a href="#cite_ref-Eichengreen_34-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Eichengreen_34-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Eichengreen_34-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-Eichengreen_34-3"><sup><i><b>d</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEichengreenIrwin2010" class="citation journal cs1">Eichengreen, B.; Irwin, D. A. (2010). <a rel="nofollow" class="external text" href="https://www.nber.org/papers/w15142.pdf">"The Slide to Protectionism in the Great Depression: Who Succumbed and Why?"</a> <span class="cs1-format">(PDF)</span>. <i>Journal of Economic History</i>. <b>70</b> (4): <span class="nowrap">871–</span>897. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1017%2Fs0022050710000756">10.1017/s0022050710000756</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:18906612">18906612</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190514111715/https://www.nber.org/papers/w15142.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 14 May 2019<span class="reference-accessdate">. Retrieved <span class="nowrap">18 February</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Economic+History&rft.atitle=The+Slide+to+Protectionism+in+the+Great+Depression%3A+Who+Succumbed+and+Why%3F&rft.volume=70&rft.issue=4&rft.pages=%3Cspan+class%3D%22nowrap%22%3E871-%3C%2Fspan%3E897&rft.date=2010&rft_id=info%3Adoi%2F10.1017%2Fs0022050710000756&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A18906612%23id-name%3DS2CID&rft.aulast=Eichengreen&rft.aufirst=B.&rft.au=Irwin%2C+D.+A.&rft_id=https%3A%2F%2Fwww.nber.org%2Fpapers%2Fw15142.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-35">^</a></b></span> <span class="reference-text">Peter Temin, Gianni Toniolo, <i>The World Economy between the Wars</i>, Oxford University Press, 2008, <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-19-804201-3" title="Special:BookSources/978-0-19-804201-3">978-0-19-804201-3</a>, p. 106</span> </li> <li id="cite_note-36"><span class="mw-cite-backlink"><b><a href="#cite_ref-36">^</a></b></span> <span class="reference-text">Randall E. Parker, <i>Reflections on the Great Depression</i>, Elgar publishing, 2003, <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-84376-335-2" title="Special:BookSources/978-1-84376-335-2">978-1-84376-335-2</a>, p. 22.</span> </li> <li id="cite_note-37"><span class="mw-cite-backlink"><b><a href="#cite_ref-37">^</a></b></span> <span class="reference-text">International data from <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMaddison" class="citation web cs1"><a href="/wiki/Angus_Maddison" title="Angus Maddison">Maddison, Angus</a>. <a rel="nofollow" class="external text" href="https://www.ggdc.net/Maddison/Historical_Statistics/">"Historical Statistics for the World Economy: 1–2003 AD"</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Historical+Statistics+for+the+World+Economy%3A+1%E2%80%932003+AD&rft.aulast=Maddison&rft.aufirst=Angus&rft_id=https%3A%2F%2Fwww.ggdc.net%2FMaddison%2FHistorical_Statistics%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span><sup class="noprint Inline-Template"><span style="white-space: nowrap;">[<i><a href="/wiki/Wikipedia:Link_rot" title="Wikipedia:Link rot"><span title=" Dead link tagged May 2017">permanent dead link</span></a></i><span style="visibility:hidden; color:transparent; padding-left:2px">‍</span>]</span></sup>. Gold dates culled from historical sources, principally <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEichengreen1992" class="citation book cs1"><a href="/wiki/Barry_Eichengreen" title="Barry Eichengreen">Eichengreen, Barry</a> (1992). <a rel="nofollow" class="external text" href="https://archive.org/details/goldenfettersgol00eich"><i>Golden Fetters: The Gold Standard and the Great Depression, 1919–1939</i></a>. New York: Oxford University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-19-506431-3" title="Special:BookSources/0-19-506431-3"><bdi>0-19-506431-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Golden+Fetters%3A+The+Gold+Standard+and+the+Great+Depression%2C+1919%E2%80%931939&rft.place=New+York&rft.pub=Oxford+University+Press&rft.date=1992&rft.isbn=0-19-506431-3&rft.aulast=Eichengreen&rft.aufirst=Barry&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fgoldenfettersgol00eich&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-38"><span class="mw-cite-backlink"><b><a href="#cite_ref-38">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEichengreen1992" class="citation book cs1"><a href="/wiki/Barry_Eichengreen" title="Barry Eichengreen">Eichengreen, Barry</a> (1992). <a rel="nofollow" class="external text" href="https://archive.org/details/goldenfettersgol00eich"><i>Golden Fetters: The Gold Standard and the Great Depression, 1919–1939</i></a>. New York: Oxford University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-19-506431-3" title="Special:BookSources/0-19-506431-3"><bdi>0-19-506431-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Golden+Fetters%3A+The+Gold+Standard+and+the+Great+Depression%2C+1919%E2%80%931939&rft.place=New+York&rft.pub=Oxford+University+Press&rft.date=1992&rft.isbn=0-19-506431-3&rft.aulast=Eichengreen&rft.aufirst=Barry&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fgoldenfettersgol00eich&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-39"><span class="mw-cite-backlink"><b><a href="#cite_ref-39">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBernanke2004" class="citation journal cs1">Bernanke, Ben (2 March 2004). <a rel="nofollow" class="external text" href="https://www.federalreserve.gov/boarddocs/speeches/2004/200403022/default.htm">"Remarks by Governor Ben S. Bernanke: Money, Gold and the Great Depression"</a>. <i>At the H. Parker Willis Lecture in Economic Policy, Washington and Lee University, Lexington, Virginia</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220215053205/https://www.federalreserve.gov/boarddocs/speeches/2004/200403022/default.htm">Archived</a> from the original on 15 February 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">18 February</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=At+the+H.+Parker+Willis+Lecture+in+Economic+Policy%2C+Washington+and+Lee+University%2C+Lexington%2C+Virginia&rft.atitle=Remarks+by+Governor+Ben+S.+Bernanke%3A+Money%2C+Gold+and+the+Great+Depression&rft.date=2004-03-02&rft.aulast=Bernanke&rft.aufirst=Ben&rft_id=https%3A%2F%2Fwww.federalreserve.gov%2Fboarddocs%2Fspeeches%2F2004%2F200403022%2Fdefault.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-40"><span class="mw-cite-backlink"><b><a href="#cite_ref-40">^</a></b></span> <span class="reference-text"><a href="/wiki/Charles_Loch_Mowat" class="mw-redirect" title="Charles Loch Mowat">Charles Loch Mowat</a>, <i>Britain between the wars, 1918–1940</i> (1955) pp. 379–385.</span> </li> <li id="cite_note-William_Ashworth_1962_pp._237-244-41"><span class="mw-cite-backlink">^ <a href="#cite_ref-William_Ashworth_1962_pp._237-244_41-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-William_Ashworth_1962_pp._237-244_41-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">William Ashworth, <i>A short history of the international economy since 1850,</i> (2nd ed. 1962), pp. 237–244.</span> </li> <li id="cite_note-Isabel_Schnabel_1931-42"><span class="mw-cite-backlink">^ <a href="#cite_ref-Isabel_Schnabel_1931_42-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Isabel_Schnabel_1931_42-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Isabel Schnabel, "The German twin crisis of 1931". <i>Journal of Economic History</i> 64#3 (2004): 822–871.</span> </li> <li id="cite_note-V._Hodson,_1938_pp._64-76-43"><span class="mw-cite-backlink">^ <a href="#cite_ref-V._Hodson,_1938_pp._64-76_43-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-V._Hodson,_1938_pp._64-76_43-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">H. V. Hodson (1938), <i>Slump and Recovery, 1929–1937</i> (London), pp. 64–76.</span> </li> <li id="cite_note-David_Williams_1963-44"><span class="mw-cite-backlink">^ <a href="#cite_ref-David_Williams_1963_44-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-David_Williams_1963_44-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWilliams1963" class="citation journal cs1">Williams, David (1963). "London and the 1931 financial crisis". <i>Economic History Review</i>. <b>15</b> (3): <span class="nowrap">513–</span>528. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2307%2F2592922">10.2307/2592922</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2592922">2592922</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Economic+History+Review&rft.atitle=London+and+the+1931+financial+crisis&rft.volume=15&rft.issue=3&rft.pages=%3Cspan+class%3D%22nowrap%22%3E513-%3C%2Fspan%3E528&rft.date=1963&rft_id=info%3Adoi%2F10.2307%2F2592922&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2592922%23id-name%3DJSTOR&rft.aulast=Williams&rft.aufirst=David&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-45"><span class="mw-cite-backlink"><b><a href="#cite_ref-45">^</a></b></span> <span class="reference-text">Mowat (1955), <i>Britain between the wars, 1918–1940</i>, pp. 386–412.</span> </li> <li id="cite_note-John_Oxborrow_1976_pp._67-73-46"><span class="mw-cite-backlink">^ <a href="#cite_ref-John_Oxborrow_1976_pp._67-73_46-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-John_Oxborrow_1976_pp._67-73_46-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Sean Glynn and John Oxborrow (1976), <i>Interwar Britain : a social and economic history</i>, pp. 67–73.</span> </li> <li id="cite_note-:0-47"><span class="mw-cite-backlink">^ <a href="#cite_ref-:0_47-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:0_47-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Per-capita GDP data from <a rel="nofollow" class="external text" href="https://www.measuringworth.org/usgdp/">MeasuringWorth: What Was the U.S. GDP Then?</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100904025051/http://www.measuringworth.org/usgdp/">Archived</a> 4 September 2010 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span> </li> <li id="cite_note-48"><span class="mw-cite-backlink"><b><a href="#cite_ref-48">^</a></b></span> <span class="reference-text">Gauti B. Eggertsson, "Great Expectations and the End of the Depression", <i>American Economic Review</i> 98, No. 4 (September 2008): 1476–1516</span> </li> <li id="cite_note-49"><span class="mw-cite-backlink"><b><a href="#cite_ref-49">^</a></b></span> <span class="reference-text">"Was the New Deal Contractionary?" <a href="/wiki/Federal_Reserve_Bank_of_New_York" title="Federal Reserve Bank of New York">Federal Reserve Bank of New York</a> Staff Report 264, October 2006, <a rel="nofollow" class="external text" href="https://www.newyorkfed.org/research/staff_reports/sr264.html">Gauti B. Eggertsson</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220212162504/https://www.newyorkfed.org/research/staff_reports/sr264.html">Archived</a> 12 February 2022 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span> </li> <li id="cite_note-50"><span class="mw-cite-backlink"><b><a href="#cite_ref-50">^</a></b></span> <span class="reference-text">"The Mistake of 1937: A General Equilibrium Analysis", <i>Monetary and Economic Studies</i> 24, No. S-1 (December 2006), <a rel="nofollow" class="external text" href="https://www.imes.boj.or.jp/english/publication/mes/2006/abst/me24-s1-8.html">Boj.or.jp</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150811112759/https://www.imes.boj.or.jp/english/publication/mes/2006/abst/me24-s1-8.html">Archived</a> 11 August 2015 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span> </li> <li id="cite_note-51"><span class="mw-cite-backlink"><b><a href="#cite_ref-51">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEggertsson" class="citation journal cs1">Eggertsson, Gauti B. <a rel="nofollow" class="external text" href="https://econjwatch.org/articles/a-reply-to-steven-horwitz-s-commentary-on-great-expectations-and-the-end-of-the-depression-">"A Reply to Steven Horwitz's Commentary on 'Great Expectations and the End of the Great Depression'<span class="cs1-kern-right"></span>"</a>. <i>Econ Journal Watch</i>. <b>7</b> (3): <span class="nowrap">197–</span>204. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220215053116/https://econjwatch.org/articles/a-reply-to-steven-horwitz-s-commentary-on-great-expectations-and-the-end-of-the-depression-">Archived</a> from the original on 15 February 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">18 February</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Econ+Journal+Watch&rft.atitle=A+Reply+to+Steven+Horwitz%27s+Commentary+on+%27Great+Expectations+and+the+End+of+the+Great+Depression%27&rft.volume=7&rft.issue=3&rft.pages=%3Cspan+class%3D%22nowrap%22%3E197-%3C%2Fspan%3E204&rft.aulast=Eggertsson&rft.aufirst=Gauti+B.&rft_id=https%3A%2F%2Feconjwatch.org%2Farticles%2Fa-reply-to-steven-horwitz-s-commentary-on-great-expectations-and-the-end-of-the-depression-&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-52"><span class="mw-cite-backlink"><b><a href="#cite_ref-52">^</a></b></span> <span class="reference-text">Steven Horwitz, "Unfortunately Unfamiliar with Robert Higgs and Others: A Rejoinder to Gauti Eggertsson on the 1930s", <i>Econ Journal Watch</i> 8(1), 2, January 2011. <a rel="nofollow" class="external autonumber" href="https://econjwatch.org/articles/unfortunately-unfamiliar-with-robert-higgs-and-others-a-rejoinder-to-gauti-eggertsson-on-the-1930s">[1]</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220215053127/https://econjwatch.org/articles/unfortunately-unfamiliar-with-robert-higgs-and-others-a-rejoinder-to-gauti-eggertsson-on-the-1930s">Archived</a> 15 February 2022 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>.</span> </li> <li id="cite_note-53"><span class="mw-cite-backlink"><b><a href="#cite_ref-53">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHannsgenPapadimitriou2010" class="citation journal cs1">Hannsgen, Greg; Papadimitriou, Dimitri (2010). <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/40722622">"Did the New Deal Prolong or Worsen the Great Depression?"</a>. <i>Challenge</i>. <b>53</b> (1): <span class="nowrap">63–</span>86. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2753%2F0577-5132530103">10.2753/0577-5132530103</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/0577-5132">0577-5132</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/40722622">40722622</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:153490746">153490746</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Challenge&rft.atitle=Did+the+New+Deal+Prolong+or+Worsen+the+Great+Depression%3F&rft.volume=53&rft.issue=1&rft.pages=%3Cspan+class%3D%22nowrap%22%3E63-%3C%2Fspan%3E86&rft.date=2010&rft.issn=0577-5132&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A153490746%23id-name%3DS2CID&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F40722622%23id-name%3DJSTOR&rft_id=info%3Adoi%2F10.2753%2F0577-5132530103&rft.aulast=Hannsgen&rft.aufirst=Greg&rft.au=Papadimitriou%2C+Dimitri&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F40722622&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-54"><span class="mw-cite-backlink"><b><a href="#cite_ref-54">^</a></b></span> <span class="reference-text">Quoted by P. Renshaw. <i>Journal of Contemporary History</i>. 1999 vol. 34 (3). pp. 377–364</span> </li> <li id="cite_note-55"><span class="mw-cite-backlink"><b><a href="#cite_ref-55">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRomer1992" class="citation journal cs1">Romer, Christina D. (December 1992). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130117093624/https://elsa.berkeley.edu/~cromer/What%20Ended%20the%20Great%20Depression.pdf">"What Ended the Great Depression"</a> <span class="cs1-format">(PDF)</span>. <i>Journal of Economic History</i>. <b>52</b> (4): <span class="nowrap">757–</span>84. <a href="/wiki/CiteSeerX_(identifier)" class="mw-redirect" title="CiteSeerX (identifier)">CiteSeerX</a> <span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.207.844">10.1.1.207.844</a></span>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1017%2FS002205070001189X">10.1017/S002205070001189X</a>. Archived from <a rel="nofollow" class="external text" href="https://elsa.berkeley.edu/~cromer/What%20Ended%20the%20Great%20Depression.pdf">the original</a> <span class="cs1-format">(PDF)</span> on 17 January 2013. <q>monetary development were crucial to the recovery implies that self-correction played little role in the growth of real output</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Economic+History&rft.atitle=What+Ended+the+Great+Depression&rft.volume=52&rft.issue=4&rft.pages=%3Cspan+class%3D%22nowrap%22%3E757-%3C%2Fspan%3E84&rft.date=1992-12&rft_id=https%3A%2F%2Fciteseerx.ist.psu.edu%2Fviewdoc%2Fsummary%3Fdoi%3D10.1.1.207.844%23id-name%3DCiteSeerX&rft_id=info%3Adoi%2F10.1017%2FS002205070001189X&rft.aulast=Romer&rft.aufirst=Christina+D.&rft_id=https%3A%2F%2Felsa.berkeley.edu%2F~cromer%2FWhat%2520Ended%2520the%2520Great%2520Depression.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-56"><span class="mw-cite-backlink"><b><a href="#cite_ref-56">^</a></b></span> <span class="reference-text">Ben Bernanke. <i>Essays on the Great Depression</i>. Princeton University Press. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-691-01698-6" title="Special:BookSources/978-0-691-01698-6">978-0-691-01698-6</a>. p. 7</span> </li> <li id="cite_note-57"><span class="mw-cite-backlink"><b><a href="#cite_ref-57">^</a></b></span> <span class="reference-text">Ben S. Bernanke, "Nonmonetary Effects of the Financial Crisis in the Propaga-tion of the Great Depression", <i>The American Economic Review 73</i>, No. 3 (June 1983): 257–276, available from the St. Louis Federal Reserve Bank collection at <a rel="nofollow" class="external text" href="https://fraser.stlouisfed.org/scribd/?item_id=2348&filepath=/docs/publications/aer/aer_1983_bernanke_nonmonetary_effects.pdf">Stlouisfed.org</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160305072448/https://fraser.stlouisfed.org/scribd/?item_id=2348&filepath=%2Fdocs%2Fpublications%2Faer%2Faer_1983_bernanke_nonmonetary_effects.pdf">Archived</a> 5 March 2016 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span> </li> <li id="cite_note-58"><span class="mw-cite-backlink"><b><a href="#cite_ref-58">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBernanke1995" class="citation journal cs1">Bernanke, Ben S. (February 1995). <a rel="nofollow" class="external text" href="https://fraser.stlouisfed.org/scribd/?item_id=2399&filepath=/docs/meltzer/bermac95.pdf">"The Macroeconomics of the Great Depression: A Comparative Approach"</a> <span class="cs1-format">(PDF)</span>. <i>Journal of Money, Credit and Banking</i>. <b>27</b> (1). Fraser.stlouisfed.org: <span class="nowrap">1–</span>28. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2307%2F2077848">10.2307/2077848</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2077848">2077848</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160304201917/https://fraser.stlouisfed.org/scribd/?item_id=2399&filepath=%2Fdocs%2Fmeltzer%2Fbermac95.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 4 March 2016<span class="reference-accessdate">. Retrieved <span class="nowrap">16 October</span> 2014</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Money%2C+Credit+and+Banking&rft.atitle=The+Macroeconomics+of+the+Great+Depression%3A+A+Comparative+Approach&rft.volume=27&rft.issue=1&rft.pages=%3Cspan+class%3D%22nowrap%22%3E1-%3C%2Fspan%3E28&rft.date=1995-02&rft_id=info%3Adoi%2F10.2307%2F2077848&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2077848%23id-name%3DJSTOR&rft.aulast=Bernanke&rft.aufirst=Ben+S.&rft_id=https%3A%2F%2Ffraser.stlouisfed.org%2Fscribd%2F%3Fitem_id%3D2399%26filepath%3D%2Fdocs%2Fmeltzer%2Fbermac95.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-59"><span class="mw-cite-backlink"><b><a href="#cite_ref-59">^</a></b></span> <span class="reference-text">W. S. Woytinsky and E. S. Woytinsky, <i>World population and production: trends and outlook</i> (1953) p. 148</span> </li> <li id="cite_note-60"><span class="mw-cite-backlink"><b><a href="#cite_ref-60">^</a></b></span> <span class="reference-text">Denyse Baillargeon, <i>Making Do: Women, Family and Home in Montreal during the Great Depression</i> (Wilfrid Laurier University Press, 1999), p. 159.</span> </li> <li id="cite_note-61"><span class="mw-cite-backlink"><b><a href="#cite_ref-61">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFStephenson2014" class="citation book cs1">Stephenson, Jill (2014). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=-rqOAwAAQBAJ&pg=PA3"><i>Women in Nazi Germany</i></a>. Taylor & Francis. pp. <span class="nowrap">3–</span>5. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-317-87607-6" title="Special:BookSources/978-1-317-87607-6"><bdi>978-1-317-87607-6</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210816172022/https://books.google.com/books?id=-rqOAwAAQBAJ&pg=PA3">Archived</a> from the original on 16 August 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">27 June</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Women+in+Nazi+Germany&rft.pages=%3Cspan+class%3D%22nowrap%22%3E3-%3C%2Fspan%3E5&rft.pub=Taylor+%26+Francis&rft.date=2014&rft.isbn=978-1-317-87607-6&rft.aulast=Stephenson&rft.aufirst=Jill&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D-rqOAwAAQBAJ%26pg%3DPA3&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-62"><span class="mw-cite-backlink"><b><a href="#cite_ref-62">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSusan_K._Foley2004" class="citation book cs1"><a href="/wiki/Susan_Foley" title="Susan Foley">Susan K. Foley</a> (2004). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/womeninfrancesin00fole"><i>Women in France Since 1789: The Meanings of Difference</i></a></span>. Palgrave Macmillan. pp. <a rel="nofollow" class="external text" href="https://archive.org/details/womeninfrancesin00fole/page/186">186</a>–90. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-230-80214-8" title="Special:BookSources/978-0-230-80214-8"><bdi>978-0-230-80214-8</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Women+in+France+Since+1789%3A+The+Meanings+of+Difference&rft.pages=186-90&rft.pub=Palgrave+Macmillan&rft.date=2004&rft.isbn=978-0-230-80214-8&rft.au=Susan+K.+Foley&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fwomeninfrancesin00fole&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-63"><span class="mw-cite-backlink"><b><a href="#cite_ref-63">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSrigley2010" class="citation book cs1">Srigley, Katrina (2010). <span class="id-lock-registration" title="Free registration required"><a rel="nofollow" class="external text" href="https://archive.org/details/breadwinningdaug00srig"><i>Breadwinning Daughters: Young Working Women in a Depression-era City, 1929–1939</i></a></span>. University of Toronto Press. p. <a rel="nofollow" class="external text" href="https://archive.org/details/breadwinningdaug00srig/page/135">135</a>. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-4426-1003-3" title="Special:BookSources/978-1-4426-1003-3"><bdi>978-1-4426-1003-3</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Breadwinning+Daughters%3A+Young+Working+Women+in+a+Depression-era+City%2C+1929%E2%80%931939&rft.pages=135&rft.pub=University+of+Toronto+Press&rft.date=2010&rft.isbn=978-1-4426-1003-3&rft.aulast=Srigley&rft.aufirst=Katrina&rft_id=https%3A%2F%2Farchive.org%2Fdetails%2Fbreadwinningdaug00srig&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-64"><span class="mw-cite-backlink"><b><a href="#cite_ref-64">^</a></b></span> <span class="reference-text">Jessica S. Bean, <span style="padding-right:.15em;">"</span>'To help keep the home going': female labour supply in interwar London". <i>Economic History Review</i> (2015) 68#2 pp. 441–470.</span> </li> <li id="cite_note-65"><span class="mw-cite-backlink"><b><a href="#cite_ref-65">^</a></b></span> <span class="reference-text">Deirdre Beddoe, <i>Back to Home and Duty: Women Between the Wars, 1918–1939</i> (1989).</span> </li> <li id="cite_note-66"><span class="mw-cite-backlink"><b><a href="#cite_ref-66">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCamiscioli2001" class="citation journal cs1"><a href="/wiki/Elisa_Camiscioli" title="Elisa Camiscioli">Camiscioli, Elisa</a> (2001). "Producing Citizens, Reproducing the 'French Race': Immigration, Demography, and Pronatalism in Early Twentieth-Century France". <i>Gender & History</i>. <b>13</b> (3): <span class="nowrap">593–</span>621. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2F1468-0424.00245">10.1111/1468-0424.00245</a>. <a href="/wiki/PMID_(identifier)" class="mw-redirect" title="PMID (identifier)">PMID</a> <a rel="nofollow" class="external text" href="https://pubmed.ncbi.nlm.nih.gov/18198513">18198513</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:20333294">20333294</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Gender+%26+History&rft.atitle=Producing+Citizens%2C+Reproducing+the+%27French+Race%27%3A+Immigration%2C+Demography%2C+and+Pronatalism+in+Early+Twentieth-Century+France&rft.volume=13&rft.issue=3&rft.pages=%3Cspan+class%3D%22nowrap%22%3E593-%3C%2Fspan%3E621&rft.date=2001&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A20333294%23id-name%3DS2CID&rft_id=info%3Apmid%2F18198513&rft_id=info%3Adoi%2F10.1111%2F1468-0424.00245&rft.aulast=Camiscioli&rft.aufirst=Elisa&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-67"><span class="mw-cite-backlink"><b><a href="#cite_ref-67">^</a></b></span> <span class="reference-text">Ann E. McCleary, <span style="padding-right:.15em;">"</span>'I Was Really Proud of Them': Canned Raspberries and Home Production During the Farm Depression". <i>Augusta Historical Bulletin</i> (2010), Issue 46, pp. 14–44.</span> </li> <li id="cite_note-68"><span class="mw-cite-backlink"><b><a href="#cite_ref-68">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFVogelsang" class="citation web cs1">Vogelsang, Willem. <a rel="nofollow" class="external text" href="https://trc-leiden.nl/trc-digital-exhibition/index.php/for-a-few-sacks-more/item/119-3-feedsacks-and-the-great-depression">"3. Feedsacks and the Great Depression"</a>. <i>trc-leiden.nl</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210415092351/https://trc-leiden.nl/trc-digital-exhibition/index.php/for-a-few-sacks-more/item/119-3-feedsacks-and-the-great-depression">Archived</a> from the original on 15 April 2021<span class="reference-accessdate">. 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The Results of a Survey on Forty Propositions"</a> <span class="cs1-format">(PDF)</span>. <i>The Journal of Economic History</i>. <b>55</b> (1). p. 143. <a href="/wiki/CiteSeerX_(identifier)" class="mw-redirect" title="CiteSeerX (identifier)">CiteSeerX</a> <span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.482.4975">10.1.1.482.4975</a></span>. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1017%2FS0022050700040602">10.1017/S0022050700040602</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2123771">2123771</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:145691938">145691938</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20211104183848/http://www.employees.csbsju.edu/jolson/econ315/whaples2123771.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 4 November 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">18 February</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Journal+of+Economic+History&rft.atitle=Where+is+There+Consensus+Among+American+Economic+Historians%3F+The+Results+of+a+Survey+on+Forty+Propositions&rft.volume=55&rft.issue=1&rft.pages=p.+143&rft.date=1995&rft_id=https%3A%2F%2Fciteseerx.ist.psu.edu%2Fviewdoc%2Fsummary%3Fdoi%3D10.1.1.482.4975%23id-name%3DCiteSeerX&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A145691938%23id-name%3DS2CID&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2123771%23id-name%3DJSTOR&rft_id=info%3Adoi%2F10.1017%2FS0022050700040602&rft.aulast=Whaples&rft.aufirst=Robert&rft_id=https%3A%2F%2Fwww.employees.csbsju.edu%2Fjolson%2FECON315%2FWhaples2123771.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-90"><span class="mw-cite-backlink"><b><a href="#cite_ref-90">^</a></b></span> <span class="reference-text"><i>A Monetary History of the United States, 1857–1960</i>. Princeton University Press, Princeton, New Jersey, 1963.</span> </li> <li id="cite_note-91"><span class="mw-cite-backlink"><b><a href="#cite_ref-91">^</a></b></span> <span class="reference-text">Randall E. Parker (2003), <a rel="nofollow" class="external text" href="https://books.google.com/books?id=Y-g4AgAAQBAJ&q=%22Pin+the+blame+squarely+on+the+Federal+Reserve%22&pg=PA11"><i>Reflections on the Great Depression</i></a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210818225154/https://books.google.com/books?id=Y-g4AgAAQBAJ&lpg=PR1&pg=PA11#v=snippet&q=%22Pin%20the%20blame%20squarely%20on%20the%20Federal%20Reserve%22">Archived</a> 18 August 2021 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, Edward Elgar Publishing, <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-84376-550-9" title="Special:BookSources/978-1-84376-550-9">978-1-84376-550-9</a>, pp. 11–12</span> </li> <li id="cite_note-92"><span class="mw-cite-backlink"><b><a href="#cite_ref-92">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFriedmanAnna_Jacobson_Schwartz2008" class="citation book cs1">Friedman, Milton; Anna Jacobson Schwartz (2008). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=-lCArZfazBkC&q=%22Regarding%20the%20Great%20Depression%20You're%20right%20We%20did%20it%22"><i>The Great Contraction, 1929–1933</i></a> (New ed.). Princeton University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0691137940" title="Special:BookSources/978-0691137940"><bdi>978-0691137940</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200116121531/https://books.google.com/books?id=-lCArZfazBkC&q=%22Regarding%20the%20Great%20Depression%20You%27re%20right%20We%20did%20it%22">Archived</a> from the original on 16 January 2020<span class="reference-accessdate">. Retrieved <span class="nowrap">18 February</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Great+Contraction%2C+1929%E2%80%931933&rft.edition=New&rft.pub=Princeton+University+Press&rft.date=2008&rft.isbn=978-0691137940&rft.aulast=Friedman&rft.aufirst=Milton&rft.au=Anna+Jacobson+Schwartz&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D-lCArZfazBkC%26q%3D%2522Regarding%2520the%2520Great%2520Depression%2520You%27re%2520right%2520We%2520did%2520it%2522&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-93"><span class="mw-cite-backlink"><b><a href="#cite_ref-93">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBernanke2000" class="citation book cs1">Bernanke, Ben (2000). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=c2OSWhLjzJkC&q=Schwartz&pg=PA6"><i>Essays on the Great Depression</i></a>. Princeton University Press. p. 7. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-691-01698-4" title="Special:BookSources/0-691-01698-4"><bdi>0-691-01698-4</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20211224221348/https://books.google.com/books?id=c2OSWhLjzJkC&q=Schwartz&pg=PA6">Archived</a> from the original on 24 December 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">24 May</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Essays+on+the+Great+Depression&rft.pages=7&rft.pub=Princeton+University+Press&rft.date=2000&rft.isbn=0-691-01698-4&rft.aulast=Bernanke&rft.aufirst=Ben&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3Dc2OSWhLjzJkC%26q%3DSchwartz%26pg%3DPA6&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-94"><span class="mw-cite-backlink"><b><a href="#cite_ref-94">^</a></b></span> <span class="reference-text">Ben S. Bernanke (8 November 2002), <a rel="nofollow" class="external text" href="https://www.federalreserve.gov/boarddocs/speeches/2002/20021108/default.htm">"FederalReserve.gov: Remarks by Governor Ben S. Bernanke"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200324160935/https://www.federalreserve.gov/BOARDDOCS/SPEECHES/2002/20021108/default.htm">Archived</a> 24 March 2020 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> Conference to Honor Milton Friedman, University of Chicago</span> </li> <li id="cite_note-FriedmanSchwartz-95"><span class="mw-cite-backlink"><b><a href="#cite_ref-FriedmanSchwartz_95-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFriedmanSchwartz2008" class="citation book cs1">Friedman, Milton; Schwartz, Anna (2008). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=-lCArZfazBkC&q=%22Regarding%20the%20Great%20Depression%20You're%20right%20We%20did%20it%22"><i>The Great Contraction, 1929–1933</i></a> (New ed.). Princeton University Press. p. 247. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0691137940" title="Special:BookSources/978-0691137940"><bdi>978-0691137940</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200116121531/https://books.google.com/books?id=-lCArZfazBkC&q=%22Regarding%20the%20Great%20Depression%20You%27re%20right%20We%20did%20it%22">Archived</a> from the original on 16 January 2020<span class="reference-accessdate">. Retrieved <span class="nowrap">18 February</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Great+Contraction%2C+1929%E2%80%931933&rft.pages=247&rft.edition=New&rft.pub=Princeton+University+Press&rft.date=2008&rft.isbn=978-0691137940&rft.aulast=Friedman&rft.aufirst=Milton&rft.au=Schwartz%2C+Anna&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D-lCArZfazBkC%26q%3D%2522Regarding%2520the%2520Great%2520Depression%2520You%27re%2520right%2520We%2520did%2520it%2522&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-96"><span class="mw-cite-backlink"><b><a href="#cite_ref-96">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKrugman2007" class="citation journal cs1">Krugman, Paul (15 February 2007). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20080410200144/https://www.nybooks.com/articles/19857">"Who Was Milton Friedman?"</a>. <i><a href="/wiki/The_New_York_Review_of_Books" title="The New York Review of Books">The New York Review of Books</a></i>. <b>54</b> (2). 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Edward Griffin (1998). <a rel="nofollow" class="external text" href="https://archive.org/details/TheCreatureFromJekyllIslandByG.EdwardGriffin"><i>The Creature from Jekyll Island: A Second Look at the Federal Reserve</i></a> (3d ed.). 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Bradford (December 1990). <a rel="nofollow" class="external text" href="https://doi.org/10.3386%2Fw3546">"<span class="cs1-kern-left"></span>'Liquidation' Cycles: Old Fashioned Real Business Cycle Theory and the Great Depression"</a>. <i>NBER Working Paper No. 3546</i>: 1. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.3386%2Fw3546">10.3386/w3546</a></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=NBER+Working+Paper+No.+3546&rft.atitle=%27Liquidation%27+Cycles%3A+Old+Fashioned+Real+Business+Cycle+Theory+and+the+Great+Depression&rft.pages=1&rft.date=1990-12&rft_id=info%3Adoi%2F10.3386%2Fw3546&rft.aulast=De+Long&rft.aufirst=J.+Bradford&rft_id=https%3A%2F%2Fdoi.org%2F10.3386%252Fw3546&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-Randall_E._Parker_2003,_p._9-112"><span class="mw-cite-backlink">^ <a href="#cite_ref-Randall_E._Parker_2003,_p._9_112-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Randall_E._Parker_2003,_p._9_112-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Randall_E._Parker_2003,_p._9_112-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text">Randall E. Parker, <i>Reflections on the Great Depression</i>, Elgar Publishing, 2003, <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-84376-335-2" title="Special:BookSources/978-1-84376-335-2">978-1-84376-335-2</a>, p. 9</span> </li> <li id="cite_note-WhiteLawrence-113"><span class="mw-cite-backlink">^ <a href="#cite_ref-WhiteLawrence_113-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-WhiteLawrence_113-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-WhiteLawrence_113-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWhite2008" class="citation journal cs1">White, Lawrence (2008). <a rel="nofollow" class="external text" href="https://dergipark.org.tr/tr/pub/liberal/issue/48188/609854">"Did Hayek and Robbins Deepen the Great Depression?"</a>. <i>Journal of Money, Credit and Banking</i>. <b>40</b> (4): <span class="nowrap">751–</span>768. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Fj.1538-4616.2008.00134.x">10.1111/j.1538-4616.2008.00134.x</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210415095946/https://dergipark.org.tr/tr/pub/liberal/issue/48188/609854">Archived</a> from the original on 15 April 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">7 November</span> 2019</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Money%2C+Credit+and+Banking&rft.atitle=Did+Hayek+and+Robbins+Deepen+the+Great+Depression%3F&rft.volume=40&rft.issue=4&rft.pages=%3Cspan+class%3D%22nowrap%22%3E751-%3C%2Fspan%3E768&rft.date=2008&rft_id=info%3Adoi%2F10.1111%2Fj.1538-4616.2008.00134.x&rft.aulast=White&rft.aufirst=Lawrence&rft_id=https%3A%2F%2Fdergipark.org.tr%2Ftr%2Fpub%2Fliberal%2Fissue%2F48188%2F609854&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-114"><span class="mw-cite-backlink"><b><a href="#cite_ref-114">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDe_Long1990" class="citation journal cs1">De Long, J. Bradford (December 1990). <a rel="nofollow" class="external text" href="https://doi.org/10.3386%2Fw3546">"<span class="cs1-kern-left"></span>'Liquidation' Cycles: Old Fashioned Real Business Cycle Theory and the Great Depression"</a>. <i>NBER Working Paper No. 3546</i>: 5. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.3386%2Fw3546">10.3386/w3546</a></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=NBER+Working+Paper+No.+3546&rft.atitle=%27Liquidation%27+Cycles%3A+Old+Fashioned+Real+Business+Cycle+Theory+and+the+Great+Depression&rft.pages=5&rft.date=1990-12&rft_id=info%3Adoi%2F10.3386%2Fw3546&rft.aulast=De+Long&rft.aufirst=J.+Bradford&rft_id=https%3A%2F%2Fdoi.org%2F10.3386%252Fw3546&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-115"><span class="mw-cite-backlink"><b><a href="#cite_ref-115">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDe_Long1990" class="citation journal cs1">De Long, J. Bradford (December 1990). <a rel="nofollow" class="external text" href="https://doi.org/10.3386%2Fw3546">"<span class="cs1-kern-left"></span>'Liquidation' Cycles: Old Fashioned Real Business Cycle Theory and the Great Depression"</a>. <i>NBER Working Paper No. 3546</i>: 33. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.3386%2Fw3546">10.3386/w3546</a></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=NBER+Working+Paper+No.+3546&rft.atitle=%27Liquidation%27+Cycles%3A+Old+Fashioned+Real+Business+Cycle+Theory+and+the+Great+Depression&rft.pages=33&rft.date=1990-12&rft_id=info%3Adoi%2F10.3386%2Fw3546&rft.aulast=De+Long&rft.aufirst=J.+Bradford&rft_id=https%3A%2F%2Fdoi.org%2F10.3386%252Fw3546&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-America's_Great_Depression,_pp._159-163-116"><span class="mw-cite-backlink">^ <a href="#cite_ref-America's_Great_Depression,_pp._159-163_116-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-America's_Great_Depression,_pp._159-163_116-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Murray Rothbard, <i>America's Great Depression</i> (Ludwig von Mises Institute, 2000), pp. 159–163.</span> </li> <li id="cite_note-117"><span class="mw-cite-backlink"><b><a href="#cite_ref-117">^</a></b></span> <span class="reference-text">Steele, G. R. (2001). <i>Keynes and Hayek</i>. Routledge. p. 9. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-415-25138-9" title="Special:BookSources/978-0-415-25138-9">978-0-415-25138-9</a>.</span> </li> <li id="cite_note-118"><span class="mw-cite-backlink"><b><a href="#cite_ref-118">^</a></b></span> <span class="reference-text">Rothbard, <i>America's Great Depression</i>, pp. 19–21.</span> </li> <li id="cite_note-119"><span class="mw-cite-backlink"><b><a href="#cite_ref-119">^</a></b></span> <span class="reference-text"> For Hayek's view, see: <ul><li>Diego Pizano, <i>Conversations with Great Economists: Friedrich A. Hayek, John Hicks, Nicholas Kaldor, Leonid V. Kantorovich, Joan Robinson, Paul A.Samuelson, Jan Tinbergen</i> (Jorge Pinto Books, 2009).</li></ul> For Rothbard's view, see: <ul><li>Murray Rothbard, <i>A History of Money and Banking in the United States</i> (Ludwig von Mises Institute), pp. 293–294.</li></ul> </span></li> <li id="cite_note-:1-120"><span class="mw-cite-backlink">^ <a href="#cite_ref-:1_120-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:1_120-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-:1_120-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><a href="/wiki/John_Cunningham_Wood" title="John Cunningham Wood">John Cunningham Wood</a>, Robert D. Wood, <i>Friedrich A. Hayek</i>, Taylor & Francis, 2004, <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-415-31057-4" title="Special:BookSources/978-0-415-31057-4">978-0-415-31057-4</a>, p. 115.</span> </li> <li id="cite_note-121"><span class="mw-cite-backlink"><b><a href="#cite_ref-121">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSennholz1969" class="citation web cs1">Sennholz, Hans (1 October 1969). <a rel="nofollow" class="external text" href="https://fee.org/articles/the-great-depression/">"The Great Depression"</a>. <i><a href="/wiki/Foundation_for_Economic_Education" title="Foundation for Economic Education">Foundation for Economic Education</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20211224092014/https://fee.org/articles/the-great-depression/">Archived</a> from the original on 24 December 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">23 October</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Foundation+for+Economic+Education&rft.atitle=The+Great+Depression&rft.date=1969-10-01&rft.aulast=Sennholz&rft.aufirst=Hans&rft_id=https%3A%2F%2Ffee.org%2Farticles%2Fthe-great-depression%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-122"><span class="mw-cite-backlink"><b><a href="#cite_ref-122">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMises2014" class="citation web cs1">Mises, Ludwig (18 August 2014). <a rel="nofollow" class="external text" href="https://mises.org/library/causes-economic-crisis-and-other-essays-and-after-great-depression">"The Causes of the Economic Crisis, and Other Essays Before and After the Great Depression"</a>. <i><a href="/wiki/Ludwig_von_Mises_Institute" class="mw-redirect" title="Ludwig von Mises Institute">Ludwig von Mises Institute</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20211205164755/https://mises.org/library/causes-economic-crisis-and-other-essays-and-after-great-depression">Archived</a> from the original on 5 December 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">24 October</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Ludwig+von+Mises+Institute&rft.atitle=The+Causes+of+the+Economic+Crisis%2C+and+Other+Essays+Before+and+After+the+Great+Depression&rft.date=2014-08-18&rft.aulast=Mises&rft.aufirst=Ludwig&rft_id=https%3A%2F%2Fmises.org%2Flibrary%2Fcauses-economic-crisis-and-other-essays-and-after-great-depression&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-123"><span class="mw-cite-backlink"><b><a href="#cite_ref-123">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBonner2011" class="citation web cs1">Bonner, Bill (25 February 2011). <a rel="nofollow" class="external text" href="https://www.businessinsider.com/buying-bad-debt-to-return-bank-solvency-2011-2?op=1">"Buying Bad Debt to Return Bank Solvency"</a>. <i><a href="/wiki/Business_Insider" title="Business Insider">Business Insider</a></i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20161024214604/http://www.businessinsider.com/buying-bad-debt-to-return-bank-solvency-2011-2?op=1">Archived</a> from the original on 24 October 2016<span class="reference-accessdate">. Retrieved <span class="nowrap">24 October</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Business+Insider&rft.atitle=Buying+Bad+Debt+to+Return+Bank+Solvency&rft.date=2011-02-25&rft.aulast=Bonner&rft.aufirst=Bill&rft_id=https%3A%2F%2Fwww.businessinsider.com%2Fbuying-bad-debt-to-return-bank-solvency-2011-2%3Fop%3D1&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-124"><span class="mw-cite-backlink"><b><a href="#cite_ref-124">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCorey1934" class="citation book cs1">Corey, Lewis (1934). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=fAW8AAAAIAAJ"><i>The Decline of American Capitalism</i></a>. 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The Viking Press. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/71400420">71400420</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220218125334/https://www.worldcat.org/title/economic-mind-in-american-civilization-vol-5-1918-1933/oclc/71400420">Archived</a> from the original on 18 February 2022<span class="reference-accessdate">. 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Interpretations of the Great Depression"</a> <span class="cs1-format">(PDF)</span>. <i>Discussion Paper No. 2002–14</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160304134117/http://www1.vwa.unisg.ch/RePEc/usg/dp2002/dp0214allgoewer_ganz.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 4 March 2016<span class="reference-accessdate">. Retrieved <span class="nowrap">18 February</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Discussion+Paper+No.+2002%E2%80%9314&rft.atitle=Underconsumption+theories+and+Keynesian+economics.+Interpretations+of+the+Great+Depression&rft.date=2002-05&rft.aulast=Allgoewer&rft.aufirst=Elisabeth&rft_id=https%3A%2F%2Fwww.vwa.unisg.ch%2FRePEc%2Fusg%2Fdp2002%2Fdp0214allgoewer_ganz.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-128"><span class="mw-cite-backlink"><b><a href="#cite_ref-128">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFosterCatchings1928" class="citation book cs1">Foster, William Trufant; Catchings, Waddill (1928). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=BDNBAAAAIAAJ"><i>The Road to Plenty</i></a>. Houghton Mifflin. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220218125332/https://books.google.com/books?id=BDNBAAAAIAAJ">Archived</a> from the original on 18 February 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">28 December</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Road+to+Plenty&rft.pub=Houghton+Mifflin&rft.date=1928&rft.aulast=Foster&rft.aufirst=William+Trufant&rft.au=Catchings%2C+Waddill&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DBDNBAAAAIAAJ&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-129"><span class="mw-cite-backlink"><b><a href="#cite_ref-129">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHubbert1940" class="citation cs2">Hubbert, M. 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(2016). <a rel="nofollow" class="external text" href="https://www.worldcat.org/oclc/945376555"><i>A history of the modern Middle East : rulers, rebels, and rogues</i></a>. Stanford University Press. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-8047-9875-4" title="Special:BookSources/978-0-8047-9875-4"><bdi>978-0-8047-9875-4</bdi></a>. <a href="/wiki/OCLC_(identifier)" class="mw-redirect" title="OCLC (identifier)">OCLC</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/oclc/945376555">945376555</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220218125354/https://www.worldcat.org/title/history-of-the-modern-middle-east-rulers-rebels-and-rogues/oclc/945376555">Archived</a> from the original on 18 February 2022<span class="reference-accessdate">. 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Taylor">Taylor, Alan M.</a> (2001). <a rel="nofollow" class="external text" href="http://www.nber.org/chapters/c8845">"Steering through the Great Depression: Institutions, Expectations, and the Change of Macroeconomic Regime"</a>. <i>Straining at the Anchor: The Argentine Currency Board and the Search for Macroeconomic Stability, 1880–1935</i>. <a href="/wiki/University_of_Chicago_Press" title="University of Chicago Press">University of Chicago Press</a>. pp. <span class="nowrap">188–</span>189.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Steering+through+the+Great+Depression%3A+Institutions%2C+Expectations%2C+and+the+Change+of+Macroeconomic+Regime&rft.btitle=Straining+at+the+Anchor%3A+The+Argentine+Currency+Board+and+the+Search+for+Macroeconomic+Stability%2C+1880%E2%80%931935&rft.pages=%3Cspan+class%3D%22nowrap%22%3E188-%3C%2Fspan%3E189&rft.pub=University+of+Chicago+Press&rft.date=2001&rft.aulast=della+Paolera&rft.aufirst=Gerardo&rft.au=Taylor%2C+Alan+M.&rft_id=http%3A%2F%2Fwww.nber.org%2Fchapters%2Fc8845&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-134"><span class="mw-cite-backlink"><b><a href="#cite_ref-134">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSpruk2019" class="citation journal cs1">Spruk, Rok (15 November 2019). <a rel="nofollow" class="external text" href="https://doi.org/10.1186%2Fs40503-019-0076-2">"The rise and fall of Argentina"</a>. <i>Latin American Economic Review</i>. <b>28</b> (1): 16. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.1186%2Fs40503-019-0076-2">10.1186/s40503-019-0076-2</a></span>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/2196-436X">2196-436X</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Latin+American+Economic+Review&rft.atitle=The+rise+and+fall+of+Argentina&rft.volume=28&rft.issue=1&rft.pages=16&rft.date=2019-11-15&rft_id=info%3Adoi%2F10.1186%2Fs40503-019-0076-2&rft.issn=2196-436X&rft.aulast=Spruk&rft.aufirst=Rok&rft_id=https%3A%2F%2Fdoi.org%2F10.1186%252Fs40503-019-0076-2&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-135"><span class="mw-cite-backlink"><b><a href="#cite_ref-135">^</a></b></span> <span class="reference-text">Geoffrey Lawrence, <i>Capitalism and the Countryside: The rural crisis in Australia</i> (Pluto Press, 1987).</span> </li> <li id="cite_note-136"><span class="mw-cite-backlink"><b><a href="#cite_ref-136">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.abs.gov.au/AUSSTATS/abs@.nsf/Previousproducts/1301.0Feature%20Article142001?opendocument&tabname=Summary&prodno=1301.0&issue=2001&num=&view=">A Century of Change in the Australian Labour Market</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20211231105618/https://www.abs.gov.au/AUSSTATS/abs@.nsf/Previousproducts/1301.0Feature%20Article142001?opendocument&tabname=Summary&prodno=1301.0&issue=2001&num=&view=">Archived</a> 31 December 2021 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, Australian Bureau of Statistics</span> </li> <li id="cite_note-137"><span class="mw-cite-backlink"><b><a href="#cite_ref-137">^</a></b></span> <span class="reference-text">John Birmingham (2000). 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"Critical convergence: the Great Depression and the meshing of Nigerian and British anti-colonial polemic". <i>Canadian Journal of African Studies</i>. <b>43</b> (2): <span class="nowrap">245–</span>281. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1080%2F00083968.2010.9707572">10.1080/00083968.2010.9707572</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:142695035">142695035</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Canadian+Journal+of+African+Studies&rft.atitle=Critical+convergence%3A+the+Great+Depression+and+the+meshing+of+Nigerian+and+British+anti-colonial+polemic&rft.volume=43&rft.issue=2&rft.pages=%3Cspan+class%3D%22nowrap%22%3E245-%3C%2Fspan%3E281&rft.date=2009&rft_id=info%3Adoi%2F10.1080%2F00083968.2010.9707572&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A142695035%23id-name%3DS2CID&rft.aulast=Ochonu&rft.aufirst=Moses&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-148"><span class="mw-cite-backlink"><b><a href="#cite_ref-148">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGamble2009" class="citation journal cs1 cs1-prop-foreign-lang-source">Gamble, Harry (2009). <a rel="nofollow" class="external text" href="https://doi.org/10.4000%2Fetudesafricaines.15630">"Les paysans de l'empire: écoles rurales et imaginaire colonial en Afrique occidentale française dans les années 1930"</a>. <i>Cahiers d'Études Africaines</i> (in French). <b>49</b> (3): <span class="nowrap">775–</span>803. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<span class="id-lock-free" title="Freely accessible"><a rel="nofollow" class="external text" href="https://doi.org/10.4000%2Fetudesafricaines.15630">10.4000/etudesafricaines.15630</a></span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Cahiers+d%27%C3%89tudes+Africaines&rft.atitle=Les+paysans+de+l%27empire%3A+%C3%A9coles+rurales+et+imaginaire+colonial+en+Afrique+occidentale+fran%C3%A7aise+dans+les+ann%C3%A9es+1930&rft.volume=49&rft.issue=3&rft.pages=%3Cspan+class%3D%22nowrap%22%3E775-%3C%2Fspan%3E803&rft.date=2009&rft_id=info%3Adoi%2F10.4000%2Fetudesafricaines.15630&rft.aulast=Gamble&rft.aufirst=Harry&rft_id=https%3A%2F%2Fdoi.org%2F10.4000%252Fetudesafricaines.15630&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-149"><span class="mw-cite-backlink"><b><a href="#cite_ref-149">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLaufenburger1936" class="citation journal cs1">Laufenburger, Henry (1936). "France and the Depression". <i>International Affairs</i>. <b>15</b> (2): <span class="nowrap">202–</span>224. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2307%2F2601740">10.2307/2601740</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2601740">2601740</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=International+Affairs&rft.atitle=France+and+the+Depression&rft.volume=15&rft.issue=2&rft.pages=%3Cspan+class%3D%22nowrap%22%3E202-%3C%2Fspan%3E224&rft.date=1936&rft_id=info%3Adoi%2F10.2307%2F2601740&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2601740%23id-name%3DJSTOR&rft.aulast=Laufenburger&rft.aufirst=Henry&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-150"><span class="mw-cite-backlink"><b><a href="#cite_ref-150">^</a></b></span> <span class="reference-text">Jean-Pierre Dormois, <i>The French Economy in the Twentieth Century</i> (2004) p. 31</span> </li> <li id="cite_note-151"><span class="mw-cite-backlink"><b><a href="#cite_ref-151">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBeaudryPortier2002" class="citation journal cs1">Beaudry, Paul; Portier, Franck (2002). "The French Depression in the 1930s". <i>Review of Economic Dynamics</i>. <b>5</b> (1): <span class="nowrap">73–</span>99. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1006%2Fredy.2001.0143">10.1006/redy.2001.0143</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Review+of+Economic+Dynamics&rft.atitle=The+French+Depression+in+the+1930s&rft.volume=5&rft.issue=1&rft.pages=%3Cspan+class%3D%22nowrap%22%3E73-%3C%2Fspan%3E99&rft.date=2002&rft_id=info%3Adoi%2F10.1006%2Fredy.2001.0143&rft.aulast=Beaudry&rft.aufirst=Paul&rft.au=Portier%2C+Franck&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-152"><span class="mw-cite-backlink"><b><a href="#cite_ref-152">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.english.uiuc.edu/maps/depression/about.htm">About the Great Depression</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20081220090243/http://www.english.uiuc.edu/maps/depression/about.htm">Archived</a> 20 December 2008 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, University of Illinois</span> </li> <li id="cite_note-pbs-153"><span class="mw-cite-backlink">^ <a href="#cite_ref-pbs_153-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-pbs_153-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.pbs.org/wgbh/commandingheights/lo/countries/de/de_economic.html">Germany – Economic</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20211231133720/https://www.pbs.org/wgbh/commandingheights/lo/countries/de/de_economic.html">Archived</a> 31 December 2021 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, Public Broadcasting Service (PBS).</span> </li> <li id="cite_note-154"><span class="mw-cite-backlink"><b><a href="#cite_ref-154">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBullock1991" class="citation book cs1"><a href="/wiki/Alan_Bullock" title="Alan Bullock">Bullock, Alan</a> (1991) [1962]. <a href="/wiki/Hitler:_A_Study_in_Tyranny" title="Hitler: A Study in Tyranny"><i>Hitler: A Study in Tyranny</i></a>. New York; London: Harper Perennial. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-56852-036-0" title="Special:BookSources/978-1-56852-036-0"><bdi>978-1-56852-036-0</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Hitler%3A+A+Study+in+Tyranny&rft.place=New+York%3B+London&rft.pub=Harper+Perennial&rft.date=1991&rft.isbn=978-1-56852-036-0&rft.aulast=Bullock&rft.aufirst=Alan&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-155"><span class="mw-cite-backlink"><b><a href="#cite_ref-155">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.historyplace.com/worldwar2/riseofhitler/runs.htm">"The History Place – Rise of Hitler: Hitler Runs for President"</a>. <i>History Place</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20161103215044/http://www.historyplace.com/worldwar2/riseofhitler/runs.htm">Archived</a> from the original on 3 November 2016<span class="reference-accessdate">. Retrieved <span class="nowrap">23 October</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=History+Place&rft.atitle=The+History+Place+%E2%80%93+Rise+of+Hitler%3A+Hitler+Runs+for+President&rft_id=https%3A%2F%2Fwww.historyplace.com%2Fworldwar2%2Friseofhitler%2Fruns.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-Kershaw98-156"><span class="mw-cite-backlink"><b><a href="#cite_ref-Kershaw98_156-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKershaw1998" class="citation book cs1">Kershaw, Ian (1998). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=nV-N10gyoFwC"><i>Hitler, 1889–1936: Hubris</i></a>. W.W. Norton. p. 411. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-393-32035-0" title="Special:BookSources/978-0-393-32035-0"><bdi>978-0-393-32035-0</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Hitler%2C+1889%E2%80%931936%3A+Hubris&rft.pages=411&rft.pub=W.W.+Norton&rft.date=1998&rft.isbn=978-0-393-32035-0&rft.aulast=Kershaw&rft.aufirst=Ian&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DnV-N10gyoFwC&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-157"><span class="mw-cite-backlink"><b><a href="#cite_ref-157">^</a></b></span> <span class="reference-text"><a href="/wiki/Adam_Tooze" title="Adam Tooze">Adam Tooze</a>, <i>The Wages of Destruction: The Making and Breaking of the Nazi Economy</i> (2007)</span> </li> <li id="cite_note-158"><span class="mw-cite-backlink"><b><a href="#cite_ref-158">^</a></b></span> <span class="reference-text"><a href="/wiki/Richard_Overy" title="Richard Overy">R. J. Overy</a>, "Misjudging Hitler", pp. 93–115 from <i>The Origins of the Second World War Reconsidered</i> edited by Gordon Martel, Routledge: London, England, 1999, pp. 98–99.</span> </li> <li id="cite_note-159"><span class="mw-cite-backlink"><b><a href="#cite_ref-159">^</a></b></span> <span class="reference-text">Kershaw, Ian <i>To Hell and Back: Europe 1914–1949</i>, Ch. 5</span> </li> <li id="cite_note-:3-160"><span class="mw-cite-backlink">^ <a href="#cite_ref-:3_160-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:3_160-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-:3_160-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKarlsson2000" class="citation book cs1">Karlsson, Gunnar (2000). <i>History of Iceland</i>. pp. <span class="nowrap">308–</span>12.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=History+of+Iceland&rft.pages=%3Cspan+class%3D%22nowrap%22%3E308-%3C%2Fspan%3E12&rft.date=2000&rft.aulast=Karlsson&rft.aufirst=Gunnar&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-161"><span class="mw-cite-backlink"><b><a href="#cite_ref-161">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="Manikumar" class="citation book cs1">Manikumar, K. A. (2003). <i>A Colonial Economy in the Great Depression, Madras (1929–1937)</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=A+Colonial+Economy+in+the+Great+Depression%2C+Madras+%281929%E2%80%931937%29&rft.date=2003&rft.aulast=Manikumar&rft.aufirst=K.+A.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-162"><span class="mw-cite-backlink"><b><a href="#cite_ref-162">^</a></b></span> <span class="reference-text">Samita Sen, "Labour, Organization and Gender: The Jute Industry in India in the 1930s", in Helmut Konrad and Wolfgang Maderthaner, eds. <i>Routes into the Abyss: Coping with Crises in the 1930s</i> (2013) pp. 152–66.</span> </li> <li id="cite_note-163"><span class="mw-cite-backlink"><b><a href="#cite_ref-163">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSimmons1987" class="citation journal cs1">Simmons, Colin (1987). "The Great Depression and Indian Industry: Changing Interpretations and Changing Perceptions". <i>Modern Asian Studies</i>. <b>21</b> (3): <span class="nowrap">585–</span>623. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1017%2FS0026749X00009215">10.1017/S0026749X00009215</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/312643">312643</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:145538790">145538790</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Modern+Asian+Studies&rft.atitle=The+Great+Depression+and+Indian+Industry%3A+Changing+Interpretations+and+Changing+Perceptions&rft.volume=21&rft.issue=3&rft.pages=%3Cspan+class%3D%22nowrap%22%3E585-%3C%2Fspan%3E623&rft.date=1987&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A145538790%23id-name%3DS2CID&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F312643%23id-name%3DJSTOR&rft_id=info%3Adoi%2F10.1017%2FS0026749X00009215&rft.aulast=Simmons&rft.aufirst=Colin&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-164"><span class="mw-cite-backlink"><b><a href="#cite_ref-164">^</a></b></span> <span class="reference-text">Frank Barry and Mary F. Daly, "Concurrent Irish Perspectives on the Great Depression" (2010) [ online ]</span> </li> <li id="cite_note-165"><span class="mw-cite-backlink"><b><a href="#cite_ref-165">^</a></b></span> <span class="reference-text">Frank Barry and Mary E. Daly, "Irish Perceptions of the Great Depression" in Michael Psalidopoulos, <i>The Great Depression in Europe: Economic Thought and Policy in a National Context</i> (Athens: Alpha Bank, 2012), pp. 395–424.</span> </li> <li id="cite_note-166"><span class="mw-cite-backlink"><b><a href="#cite_ref-166">^</a></b></span> <span class="reference-text">See also B. Girvin, <i>Between Two Worlds: Politics and Economy in Independent Ireland</i> (Dublin: Gill and Macmillan, 1989).</span> </li> <li id="cite_note-167"><span class="mw-cite-backlink"><b><a href="#cite_ref-167">^</a></b></span> <span class="reference-text">Barry, Frank, and Mary E. Daly. "Irish Perceptions of the Great Depression" (No. iiisdp349. IIIS, 2011.) <a rel="nofollow" class="external text" href="https://www.tcd.ie/iiis/documents/discussion/pdfs/iiisdp349.pdf">Online</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150811154311/https://www.tcd.ie/iiis/documents/discussion/pdfs/iiisdp349.pdf">Archived</a> 11 August 2015 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span> </li> <li id="cite_note-168"><span class="mw-cite-backlink"><b><a href="#cite_ref-168">^</a></b></span> <span class="reference-text">Vera Zamagni, <i>The economic history of Italy 1860–1990</i> (Oxford University Press, 1993)</span> </li> <li id="cite_note-169"><span class="mw-cite-backlink"><b><a href="#cite_ref-169">^</a></b></span> <span class="reference-text">Fabrizio Mattesini, and Beniamino Quintieri. "Italy and the Great Depression: An analysis of the Italian economy, 1929–1936." <i>Explorations in Economic History</i> (1997) 34#3 pp: 265–294.</span> </li> <li id="cite_note-170"><span class="mw-cite-backlink"><b><a href="#cite_ref-170">^</a></b></span> <span class="reference-text">Fabrizio Mattesini and Beniamino Quintieri. "Does a reduction in the length of the working week reduce unemployment? Some evidence from the Italian economy during the Great Depression." <i>Explorations in Economic History</i> (2006), 43#3, pp. 413–37.</span> </li> <li id="cite_note-171"><span class="mw-cite-backlink"><b><a href="#cite_ref-171">^</a></b></span> <span class="reference-text">Myung Soo Cha, "Did Takahashi Korekiyo Rescue Japan from the Great Depression?", <i>The Journal of Economic History</i> 63, No. 1 (March 2003): 127–144.</span> </li> <li id="cite_note-172"><span class="mw-cite-backlink"><b><a href="#cite_ref-172">^</a></b></span> <span class="reference-text">(For more on the Japanese economy in the 1930s see "MITI and the Japanese Miracle" by <a href="/wiki/Chalmers_Johnson" title="Chalmers Johnson">Chalmers Johnson</a>.)</span> </li> <li id="cite_note-173"><span class="mw-cite-backlink"><b><a href="#cite_ref-173">^</a></b></span> <span class="reference-text">Rosemary Thorp, <i>Latin America in the 1930s: the role of the periphery in world crisis</i> (Palgrave Macmillan, 2000).</span> </li> <li id="cite_note-174"><span class="mw-cite-backlink"><b><a href="#cite_ref-174">^</a></b></span> <span class="reference-text">E. H. Kossmann, <i>The Low Countries: 1780–1940</i> (1978).</span> </li> <li id="cite_note-175"><span class="mw-cite-backlink"><b><a href="#cite_ref-175">^</a></b></span> <span class="reference-text">"<a rel="nofollow" class="external text" href="https://www.tepapa.govt.nz/whatson/exhibitions/sliceofheaven/exhibition/SocialWelfare/Pages/Greatdepression.aspx">Social Welfare and The State: Great Depression</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160307070443/http://tepapa.govt.nz/whatson/exhibitions/sliceofheaven/exhibition/socialwelfare/pages/greatdepression.aspx">Archived</a> 7 March 2016 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>", <a href="/wiki/Museum_of_New_Zealand_Te_Papa_Tongarewa" class="mw-redirect" title="Museum of New Zealand Te Papa Tongarewa">Museum of New Zealand Te Papa Tongarewa</a>.</span> </li> <li id="cite_note-176"><span class="mw-cite-backlink"><b><a href="#cite_ref-176">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFoundation" class="citation web cs1">Foundation, Encyclopaedia Iranica. <a rel="nofollow" class="external text" href="https://iranicaonline.org/">"Welcome to Encyclopaedia Iranica"</a>. <i>iranicaonline.org</i><span class="reference-accessdate">. Retrieved <span class="nowrap">17 April</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=iranicaonline.org&rft.atitle=Welcome+to+Encyclopaedia+Iranica&rft.aulast=Foundation&rft.aufirst=Encyclopaedia+Iranica&rft_id=https%3A%2F%2Firanicaonline.org%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-177"><span class="mw-cite-backlink"><b><a href="#cite_ref-177">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="https://forsal.pl/artykuly/1330494,ii-rp-byla-gospodarcza-porazka-mity-na-jej-temat-sa-bardzo-szkodliwe.html">"II RP była gospodarczą porażką. Mity na jej temat są bardzo szkodliwe [TOP 2018]"</a>. <i>forsal.pl</i> (in Polish). 3 November 2018. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20211019024334/https://forsal.pl/artykuly/1330494,ii-rp-byla-gospodarcza-porazka-mity-na-jej-temat-sa-bardzo-szkodliwe.html">Archived</a> from the original on 19 October 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">29 July</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=forsal.pl&rft.atitle=II+RP+by%C5%82a+gospodarcz%C4%85+pora%C5%BCk%C4%85.+Mity+na+jej+temat+s%C4%85+bardzo+szkodliwe+%5BTOP+2018%5D&rft.date=2018-11-03&rft_id=https%3A%2F%2Fforsal.pl%2Fartykuly%2F1330494%2Cii-rp-byla-gospodarcza-porazka-mity-na-jej-temat-sa-bardzo-szkodliwe.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-:2-178"><span class="mw-cite-backlink">^ <a href="#cite_ref-:2_178-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-:2_178-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://histmag.org/Wielki-kryzys-gospodarczy-w-Polsce-9980">"Wielki kryzys gospodarczy w Polsce"</a>. <i>histmag.org</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210729011419/https://histmag.org/Wielki-kryzys-gospodarczy-w-Polsce-9980">Archived</a> from the original on 29 July 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">29 July</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=histmag.org&rft.atitle=Wielki+kryzys+gospodarczy+w+Polsce&rft_id=https%3A%2F%2Fhistmag.org%2FWielki-kryzys-gospodarczy-w-Polsce-9980&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-179"><span class="mw-cite-backlink"><b><a href="#cite_ref-179">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="https://wielkahistoria.pl/wielki-kryzys-w-polsce-zbankrutowalo-niemal-25-firm-a-produkt-krajowy-spadl-o-ponad-polowe/">"Wielki kryzys w Polsce. Zbankrutowało niemal 25% firm, a produkt krajowy spadł o ponad połowę"</a>. <i>WielkaHistoria</i> (in Polish). 9 November 2020. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210729012308/https://wielkahistoria.pl/wielki-kryzys-w-polsce-zbankrutowalo-niemal-25-firm-a-produkt-krajowy-spadl-o-ponad-polowe/">Archived</a> from the original on 29 July 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">29 July</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=WielkaHistoria&rft.atitle=Wielki+kryzys+w+Polsce.+Zbankrutowa%C5%82o+niemal+25%25+firm%2C+a+produkt+krajowy+spad%C5%82+o+ponad+po%C5%82ow%C4%99&rft.date=2020-11-09&rft_id=https%3A%2F%2Fwielkahistoria.pl%2Fwielki-kryzys-w-polsce-zbankrutowalo-niemal-25-firm-a-produkt-krajowy-spadl-o-ponad-polowe%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-180"><span class="mw-cite-backlink"><b><a href="#cite_ref-180">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1 cs1-prop-foreign-lang-source"><a rel="nofollow" class="external text" href="https://dzieje.pl/wiadomosci/140-lat-temu-urodzil-sie-boleslaw-wieniawa-dlugoszowski">"140 lat temu urodził się Bolesław Wieniawa-Długoszowski"</a>. <i>dzieje.pl</i> (in Polish). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210812060931/https://dzieje.pl/wiadomosci/140-lat-temu-urodzil-sie-boleslaw-wieniawa-dlugoszowski">Archived</a> from the original on 12 August 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">29 July</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=dzieje.pl&rft.atitle=140+lat+temu+urodzi%C5%82+si%C4%99+Boles%C5%82aw+Wieniawa-D%C5%82ugoszowski&rft_id=https%3A%2F%2Fdzieje.pl%2Fwiadomosci%2F140-lat-temu-urodzil-sie-boleslaw-wieniawa-dlugoszowski&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-181"><span class="mw-cite-backlink"><b><a href="#cite_ref-181">^</a></b></span> <span class="reference-text">José Cardozo, "The great depression and Portugal" in Michael Psalidopoulos, ed. (2012). <i>The Great Depression in Europe: Economic Thought and Policy in a National Context</i> Athens: Alpha Bank, <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-960-99793-6-8" title="Special:BookSources/978-960-99793-6-8">978-960-99793-6-8</a>. pp. 361–394 <a rel="nofollow" class="external text" href="https://www.ics.ul.pt/rdonweb-docs/ICS_JLCardoso_Great_AI.pdf">Online</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170313092132/http://www.ics.ul.pt/rdonweb-docs/ICS_JLCardoso_Great_AI.pdf">Archived</a> 13 March 2017 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>.</span> </li> <li id="cite_note-182"><span class="mw-cite-backlink"><b><a href="#cite_ref-182">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRodriguez2011" class="citation book cs1">Rodriguez, Manuel (2011). <i>A New Deal for the Tropics</i>. Princeton: Markus Wiener. p. 23.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=A+New+Deal+for+the+Tropics&rft.place=Princeton&rft.pages=23&rft.pub=Markus+Wiener&rft.date=2011&rft.aulast=Rodriguez&rft.aufirst=Manuel&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-183"><span class="mw-cite-backlink"><b><a href="#cite_ref-183">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://herb.ashp.cuny.edu/items/show/1510">"Graph of U.S. Unemployment Rate: 1930–1945"</a>. <i>American Social History Project</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210123225658/https://herb.ashp.cuny.edu/items/show/1510">Archived</a> from the original on 23 January 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">19 April</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=American+Social+History+Project&rft.atitle=Graph+of+U.S.+Unemployment+Rate%3A+1930%E2%80%931945&rft_id=https%3A%2F%2Fherb.ashp.cuny.edu%2Fitems%2Fshow%2F1510&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-184"><span class="mw-cite-backlink"><b><a href="#cite_ref-184">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDietz1986" class="citation book cs1">Dietz, James (1986). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=MeI9DwAAQBAJ"><i>Economic History of Puerto Rico</i></a>. Princeton: Princeton University Press. pp. <span class="nowrap">154–</span>55. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-691-02248-8" title="Special:BookSources/0-691-02248-8"><bdi>0-691-02248-8</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210818032634/https://books.google.com/books?id=MeI9DwAAQBAJ">Archived</a> from the original on 18 August 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">4 February</span> 2018</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Economic+History+of+Puerto+Rico&rft.place=Princeton&rft.pages=%3Cspan+class%3D%22nowrap%22%3E154-%3C%2Fspan%3E55&rft.pub=Princeton+University+Press&rft.date=1986&rft.isbn=0-691-02248-8&rft.aulast=Dietz&rft.aufirst=James&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DMeI9DwAAQBAJ&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-185"><span class="mw-cite-backlink"><b><a href="#cite_ref-185">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBlejanCostacheAloman2009" class="citation journal cs1">Blejan, Elisabeta; Costache, Brîndușa; Aloman, Adriana (2009). <a rel="nofollow" class="external text" href="https://nbs.rs/export/sites/NBS_site/documents/publikacije/konferencije/seemhn_conf/SEEMHN_14_Rumunija.pdf">"The National Bank of Romania during the Great Depression – 1929–1933"</a> <span class="cs1-format">(PDF)</span>. <i>Fourth Conference of Southeast Europe Monetary History Network (SEEMHN)</i> (8). <a href="/wiki/National_Bank_of_Serbia" title="National Bank of Serbia">National Bank of Serbia</a>: <span class="nowrap">1–</span>34. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20211119000002/https://www.nbs.rs/export/sites/NBS_site/documents/publikacije/konferencije/seemhn_conf/SEEMHN_14_Rumunija.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 19 November 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">21 March</span> 2021</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Fourth+Conference+of+Southeast+Europe+Monetary+History+Network+%28SEEMHN%29&rft.atitle=The+National+Bank+of+Romania+during+the+Great+Depression+%E2%80%93+1929%E2%80%931933&rft.issue=8&rft.pages=%3Cspan+class%3D%22nowrap%22%3E1-%3C%2Fspan%3E34&rft.date=2009&rft.aulast=Blejan&rft.aufirst=Elisabeta&rft.au=Costache%2C+Br%C3%AEndu%C8%99a&rft.au=Aloman%2C+Adriana&rft_id=https%3A%2F%2Fnbs.rs%2Fexport%2Fsites%2FNBS_site%2Fdocuments%2Fpublikacije%2Fkonferencije%2Fseemhn_conf%2FSEEMHN_14_Rumunija.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-186"><span class="mw-cite-backlink"><b><a href="#cite_ref-186">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFChiappiniTorreTosi2009" class="citation journal cs1">Chiappini, Raphaël; Torre, Dominique; Tosi, Elise (2009). <a rel="nofollow" class="external text" href="https://www.gredeg.cnrs.fr/working-papers/GREDEG-WP-2019-43.pdf">"Romania's unsustainable stabilization: 1929–1933"</a> <span class="cs1-format">(PDF)</span>. <i>GREDEG Working Papers</i> (<span class="nowrap">2019–</span>43). Groupe de Recherche en Droit, Economie, Gestion: <span class="nowrap">1–</span>32. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210708140527/http://www.gredeg.cnrs.fr/working-papers/GREDEG-WP-2019-43.pdf">Archived</a> <span class="cs1-format">(PDF)</span> from the original on 8 July 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">18 February</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=GREDEG+Working+Papers&rft.atitle=Romania%27s+unsustainable+stabilization%3A+1929%E2%80%931933&rft.issue=%3Cspan+class%3D%22nowrap%22%3E2019%E2%80%93%3C%2Fspan%3E43&rft.pages=%3Cspan+class%3D%22nowrap%22%3E1-%3C%2Fspan%3E32&rft.date=2009&rft.aulast=Chiappini&rft.aufirst=Rapha%C3%ABl&rft.au=Torre%2C+Dominique&rft.au=Tosi%2C+Elise&rft_id=https%3A%2F%2Fwww.gredeg.cnrs.fr%2Fworking-papers%2FGREDEG-WP-2019-43.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-187"><span class="mw-cite-backlink"><b><a href="#cite_ref-187">^</a></b></span> <span class="reference-text">Dan O'Meara, <i>Volkskapitalisme: class, capital, and ideology in the development of Afrikaner nationalism, 1934–1948</i> (Cambridge University Press, 1983).</span> </li> <li id="cite_note-188"><span class="mw-cite-backlink"><b><a href="#cite_ref-188">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.country-studies.com/south-africa/the-great-depression-and-the-1930s.html">The Great Depression and the 1930S</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220102205937/https://www.country-studies.com/south-africa/the-great-depression-and-the-1930s.html">Archived</a> 2 January 2022 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, Federal Research Division of the Library of Congress.</span> </li> <li id="cite_note-189"><span class="mw-cite-backlink"><b><a href="#cite_ref-189">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMinnaar1994" class="citation journal cs1">Minnaar, Anthony (1994). "Unemployment and relief measures during the Great Depression (1929–1934)". <i>Kleio</i>. <b>26</b> (1): <span class="nowrap">45–</span>85. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1080%2F00232084.1994.10823193">10.1080/00232084.1994.10823193</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Kleio&rft.atitle=Unemployment+and+relief+measures+during+the+Great+Depression+%281929%E2%80%931934%29&rft.volume=26&rft.issue=1&rft.pages=%3Cspan+class%3D%22nowrap%22%3E45-%3C%2Fspan%3E85&rft.date=1994&rft_id=info%3Adoi%2F10.1080%2F00232084.1994.10823193&rft.aulast=Minnaar&rft.aufirst=Anthony&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-190"><span class="mw-cite-backlink"><b><a href="#cite_ref-190">^</a></b></span> <span class="reference-text">Robert William Davies, Mark Harrison, and Stephen G. Wheatcroft, eds. <i>The economic transformation of the Soviet Union, 1913–1945</i> (Cambridge University Press, 1994)</span> </li> <li id="cite_note-191"><span class="mw-cite-backlink"><b><a href="#cite_ref-191">^</a></b></span> <span class="reference-text">Jennifer Burns (2009).<a rel="nofollow" class="external text" href="https://books.google.com/books?id=z6e9X6JxHpMC&pg=PA34"><i>Goddess of the Market: Ayn Rand and the American Right</i></a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210415123811/https://books.google.com/books?id=z6e9X6JxHpMC&pg=PA34">Archived</a> 15 April 2021 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, p. 34. Oxford University Press. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-19-532487-0" title="Special:BookSources/0-19-532487-0">0-19-532487-0</a></span> </li> <li id="cite_note-192"><span class="mw-cite-backlink"><b><a href="#cite_ref-192">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20210224141430/https://www.genealogia.fi/emi/art/article237e.htm">"Illegal Emigration to the U.S.S.R. During the Great Depression"</a>. <i>genealogia.fi</i>. Archived from <a rel="nofollow" class="external text" href="https://www.genealogia.fi/emi/art/article237e.htm">the original</a> on 24 February 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">19 September</span> 2016</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=genealogia.fi&rft.atitle=Illegal+Emigration+to+the+U.S.S.R.+During+the+Great+Depression&rft_id=https%3A%2F%2Fwww.genealogia.fi%2Femi%2Fart%2Farticle237e.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-193"><span class="mw-cite-backlink"><b><a href="#cite_ref-193">^</a></b></span> <span class="reference-text">Gabriel Tortella and Jordi Palafox, "Banking and Industry in Spain 1918–1936", <i>Journal of European Economic History</i> (1984), 13#2 Special Issue, pp. 81–110.</span> </li> <li id="cite_note-194"><span class="mw-cite-backlink"><b><a href="#cite_ref-194">^</a></b></span> <span class="reference-text">R. J. Harrison, <i>Economic History of Modern Spain</i> (1978), pp. 129–149.</span> </li> <li id="cite_note-195"><span class="mw-cite-backlink"><b><a href="#cite_ref-195">^</a></b></span> <span class="reference-text"><a href="/wiki/G%C3%B6ran_Therborn" title="Göran Therborn">Göran Therborn</a>, "A Unique Chapter in the History of Democracy: The Swedish Social Democrats", in K. Misgeld et al. (eds), <i>Creating Social Democracy</i>, University Park, Penn State University Press, 1996.</span> </li> <li id="cite_note-196"><span class="mw-cite-backlink"><b><a href="#cite_ref-196">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHandley2006" class="citation book cs1">Handley, Paul M. (2006). <i>The King Never Smiles: A Biography of Thailand's Bhumibol Adulyadej</i>. New Haven and London: Yale University Press. p. 37.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+King+Never+Smiles%3A+A+Biography+of+Thailand%27s+Bhumibol+Adulyadej&rft.place=New+Haven+and+London&rft.pages=37&rft.pub=Yale+University+Press&rft.date=2006&rft.aulast=Handley&rft.aufirst=Paul+M.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-197"><span class="mw-cite-backlink"><b><a href="#cite_ref-197">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFÇevik2023" class="citation book cs1">Çevik, Abidin (2023). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=vbu3EAAAQBAJ&dq=t%C3%BCrkiye'de%20b%C3%BCy%C3%BCk%20buhran&pg=PA139"><i>TÜRKİYE'DE DEVLETÇİ EKONOMİYE GEÇİŞ VE BÜYÜK BUHRAN'NIN ETKİLERİ</i></a>. Efe Akademi Yayınları. pp. <span class="nowrap">139–</span>150. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-625-6452-09-1" title="Special:BookSources/978-625-6452-09-1"><bdi>978-625-6452-09-1</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=T%C3%9CRK%C4%B0YE%27DE+DEVLET%C3%87%C4%B0+EKONOM%C4%B0YE+GE%C3%87%C4%B0%C5%9E+VE+B%C3%9CY%C3%9CK+BUHRAN%27NIN+ETK%C4%B0LER%C4%B0&rft.pages=%3Cspan+class%3D%22nowrap%22%3E139-%3C%2Fspan%3E150&rft.pub=Efe+Akademi+Yay%C4%B1nlar%C4%B1&rft.date=2023&rft.isbn=978-625-6452-09-1&rft.aulast=%C3%87evik&rft.aufirst=Abidin&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3Dvbu3EAAAQBAJ%26dq%3Dt%25C3%25BCrkiye%27de%2520b%25C3%25BCy%25C3%25BCk%2520buhran%26pg%3DPA139&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-198"><span class="mw-cite-backlink"><b><a href="#cite_ref-198">^</a></b></span> <span class="reference-text">Charles Loch Mowat, <i>Britain between the wars, 1918–1940</i> (1955) pp. 386–412.</span> </li> <li id="cite_note-199"><span class="mw-cite-backlink"><b><a href="#cite_ref-199">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.thegreatdepression.co.uk/unemployment-during-the-great-depression/">Unemployment During The Great Depression</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090124124118/https://thegreatdepression.co.uk/unemployment-during-the-great-depression">Archived</a> 24 January 2009 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, thegreatdepression.co.uk</span> </li> <li id="cite_note-200"><span class="mw-cite-backlink"><b><a href="#cite_ref-200">^</a></b></span> <span class="reference-text">Cook, Chris and Bewes, Diccon; <i>What Happened Where: A Guide To Places And Events in Twentieth-Century History</i> p. 115; Routledge, 1997 <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1-85728-533-6" title="Special:BookSources/1-85728-533-6">1-85728-533-6</a></span> </li> <li id="cite_note-201"><span class="mw-cite-backlink"><b><a href="#cite_ref-201">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://news.bbc.co.uk/2/hi/uk_news/scotland/7842448.stm">"Work camps that tackled Depression"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220106193754/http://news.bbc.co.uk/2/hi/uk_news/scotland/7842448.stm">Archived</a> 6 January 2022 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, BBC News.</span> </li> <li id="cite_note-Social_Conditions_in_Britain_1918–1939-202"><span class="mw-cite-backlink"><b><a href="#cite_ref-Social_Conditions_in_Britain_1918–1939_202-0">^</a></b></span> <span class="reference-text"><a href="/wiki/Stephen_Constantine_(historian)" title="Stephen Constantine (historian)">Constantine, Stephen</a> (1983), <i>Social Conditions in Britain 1918–1939</i>, <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-416-36010-6" title="Special:BookSources/0-416-36010-6">0-416-36010-6</a></span> </li> <li id="cite_note-Peter_Clemens_1954,_p._114-203"><span class="mw-cite-backlink">^ <a href="#cite_ref-Peter_Clemens_1954,_p._114_203-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Peter_Clemens_1954,_p._114_203-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Peter Clemens, <i>Prosperity, Depression and the New Deal: The USA 1890–1954</i>, Hodder Education, 4. Auflage, 2008, <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-340-96588-7" title="Special:BookSources/978-0-340-96588-7">978-0-340-96588-7</a>, p. 114.</span> </li> <li id="cite_note-204"><span class="mw-cite-backlink"><b><a href="#cite_ref-204">^</a></b></span> <span class="reference-text">Charles R. Morris, <i>A Rabble of Dead Money: The Great Crash and the Global Depression: 1929–1939</i> (PublicAffairs, 2017), 389 pp. <a rel="nofollow" class="external text" href="https://www.nytimes.com/2017/04/21/books/review/rabble-of-dead-money-charles-r-morris-great-depression-wall-street.html">online review</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170424184720/https://www.nytimes.com/2017/04/21/books/review/rabble-of-dead-money-charles-r-morris-great-depression-wall-street.html">Archived</a> 24 April 2017 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span> </li> <li id="cite_note-205"><span class="mw-cite-backlink"><b><a href="#cite_ref-205">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://future.state.gov/when/timeline/1921_timeline/smoot_tariff.html">"Smoot-Hawley Tariff"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090312055958/https://future.state.gov/when/timeline/1921_timeline/smoot_tariff.html">Archived</a> 12 March 2009 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, <i>U.S. Department of State</i>.</span> </li> <li id="cite_note-206"><span class="mw-cite-backlink"><b><a href="#cite_ref-206">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation encyclopaedia cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20131029205418/https://eh.net/encyclopedia/article/butkiewicz.finance.corp.reconstruction">"Reconstruction Finance Corporation"</a>. <i>EH.net Encyclopedia</i>. Archived from <a rel="nofollow" class="external text" href="https://eh.net/encyclopedia/article/butkiewicz.finance.corp.reconstruction">the original</a> on 29 October 2013.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Reconstruction+Finance+Corporation&rft.btitle=EH.net+Encyclopedia&rft_id=https%3A%2F%2Feh.net%2Fencyclopedia%2Farticle%2Fbutkiewicz.finance.corp.reconstruction&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-207"><span class="mw-cite-backlink"><b><a href="#cite_ref-207">^</a></b></span> <span class="reference-text">Clemens, <i>Prosperity, Depression and the New Deal</i>, 2008, p. 113.</span> </li> <li id="cite_note-208"><span class="mw-cite-backlink"><b><a href="#cite_ref-208">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.nps.gov/archive/elro/glossary/great-depression.htm">The Great Depression (1929–1939)</a>, The Eleanor Roosevelt Papers. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20081223191011/https://www.nps.gov/archive/elro/glossary/great-depression.htm">Archived</a> 23 December 2008 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span> </li> <li id="cite_note-209"><span class="mw-cite-backlink"><b><a href="#cite_ref-209">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSwansonWilliamson1972" class="citation journal cs1">Swanson, Joseph; Williamson, Samuel (1972). "Estimates of national product and income for the United States economy, 1919–1941". <i>Explorations in Economic History</i>. <b>10</b> (1): <span class="nowrap">53–</span>73. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1016%2F0014-4983%2872%2990003-4">10.1016/0014-4983(72)90003-4</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Explorations+in+Economic+History&rft.atitle=Estimates+of+national+product+and+income+for+the+United+States+economy%2C+1919%E2%80%931941&rft.volume=10&rft.issue=1&rft.pages=%3Cspan+class%3D%22nowrap%22%3E53-%3C%2Fspan%3E73&rft.date=1972&rft_id=info%3Adoi%2F10.1016%2F0014-4983%2872%2990003-4&rft.aulast=Swanson&rft.aufirst=Joseph&rft.au=Williamson%2C+Samuel&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-PDN2-210"><span class="mw-cite-backlink">^ <a href="#cite_ref-PDN2_210-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-PDN2_210-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><i>Prison Days and Nights</i>, by Victor F. Nelson (New York: Garden City Publishing Co., Inc., 1936)</span> </li> <li id="cite_note-211"><span class="mw-cite-backlink"><b><a href="#cite_ref-211">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://encarta.msn.com/encyclopedia_761584403/great_depression_in_the_united_states.html">"Great Depression in the United States"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20091028014002/http://encarta.msn.com/encyclopedia_761584403/Great_Depression_in_the_United_States.html">Archived</a> 28 October 2009 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, <i>Microsoft Encarta</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20091028014002/http://encarta.msn.com/encyclopedia_761584403/Great_Depression_in_the_United_States.html">Archived</a> 31 October 2009.</span> </li> <li id="cite_note-212"><span class="mw-cite-backlink"><b><a href="#cite_ref-212">^</a></b></span> <span class="reference-text">Joyce Bryant, <a rel="nofollow" class="external text" href="https://www.yale.edu/ynhti/curriculum/units/1998/4/98.04.04.x.html">"The Great Depression and New Deal"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160721191938/http://www.yale.edu/ynhti/curriculum/units/1998/4/98.04.04.x.html">Archived</a> 21 July 2016 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, <i>Yale-New Haven Teachers Institute</i>.</span> </li> <li id="cite_note-213"><span class="mw-cite-backlink"><b><a href="#cite_ref-213">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://eh.net/encyclopedia/article/Cunfer.DustBowl">The Dust Bowl</a>, Geoff Cunfer, Southwest Minnesota State University. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20081228070418/https://eh.net/encyclopedia/article/Cunfer.DustBowl">Archived</a> 28 December 2008 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span> </li> <li id="cite_note-214"><span class="mw-cite-backlink"><b><a href="#cite_ref-214">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20100905182850/https://www.nationalparkstraveler.com/2008/09/park-history-spirit-civilian-conservation-corps">"National Park History: "The Spirit of the Civilian Conservation Corps"<span class="cs1-kern-right"></span>"</a>. Nationalparkstraveler.com. Archived from <a rel="nofollow" class="external text" href="https://www.nationalparkstraveler.com/2008/09/park-history-spirit-civilian-conservation-corps">the original</a> on 5 September 2010<span class="reference-accessdate">. Retrieved <span class="nowrap">4 September</span> 2010</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=National+Park+History%3A+%22The+Spirit+of+the+Civilian+Conservation+Corps%22&rft.pub=Nationalparkstraveler.com&rft_id=https%3A%2F%2Fwww.nationalparkstraveler.com%2F2008%2F09%2Fpark-history-spirit-civilian-conservation-corps&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-215"><span class="mw-cite-backlink"><b><a href="#cite_ref-215">^</a></b></span> <span class="reference-text">Robert Goldston, <i>The Great Depression</i>, Fawcett Publications, 1968, p. 228.</span> </li> <li id="cite_note-216"><span class="mw-cite-backlink"><b><a href="#cite_ref-216">^</a></b></span> <span class="reference-text"><i>Economic Fluctuations</i>, Maurice W. Lee, Chairman of Economics Dept., Washington State College, published by R.D. Irwin Inc, Homewood, Illinois, 1955, p. 236.</span> </li> <li id="cite_note-217"><span class="mw-cite-backlink"><b><a href="#cite_ref-217">^</a></b></span> <span class="reference-text"><i>Business Cycles</i>, James Arthur Estey, Purdue University, Prentice-Hall, 1950, pp. 22–23 chart.</span> </li> <li id="cite_note-218"><span class="mw-cite-backlink"><b><a href="#cite_ref-218">^</a></b></span> <span class="reference-text">Maurice W. Lee, 1955.</span> </li> <li id="cite_note-219"><span class="mw-cite-backlink"><b><a href="#cite_ref-219">^</a></b></span> <span class="reference-text">Schlesinger, Jr., Arthur M. <i>The Coming of the New Deal: 1933–1935.</i> Paperback ed. New York: Houghton Mifflin, 2003 [1958]. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-618-34086-6" title="Special:BookSources/0-618-34086-6">0-618-34086-6</a>; Schlesinger, Jr., Arthur M. <i>The Politics of Upheaval: 1935–1936.</i> Paperback ed. New York: Houghton Mifflin, 2003 [1960]. <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/0-618-34087-4" title="Special:BookSources/0-618-34087-4">0-618-34087-4</a></span> </li> <li id="cite_note-220"><span class="mw-cite-backlink"><b><a href="#cite_ref-220">^</a></b></span> <span class="reference-text"><a href="/wiki/Lanny_Ebenstein" class="mw-redirect" title="Lanny Ebenstein">Lanny Ebenstein</a>, <i>Milton Friedman: A Biography</i> (2007).</span> </li> <li id="cite_note-221"><span class="mw-cite-backlink"><b><a href="#cite_ref-221">^</a></b></span> <span class="reference-text"><i><a href="/wiki/The_Grapes_of_Wrath" title="The Grapes of Wrath">The Grapes of Wrath</a></i>, by <a href="/wiki/John_Steinbeck" title="John Steinbeck">John Steinbeck</a>, Penguin, 2006, 0143039431, p. 238</span> </li> <li id="cite_note-222"><span class="mw-cite-backlink"><b><a href="#cite_ref-222">^</a></b></span> <span class="reference-text">David Taylor, <i>Soul of a People: The WPA Writers' Project Uncovers Depression America</i> (2009).</span> </li> <li id="cite_note-223"><span class="mw-cite-backlink"><b><a href="#cite_ref-223">^</a></b></span> <span class="reference-text">Jerre Mangione, <i>The Dream and the Deal: The Federal Writers' Project, 1935–1943</i> (1996)</span> </li> <li id="cite_note-224"><span class="mw-cite-backlink"><b><a href="#cite_ref-224">^</a></b></span> <span class="reference-text">Jerrold Hirsch, <i>Portrait of America: A Cultural History of the Federal Writers' Project</i> (2006)</span> </li> <li id="cite_note-225"><span class="mw-cite-backlink"><b><a href="#cite_ref-225">^</a></b></span> <span class="reference-text">Stacy I. Morgan, <i>Rethinking Social Realism: African American art and literature, 1930–1953 </i> (2004), p. 244.</span> </li> <li id="cite_note-Communications2000-226"><span class="mw-cite-backlink"><b><a href="#cite_ref-Communications2000_226-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHarry2010" class="citation book cs1">Harry, Lou (1 October 2010). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=2O0CAAAAMBAJ&pg=PA59"><i>Cincinnati Magazine</i></a>. Emmis Communications. pp. <span class="nowrap">59–</span>63. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210415123527/https://books.google.com/books?id=2O0CAAAAMBAJ&pg=PA59">Archived</a> from the original on 15 April 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">10 July</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Cincinnati+Magazine&rft.pages=%3Cspan+class%3D%22nowrap%22%3E59-%3C%2Fspan%3E63&rft.pub=Emmis+Communications&rft.date=2010-10-01&rft.aulast=Harry&rft.aufirst=Lou&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D2O0CAAAAMBAJ%26pg%3DPA59&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-Morency-227"><span class="mw-cite-backlink"><b><a href="#cite_ref-Morency_227-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMorency" class="citation book cs1">Morency, Philip. <a rel="nofollow" class="external text" href="https://books.google.com/books?id=AGyM0Bhsr-QC&pg=PA133"><i>On the Aisle, Volume 2: Film Reviews by Philip Morency</i></a>. Dorrance Publishing. pp. 133–. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-4349-7709-0" title="Special:BookSources/978-1-4349-7709-0"><bdi>978-1-4349-7709-0</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210817050620/https://books.google.com/books?id=AGyM0Bhsr-QC&pg=PA133">Archived</a> from the original on 17 August 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">22 August</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=On+the+Aisle%2C+Volume+2%3A+Film+Reviews+by+Philip+Morency&rft.pages=133-&rft.pub=Dorrance+Publishing&rft.isbn=978-1-4349-7709-0&rft.aulast=Morency&rft.aufirst=Philip&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DAGyM0Bhsr-QC%26pg%3DPA133&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-Pimpare2017-228"><span class="mw-cite-backlink"><b><a href="#cite_ref-Pimpare2017_228-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPimpare2017" class="citation book cs1">Pimpare, Stephen (2017). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=SCrADgAAQBAJ&pg=PA216"><i>Ghettos, Tramps, and Welfare Queens: Down and Out on the Silver Screen</i></a>. Oxford University Press. pp. 216–. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-19-066072-7" title="Special:BookSources/978-0-19-066072-7"><bdi>978-0-19-066072-7</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210415123813/https://books.google.com/books?id=SCrADgAAQBAJ&pg=PA216">Archived</a> from the original on 15 April 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">10 July</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Ghettos%2C+Tramps%2C+and+Welfare+Queens%3A+Down+and+Out+on+the+Silver+Screen&rft.pages=216-&rft.pub=Oxford+University+Press&rft.date=2017&rft.isbn=978-0-19-066072-7&rft.aulast=Pimpare&rft.aufirst=Stephen&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DSCrADgAAQBAJ%26pg%3DPA216&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-Smith2006-229"><span class="mw-cite-backlink"><b><a href="#cite_ref-Smith2006_229-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSmith2006" class="citation book cs1">Smith, Robert W. (26 January 2006). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=lZhrdFflrzEC"><i>Spotlight on America: The Great Depression</i></a>. Teacher Created Resources. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-4206-3218-7" title="Special:BookSources/978-1-4206-3218-7"><bdi>978-1-4206-3218-7</bdi></a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210415134347/https://books.google.com/books?id=lZhrdFflrzEC">Archived</a> from the original on 15 April 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">10 July</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Spotlight+on+America%3A+The+Great+Depression&rft.pub=Teacher+Created+Resources&rft.date=2006-01-26&rft.isbn=978-1-4206-3218-7&rft.aulast=Smith&rft.aufirst=Robert+W.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DlZhrdFflrzEC&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-hnn-230"><span class="mw-cite-backlink">^ <a href="#cite_ref-hnn_230-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-hnn_230-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-hnn_230-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://hnn.us/articles/61931.html">"When Did the Great Depression Receive Its Name? (And Who Named It?) – History News Network"</a>. <i>hnn.us</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20220109204651/http://hnn.us/articles/61931.html">Archived</a> from the original on 9 January 2022<span class="reference-accessdate">. Retrieved <span class="nowrap">18 February</span> 2022</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=hnn.us&rft.atitle=When+Did+the+Great+Depression+Receive+Its+Name%3F+%28And+Who+Named+It%3F%29+%E2%80%93+History+News+Network&rft_id=https%3A%2F%2Fhnn.us%2Farticles%2F61931.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-231"><span class="mw-cite-backlink"><b><a href="#cite_ref-231">^</a></b></span> <span class="reference-text">William Manchester, <i>The Glory and the Dream: A Narrative History of America, 1932–1972</i>.</span> </li> <li id="cite_note-232"><span class="mw-cite-backlink"><b><a href="#cite_ref-232">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFletcher1961" class="citation journal cs1">Fletcher, T.W. (1961). "The Great Depression of English Agriculture 1873–1896". <i>The Economic History Review</i>. <b>13</b> (3). Blackwell Publishing: <span class="nowrap">417–</span>32. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.2307%2F2599512">10.2307/2599512</a>. <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2599512">2599512</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Economic+History+Review&rft.atitle=The+Great+Depression+of+English+Agriculture+1873%E2%80%931896&rft.volume=13&rft.issue=3&rft.pages=%3Cspan+class%3D%22nowrap%22%3E417-%3C%2Fspan%3E32&rft.date=1961&rft_id=info%3Adoi%2F10.2307%2F2599512&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F2599512%23id-name%3DJSTOR&rft.aulast=Fletcher&rft.aufirst=T.W.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-233"><span class="mw-cite-backlink"><b><a href="#cite_ref-233">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="http://news.bbc.co.uk/1/hi/business/966616.stm">"Child poverty soars in eastern Europe"</a>, BBC News, 11 October 2000.</span> </li> <li id="cite_note-234"><span class="mw-cite-backlink"><b><a href="#cite_ref-234">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://theconversation.com/the-wild-decade-how-the-1990s-laid-the-foundations-for-vladimir-putins-russia-141098">"The wild decade: how the 1990s laid the foundations for Vladimir Putin's Russia"</a>. <i>The Conversation</i>. 2 July 2020<span class="reference-accessdate">. Retrieved <span class="nowrap">16 September</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Conversation&rft.atitle=The+wild+decade%3A+how+the+1990s+laid+the+foundations+for+Vladimir+Putin%27s+Russia&rft.date=2020-07-02&rft_id=https%3A%2F%2Ftheconversation.com%2Fthe-wild-decade-how-the-1990s-laid-the-foundations-for-vladimir-putins-russia-141098&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-235"><span class="mw-cite-backlink"><b><a href="#cite_ref-235">^</a></b></span> <span class="reference-text">See "What Can Transition Economies Learn from the First Ten Years? A New World Bank Report," in <i>Transition Newsletter</i> <a rel="nofollow" class="external text" href="http://worldbank.org/transitionnewsletter/janfeb2002">Worldbank.org</a> <a rel="nofollow" class="external text" href="https://archive.today/20120530044004/http://worldbank.org/transitionnewsletter/janfeb2002">Archived</a> 30 May 2012 at <a href="/wiki/Archive.today" title="Archive.today">archive.today</a>, <a rel="nofollow" class="external text" href="http://www.k-a.kg/?nid=5&value=6">K-A.kg</a></span> </li> <li id="cite_note-Russia-236"><span class="mw-cite-backlink">^ <a href="#cite_ref-Russia_236-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Russia_236-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://query.nytimes.com/gst/fullpage.html?res=9B03E4D91E3AF93BA35753C1A9669C8B63">Who Lost Russia?</a>, New York Times, 8 October 2000.</span> </li> <li id="cite_note-237"><span class="mw-cite-backlink"><b><a href="#cite_ref-237">^</a></b></span> <span class="reference-text">Adam Tooze, <i>Crashed: How a Decade of Financial Crises Changed the World</i> (2018), p. 41.</span> </li> <li id="cite_note-238"><span class="mw-cite-backlink"><b><a href="#cite_ref-238">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRampell2009" class="citation news cs1">Rampell, Catherine (11 March 2009). <a rel="nofollow" class="external text" href="https://economix.blogs.nytimes.com/2009/03/11/great-recession-a-brief-etymology/">"<span class="cs1-kern-left"></span>'Great Recession': A Brief Etymology"</a>. <i>The New York Times</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20211019025802/https://economix.blogs.nytimes.com/2009/03/11/great-recession-a-brief-etymology/">Archived</a> from the original on 19 October 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">9 March</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=%27Great+Recession%27%3A+A+Brief+Etymology&rft.date=2009-03-11&rft.aulast=Rampell&rft.aufirst=Catherine&rft_id=https%3A%2F%2Feconomix.blogs.nytimes.com%2F2009%2F03%2F11%2Fgreat-recession-a-brief-etymology%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-239"><span class="mw-cite-backlink"><b><a href="#cite_ref-239">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFGibbs2009" class="citation magazine cs1">Gibbs, Nancy (15 April 2009). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20090417050440/https://www.time.com/time/nation/article/0,8599,1891527,00.html">"The Great Recession: America Becomes Thrift Nation"</a>. <i><a href="/wiki/Time_(magazine)" title="Time (magazine)">Time</a></i>. Archived from <a rel="nofollow" class="external text" href="https://www.time.com/time/nation/article/0,8599,1891527,00.html">the original</a> on 17 April 2009.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Time&rft.atitle=The+Great+Recession%3A+America+Becomes+Thrift+Nation&rft.date=2009-04-15&rft.aulast=Gibbs&rft.aufirst=Nancy&rft_id=https%3A%2F%2Fwww.time.com%2Ftime%2Fnation%2Farticle%2F0%2C8599%2C1891527%2C00.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-240"><span class="mw-cite-backlink"><b><a href="#cite_ref-240">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKrugman2009" class="citation news cs1"><a href="/wiki/Paul_Krugman" title="Paul Krugman">Krugman, Paul</a> (20 March 2009). <a rel="nofollow" class="external text" href="https://krugman.blogs.nytimes.com/2009/03/20/the-great-recession-versus-the-great-depression/">"The Great Recession versus the Great Depression"</a>. <i>The New York Times</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210225054220/https://krugman.blogs.nytimes.com/2009/03/20/the-great-recession-versus-the-great-depression/">Archived</a> from the original on 25 February 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">7 February</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=The+Great+Recession+versus+the+Great+Depression&rft.date=2009-03-20&rft.aulast=Krugman&rft.aufirst=Paul&rft_id=https%3A%2F%2Fkrugman.blogs.nytimes.com%2F2009%2F03%2F20%2Fthe-great-recession-versus-the-great-depression%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-241"><span class="mw-cite-backlink"><b><a href="#cite_ref-241">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFLahart2009" class="citation news cs1">Lahart, Justin (28 July 2009). <a rel="nofollow" class="external text" href="https://www.wsj.com/articles/SB124874235091485463">"The Great Recession: A Downturn Sized Up"</a>. <i>The Wall Street Journal</i>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20210415102158/https://www.wsj.com/articles/SB124874235091485463">Archived</a> from the original on 15 April 2021<span class="reference-accessdate">. Retrieved <span class="nowrap">3 August</span> 2017</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Wall+Street+Journal&rft.atitle=The+Great+Recession%3A+A+Downturn+Sized+Up&rft.date=2009-07-28&rft.aulast=Lahart&rft.aufirst=Justin&rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2FSB124874235091485463&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression" class="Z3988"></span></span> </li> <li id="cite_note-242"><span class="mw-cite-backlink"><b><a href="#cite_ref-242">^</a></b></span> <span class="reference-text">Rabinowitz, Marco (6 October 2011). <a rel="nofollow" class="external text" href="https://money.msn.com/top-stocks/post.aspx?post=c72333da-0a10-4f49-8007-3c32f545fea5">"The Great Depression vs. the Great Recession</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20111017025810/https://money.msn.com/top-stocks/post.aspx?post=c72333da-0a10-4f49-8007-3c32f545fea5">Archived</a> 17 October 2011 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>: A look at the value of the U.S. dollar in 1929 and 2008; what has changed and where that leaves us today". <a href="/wiki/MSN_Money" class="mw-redirect" title="MSN Money">MSN Money</a>. Benzinga.</span> </li> <li id="cite_note-243"><span class="mw-cite-backlink"><b><a href="#cite_ref-243">^</a></b></span> <span class="reference-text">Evans-Pritchard, Ambrose (14 September 2010). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100915140526/https://www.telegraph.co.uk/finance/financetopics/financialcrisis/8000561/IMF-fears-social-explosion-from-world-jobs-crisis.html">"IMF Fears 'Social Explosion' From World Jobs Crisis"</a>. <i><a href="/wiki/The_Daily_Telegraph" title="The Daily Telegraph">The Daily Telegraph</a></i> (London). "America and Europe face the worst jobs crisis since the 1930s and risk 'an explosion of social unrest' unless they tread carefully, the International Monetary Fund has warned."</span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2></div> <div class="mw-heading mw-heading3"><h3 id="Global">Global</h3></div> <ul><li>Brendon, Piers. <i>The Dark Valley: A Panorama of the 1930s</i> (2000) comprehensive global economic and political history; 816pp</li> <li>Davis, Joseph S. <i>The World Between the Wars, 1919–39: An Economist's View</i> (1974)</li> <li><a href="/wiki/John_A._Garraty" title="John A. Garraty">Garraty, John A.</a> <i>The Great Depression: An Inquiry into the causes, course, and Consequences of the Worldwide Depression of the Nineteen-Thirties, as Seen by Contemporaries and in Light of History</i> (1986) <a rel="nofollow" class="external text" href="https://archive.org/details/greatdepressioni00garr">online</a></li> <li>Garside, W.R. ed. <i>Capitalism in crisis: International responses to the Great Depression</i> (1993), essays by experts</li> <li>Grossman, Mark. <i>Encyclopedia of the Interwar Years: From 1919 to 1939</i> (2000). 400 pp. worldwide coverage</li> <li>Hall Thomas E. and J. David Ferguson. <i>The Great Depression: An International Disaster of Perverse Economic Policies</i> (1998)</li> <li>Hodson, H.V. <i>Slump and Recovery, 1929–37: A Survey of World Economic Affairs</i> (Oxford UP, 1938). <a rel="nofollow" class="external text" href="https://archive.org/details/in.ernet.dli.2015.264829/page/n3/mode/2up">online</a></li> <li>Kehoe, Timothy J. and Edward C. Prescott. <i>Great Depressions of the Twentieth Century</i> (2007)</li> <li>League of Nations. <i>World Economic Survey 1935–1936</i> (1936) <a rel="nofollow" class="external text" href="https://archive.org/details/in.ernet.dli.2015.84656">online</a></li> <li><a href="/wiki/Goronwy_Rees" title="Goronwy Rees">Rees, Goronwy.</a> <i>The great slump: capitalism in crisis, 1929–33</i> (1970) <a rel="nofollow" class="external text" href="https://archive.org/details/greatslumpcapita0000rees_j4u4">online</a>, Marxist.</li> <li>Rothermund, Dietmar. <i>The Global Impact of the Great Depression</i> (1996)</li> <li>Woytinsky, Wladimir. <i>The Social Consequences of the Economic Depression</i> (International Labour Office, 1936). Statistics of major economies; not online.</li></ul> <div class="mw-heading mw-heading3"><h3 id="Europe">Europe</h3></div> <ul><li>Aldcroft, Derek H. "Economic Growth in Britain in the Inter-War Years: A Reassessment." Economic History Review, 20#2, 1967, pp. 311–26. <a rel="nofollow" class="external text" href="https://doi.org/10.2307/2592160">online</a></li> <li>Ambrosius, G. and W. Hibbard, <i>A Social and Economic History of Twentieth-Century Europe</i> (1989)</li> <li>Broadberry, S. N. <i>The British Economy between the Wars</i> (Basil Blackwell 1986)</li> <li>Feinstein. Charles H. <i>The European Economy between the Wars</i> (1997)</li> <li>James, Harold. <i>The German slump : politics and economics, 1924–1936</i> (1986) <a rel="nofollow" class="external text" href="https://archive.org/details/germanslumppolit0000jame">online</a></li> <li>Kaiser, David E. <i>Economic diplomacy and the origins of the Second World War: Germany, Britain, France and Eastern Europe, 1930–1939</i> (1980)</li> <li>Konrad, Helmut and Wolfgang Maderthaner, eds. <i><a rel="nofollow" class="external text" href="https://books.google.com/books?id=cTPUAAAAQBAJ">Routes Into the Abyss: Coping With Crises in the 1930s</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200124020610/https://books.google.com/books?id=cTPUAAAAQBAJ">Archived</a> 24 January 2020 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></i> (Berghahn Books, 2013), 224 pp. Compares political crises in Germany, Italy, Austria, and Spain with those in Sweden, Japan, China, India, Turkey, Brazil, and the United States.</li> <li>Psalidopoulos, Michael, ed. <i>The Great Depression in Europe: Economic Thought and Policy in a National Context</i> (Athens: Alpha Bank, 2012). <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-960-99793-6-8" title="Special:BookSources/978-960-99793-6-8">978-960-99793-6-8</a>. Chapters by economic historians cover Finland, Sweden, Belgium, Austria, Italy, Greece, Turkey, Bulgaria, Yugoslavia, Romania, Spain, Portugal, and Ireland. <a rel="nofollow" class="external text" href="https://www.ics.ul.pt/rdonweb-docs/ICS_JLCardoso_Great_AI.pdf">table of contents</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20170313092132/http://www.ics.ul.pt/rdonweb-docs/ICS_JLCardoso_Great_AI.pdf">Archived</a> 13 March 2017 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></li> <li>Tipton, F. and R. Aldrich, <i><a href="/wiki/An_Economic_and_Social_History_of_Europe,_1890%E2%80%931939" class="mw-redirect" title="An Economic and Social History of Europe, 1890–1939">An Economic and Social History of Europe, 1890–1939</a></i> (1987)</li></ul> <div class="mw-heading mw-heading3"><h3 id="United_States_and_Canada">United States and Canada</h3></div> <ul><li>Dickstein, Morris. <i>Dancing in the dark : a cultural history of the Great Depression</i> (2009) <a rel="nofollow" class="external text" href="https://archive.org/details/dancingindarkcul0000dick">online</a></li> <li><a rel="nofollow" class="external text" href="https://archiveswest.orbiscascade.org/ark:80444/xv96795">Helping the Homeless Man: Activities and Facilities of the Central Registry for Homeless Single Men</a>. ca. 1933–1934. 18 photographic prints (1 box). At the <a rel="nofollow" class="external text" href="http://www.lib.washington.edu/specialcoll/laws">Labor Archives of Washington, University of Washington Libraries Special Collections</a>.</li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith, John Kenneth</a>, <i>The Great Crash, 1929</i> (1954), popular <a href="//archive.org/details/greatcrash19290000galb_y8k2" class="extiw" title="iarchive:greatcrash19290000galb y8k2">online</a></li> <li>Goldston, Robert, <i>The Great Depression: The United States in the Thirties</i> (1968)</li> <li>McNeese, Tim, and Richard Jensen. <i>The Great Depression 1929–1938</i> (Discovering U.S. History) (2010) <a rel="nofollow" class="external text" href="https://www.amazon.com/Great-Depression-1929-1938-Discovering-History/dp/1604133570/">online</a>, for middle schools.</li> <li>Mitchell, Broadus. <i>Depression Decade: From New Era through New Deal, 1929–1941</i> (1947), 462 pp., thorough coverage of the U.S. economy <a href="//archive.org/details/depressiondecade0000mitc" class="extiw" title="iarchive:depressiondecade0000mitc">online</a></li> <li>Reis, Ronald A. <i>The Great Depression and the New Deal : America's economy in crisis</i> (2011) for secondary schools. <a href="//archive.org/details/greatdepressionn0000reis" class="extiw" title="iarchive:greatdepressionn0000reis">online</a></li> <li>Safarian, A. E. <i>The Canadian economy in the Great Depression</i> (2009) <a href="//archive.org/details/canadianeconomyi00safa" class="extiw" title="iarchive:canadianeconomyi00safa">online</a></li> <li><a rel="nofollow" class="external text" href="https://archiveswest.orbiscascade.org/ark:80444/xv43023">Washington Women's Heritage Project Records: Ethel P. Storey Oral History Interview (13/20)</a>. 1985. 4 sound cassettes; papers. Storey discusses the Great Depression and hardships of early life, abortion, childbearing and motherhood. At the <a rel="nofollow" class="external text" href="http://www.lib.washington.edu/specialcoll/laws">Labor Archives of Washington, University of Washington Libraries Special Collections</a>.</li> <li>Young, William H. <i>The Great Depression in America : a cultural encyclopedia</i> (2007) <a href="//archive.org/details/greatdepressioni0000youn" class="extiw" title="iarchive:greatdepressioni0000youn">online</a></li></ul> <div class="mw-heading mw-heading3"><h3 id="Other_areas">Other areas</h3></div> <ul><li>Brown, Ian. <i>The Economies of Africa and Asia in the Inter-war Depression</i> (1989)</li> <li>Drinot, Paulo, and Alan Knight, eds. <i>The Great Depression in Latin America</i> (2014) <a rel="nofollow" class="external text" href="https://www.amazon.com/Great-Depression-Latin-America/dp/082235750X/">excerpt</a></li> <li>Latham, Anthony, and John Heaton, <i>The Depression and the Developing World, 1914–1939</i> (1981).</li> <li>Shiroyama, Tomoko. <i>China during the Great Depression : market, state, and the world economy, 1929–1937</i> (2008) <a rel="nofollow" class="external text" href="https://archive.org/details/chinaduringgreat0000shir">online</a></li></ul> <div class="mw-heading mw-heading3"><h3 id="Focus_on_economic_theory_or_econometrics">Focus on economic theory or econometrics</h3></div> <ul><li>Bernanke, Ben. "The Macroeconomics of the Great Depression: A Comparative Approach" <i>Journal of Money, Credit, and Banking</i> (1995) 27#1 pp 1–28 <a rel="nofollow" class="external text" href="https://fraser.stlouisfed.org/scribd/?item_id=2399&filepath=/docs/meltzer/bermac95.pdf%7Cjstor=2077848%7Cdoi=10.2307/2077848">online</a></li> <li>Eichengreen, Barry J. <i>Hall of mirrors : the Great Depression, the great recession, and the uses-and misuses-of history</i> (2015), leading economist compares economic decline after 1929 and after 2008. <a rel="nofollow" class="external text" href="https://archive.org/details/hallofmirrorsgre0000eich">online</a></li> <li>Eichengreen, Barry. <i>Golden Fetters: The gold standard and the Great Depression, 1919–1939.</i> 1992.</li> <li>Eichengreen, Barry, and Marc Flandreau. <i>The Gold Standard in Theory and History</i> (1997)</li> <li>Friedman, Milton, and Anna Jacobson Schwartz. <i>A Monetary History of the United States, 1867–1960</i> (1963), monetarist interpretation (heavily statistical)</li> <li>Glasner, David, ed. <i>Business Cycles and Depressions</i> (Routledge, 1997), 800 pp. <a rel="nofollow" class="external text" href="https://www.amazon.com/gp/product/0824009444/">Excerpt</a></li> <li>Grinin, L., <a href="/wiki/Andrey_Korotayev" title="Andrey Korotayev">Korotayev, A.</a> and Tausch A. eds. <i><a rel="nofollow" class="external text" href="https://www.springer.com/de/book/9783319412603">Economic Cycles, Crises, and the Global Periphery</a></i> (2016).</li> <li><a href="/wiki/Gottfried_Haberler" title="Gottfried Haberler">Haberler, Gottfried.</a> <i>The World Economy, money, and the great depression 1919–1939</i> (1976)</li> <li>Kehoe, Timothy J. and Edward C. Prescott, eds. <i>Great Depressions of the Twentieth Century</i> (2007), essays by economists on the U.S., Britain, France, Germany, Italy and on tariffs; statistical</li> <li>Kindleberger, Charles P. <i>The World in Depression, 1929–1939</i> (3rd ed. 2013) <a rel="nofollow" class="external text" href="https://archive.org/details/worldindepressio0000kind">online</a></li> <li>Madsen, Jakob B. "Trade Barriers and the Collapse of World Trade during the Great Depression", <i>Southern Economic Journal</i>, (2001) 67#4 pp. 848–68 <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/1061574">online at JSTOR.</a></li> <li><a href="/wiki/Donald_Markwell" title="Donald Markwell">Markwell, Donald</a>. <i>John Maynard Keynes and International Relations: Economic Paths to War and Peace</i> (Oxford University Press, 2006).</li> <li>Mundell, R.A. "A Reconsideration of the Twentieth Century", <i>American Economic Review</i> 90#3 (2000), pp. 327–40 <a rel="nofollow" class="external text" href="https://web.archive.org/web/20080909215904/https://www.robertmundell.net/NobelLecture/pdf/A%20RECONSIDERATION%20OF%20THE%20TWENTIETH%20CENTURY.pdf">online version</a></li> <li>Richardson, H. W. "The Basis of Economic Recovery in the Nineteen-Thirties: A Review and a New Interpretation." <i>Economic History Review,</i> 15#2 (1962), pp. 344–63. <a rel="nofollow" class="external text" href="https://doi.org/10.2307/2599002">online</a>; focus on United Kingdom.</li> <li>Romer, Christina D. "The Nation in Depression", <i>Journal of Economic Perspectives</i> (1993) 7#2 pp. 19–39 <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2138198">in JSTOR</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160703181514/http://www.jstor.org/stable/2138198">Archived</a> 3 July 2016 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, statistical comparison of U.S. and other countries</li></ul> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 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class="nowraplinks mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Great_Depression" title="Template:Great Depression"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Great_Depression" title="Template talk:Great Depression"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Great_Depression" title="Special:EditPage/Template:Great Depression"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Great_Depression139" style="font-size:114%;margin:0 4em"><a class="mw-selflink selflink">Great Depression</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Topics</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0;line-height:1.4em;"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Causes_of_the_Great_Depression" title="Causes of the Great Depression">Causes</a></li> <li><a href="/wiki/Wall_Street_crash_of_1929" title="Wall Street crash of 1929">Wall Street crash of 1929</a></li> <li><a href="/wiki/Smoot%E2%80%93Hawley_Tariff_Act" title="Smoot–Hawley Tariff Act">Smoot-Hawley Tariff Act</a></li> <li><a href="/wiki/Dust_Bowl" title="Dust Bowl">Dust Bowl</a></li> <li><a href="/wiki/Cities_in_the_Great_Depression" title="Cities in the Great Depression">Effect in cities</a></li> <li><a href="/wiki/Recession_of_1937%E2%80%931938" title="Recession of 1937–1938">Recession of 1937–1938</a></li> <li><a href="/wiki/Timeline_of_the_Great_Depression" title="Timeline of the Great Depression">Timeline</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">By country</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0;line-height:1.4em;"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Great_Depression_in_Argentina" class="mw-redirect" title="Great Depression in Argentina">Argentina</a></li> <li><a href="/wiki/Great_Depression_in_Australia" title="Great Depression in Australia">Australia</a></li> <li><a href="/wiki/Great_Depression_in_Brazil" class="mw-redirect" title="Great Depression in Brazil">Brazil</a></li> <li><a href="/wiki/Great_Depression_in_Canada" title="Great Depression in Canada">Canada</a></li> <li><a href="/wiki/Great_Depression_in_Chile" title="Great Depression in Chile">Chile</a></li> <li><a href="/wiki/Great_Depression_in_France" title="Great Depression in France">France</a></li> <li><a href="/wiki/Weimar_Republic#Renewed_crisis_and_decline_(1930–1933)" title="Weimar Republic">Germany</a></li> <li><a href="/wiki/Great_Depression_in_India" title="Great Depression in India">India</a></li> <li><a href="/wiki/Great_Depression_in_Italy" class="mw-redirect" title="Great Depression in Italy">Italy</a></li> <li><a class="mw-selflink-fragment" href="#Japan">Japan</a></li> <li><a href="/wiki/Great_Depression_in_Latin_America" title="Great Depression in Latin America">Latin America</a></li> <li><a href="/wiki/Great_Depression_in_the_Netherlands" title="Great Depression in the Netherlands">Netherlands</a></li> <li><a href="/wiki/Great_Depression_in_Romania" title="Great Depression in Romania">Romania</a></li> <li><a href="/wiki/Great_Depression_in_South_Africa" title="Great Depression in South Africa">South Africa</a></li> <li><a href="/wiki/Great_Depression_in_the_United_Kingdom" title="Great Depression in the United Kingdom">United Kingdom</a></li> <li><a href="/wiki/Great_Depression_in_the_United_States" title="Great Depression in the United States">United States</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">United States</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0;line-height:1.4em;"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bonus_Army" title="Bonus Army">Bonus Army</a></li> <li><a href="/wiki/New_Deal" title="New Deal">New Deal</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow hlist" colspan="2" style="font-weight:bold;"><div> <ul><li><a href="/wiki/Category:Great_Depression" title="Category:Great Depression">Category</a></li> <li><a href="https://commons.wikimedia.org/wiki/Category:Great_Depression" class="extiw" title="commons:Category:Great Depression">Commons</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="New_Deal137" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:New_Deal" title="Template:New Deal"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:New_Deal" title="Template talk:New Deal"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:New_Deal" title="Special:EditPage/Template:New Deal"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="New_Deal137" style="font-size:114%;margin:0 4em"><a href="/wiki/New_Deal" title="New Deal">New Deal</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Causes and legacy</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0;background:transparent;"><div style="padding:0 0.25em"> <ul><li><a class="mw-selflink selflink">Great Depression</a></li> <li><a href="/wiki/New_Deal_coalition" title="New Deal coalition">New Deal Coalition</a></li> <li><a href="/wiki/Brain_Trust" class="mw-redirect" title="Brain Trust">Brain Trust</a></li> <li><a href="/wiki/List_of_critics_of_the_New_Deal" title="List of critics of the New Deal">Criticism</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">New Deal</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0;background:transparent;"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Emergency_Banking_Act" class="mw-redirect" title="Emergency Banking Act">Emergency Banking Act</a></li> <li><a href="/wiki/Economy_Act" class="mw-redirect" title="Economy Act">Economy Act</a></li> <li><a href="/wiki/Agricultural_Adjustment_Act" title="Agricultural Adjustment Act">Agricultural Adjustment Act</a></li> <li><a href="/wiki/Civilian_Conservation_Corps" title="Civilian Conservation Corps">Civilian Conservation Corps (CCC)</a></li> <li><a href="/wiki/Civil_Works_Administration" title="Civil Works Administration">Civil Works Administration</a></li> <li><a href="/wiki/Communications_Act_of_1934" title="Communications Act of 1934">Communications Act</a></li> <li><a href="/wiki/Executive_Order_6102" title="Executive Order 6102">Executive Order 6102</a></li> <li><a href="/wiki/Homeowners_Refinancing_Act" title="Homeowners Refinancing Act">Homeowners Refinancing Act</a></li> <li><a href="/wiki/Farm_Credit_Administration" title="Farm Credit Administration">Farm Credit Administration</a></li> <li><a href="/wiki/Federal_Deposit_Insurance_Corporation" title="Federal Deposit Insurance Corporation">Federal Deposit Insurance Corporation (FDIC)</a></li> <li><a href="/wiki/Federal_Emergency_Relief_Administration" title="Federal Emergency Relief Administration">Federal Emergency Relief Administration</a></li> <li><a href="/wiki/Frazier%E2%80%93Lemke_Farm_Bankruptcy_Act" title="Frazier–Lemke Farm Bankruptcy Act">Frazier–Lemke Farm Bankruptcy Act</a></li> <li><a href="/wiki/Glass%E2%80%93Steagall_legislation" title="Glass–Steagall legislation">Glass–Steagall Act</a></li> <li><a href="/wiki/National_Industrial_Recovery_Act" class="mw-redirect" title="National Industrial Recovery Act">National Industrial Recovery Act</a></li> <li><a href="/wiki/National_Housing_Act_of_1934" title="National Housing Act of 1934">National Housing Act</a></li> <li><a href="/wiki/National_Recovery_Administration" title="National Recovery Administration">National Recovery Administration</a></li> <li><a href="/wiki/National_Youth_Administration" title="National Youth Administration">National Youth Administration</a></li> <li><a href="/wiki/Public_Works_Administration" title="Public Works Administration">Public Works Administration (PWA)</a></li> <li><a href="/wiki/Public_Works_of_Art_Project" title="Public Works of Art Project">Public Works of Art Project</a></li> <li><a href="/wiki/Reciprocal_Tariff_Act" title="Reciprocal Tariff Act">Reciprocal Tariff Act</a></li> <li><a href="/wiki/Railroad_Retirement_Act" class="mw-redirect" title="Railroad Retirement Act">Railroad Retirement Act</a></li> <li><a href="/wiki/Securities_Act_of_1933" title="Securities Act of 1933">Securities Act</a></li> <li><a href="/wiki/Tennessee_Valley_Authority" title="Tennessee Valley Authority">Tennessee Valley Authority (TVA)</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Second New Deal</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0;background:transparent;"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Works_Progress_Administration" title="Works Progress Administration">Works Progress Administration (WPA)</a></li> <li><a href="/wiki/Federal_Project_Number_One" title="Federal Project Number One">Federal Project Number One</a></li> <li><a href="/wiki/Federal_Energy_Regulatory_Commission" title="Federal Energy Regulatory Commission">Federal Energy Regulatory Commission</a></li> <li><a href="/wiki/Farm_Security_Administration" title="Farm Security Administration">Farm Security Administration</a></li> <li><a href="/wiki/Judicial_Procedures_Reform_Bill_of_1937" title="Judicial Procedures Reform Bill of 1937">Judicial Procedures Reform Act</a></li> <li><a href="/wiki/Guffey_Coal_Act" title="Guffey Coal Act">National Bituminous Coal Conservation Act</a></li> <li><a href="/wiki/National_Labor_Relations_Board" title="National Labor Relations Board">National Labor Relations Board</a> (<a href="/wiki/National_Labor_Relations_Act_of_1935" title="National Labor Relations Act of 1935">Act</a>)</li> <li><a href="/wiki/Rural_Electrification_Act" title="Rural Electrification Act">Rural Electrification Act</a></li> <li><a href="/wiki/Rural_Utilities_Service" title="Rural Utilities Service">Rural Electrification Administration</a></li> <li><a href="/wiki/Social_Security_(United_States)" title="Social Security (United States)">Social Security</a></li> <li><a href="/wiki/United_States_Housing_Authority" title="United States Housing Authority">United States Housing Authority</a></li> <li><a href="/wiki/Fair_Labor_Standards_Act" class="mw-redirect" title="Fair Labor Standards Act">Fair Labor Standards Act</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Individuals</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0;background:transparent;"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Franklin_D._Roosevelt" title="Franklin D. Roosevelt">Franklin D. Roosevelt</a></li> <li><a href="/wiki/Eleanor_Roosevelt" title="Eleanor Roosevelt">Eleanor Roosevelt</a></li> <li><a href="/wiki/Harry_Hopkins" title="Harry Hopkins">Harry Hopkins</a></li> <li><a href="/wiki/Harold_L._Ickes" title="Harold L. Ickes">Harold L. Ickes</a></li> <li><a href="/wiki/Henry_Morgenthau_Jr." title="Henry Morgenthau Jr.">Henry Morgenthau Jr.</a></li> <li><a href="/wiki/Frances_Perkins" title="Frances Perkins">Frances Perkins</a></li> <li><a href="/wiki/Robert_F._Wagner" title="Robert F. Wagner">Robert F. Wagner</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2" style="font-weight:bold;"><div> <ul><li><a href="/wiki/Category:New_Deal" title="Category:New Deal">Category</a></li> <li><a href="https://commons.wikimedia.org/wiki/Category:New_Deal" class="extiw" title="commons:Category:New Deal">Commons</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Economic_expansions_and_recessions_in_the_United_States_and_Commonwealth_of_Nations_countries2175" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:United_States_%E2%80%93_Commonwealth_of_Nations_recessions" title="Template:United States – Commonwealth of Nations recessions"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:United_States_%E2%80%93_Commonwealth_of_Nations_recessions" title="Template talk:United States – Commonwealth of Nations recessions"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:United_States_%E2%80%93_Commonwealth_of_Nations_recessions" title="Special:EditPage/Template:United States – Commonwealth of Nations recessions"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Economic_expansions_and_recessions_in_the_United_States_and_Commonwealth_of_Nations_countries2175" style="font-size:114%;margin:0 4em"><a href="/wiki/List_of_economic_expansions_in_the_United_States" title="List of economic expansions in the United States">Economic expansions</a> and <a href="/wiki/List_of_recessions_in_the_United_States" title="List of recessions in the United States">recessions in the United States</a> and <a href="/wiki/Member_states_of_the_Commonwealth_of_Nations" title="Member states of the Commonwealth of Nations">Commonwealth of Nations countries</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Aggregate_demand" title="Aggregate demand">Aggregate demand</a>/<a href="/wiki/Aggregate_supply" title="Aggregate supply">Supply</a> <ul><li><a href="/wiki/Effective_demand" title="Effective demand">Effective demand</a></li> <li><a href="/wiki/General_glut" title="General glut">General glut</a></li> <li><a href="/wiki/AD%E2%80%93AS_model" title="AD–AS model">Model</a></li> <li><a href="/wiki/Overproduction" title="Overproduction">Overproduction</a></li> <li><a href="/wiki/Paradox_of_thrift" title="Paradox of thrift">Paradox of thrift</a></li> <li><a href="/wiki/Nominal_rigidity" title="Nominal rigidity">Price-and-wage stickiness</a></li> <li><a href="/wiki/Underconsumption" title="Underconsumption">Underconsumption</a></li></ul></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Deflation" title="Deflation">Deflation</a>/<a href="/wiki/Inflation" title="Inflation">Inflation</a> <ul><li><a href="/wiki/Chronic_inflation" title="Chronic inflation">Chronic</a></li> <li><a href="/wiki/Classical_dichotomy" title="Classical dichotomy">Classical dichotomy</a></li> <li><a href="/wiki/Disinflation" title="Disinflation">Disinflation</a></li> <li><a href="/wiki/Money_supply" title="Money supply">Money supply</a>/<a href="/wiki/Demand_for_money" title="Demand for money">demand</a></li> <li><a href="/wiki/Neutrality_of_money" title="Neutrality of money">Neutrality of money</a></li> <li><a href="/wiki/Price_level" title="Price level">Price level</a></li> <li><a href="/wiki/Real_versus_nominal_value_(economics)" class="mw-redirect" title="Real versus nominal value (economics)">Real and nominal values</a></li> <li><a href="/wiki/Velocity_of_money" title="Velocity of money">Velocity of money</a></li></ul></li> <li><a href="/wiki/Economic_expansion" title="Economic expansion">Economic expansion</a> <ul><li><a href="/wiki/Economic_recovery" title="Economic recovery">Recovery</a></li> <li><a href="/wiki/Economic_stagnation" title="Economic stagnation">Stagnation</a></li> <li><a href="/wiki/List_of_economic_expansions_in_the_United_States" title="List of economic expansions in the United States">U.S. expansions</a></li></ul></li> <li><a href="/wiki/Interest_rate" title="Interest rate">Interest rate</a> <ul><li><a href="/wiki/Nominal_interest_rate" title="Nominal interest rate">Nominal interest rate</a></li> <li><a href="/wiki/Real_interest_rate" title="Real interest rate">Real interest rate</a></li> <li><a href="/wiki/Yield_curve" title="Yield curve">Yield curve</a>/<a href="/wiki/Inverted_yield_curve" title="Inverted yield curve">Inverted</a></li></ul></li> <li><a href="/wiki/Recession" title="Recession">Recession</a> <ul><li><a href="/wiki/Balance_sheet_recession" title="Balance sheet recession">Balance sheet</a></li> <li><a href="/wiki/Economic_depression" title="Economic depression">Depression</a></li> <li><a href="/wiki/Global_recession" title="Global recession">Global</a></li> <li><a href="/wiki/Rolling_recession" title="Rolling recession">Rolling</a></li> <li><a href="/wiki/Recession_shapes" title="Recession shapes">Shapes</a></li> <li><a href="/wiki/Stagflation" title="Stagflation">Stagflation</a></li> <li><a href="/wiki/List_of_recessions_in_the_United_Kingdom" title="List of recessions in the United Kingdom">U.K. recessions</a></li> <li><a href="/wiki/List_of_recessions_in_the_United_States" title="List of recessions in the United States">U.S. recessions</a></li></ul></li> <li><a href="/wiki/Shock_(economics)" title="Shock (economics)">Shock</a> <ul><li><a href="/wiki/Demand_shock" title="Demand shock">Demand</a></li> <li><a href="/wiki/Supply_shock" title="Supply shock">Supply</a></li></ul></li> <li><a href="/wiki/Unemployment" title="Unemployment">Unemployment</a> <ul><li><a href="/wiki/Sahm_rule" title="Sahm rule">Sahm rule</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Commercial_revolution" title="Commercial revolution">Commercial revolution</a><br />(1000–1760)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Great_Slump_(15th_century)" title="Great Slump (15th century)">Great Slump</a> (1430–1490)</li> <li><a href="/wiki/War_of_the_Spanish_Succession" title="War of the Spanish Succession">Slump of 1706</a></li> <li><a href="/wiki/Great_Frost_of_1709" title="Great Frost of 1709">Great Frost of 1709</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">1st Industrial Revolution</a><br />(1760–1840)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773" title="British credit crisis of 1772–1773">British credit crisis of 1772–1773</a> <ul><li>1772–1774; <a href="/wiki/British_credit_crisis_of_1772%E2%80%931773#Effects_in_London" title="British credit crisis of 1772–1773">England</a></li> <li><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773#Scotland" title="British credit crisis of 1772–1773">Scotland</a></li> <li><a href="/wiki/British_credit_crisis_of_1772%E2%80%931773" title="British credit crisis of 1772–1773">American Colonies</a></li></ul></li> <li>1785–1788</li> <li><a href="/wiki/Copper_Panic_of_1789" title="Copper Panic of 1789">Copper Panic of 1789</a>/<a href="/wiki/Panic_of_1792" title="Panic of 1792">Panic of 1792</a> (1789–1793)</li> <li><a href="/wiki/Panic_of_1796%E2%80%931797" title="Panic of 1796–1797">Panic of 1796–1797</a> (1796–1799)</li> <li>1802–1804</li> <li>1807–1810</li> <li>1812</li> <li><a href="/wiki/Post-Napoleonic_Depression" title="Post-Napoleonic Depression">Post-Napoleonic Depression</a> (1815–1821)</li> <li>1822–23</li> <li><a href="/wiki/Panic_of_1825" title="Panic of 1825">Panic of 1825</a> (1825–1826)</li> <li>1828–29</li> <li>1833–34</li> <li><a href="/wiki/Panic_of_1837" title="Panic of 1837">Panic of 1837</a> (1836–1838 and 1839–1843)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Victorian_era" title="Victorian era">Early Victorian Britain</a>/<br /><a href="/wiki/History_of_the_United_States_(1849%E2%80%931865)" title="History of the United States (1849–1865)">Civil War-era United States</a><br />(1840–1870)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li>1845–46</li> <li><a href="/wiki/Panic_of_1847" title="Panic of 1847">Panic of 1847</a> (1847–1848)</li> <li>1853–54</li> <li><a href="/wiki/Panic_of_1857" title="Panic of 1857">Panic of 1857</a> (1857–1858)</li> <li>1860–61</li> <li><a href="/wiki/Panic_of_1866" title="Panic of 1866">Panic of 1866</a> (1865–1867)</li> <li><a href="/wiki/Black_Friday_(1869)" title="Black Friday (1869)">Black Friday</a> (1869–1870)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Gilded_Age" title="Gilded Age">Gilded Age</a>/<br /><a href="/wiki/Second_Industrial_Revolution" title="Second Industrial Revolution">2nd Industrial Revolution</a><br />(1870–1914)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Long_Depression" title="Long Depression">Long Depression</a>/<a href="/wiki/The_Great_Deflation" title="The Great Deflation">Great Deflation</a> <ul><li>1873–1879; <a href="/wiki/Long_Depression#United_Kingdom" title="Long Depression">United Kingdom</a></li> <li><a href="/wiki/Long_Depression#United_States" title="Long Depression">United States</a></li></ul></li> <li><a href="/wiki/Depression_of_1882%E2%80%931885" title="Depression of 1882–1885">Depression of 1882–1885</a></li> <li>1887–88</li> <li><a href="/wiki/Baring_crisis" title="Baring crisis">Baring crisis</a> (1890–1891)</li> <li><a href="/wiki/Panic_of_1893" title="Panic of 1893">Panic of 1893</a> (1893–1897)</li> <li>1899–1900</li> <li><a href="/wiki/Panic_of_1901" title="Panic of 1901">Panic of 1901</a> (1902–1904)</li> <li><a href="/wiki/Panic_of_1907" title="Panic of 1907">Panic of 1907</a> (1907–1908)</li> <li><a href="/wiki/Panic_of_1910%E2%80%9311" title="Panic of 1910–11">Panic of 1910–11</a> (1910–1912)</li> <li><a href="/wiki/Financial_crisis_of_1914" title="Financial crisis of 1914">Financial crisis of 1914</a> (1913–14)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Interwar_period" title="Interwar period">Interwar period</a><br />(1918–1939)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Post%E2%80%93World_War_I_recession" title="Post–World War I recession">Post–World War I recession</a> (1918–1919)</li> <li><a href="/wiki/Depression_of_1920%E2%80%931921" title="Depression of 1920–1921">Depression of 1920–1921</a></li> <li><a href="/wiki/Roaring_Twenties" title="Roaring Twenties">Roaring Twenties</a></li> <li>1923–1924</li> <li>1926–1927</li> <li><a class="mw-selflink selflink">Great Depression</a> <ul><li>1929–1939; <a href="/wiki/Great_Depression_in_Australia" title="Great Depression in Australia">Australia</a></li> <li><a href="/wiki/Great_Depression_in_Canada" title="Great Depression in Canada">Canada</a></li> <li><a href="/wiki/Great_Depression_in_India" title="Great Depression in India">India</a></li> <li><a href="/wiki/History_of_New_Zealand" title="History of New Zealand">New Zealand</a></li> <li><a href="/wiki/Great_Depression_in_South_Africa" title="Great Depression in South Africa">South Africa</a></li> <li><a href="/wiki/Great_Depression_in_the_United_Kingdom" title="Great Depression in the United Kingdom">United Kingdom</a></li> <li><a href="/wiki/Great_Depression_in_the_United_States" title="Great Depression in the United States">United States</a></li></ul></li> <li><a href="/wiki/Recession_of_1937%E2%80%931938" title="Recession of 1937–1938">Recession of 1937–1938</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Post%E2%80%93World_War_II_economic_expansion" title="Post–World War II economic expansion">Post–WWII expansion</a><br />(1945–1973)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li>1945</li> <li><a href="/wiki/Recession_of_1949" title="Recession of 1949">Recession of 1949</a> (1948–1949)</li> <li><a href="/wiki/Recession_of_1953" title="Recession of 1953">Recession of 1953</a> (1953–1954)</li> <li><a href="/wiki/Recession_of_1958" title="Recession of 1958">Recession of 1958</a> (1957–1958)</li> <li><a href="/wiki/Recession_of_1960%E2%80%931961" title="Recession of 1960–1961">Recession of 1960–1961</a></li> <li><a href="/wiki/Recession_of_1969%E2%80%931970" title="Recession of 1969–1970">Recession of 1969–1970</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stagflation" title="Stagflation">Great Inflation</a><br />(1973–1982)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1973%E2%80%931975_recession" title="1973–1975 recession">1973–1975 recession</a> <ul><li><a href="/wiki/1973%E2%80%931975_recession#United_Kingdom" title="1973–1975 recession">United Kingdom</a></li> <li><a href="/wiki/1973%E2%80%931975_recession#United_States" title="1973–1975 recession">United States</a></li></ul></li> <li><a href="/wiki/Early_1980s_recession" title="Early 1980s recession">Early 1980s recession</a> <ul><li>1980–1982; <a href="/wiki/Early_1980s_recession#Canada" title="Early 1980s recession">Canada</a></li> <li><a href="/wiki/Early_1980s_recession#United_Kingdom" title="Early 1980s recession">United Kingdom</a></li> <li><a href="/wiki/Early_1980s_recession_in_the_United_States" title="Early 1980s recession in the United States">United States</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Moderation" title="Great Moderation">Great Moderation</a>/<br /><a href="/wiki/Great_Regression" class="mw-redirect" title="Great Regression">Great Regression</a><br />(1982–2007)</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1990s_United_States_boom" title="1990s United States boom">1990s United States boom</a></li> <li><a href="/wiki/Early_1990s_recession" title="Early 1990s recession">Early 1990s recession</a> <ul><li>1990–1991; <a href="/wiki/Early_1990s_recession_in_Australia" title="Early 1990s recession in Australia">Australia</a></li> <li><a href="/wiki/Early_1990s_recession#Canada" title="Early 1990s recession">Canada</a></li> <li><a href="/wiki/Early_1990s_recession#United_Kingdom" title="Early 1990s recession">United Kingdom</a></li> <li><a href="/wiki/Early_1990s_recession_in_the_United_States" title="Early 1990s recession in the United States">United States</a></li></ul></li> <li><a href="/wiki/1997_Asian_financial_crisis" title="1997 Asian financial crisis">1997 Asian financial crisis</a></li> <li><a href="/wiki/Early_2000s_recession" title="Early 2000s recession">Early 2000s recession</a> (2001)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Information_Age" title="Information Age">Information Age</a><br />(2007–present)</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a> <ul><li>2007–2009; <a href="/wiki/Great_Recession_in_Oceania#Australia" title="Great Recession in Oceania">Australia</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Bangladesh" title="Great Recession in Asia">Bangladesh</a></li> <li><a href="/wiki/Great_Recession_in_the_Americas#Canada" title="Great Recession in the Americas">Canada</a></li> <li><a href="/wiki/Great_Recession_in_Asia#India" title="Great Recession in Asia">India</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Malysia" title="Great Recession in Asia">Malaysia</a></li> <li><a href="/wiki/Great_Recession_in_Oceania#New_Zealand" title="Great Recession in Oceania">New Zealand</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Pakistan" title="Great Recession in Asia">Pakistan</a></li> <li><a href="/wiki/Great_Recession_in_Africa" title="Great Recession in Africa">South Africa</a></li> <li><a href="/wiki/Great_Recession_in_Asia#Sri_Lanka" title="Great Recession in Asia">Sri Lanka</a></li> <li><a href="/wiki/Great_Recession_in_Europe#United_Kingdom" title="Great Recession in Europe">United Kingdom</a></li> <li><a href="/wiki/Great_Recession_in_the_United_States" title="Great Recession in the United States">United States</a></li></ul></li> <li><a href="/wiki/COVID-19_recession" title="COVID-19 recession">COVID-19 recession</a> <ul><li>2020–2022; <a href="/wiki/COVID-19_recession#Australia" title="COVID-19 recession">Australia</a></li> <li><a href="/wiki/COVID-19_recession#Bangladsh" title="COVID-19 recession">Bangladesh</a></li> <li><a href="/wiki/COVID-19_recession#Belize" title="COVID-19 recession">Belize</a></li> <li><a href="/wiki/COVID-19_recession#Botswana" title="COVID-19 recession">Botswana</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_Canada" title="Economic impact of the COVID-19 pandemic in Canada">Canada</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_India" title="Economic impact of the COVID-19 pandemic in India">India</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_Malaysia" title="Economic impact of the COVID-19 pandemic in Malaysia">Malaysia</a></li> <li><a href="/wiki/COVID-19_recession#Namibia" title="COVID-19 recession">Namibia</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_New_Zealand" title="Economic impact of the COVID-19 pandemic in New Zealand">New Zealand</a></li> <li><a href="/wiki/COVID-19_pandemic_in_Singapore#Economic_impact" title="COVID-19 pandemic in Singapore">Singapore</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_the_United_Kingdom" title="Economic impact of the COVID-19 pandemic in the United Kingdom">United Kingdom</a></li> <li><a href="/wiki/Economic_impact_of_the_COVID-19_pandemic_in_the_United_States" title="Economic impact of the COVID-19 pandemic in the United States">United States</a></li> <li><a href="/wiki/COVID-19_recession#Zambia" title="COVID-19 recession">Zambia</a></li></ul></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r886047488">.mw-parser-output .nobold{font-weight:normal}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r886047488"></div><div role="navigation" class="navbox" aria-labelledby="United_States_articles608" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2" style="text-align:center;"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:United_States_topics" title="Template:United States topics"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:United_States_topics" title="Template talk:United States topics"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:United_States_topics" title="Special:EditPage/Template:United States topics"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="United_States_articles608" style="font-size:114%;margin:0 4em"><a href="/wiki/United_States" title="United States">United States</a> articles</div></th></tr><tr><th scope="row" class="navbox-group" style="text-align:center;;width:1%"><a href="/wiki/History_of_the_United_States" title="History of the United States">History</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;">By period</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/History_of_the_United_States_(1776%E2%80%931789)" title="History of the United States (1776–1789)">1776–1789</a></li> <li><a href="/wiki/History_of_the_United_States_(1789%E2%80%931815)" title="History of the United States (1789–1815)">1789–1815</a></li> <li><a href="/wiki/History_of_the_United_States_(1815%E2%80%931849)" title="History of the United States (1815–1849)">1815–1849</a></li> <li><a href="/wiki/History_of_the_United_States_(1849%E2%80%931865)" title="History of the United States (1849–1865)">1849–1865</a></li> <li><a href="/wiki/History_of_the_United_States_(1865%E2%80%931917)" title="History of the United States (1865–1917)">1865–1917</a></li> <li><a href="/wiki/History_of_the_United_States_(1917%E2%80%931945)" title="History of the United States (1917–1945)">1917–1945</a></li> <li><a href="/wiki/History_of_the_United_States_(1945%E2%80%931964)" title="History of the United States (1945–1964)">1945–1964</a></li> <li><a href="/wiki/History_of_the_United_States_(1964%E2%80%931980)" title="History of the United States (1964–1980)">1964–1980</a></li> <li><a href="/wiki/History_of_the_United_States_(1980%E2%80%931991)" title="History of the United States (1980–1991)">1980–1991</a></li> <li><a href="/wiki/History_of_the_United_States_(1991%E2%80%932008)" class="mw-redirect" title="History of the United States (1991–2008)">1991–2008</a></li> <li><a href="/wiki/History_of_the_United_States_(2008%E2%80%93present)" class="mw-redirect" title="History of the United States (2008–present)">2008–present</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;">By event</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Pre-Columbian_era" title="Pre-Columbian era">Pre-colonial era</a></li> <li><a href="/wiki/Colonial_history_of_the_United_States" title="Colonial history of the United States">Colonial era</a> <ul><li><a href="/wiki/Stamp_Act_Congress" title="Stamp Act Congress">Stamp Act Congress</a></li> <li><a href="/wiki/Thirteen_Colonies" title="Thirteen Colonies">Thirteen Colonies</a></li> <li><a href="/wiki/Continental_Congress" title="Continental Congress">Continental Congress</a></li> <li><a href="/wiki/Continental_Association" title="Continental Association">Continental Association</a></li> <li><a href="/wiki/United_Colonies" title="United Colonies">United Colonies</a></li> <li><a href="/wiki/Colonial_American_military_history" title="Colonial American military history">military history</a></li> <li><a href="/wiki/Founding_Fathers_of_the_United_States" title="Founding Fathers of the United States">Founding Fathers</a></li></ul></li> <li><a href="/wiki/Halifax_Resolves" title="Halifax Resolves">Halifax Resolves</a></li> <li><a href="/wiki/Lee_Resolution" title="Lee Resolution">Lee Resolution</a></li> <li><a href="/wiki/United_States_Declaration_of_Independence" title="United States Declaration of Independence">Declaration of Independence</a></li> <li><a href="/wiki/American_Revolution" title="American Revolution">American Revolution</a> <ul><li><a href="/wiki/American_Revolutionary_War" title="American Revolutionary War">War</a></li> <li><a href="/wiki/Treaty_of_Paris_(1783)" title="Treaty of Paris (1783)">Treaty of Paris</a></li></ul></li> <li><a href="/wiki/Articles_of_Confederation" title="Articles of Confederation">Articles of Confederation</a> <ul><li><a href="/wiki/Perpetual_Union" title="Perpetual Union">Perpetual Union</a></li> <li><a href="/wiki/Confederation_period" title="Confederation period">Confederation period</a></li></ul></li> <li><a href="/wiki/American_frontier" title="American frontier">American frontier</a></li> <li><a href="/wiki/Constitution_of_the_United_States" title="Constitution of the United States">Constitution</a> <ul><li><a href="/wiki/Timeline_of_drafting_and_ratification_of_the_United_States_Constitution" title="Timeline of drafting and ratification of the United States Constitution">drafting and ratification</a></li> <li><a href="/wiki/United_States_Bill_of_Rights" title="United States Bill of Rights">Bill of Rights</a></li></ul></li> <li><a href="/wiki/Federalist_Era" title="Federalist Era">Federalist Era</a></li> <li><a href="/wiki/War_of_1812" title="War of 1812">War of 1812</a></li> <li><a href="/wiki/Territorial_evolution_of_the_United_States" title="Territorial evolution of the United States">Territorial evolution</a></li> <li><a href="/wiki/Mexican%E2%80%93American_War" title="Mexican–American War">Mexican–American War</a></li> <li><a href="/wiki/American_Civil_War" title="American Civil War">Civil War</a></li> <li><a href="/wiki/Reconstruction_era" title="Reconstruction era">Reconstruction era</a></li> <li><a href="/wiki/American_Indian_Wars" title="American Indian Wars">Indian Wars</a></li> <li><a href="/wiki/Native_American_genocide_in_the_United_States" title="Native American genocide in the United States">Native genocide</a></li> <li><a href="/wiki/Gilded_Age" title="Gilded Age">Gilded Age</a></li> <li><a href="/wiki/Progressive_Era" title="Progressive Era">Progressive Era</a></li> <li><a href="/wiki/Women%27s_suffrage_in_the_United_States" title="Women's suffrage in the United States">Women's suffrage</a></li> <li>Civil rights movement <ul><li><a href="/wiki/Civil_rights_movement_(1865%E2%80%931896)" title="Civil rights movement (1865–1896)">1865–1896</a></li> <li><a href="/wiki/Civil_rights_movement_(1896%E2%80%931954)" title="Civil rights movement (1896–1954)">1896–1954</a></li> <li><a href="/wiki/Civil_rights_movement" title="Civil rights movement">1954–1968</a></li></ul></li> <li><a href="/wiki/Spanish%E2%80%93American_War" title="Spanish–American War">Spanish–American War</a></li> <li><a href="/wiki/American_imperialism" title="American imperialism">Imperialism</a></li> <li><a href="/wiki/United_States_in_World_War_I" title="United States in World War I">World War I</a></li> <li><a href="/wiki/Roaring_Twenties" title="Roaring Twenties">Roaring Twenties</a></li> <li><a class="mw-selflink selflink">Great Depression</a></li> <li><a href="/wiki/Military_history_of_the_United_States_during_World_War_II" title="Military history of the United States during World War II">World War II</a> <ul><li><a href="/wiki/United_States_home_front_during_World_War_II" title="United States home front during World War II">home front</a></li></ul></li> <li><a href="/wiki/American_Century" title="American Century">American Century</a></li> <li><a href="/wiki/Cold_War" title="Cold War">Cold War</a></li> <li><a href="/wiki/Korean_War" title="Korean War">Korean War</a></li> <li><a href="/wiki/Space_Race" title="Space Race">Space Race</a></li> <li><a href="/wiki/Second-wave_feminism" title="Second-wave feminism">Feminist Movement</a></li> <li><a href="/wiki/Gay_liberation" title="Gay liberation">LGBT Movement</a></li> <li><a href="/wiki/Vietnam_War" title="Vietnam War">Vietnam War</a></li> <li><a href="/wiki/History_of_the_United_States_(1991%E2%80%932008)" class="mw-redirect" title="History of the United States (1991–2008)">Post-Cold War (1991–2008)</a></li> <li><a href="/wiki/September_11_attacks" title="September 11 attacks">September 11 attacks</a></li> <li><a href="/wiki/War_on_terror" title="War on terror">War on Terror</a> <ul><li><a href="/wiki/War_in_Afghanistan_(2001%E2%80%932021)" title="War in Afghanistan (2001–2021)">War in Afghanistan</a></li> <li><a href="/wiki/Iraq_War" title="Iraq War">Iraq War</a></li></ul></li> <li><a href="/wiki/Great_Recession_in_the_United_States" title="Great Recession in the United States">Great Recession</a></li> <li><a href="/wiki/COVID-19_pandemic_in_the_United_States" title="COVID-19 pandemic in the United States">COVID-19 pandemic</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;">By topic</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Outline_of_the_history_of_the_United_States" title="Outline of the history of the United States">Outline of U.S. history</a></li> <li><a href="/wiki/Demographic_history_of_the_United_States" title="Demographic history of the United States">Demographic</a></li> <li><a href="/wiki/Timeline_of_United_States_discoveries" title="Timeline of United States discoveries">Discoveries</a></li> <li><a href="/wiki/Economic_history_of_the_United_States" title="Economic history of the United States">Economic</a></li> <li><a href="/wiki/Timeline_of_United_States_inventions" title="Timeline of United States inventions">Inventions</a></li> <li><a href="/wiki/Military_history_of_the_United_States" title="Military history of the United States">Military</a></li> <li><a href="/wiki/Postage_stamps_and_postal_history_of_the_United_States" title="Postage stamps and postal history of the United States">Postal</a></li> <li><a href="/wiki/Technological_and_industrial_history_of_the_United_States" title="Technological and industrial history of the United States">Technological and industrial</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="text-align:center;;width:1%"><a href="/wiki/Geography_of_the_United_States" title="Geography of the United States">Geography</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><td colspan="2" class="navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/U.S._territorial_sovereignty" title="U.S. territorial sovereignty">Territory</a> <ul><li><a href="/wiki/Contiguous_United_States" title="Contiguous United States">Contiguous United States</a></li> <li><a href="/wiki/County_(United_States)" title="County (United States)">counties</a></li> <li><a href="/wiki/Washington,_D.C." title="Washington, D.C.">federal district</a></li> <li><a href="/wiki/Federal_enclave" title="Federal enclave">federal enclaves</a></li> <li><a href="/wiki/Indian_reservation" title="Indian reservation">Indian reservations</a></li> <li><a href="/wiki/Territories_of_the_United_States" title="Territories of the United States">insular zones</a></li> <li><a href="/wiki/United_States_Minor_Outlying_Islands" title="United States Minor Outlying Islands">minor outlying islands</a></li> <li><a href="/wiki/Lists_of_populated_places_in_the_United_States" title="Lists of populated places in the United States">populated places</a></li> <li><a href="/wiki/U.S._state" title="U.S. state">states</a></li></ul></li> <li><a href="/wiki/List_of_earthquakes_in_the_United_States" title="List of earthquakes in the United States">Earthquakes</a></li> <li><a href="/wiki/List_of_extreme_points_of_the_United_States" title="List of extreme points of the United States">Extreme points</a></li> <li><a href="/wiki/List_of_islands_of_the_United_States" title="List of islands of the United States">Islands</a></li> <li><a href="/wiki/List_of_mountains_of_the_United_States" title="List of mountains of the United States">Mountains</a> <ul><li><a href="/wiki/List_of_mountain_peaks_of_the_United_States" title="List of mountain peaks of the United States">peaks</a></li> <li><a href="/wiki/List_of_mountain_ranges#United_States" title="List of mountain ranges">ranges</a></li> <li><a href="/wiki/Appalachian_Mountains" title="Appalachian Mountains">Appalachian</a></li> <li><a href="/wiki/Rocky_Mountains" title="Rocky Mountains">Rocky</a></li> <li><a href="/wiki/Sierra_Nevada" title="Sierra Nevada">Sierra Nevada</a></li></ul></li> <li><a href="/wiki/National_Park_Service" title="National Park Service">National Park Service</a> <ul><li><a href="/wiki/List_of_areas_in_the_United_States_National_Park_System" title="List of areas in the United States National Park System">National Parks</a></li></ul></li> <li><a href="/wiki/List_of_regions_of_the_United_States" title="List of regions of the United States">Regions</a> <ul><li><a href="/wiki/East_Coast_of_the_United_States" title="East Coast of the United States">East Coast</a></li> <li><a href="/wiki/West_Coast_of_the_United_States" title="West Coast of the United States">West Coast</a></li> <li><a href="/wiki/Great_Plains" title="Great Plains">Great Plains</a></li> <li><a href="/wiki/Gulf_Coast_of_the_United_States" title="Gulf Coast of the United States">Gulf</a></li> <li><a href="/wiki/Mid-Atlantic_(United_States)" title="Mid-Atlantic (United States)">Mid-Atlantic</a></li> <li><a href="/wiki/Midwestern_United_States" title="Midwestern United States">Midwestern</a></li> <li><a href="/wiki/New_England" title="New England">New England</a></li> <li><a href="/wiki/West_Coast_of_the_United_States" title="West Coast of the United States">Pacific</a></li> <li><a href="/wiki/Central_United_States" title="Central United States">Central</a></li> <li><a href="/wiki/Eastern_United_States" title="Eastern United States">Eastern</a></li> <li><a href="/wiki/Northern_United_States" title="Northern United States">Northern</a></li> <li><a href="/wiki/Northeastern_United_States" title="Northeastern United States">Northeastern</a></li> <li><a href="/wiki/Northwestern_United_States" title="Northwestern United States">Northwestern</a></li> <li><a href="/wiki/Southern_United_States" title="Southern United States">Southern</a></li> <li><a href="/wiki/Southeastern_United_States" title="Southeastern United States">Southeastern</a></li> <li><a href="/wiki/Southwestern_United_States" title="Southwestern United States">Southwestern</a></li> <li><a href="/wiki/Western_United_States" title="Western United States">Western</a></li></ul></li> <li>Longest <a href="/wiki/List_of_rivers_of_the_United_States" title="List of rivers of the United States">rivers</a> <ul><li><a href="/wiki/Arkansas_River" title="Arkansas River">Arkansas</a></li> <li><a href="/wiki/Colorado_River" title="Colorado River">Colorado</a></li> <li><a href="/wiki/Columbia_River" title="Columbia River">Columbia</a></li> <li><a href="/wiki/Mississippi_River" title="Mississippi River">Mississippi</a></li> <li><a href="/wiki/Missouri_River" title="Missouri River">Missouri</a></li> <li><a href="/wiki/Red_River_of_the_South" title="Red River of the South">Red (South)</a></li> <li><a href="/wiki/Rio_Grande" title="Rio Grande">Rio Grande</a></li> <li><a href="/wiki/Yukon_River" title="Yukon River">Yukon</a></li></ul></li> <li><a href="/wiki/Time_in_the_United_States" title="Time in the United States">Time</a></li> <li><a href="/wiki/Water_supply_and_sanitation_in_the_United_States" title="Water supply and sanitation in the United States">Water supply and sanitation</a></li> <li><a href="/wiki/List_of_World_Heritage_Sites_in_the_United_States" title="List of World Heritage Sites in the United States">World Heritage Sites</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="text-align:center;;width:1%"><a href="/wiki/Politics_of_the_United_States" title="Politics of the United States">Politics</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/Federal_government_of_the_United_States" title="Federal government of the United States">Federal</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;">Executive</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/President_of_the_United_States" title="President of the United States">President of the United States</a> <ul><li><a href="/wiki/Powers_of_the_president_of_the_United_States" title="Powers of the president of the United States">powers</a></li> <li><a href="/wiki/Executive_Office_of_the_President_of_the_United_States" title="Executive Office of the President of the United States">Executive Office</a></li></ul></li> <li><a href="/wiki/Vice_President_of_the_United_States" title="Vice President of the United States">Vice President</a></li> <li><a href="/wiki/Cabinet_of_the_United_States" title="Cabinet of the United States">Cabinet</a></li> <li><a href="/wiki/United_States_federal_executive_departments" title="United States federal executive departments">Executive departments</a></li> <li><a href="/wiki/Independent_agencies_of_the_United_States_government" class="mw-redirect" title="Independent agencies of the United States government">Independent agencies</a></li> <li><a href="/wiki/United_States_Intelligence_Community" title="United States Intelligence Community">Intelligence Community</a> <ul><li><a href="/wiki/Director_of_National_Intelligence" title="Director of National Intelligence">Director of National Intelligence</a></li> <li><a href="/wiki/Central_Intelligence_Agency" title="Central Intelligence Agency">Central Intelligence Agency</a></li> <li><a href="/wiki/National_Security_Agency" title="National Security Agency">National Security Agency</a></li> <li><a href="/wiki/National_Reconnaissance_Office" title="National Reconnaissance Office">National Reconnaissance Office</a></li></ul></li> <li><a href="/wiki/Federal_law_enforcement_in_the_United_States" title="Federal law enforcement in the United States">Law enforcement</a> <ul><li><a href="/wiki/Bureau_of_Alcohol,_Tobacco,_Firearms_and_Explosives" title="Bureau of Alcohol, Tobacco, Firearms and Explosives">ATF</a></li> <li><a href="/wiki/U.S._Customs_and_Border_Protection" title="U.S. Customs and Border Protection">CBP</a></li> <li><a href="/wiki/Bureau_of_Diplomatic_Security" title="Bureau of Diplomatic Security">Diplomatic Security</a></li> <li><a href="/wiki/Drug_Enforcement_Administration" title="Drug Enforcement Administration">DEA</a></li> <li><a href="/wiki/Federal_Bureau_of_Investigation" title="Federal Bureau of Investigation">FBI</a></li> <li><a href="/wiki/U.S._Immigration_and_Customs_Enforcement" title="U.S. Immigration and Customs Enforcement">ICE</a></li> <li><a href="/wiki/United_States_Marshals_Service" title="United States Marshals Service">Marshals</a></li> <li><a href="/wiki/United_States_Secret_Service" title="United States Secret Service">Secret Service</a></li> <li><a href="/wiki/Transportation_Security_Administration" title="Transportation Security Administration">TSA</a></li></ul></li> <li><a href="/wiki/Office_of_Inspector_General_(United_States)" title="Office of Inspector General (United States)">Inspector generals</a></li> <li><a href="/wiki/United_States_federal_civil_service" title="United States federal civil service">Civil service</a></li> <li><a href="/wiki/Public_policy_of_the_United_States" title="Public policy of the United States">Public policy</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/United_States_Congress" title="United States Congress">Legislative</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/United_States_House_of_Representatives" title="United States House of Representatives">House of Representatives</a> <ul><li><a href="/wiki/List_of_current_members_of_the_United_States_House_of_Representatives" class="mw-redirect" title="List of current members of the United States House of Representatives">current members</a></li> <li><a href="/wiki/Speaker_of_the_United_States_House_of_Representatives" title="Speaker of the United States House of Representatives">Speaker</a></li></ul></li> <li><a href="/wiki/United_States_Senate" title="United States Senate">Senate</a> <ul><li><a href="/wiki/List_of_current_United_States_senators" title="List of current United States senators">current members</a></li> <li><a href="/wiki/President_pro_tempore_of_the_United_States_Senate" title="President pro tempore of the United States Senate">President pro tempore</a></li> <li><a href="/wiki/Vice_President_of_the_United_States#President_of_the_United_States_Senate" title="Vice President of the United States">President</a></li></ul></li> <li><a href="/wiki/United_States_Capitol_Police" title="United States Capitol Police">Capitol Police</a></li> <li><a href="/wiki/Library_of_Congress" title="Library of Congress">Library of Congress</a></li> <li><a href="/wiki/Congressional_Budget_Office" title="Congressional Budget Office">Congressional Budget Office</a></li> <li><a href="/wiki/Government_Accountability_Office" title="Government Accountability Office">Government Accountability Office</a></li> <li><a href="/wiki/United_States_Government_Publishing_Office" title="United States Government Publishing Office">Government Publishing Office</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/Federal_judiciary_of_the_United_States" title="Federal judiciary of the United States">Judicial</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Supreme_Court_of_the_United_States" title="Supreme Court of the United States">Supreme Court</a> <ul><li><a href="/wiki/Chief_Justice_of_the_United_States" title="Chief Justice of the United States">Chief Justice</a></li> <li><a href="/wiki/Associate_Justice_of_the_Supreme_Court_of_the_United_States" title="Associate Justice of the Supreme Court of the United States">Associate Justices</a></li> <li><a href="/wiki/List_of_justices_of_the_Supreme_Court_of_the_United_States" title="List of justices of the Supreme Court of the United States">list</a></li></ul></li> <li><a href="/wiki/United_States_courts_of_appeals" title="United States courts of appeals">Courts of appeals</a> <ul><li><a href="/wiki/List_of_current_United_States_circuit_judges" title="List of current United States circuit judges">list of judges</a></li></ul></li> <li><a href="/wiki/United_States_district_court" title="United States district court">District courts</a>/<a href="/wiki/United_States_territorial_court" title="United States territorial court">Territorial courts</a> <ul><li><a href="/wiki/List_of_United_States_district_and_territorial_courts" title="List of United States district and territorial courts">list of courts</a></li> <li><a href="/wiki/List_of_current_United_States_district_judges" title="List of current United States district judges">list of judges</a></li></ul></li> <li><a href="/wiki/Federal_tribunals_in_the_United_States" title="Federal tribunals in the United States">Other tribunals</a></li> <li><a href="/wiki/United_States_Attorney" title="United States Attorney">U.S. attorney</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/Law_of_the_United_States" title="Law of the United States">Law</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/United_States_Bill_of_Rights" title="United States Bill of Rights">Bill of Rights</a> <ul><li><a href="/wiki/Civil_liberties_in_the_United_States" title="Civil liberties in the United States">civil liberties</a></li></ul></li> <li><a href="/wiki/Code_of_Federal_Regulations" title="Code of Federal Regulations">Code of Federal Regulations</a></li> <li><a href="/wiki/Constitution_of_the_United_States" title="Constitution of the United States">Constitution</a> <ul><li><a href="/wiki/Federalism_in_the_United_States" title="Federalism in the United States">federalism</a></li> <li><a href="/wiki/Federal_preemption" title="Federal preemption">preemption</a></li> <li><a href="/wiki/Separation_of_powers_under_the_United_States_Constitution" title="Separation of powers under the United States Constitution">separation of powers</a></li> <li><a href="/wiki/Civil_rights_movement" title="Civil rights movement">civil rights</a></li></ul></li> <li><a href="/wiki/United_States_Code" title="United States Code">United States Code</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/Uniformed_services_of_the_United_States" title="Uniformed services of the United States">Uniformed</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/United_States_Armed_Forces" title="United States Armed Forces">Armed Forces</a> <ul><li><a href="/wiki/United_States_Army" title="United States Army">Army</a></li> <li><a href="/wiki/United_States_Marine_Corps" title="United States Marine Corps">Marine Corps</a></li> <li><a href="/wiki/United_States_Navy" title="United States Navy">Navy</a></li> <li><a href="/wiki/United_States_Air_Force" title="United States Air Force">Air Force</a></li> <li><a href="/wiki/United_States_Space_Force" title="United States Space Force">Space Force</a></li> <li><a href="/wiki/United_States_Coast_Guard" title="United States Coast Guard">Coast Guard</a></li> <li><a href="/wiki/National_Guard_(United_States)" title="National Guard (United States)">National Guard</a></li></ul></li> <li><a href="/wiki/NOAA_Commissioned_Officer_Corps" title="NOAA Commissioned Officer Corps">NOAA Corps</a></li> <li><a href="/wiki/United_States_Public_Health_Service_Commissioned_Corps" title="United States Public Health Service Commissioned Corps">Public Health Service Corps</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/State_governments_of_the_United_States" title="State governments of the United States">State</a>,<br /><a href="/wiki/Government_of_the_District_of_Columbia" title="Government of the District of Columbia">Federal District</a>,<br />and <a href="/wiki/Territories_of_the_United_States" title="Territories of the United States">Territorial</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/State_constitutional_officer" title="State constitutional officer">Executive</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Governor_(United_States)" title="Governor (United States)">Governor</a> <ul><li><a href="/wiki/List_of_current_United_States_governors" title="List of current United States governors">list</a></li></ul></li> <li><a href="/wiki/Lieutenant_governor_(United_States)" title="Lieutenant governor (United States)">Lieutenant governor</a> <ul><li><a href="/wiki/List_of_current_United_States_lieutenant_governors" title="List of current United States lieutenant governors">list</a></li></ul></li> <li><a href="/wiki/Secretary_of_state_(U.S._state_government)" title="Secretary of state (U.S. state government)">Secretary of state</a></li> <li><a href="/wiki/State_attorney_general" title="State attorney general">Attorney general</a></li> <li><a href="/wiki/State_treasurer" title="State treasurer">Treasurer</a></li> <li><a href="/wiki/State_auditor" title="State auditor">Auditor/Comptroller</a></li> <li><a href="/wiki/Agriculture_commissioner" title="Agriculture commissioner">Agriculture commissioner</a></li> <li><a href="/wiki/Insurance_commissioner" title="Insurance commissioner">Insurance commissioner</a></li> <li><a href="/wiki/Public_utilities_commission" title="Public utilities commission">Public utilities commission</a></li> <li><a href="/wiki/State_police_(United_States)" title="State police (United States)">State police</a> <ul><li><a href="/wiki/List_of_United_States_state_and_local_law_enforcement_agencies" title="List of United States state and local law enforcement agencies">list</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/State_legislature_(United_States)" title="State legislature (United States)">Legislative</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_United_States_state_legislatures" title="List of United States state legislatures">List of legislatures</a></li> <li><a href="/wiki/List_of_U.S._state_legislators" title="List of U.S. state legislators">List of legislators</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/State_court_(United_States)" title="State court (United States)">Judicial</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/State_supreme_court" title="State supreme court">Supreme courts</a> <ul><li><a href="/wiki/List_of_state_chief_justices" title="List of state chief justices">Chief justices</a></li></ul></li> <li><a href="/wiki/District_attorney" title="District attorney">District attorney</a> <ul><li><a href="/wiki/List_of_district_attorneys_by_county" class="mw-redirect" title="List of district attorneys by county">list</a></li></ul></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/State_law_(United_States)" title="State law (United States)">Law</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/State_constitutions_in_the_United_States" title="State constitutions in the United States">State constitutions</a></li> <li><a href="/wiki/List_of_U.S._state_statutory_codes" title="List of U.S. state statutory codes">Statutory codes</a></li> <li><a href="/wiki/Uniform_act" title="Uniform act">Uniform act</a></li> <li><a href="/wiki/Comparison_of_U.S._state_and_territory_governments" title="Comparison of U.S. state and territory governments">Comparison of governments</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/Tribe_(Native_American)" title="Tribe (Native American)">Tribal</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Tribal_sovereignty_in_the_United_States" title="Tribal sovereignty in the United States">Tribal sovereignty</a></li> <li><a href="/wiki/Native_American_recognition_in_the_United_States" title="Native American recognition in the United States">Native American recognition in the United States</a> <ul><li><a href="/wiki/List_of_federally_recognized_tribes_in_the_contiguous_United_States" title="List of federally recognized tribes in the contiguous United States">Federally recognized tribes</a></li> <li><a href="/wiki/List_of_Alaska_Native_tribal_entities" title="List of Alaska Native tribal entities">Federally recognized Alaska Native tribes</a></li> <li><a href="/wiki/State-recognized_tribes_in_the_United_States" title="State-recognized tribes in the United States">State-recognized tribes</a></li></ul></li> <li><a href="/wiki/Indian_reservation" title="Indian reservation">Indian reservation</a> <ul><li><a href="/wiki/List_of_Indian_reservations_in_the_United_States" title="List of Indian reservations in the United States">list</a></li></ul></li> <li><a href="/wiki/Hawaiian_home_land" title="Hawaiian home land">Hawaiian home land</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/Local_government_in_the_United_States" title="Local government in the United States">Local</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/County_(United_States)" title="County (United States)">County</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_United_States_counties_and_county_equivalents" title="List of United States counties and county equivalents">List of counties and county equivalents</a></li> <li><a href="/wiki/County_executive" title="County executive">County executive</a></li> <li><a href="/wiki/Sheriffs_in_the_United_States" title="Sheriffs in the United States">Sheriff</a></li> <li><a href="/wiki/Municipal_clerk" title="Municipal clerk">Clerk</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;">Cities</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Consolidated_city-county" title="Consolidated city-county">Consolidated city-county</a></li> <li><a href="/wiki/Independent_city_(United_States)" title="Independent city (United States)">Independent city</a></li> <li><a href="/wiki/Coterminous_municipality" title="Coterminous municipality">Coterminous municipality</a></li> <li><a href="/wiki/Municipal_charter#United_States" title="Municipal charter">Charter</a></li> <li><a href="/wiki/Mayor%E2%80%93council_government" title="Mayor–council government">Mayor–council government</a></li> <li><a href="/wiki/Council%E2%80%93manager_government" title="Council–manager government">Council–manager government</a></li> <li><a href="/wiki/City_commission_government" title="City commission government">City commission government</a></li> <li><a href="/wiki/Mayoralty_in_the_United_States" title="Mayoralty in the United States">Mayor</a></li> <li><a href="/wiki/City_manager" title="City manager">City manager</a></li> <li><a href="/wiki/Municipal_council#United_States" title="Municipal council">City council</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/Minor_civil_division" title="Minor civil division">Minor divisions</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Civil_township" title="Civil township">Township</a></li> <li><a href="/wiki/Town_meeting" title="Town meeting">Town meeting</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/Special_district_(United_States)" title="Special district (United States)">Special district</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/School_district" title="School district">School district</a> <ul><li><a href="/wiki/Lists_of_school_districts_in_the_United_States" title="Lists of school districts in the United States">list</a></li></ul></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Corruption_in_the_United_States" title="Corruption in the United States">Corruption</a></li> <li><a href="/wiki/Elections_in_the_United_States" title="Elections in the United States">Elections</a> <ul><li><a href="/wiki/United_States_Electoral_College" title="United States Electoral College">Electoral College</a></li> <li><a href="/wiki/Red_states_and_blue_states" title="Red states and blue states">Red states and blue states</a></li></ul></li> <li><a href="/wiki/Foreign_relations_of_the_United_States" title="Foreign relations of the United States">Foreign relations</a> <ul><li><a href="/wiki/Foreign_policy_of_the_United_States" title="Foreign policy of the United States">foreign policy</a></li></ul></li> <li><a href="/wiki/Imperial_presidency" title="Imperial presidency">Imperial presidency</a></li> <li><a href="/wiki/Political_ideologies_in_the_United_States" title="Political ideologies in the United States">Ideologies</a> <ul><li><a href="/wiki/Anti-Americanism" title="Anti-Americanism">Anti-Americanism</a></li> <li><a href="/wiki/American_exceptionalism" title="American exceptionalism">exceptionalism</a></li> <li><a href="/wiki/American_nationalism" title="American nationalism">nationalism</a></li></ul></li> <li><a href="/wiki/Political_parties_in_the_United_States" title="Political parties in the United States">Parties</a> <ul><li><a href="/wiki/Democratic_Party_(United_States)" title="Democratic Party (United States)">Democratic</a></li> <li><a href="/wiki/Republican_Party_(United_States)" title="Republican Party (United States)">Republican</a></li> <li><a href="/wiki/Third_party_(U.S._politics)" title="Third party (U.S. politics)">Third parties</a></li></ul></li> <li><a href="/wiki/List_of_federal_political_scandals_in_the_United_States" title="List of federal political scandals in the United States">Scandals</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="text-align:center;;width:1%"><a href="/wiki/Economy_of_the_United_States" title="Economy of the United States">Economy</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><td colspan="2" class="navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Economy_of_the_United_States_by_sector" title="Economy of the United States by sector">By sector</a> <ul><li><a href="/wiki/Agriculture_in_the_United_States" title="Agriculture in the United States">Agriculture</a></li> <li><a href="/wiki/Banking_in_the_United_States" title="Banking in the United States">Banking</a></li> <li><a href="/wiki/Communications_in_the_United_States" title="Communications in the United States">Communications</a></li> <li><a href="/wiki/List_of_companies_of_the_United_States_by_state" title="List of companies of the United States by state">Companies</a></li> <li><a href="/wiki/Energy_in_the_United_States" title="Energy in the United States">Energy</a></li> <li><a href="/wiki/Insurance_in_the_United_States" title="Insurance in the United States">Insurance</a></li> <li><a href="/wiki/Manufacturing_in_the_United_States" title="Manufacturing in the United States">Manufacturing</a></li> <li><a href="/wiki/Mining_in_the_United_States" title="Mining in the United States">Mining</a></li> <li><a href="/wiki/Science_and_technology_in_the_United_States" title="Science and technology in the United States">Science and technology</a></li> <li><a href="/wiki/Tourism_in_the_United_States" title="Tourism in the United States">Tourism</a></li> <li><a href="/wiki/Foreign_trade_of_the_United_States" title="Foreign trade of the United States">Trade</a></li> <li><a href="/wiki/List_of_companies_of_the_United_States_by_state" title="List of companies of the United States by state">by state</a></li></ul></li> <li><a href="/wiki/United_States_dollar" title="United States dollar">Currency</a></li> <li><a href="/wiki/List_of_exports_of_the_United_States" title="List of exports of the United States">Exports</a></li> <li><a href="/wiki/United_States_federal_budget" title="United States federal budget">Federal budget</a></li> <li><a href="/wiki/Greenhouse_gas_emissions_by_the_United_States" title="Greenhouse gas emissions by the United States">Greenhouse gas emissions by the United States</a></li> <li><a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve System</a></li> <li><a href="/wiki/Financial_position_of_the_United_States" title="Financial position of the United States">Financial position</a></li> <li><a href="/wiki/Labor_unions_in_the_United_States" title="Labor unions in the United States">Labor unions</a></li> <li><a href="/wiki/National_debt_of_the_United_States" title="National debt of the United States">Public debt</a></li> <li><a href="/wiki/Social_programs_in_the_United_States" title="Social programs in the United States">Social welfare programs</a></li> <li><a href="/wiki/Taxation_in_the_United_States" title="Taxation in the United States">Taxation</a></li> <li><a href="/wiki/Unemployment_in_the_United_States" title="Unemployment in the United States">Unemployment</a></li> <li><a href="/wiki/Wall_Street" title="Wall Street">Wall Street</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="text-align:center;;width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/Transport_in_the_United_States" class="mw-redirect" title="Transport in the United States">Transport</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Aviation_in_the_United_States" title="Aviation in the United States">Aviation</a></li> <li><a href="/wiki/Driving_in_the_United_States" title="Driving in the United States">Driving</a></li> <li><a href="/wiki/Public_transportation_in_the_United_States" title="Public transportation in the United States">Public transportation</a></li> <li><a href="/wiki/Rail_transportation_in_the_United_States" title="Rail transportation in the United States">Rail transportation</a></li> <li><a href="/wiki/Transportation_policy_of_the_United_States" title="Transportation policy of the United States">Transportation policy</a></li> <li><a href="/wiki/Transportation_safety_in_the_United_States" title="Transportation safety in the United States">Transportation safety</a></li> <li><a href="/wiki/Trucking_industry_in_the_United_States" title="Trucking industry in the United States">Trucking industry</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="text-align:center;;width:1%"><a href="/wiki/Category:Society_of_the_United_States" title="Category:Society of the United States">Society</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><td colspan="2" class="navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/Culture_of_the_United_States" title="Culture of the United States">Culture</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Americana_(culture)" title="Americana (culture)">Americana</a></li> <li><a href="/wiki/Architecture_in_the_United_States" title="Architecture in the United States">Architecture</a></li> <li><a href="/wiki/Cinema_of_the_United_States" title="Cinema of the United States">Cinema</a></li> <li><a href="/wiki/Crime_in_the_United_States" title="Crime in the United States">Crime</a></li> <li><a href="/wiki/American_cuisine" title="American cuisine">Cuisine</a></li> <li><a href="/wiki/Dance_in_the_United_States" title="Dance in the United States">Dance</a></li> <li><a href="/wiki/Demographics_of_the_United_States" title="Demographics of the United States">Demographics</a></li> <li><a href="/wiki/Economy_of_the_United_States" title="Economy of the United States">Economic issues</a> <ul><li><a href="/wiki/Affluence_in_the_United_States" title="Affluence in the United States">affluence</a></li> <li><a href="/wiki/Eviction_in_the_United_States" title="Eviction in the United States">eviction</a></li> <li><a href="/wiki/Homeownership_in_the_United_States" title="Homeownership in the United States">homeownership</a></li> <li><a href="/wiki/Household_income_in_the_United_States" title="Household income in the United States">household income</a></li> <li><a href="/wiki/Income_inequality_in_the_United_States" title="Income inequality in the United States">income inequality</a></li> <li><a href="/wiki/American_middle_class" title="American middle class">middle class</a></li> <li><a href="/wiki/Personal_income_in_the_United_States" title="Personal income in the United States">personal income</a></li> <li><a href="/wiki/Poverty_in_the_United_States" title="Poverty in the United States">poverty</a></li> <li><a href="/wiki/Standard_of_living_in_the_United_States" title="Standard of living in the United States">standard of living</a></li> <li><a href="/wiki/Affluence_in_the_United_States" title="Affluence in the United States">wealth</a></li> <li><a href="/wiki/Working_class_in_the_United_States" title="Working class in the United States">working class</a></li></ul></li> <li><a href="/wiki/Education_in_the_United_States" title="Education in the United States">Education</a> <ul><li><a href="/wiki/Educational_attainment_in_the_United_States" title="Educational attainment in the United States">attainment</a></li> <li><a href="/wiki/Literacy_in_the_United_States" title="Literacy in the United States">literacy</a></li></ul></li> <li><a href="/wiki/Family_in_the_United_States" title="Family in the United States">Family</a></li> <li><a href="/wiki/Fashion_in_the_United_States" title="Fashion in the United States">Fashion</a></li> <li><a href="/wiki/Flag_of_the_United_States" title="Flag of the United States">Flag</a> <ul><li><a href="/wiki/List_of_flags_of_the_United_States" title="List of flags of the United States">list</a></li></ul></li> <li><a href="/wiki/Folklore_of_the_United_States" title="Folklore of the United States">Folklore</a></li> <li><a href="/wiki/Public_holidays_in_the_United_States" title="Public holidays in the United States">Holidays</a> <ul><li><a href="/wiki/Federal_holidays_in_the_United_States" title="Federal holidays in the United States">Federal holidays</a></li></ul></li> <li><a href="/wiki/Homelessness_in_the_United_States" title="Homelessness in the United States">Homelessness</a></li> <li><a href="/wiki/Housing_in_the_United_States" title="Housing in the United States">Housing</a></li> <li><a href="/wiki/Human_rights_in_the_United_States" title="Human rights in the United States">Human rights</a></li> <li><a href="/wiki/Languages_of_the_United_States" title="Languages of the United States">Languages</a> <ul><li><a href="/wiki/American_English" title="American English">American English</a></li> <li><a href="/wiki/Indigenous_languages_of_the_Americas" title="Indigenous languages of the Americas">Indigenous languages</a></li> <li><a href="/wiki/American_Sign_Language" title="American Sign Language">ASL</a></li></ul></li> <li><a href="/wiki/American_literature" title="American literature">Literature</a></li> <li><a href="/wiki/Mass_media_in_the_United_States" title="Mass media in the United States">Media</a> <ul><li><a href="/wiki/History_of_American_journalism" title="History of American journalism">journalism</a></li> <li><a href="/wiki/Internet_in_the_United_States" title="Internet in the United States">internet</a></li> <li><a href="/wiki/History_of_American_newspapers" title="History of American newspapers">newspapers</a></li> <li><a href="/wiki/Radio_in_the_United_States" title="Radio in the United States">radio</a></li> <li><a href="/wiki/Television_in_the_United_States" title="Television in the United States">television</a></li></ul></li> <li><a href="/wiki/Music_of_the_United_States" title="Music of the United States">Music</a></li> <li><a href="/wiki/Naming_in_the_United_States" title="Naming in the United States">Names</a></li> <li><a href="/wiki/The_Star-Spangled_Banner" title="The Star-Spangled Banner">National anthem</a></li> <li><a href="/wiki/National_symbols_of_the_United_States" title="National symbols of the United States">National symbols</a> <ul><li><a href="/wiki/Columbia_(personification)" title="Columbia (personification)">Columbia</a></li> <li><a href="/wiki/Mount_Rushmore" title="Mount Rushmore">Mount Rushmore</a></li> <li><a href="/wiki/Statue_of_Liberty" title="Statue of Liberty">Statue of Liberty</a></li> <li><a href="/wiki/Uncle_Sam" title="Uncle Sam">Uncle Sam</a></li></ul></li> <li><a href="/wiki/Americans" title="Americans">People</a></li> <li><a href="/wiki/American_philosophy" title="American philosophy">Philosophy</a></li> <li><a href="/wiki/Political_ideologies_in_the_United_States" title="Political ideologies in the United States">Political ideologies</a></li> <li><a href="/wiki/Race_and_ethnicity_in_the_United_States" title="Race and ethnicity in the United States">Race</a></li> <li><a href="/wiki/Religion_in_the_United_States" title="Religion in the United States">Religion</a></li> <li><a href="/wiki/Sexuality_in_the_United_States" title="Sexuality in the United States">Sexuality</a></li> <li><a href="/wiki/Social_class_in_the_United_States" title="Social class in the United States">Social class</a></li> <li><a href="/wiki/Society_of_the_United_States" title="Society of the United States">Society</a></li> <li><a href="/wiki/Sports_in_the_United_States" title="Sports in the United States">Sports</a></li> <li><a href="/wiki/Theater_in_the_United_States" title="Theater in the United States">Theater</a></li> <li><a href="/wiki/Transportation_in_the_United_States" title="Transportation in the United States">Transportation</a></li> <li><a href="/wiki/Video_games_in_the_United_States" title="Video games in the United States">Video games</a></li> <li><a href="/wiki/Visual_art_of_the_United_States" title="Visual art of the United States">Visual art</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/Social_class_in_the_United_States" title="Social class in the United States">Social class</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Affluence_in_the_United_States" title="Affluence in the United States">Affluence</a></li> <li><a href="/wiki/American_Dream" title="American Dream">American Dream</a></li> <li><a href="/wiki/Educational_attainment_in_the_United_States" title="Educational attainment in the United States">Educational attainment</a></li> <li><a href="/wiki/Homelessness_in_the_United_States" title="Homelessness in the United States">Homelessness</a></li> <li><a href="/wiki/Homeownership_in_the_United_States" title="Homeownership in the United States">Homeownership</a></li> <li><a href="/wiki/Household_income_in_the_United_States" title="Household income in the United States">Household income</a></li> <li><a href="/wiki/Income_inequality_in_the_United_States" title="Income inequality in the United States">Income inequality</a></li> <li><a href="/wiki/American_middle_class" title="American middle class">Middle class</a></li> <li><a href="/wiki/Personal_income_in_the_United_States" title="Personal income in the United States">Personal income</a></li> <li><a href="/wiki/Poverty_in_the_United_States" title="Poverty in the United States">Poverty</a></li> <li><a href="/wiki/Standard_of_living_in_the_United_States" title="Standard of living in the United States">Standard of living</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;"><a href="/wiki/Health_in_the_United_States" title="Health in the United States">Health</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Aging_of_the_United_States" title="Aging of the United States">Aging</a></li> <li><a href="/wiki/Healthcare_in_the_United_States" title="Healthcare in the United States">Healthcare</a> <ul><li><a href="/wiki/Abortion_in_the_United_States" title="Abortion in the United States">Abortion</a></li> <li><a href="/wiki/Birth_control_in_the_United_States" title="Birth control in the United States">Birth control</a></li> <li><a href="/wiki/Prenatal_care_in_the_United_States" title="Prenatal care in the United States">Prenatal care</a></li> <li><a href="/wiki/Hospice_care_in_the_United_States" title="Hospice care in the United States">Hospice care</a></li> <li><a href="/wiki/Immigrant_health_care_in_the_United_States" title="Immigrant health care in the United States">Immigrant health care</a></li> <li><a href="/wiki/Healthcare_rationing_in_the_United_States" title="Healthcare rationing in the United States">Rationing</a></li></ul></li> <li><a href="/wiki/Health_care_finance_in_the_United_States" title="Health care finance in the United States">Health care finance</a> <ul><li><a href="/wiki/Health_insurance_costs_in_the_United_States" title="Health insurance costs in the United States">Health insurance costs</a></li> <li><a href="/wiki/Health_care_prices_in_the_United_States" title="Health care prices in the United States">Health care prices</a></li> <li><a href="/wiki/Prescription_drug_prices_in_the_United_States" title="Prescription drug prices in the United States">Prescription drug prices</a></li></ul></li> <li><a href="/wiki/Disability_in_the_United_States" title="Disability in the United States">Disability</a></li> <li><a href="/wiki/Health_insurance_in_the_United_States" title="Health insurance in the United States">Health insurance</a></li> <li><a href="/wiki/Food_safety_in_the_United_States" title="Food safety in the United States">Food safety</a></li> <li><a href="/wiki/Physician_shortage_in_the_United_States" title="Physician shortage in the United States">Physician shortage</a></li> <li><a href="/wiki/Poverty_and_health_in_the_United_States" title="Poverty and health in the United States">Poverty and health</a></li> <li><a href="/wiki/Race_and_health_in_the_United_States" title="Race and health in the United States">Race and health</a></li> <li><a href="/wiki/Obesity_in_the_United_States" title="Obesity in the United States">Obesity</a></li> <li><a href="/wiki/Medical_deserts_in_the_United_States" title="Medical deserts in the United States">Medical deserts</a></li> <li><a href="/wiki/Women%27s_reproductive_health_in_the_United_States" title="Women's reproductive health in the United States">Women's reproductive health</a></li> <li><a href="/wiki/List_of_U.S._states_and_territories_by_life_expectancy" title="List of U.S. states and territories by life expectancy">Life expectancy</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%;padding-left:0.5em;padding-right:0.5em;font-weight:normal;">Issues</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Capital_punishment_in_the_United_States" title="Capital punishment in the United States">Capital punishment</a></li> <li><a href="/wiki/Crime_in_the_United_States" title="Crime in the United States">Crime</a> <ul><li><a href="/wiki/Incarceration_in_the_United_States" title="Incarceration in the United States">incarceration</a></li></ul></li> <li><a href="/wiki/Criticism_of_the_United_States_government" title="Criticism of the United States government">Criticism of government</a></li> <li><a href="/wiki/Discrimination_in_the_United_States" title="Discrimination in the United States">Discrimination</a> <ul><li><a href="/wiki/Affirmative_action_in_the_United_States" title="Affirmative action in the United States">affirmative action</a></li> <li><a href="/wiki/Antisemitism_in_the_United_States" title="Antisemitism in the United States">antisemitism</a></li> <li><a href="/wiki/Intersex_rights_in_the_United_States" title="Intersex rights in the United States">intersex rights</a></li> <li><a href="/wiki/Islamophobia_in_the_United_States" title="Islamophobia in the United States">Islamophobia</a></li> <li><a href="/wiki/LGBT_rights_in_the_United_States" class="mw-redirect" title="LGBT rights in the United States">LGBT rights</a></li> <li><a href="/wiki/Racism_in_the_United_States" title="Racism in the United States">racism</a></li> <li><a href="/wiki/Racism_against_Native_Americans_in_the_United_States" title="Racism against Native Americans in the United States">Native American</a></li> <li><a href="/wiki/Racism_against_African_Americans" title="Racism against African Americans">African American</a></li></ul></li> <li><a href="/wiki/Energy_policy_of_the_United_States" title="Energy policy of the United States">Energy policy</a></li> <li><a href="/wiki/Environmental_issues_in_the_United_States" title="Environmental issues in the United States">Environmental issues</a> <ul><li><a href="/wiki/Environmental_movement_in_the_United_States" title="Environmental movement in the United States">Environmental movement</a></li> <li><a href="/wiki/Climate_change_in_the_United_States" title="Climate change in the United States">Climate change</a></li></ul></li> <li><a href="/wiki/Gun_politics_in_the_United_States" title="Gun politics in the United States">Gun politics</a></li> <li><a href="/wiki/Mass_shootings_in_the_United_States" title="Mass shootings in the United States">Mass shootings</a></li> <li><a href="/wiki/Hunger_in_the_United_States" title="Hunger in the United States">Hunger</a></li> <li><a href="/wiki/Tobacco_in_the_United_States" title="Tobacco in the United States">Smoking</a></li> <li><a href="/wiki/Human_rights_in_the_United_States" title="Human rights in the United States">Human rights</a></li> <li><a href="/wiki/Immigration_to_the_United_States" title="Immigration to the United States">Immigration</a> <ul><li><a href="/wiki/Illegal_immigration_to_the_United_States" title="Illegal immigration to the United States">illegal</a></li></ul></li> <li><a href="/wiki/National_security_of_the_United_States" title="National security of the United States">National security</a> <ul><li><a href="/wiki/Terrorism_in_the_United_States" title="Terrorism in the United States">Terrorism</a></li></ul></li> <li><a href="/wiki/Opioid_epidemic_in_the_United_States" title="Opioid epidemic in the United States">Opioid epidemic</a></li> <li><a href="/wiki/Separation_of_church_and_state_in_the_United_States" title="Separation of church and state in the United States">Separation of church and state</a></li> <li><a href="/wiki/Xenophobia_in_the_United_States" title="Xenophobia in the United States">Xenophobia</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr></tbody></table><div></div></td></tr><tr><td class="navbox-abovebelow" colspan="2" style="text-align:center;;font-weight:bold;"><div><div style="margin-bottom:-0.4em;"><ul><li><span class="nobold"><a href="/wiki/Outline_of_the_United_States" title="Outline of the United States">Outline</a></span></li><li><span class="nobold"><a href="/wiki/Outline_of_the_United_States" title="Outline of the United States">Index</a></span></li></ul></div> <ul><li><a href="/wiki/Category:United_States" title="Category:United States">Category</a></li> <li><a href="/wiki/Portal:United_States" title="Portal:United States">Portal</a></li></ul></div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r1066933788">.mw-parser-output .excerpt-hat .mw-editsection-like{font-style:normal}</style></div><div role="navigation" class="navbox" aria-labelledby="Economics681" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Economics" title="Template:Economics"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Economics" title="Template talk:Economics"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Economics" title="Special:EditPage/Template:Economics"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Economics681" style="font-size:114%;margin:0 4em"><a href="/wiki/Economics" title="Economics">Economics</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Economics#Theoretical_research" title="Economics">Theoretical</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a> <ul><li><a href="/wiki/Decision_theory" title="Decision theory">Decision theory</a></li> <li><a href="/wiki/Price_theory" class="mw-redirect" title="Price theory">Price theory</a></li> <li><a href="/wiki/Game_theory" title="Game theory">Game theory</a></li> <li><a href="/wiki/Contract_theory" title="Contract theory">Contract theory</a></li> <li><a href="/wiki/Mechanism_design" title="Mechanism design">Mechanism design</a></li></ul></li> <li><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></li> <li><a href="/wiki/Mathematical_economics" title="Mathematical economics">Mathematical economics</a></li> <li><a href="/wiki/Complexity_economics" title="Complexity economics">Complexity economics</a></li> <li><a href="/wiki/Computational_economics" title="Computational economics">Computational economics</a> <ul><li><a href="/wiki/Agent-based_computational_economics" title="Agent-based computational economics">Agent-based computational economics</a></li></ul></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral economics</a></li> <li><a href="/wiki/Pluralism_in_economics" title="Pluralism in economics">Pluralism in economics</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Economics#Empirical_research" title="Economics">Empirical</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a> <ul><li><a href="/wiki/Economic_statistics" title="Economic statistics">Economic statistics</a></li></ul></li> <li><a href="/wiki/Experimental_economics" title="Experimental economics">Experimental economics</a></li> <li><a href="/wiki/Economic_history" title="Economic history">Economic history</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Applied_economics" title="Applied economics">Applied</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <div class="excerpt-block"><div class="excerpt"> <ul><li><a href="/wiki/Agricultural_economics" title="Agricultural economics">Agriculture</a></li> <li><a href="/wiki/Business_economics" title="Business economics">Business</a></li> <li><a href="/wiki/Cultural_economics" title="Cultural economics">Cultural</a></li> <li><a href="/wiki/Demographic_economics" title="Demographic economics">Demographic</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Education_economics" title="Education economics">Education</a></li> <li><a href="/wiki/Engineering_economics" title="Engineering economics">Engineering</a></li> <li><a href="/wiki/Environmental_economics" title="Environmental economics">Environmental</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Financial_economics" title="Financial economics">Financial</a></li> <li><a href="/wiki/Economic_geography" title="Economic geography">Geographic</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Health_economics" title="Health economics">Health</a></li> <li><a href="/wiki/Economic_history" title="Economic history">History</a></li> <li><a href="/wiki/Information_economics" title="Information economics">Information</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutions</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labour</a></li> <li><a href="/wiki/Law_and_economics" title="Law and economics">Law</a></li> <li><a href="/wiki/Managerial_economics" title="Managerial economics">Management</a></li> <li><a href="/wiki/Organizational_economics" title="Organizational economics">Organization</a></li> <li><a href="/wiki/Economics_of_participation" title="Economics of participation">Participation</a></li> <li><a href="/wiki/Personnel_economics" title="Personnel economics">Personnel</a></li> <li><a href="/wiki/Economic_planning" title="Economic planning">Planning</a></li> <li><a href="/wiki/Economic_policy" title="Economic policy">Policy</a></li> <li><a href="/wiki/Public_economics" title="Public economics">Public sector</a></li> <li><a href="/wiki/Public_choice" title="Public choice">Public choice</a></li> <li><a href="/wiki/Social_choice" class="mw-redirect" title="Social choice">Social choice</a></li> <li><a href="/wiki/Regional_economics" title="Regional economics">Regional</a></li> <li><a href="/wiki/Natural_resource_economics" title="Natural resource economics">Resources</a></li> <li><a href="/wiki/Rural_economics" title="Rural economics">Rural</a></li> <li><a href="/wiki/Service_economy" title="Service economy">Service</a></li> <li><a href="/wiki/Urban_economics" title="Urban economics">Urban</a></li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare</a></li></ul></div></div> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a><br />(<a href="/wiki/History_of_economic_thought" title="History of economic thought">history</a>)<br /></div></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Attention_economy" title="Attention economy">Attention</a></li> <li><a href="/wiki/Mainstream_economics" title="Mainstream economics">Mainstream</a></li> <li><a href="/wiki/Heterodox_economics" title="Heterodox economics">Heterodox</a></li> <li><a href="/wiki/American_School_(economics)" title="American School (economics)">American (National)</a></li> <li><a href="/wiki/Ancient_economic_thought" title="Ancient economic thought">Ancient thought</a></li> <li><a href="/wiki/Anarchist_economics" class="mw-redirect" title="Anarchist economics">Anarchist</a> <ul><li><a href="/wiki/Mutualism_(economic_theory)" title="Mutualism (economic theory)">Mutualism</a></li></ul></li> <li><a href="/wiki/Austrian_School" class="mw-redirect" title="Austrian School">Austrian</a></li> <li><a href="/wiki/Behavioral_economics" title="Behavioral economics">Behavioral</a></li> <li><a href="/wiki/Buddhist_economics" title="Buddhist economics">Buddhist</a></li> <li><a href="/wiki/Chartalism" title="Chartalism">Chartalism</a> <ul><li><a href="/wiki/Modern_monetary_theory" title="Modern monetary theory">Modern monetary theory</a></li></ul></li> <li><a href="/wiki/Chicago_school_of_economics" title="Chicago school of economics">Chicago</a></li> <li><a href="/wiki/Classical_economics" title="Classical economics">Classical</a></li> <li><a href="/wiki/Critique_of_political_economy" title="Critique of political economy">Critique of political economy</a></li> <li><a href="/wiki/Economic_democracy" title="Economic democracy">Democratic</a></li> <li><a href="/wiki/Disequilibrium_macroeconomics" title="Disequilibrium macroeconomics">Disequilibrium</a></li> <li><a href="/wiki/Ecological_economics" title="Ecological economics">Ecological</a></li> <li><a href="/wiki/Evolutionary_economics" title="Evolutionary economics">Evolutionary</a></li> <li><a href="/wiki/Feminist_economics" title="Feminist economics">Feminist</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgism</a></li> <li><a href="/wiki/Happiness_economics" title="Happiness economics">Happiness</a></li> <li><a href="/wiki/Historical_school_of_economics" title="Historical school of economics">Historical</a></li> <li><a href="/wiki/Humanistic_economics" title="Humanistic economics">Humanistic</a></li> <li><a href="/wiki/Institutional_economics" title="Institutional economics">Institutional</a></li> <li><a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian</a> <ul><li><a href="/wiki/Neo-Keynesian_economics" class="mw-redirect" title="Neo-Keynesian economics">Neo-</a> (<a href="/wiki/Neoclassical_synthesis" title="Neoclassical synthesis">neoclassical–Keynesian synthesis</a>)</li> <li><a href="/wiki/New_Keynesian_economics" title="New Keynesian economics">New</a></li> <li><a href="/wiki/Post-Keynesian_economics" title="Post-Keynesian economics">Post-</a> <ul><li><a href="/wiki/Monetary_circuit_theory" title="Monetary circuit theory">Circuitism</a></li></ul></li></ul></li> <li><a href="/wiki/Malthusianism" title="Malthusianism">Malthusianism</a></li> <li><a href="/wiki/Marginalism" title="Marginalism">Marginalism</a></li> <li><a href="/wiki/Marxian_economics" title="Marxian economics">Marxian</a> <ul><li><a href="/wiki/Neo-Marxian_economics" class="mw-redirect" title="Neo-Marxian economics">Neo-</a></li></ul></li> <li><a href="/wiki/Mercantilism" title="Mercantilism">Mercantilism</a></li> <li><a href="/wiki/Mixed_economy" title="Mixed economy">Mixed</a></li> <li><a href="/wiki/Neoclassical_economics" title="Neoclassical economics">Neoclassical</a> <ul><li><a href="/wiki/Lausanne_School" title="Lausanne School">Lausanne</a></li></ul></li> <li><a href="/wiki/New_classical_macroeconomics" title="New classical macroeconomics">New classical</a> <ul><li><a href="/wiki/Real_business-cycle_theory" title="Real business-cycle theory">Real business-cycle theory</a></li></ul></li> <li><a href="/wiki/New_institutional_economics" title="New institutional economics">New institutional</a></li> <li><a href="/wiki/Physiocracy" title="Physiocracy">Physiocracy</a></li> <li><a href="/wiki/Socialist_economics" title="Socialist economics">Socialist</a></li> <li><a href="/wiki/Stockholm_School_(economics)" title="Stockholm School (economics)">Stockholm</a></li> <li><a href="/wiki/Supply-side_economics" title="Supply-side economics">Supply-side</a></li> <li><a href="/wiki/Thermoeconomics" title="Thermoeconomics">Thermo</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><div style="display: inline-block; line-height: 1.2em; padding: .1em 0;"><a href="/wiki/Economist" title="Economist">Economists</a><br /></div></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bernard_de_Mandeville" class="mw-redirect" title="Bernard de Mandeville">de Mandeville</a></li> <li><a href="/wiki/Fran%C3%A7ois_Quesnay" title="François Quesnay">Quesnay</a></li> <li><a href="/wiki/Adam_Smith" title="Adam Smith">Smith</a></li> <li><a href="/wiki/Thomas_Robert_Malthus" title="Thomas Robert Malthus">Malthus</a></li> <li><a href="/wiki/Jean-Baptiste_Say" title="Jean-Baptiste Say">Say</a></li> <li><a href="/wiki/David_Ricardo" title="David Ricardo">Ricardo</a></li> <li><a href="/wiki/Johann_Heinrich_von_Th%C3%BCnen" title="Johann Heinrich von Thünen">von Thünen</a></li> <li><a href="/wiki/Friedrich_List" title="Friedrich List">List</a></li> <li><a href="/wiki/Fr%C3%A9d%C3%A9ric_Bastiat" title="Frédéric Bastiat">Bastiat</a></li> <li><a href="/wiki/Antoine_Augustin_Cournot" title="Antoine Augustin Cournot">Cournot</a></li> <li><a href="/wiki/John_Stuart_Mill" title="John Stuart Mill">Mill</a></li> <li><a href="/wiki/Hermann_Heinrich_Gossen" title="Hermann Heinrich Gossen">Gossen</a></li> <li><a href="/wiki/Karl_Marx" title="Karl Marx">Marx</a></li> <li><a href="/wiki/L%C3%A9on_Walras" title="Léon Walras">Walras</a></li> <li><a href="/wiki/William_Stanley_Jevons" title="William Stanley Jevons">Jevons</a></li> <li><a href="/wiki/Henry_George" title="Henry George">George</a></li> <li><a href="/wiki/Carl_Menger" title="Carl Menger">Menger</a></li> <li><a href="/wiki/Alfred_Marshall" title="Alfred Marshall">Marshall</a></li> <li><a href="/wiki/Francis_Ysidro_Edgeworth" title="Francis Ysidro Edgeworth">Edgeworth</a></li> <li><a href="/wiki/John_Bates_Clark" title="John Bates Clark">Clark</a></li> <li><a href="/wiki/Vilfredo_Pareto" title="Vilfredo Pareto">Pareto</a></li> <li><a href="/wiki/Eugen_von_B%C3%B6hm-Bawerk" title="Eugen von Böhm-Bawerk">von Böhm-Bawerk</a></li> <li><a href="/wiki/Friedrich_von_Wieser" title="Friedrich von Wieser">von Wieser</a></li> <li><a href="/wiki/Thorstein_Veblen" title="Thorstein Veblen">Veblen</a></li> <li><a href="/wiki/Irving_Fisher" title="Irving Fisher">Fisher</a></li> <li><a href="/wiki/Arthur_Cecil_Pigou" title="Arthur Cecil Pigou">Pigou</a></li> <li><a href="/wiki/Eli_Heckscher" title="Eli Heckscher">Heckscher</a></li> <li><a href="/wiki/Ludwig_von_Mises" title="Ludwig von Mises">von Mises</a></li> <li><a href="/wiki/Joseph_Schumpeter" title="Joseph Schumpeter">Schumpeter</a></li> <li><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">Keynes</a></li> <li><a href="/wiki/Frank_Knight" title="Frank Knight">Knight</a></li> <li><a href="/wiki/Karl_Polanyi" title="Karl Polanyi">Polanyi</a></li> <li><a href="/wiki/Ragnar_Frisch" title="Ragnar Frisch">Frisch</a></li> <li><a href="/wiki/Piero_Sraffa" title="Piero Sraffa">Sraffa</a></li> <li><a href="/wiki/Gunnar_Myrdal" title="Gunnar Myrdal">Myrdal</a></li> <li><a href="/wiki/Friedrich_Hayek" title="Friedrich Hayek">Hayek</a></li> <li><a href="/wiki/Micha%C5%82_Kalecki" title="Michał Kalecki">Kalecki</a></li> <li><a href="/wiki/Wilhelm_R%C3%B6pke" title="Wilhelm Röpke">Röpke</a></li> <li><a href="/wiki/Simon_Kuznets" title="Simon Kuznets">Kuznets</a></li> <li><a href="/wiki/Jan_Tinbergen" title="Jan Tinbergen">Tinbergen</a></li> <li><a href="/wiki/Joan_Robinson" title="Joan Robinson">Robinson</a></li> <li><a href="/wiki/John_von_Neumann" title="John von Neumann">von Neumann</a></li> <li><a href="/wiki/John_Hicks" title="John Hicks">Hicks</a></li> <li><a href="/wiki/Oskar_R._Lange" title="Oskar R. Lange">Lange</a></li> <li><a href="/wiki/Wassily_Leontief" title="Wassily Leontief">Leontief</a></li> <li><a href="/wiki/John_Kenneth_Galbraith" title="John Kenneth Galbraith">Galbraith</a></li> <li><a href="/wiki/Tjalling_Koopmans" title="Tjalling Koopmans">Koopmans</a></li> <li><a href="/wiki/E._F._Schumacher" title="E. F. Schumacher">Schumacher</a></li> <li><a href="/wiki/Milton_Friedman" title="Milton Friedman">Friedman</a></li> <li><a href="/wiki/Paul_Samuelson" title="Paul Samuelson">Samuelson</a></li> <li><a href="/wiki/Herbert_A._Simon" title="Herbert A. Simon">Simon</a></li> <li><a href="/wiki/James_M._Buchanan" title="James M. Buchanan">Buchanan</a></li> <li><a href="/wiki/Kenneth_Arrow" title="Kenneth Arrow">Arrow</a></li> <li><a href="/wiki/William_Baumol" title="William Baumol">Baumol</a></li> <li><a href="/wiki/Robert_Solow" title="Robert Solow">Solow</a></li> <li><a href="/wiki/Murray_Rothbard" title="Murray Rothbard">Rothbard</a></li> <li><a href="/wiki/Alan_Greenspan" title="Alan Greenspan">Greenspan</a></li> <li><a href="/wiki/Thomas_Sowell" title="Thomas Sowell">Sowell</a></li> <li><a href="/wiki/Gary_Becker" title="Gary Becker">Becker</a></li> <li><a href="/wiki/Elinor_Ostrom" title="Elinor Ostrom">Ostrom</a></li> <li><a href="/wiki/Amartya_Sen" title="Amartya Sen">Sen</a></li> <li><a href="/wiki/Robert_Lucas_Jr." title="Robert Lucas Jr.">Lucas</a></li> <li><a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Stiglitz</a></li> <li><a href="/wiki/Richard_Thaler" title="Richard Thaler">Thaler</a></li> <li><a href="/wiki/Hans-Hermann_Hoppe" title="Hans-Hermann Hoppe">Hoppe</a></li> <li><a href="/wiki/Paul_Krugman" title="Paul Krugman">Krugman</a></li> <li><a href="/wiki/Thomas_Piketty" title="Thomas Piketty">Piketty</a></li> <li><i><a href="/wiki/Category:Economists" title="Category:Economists">more</a></i></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Glossary_of_economics" title="Glossary of economics">Glossary</a></li> <li><a href="/wiki/List_of_economists" title="List of economists">Economists</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a> (<a href="/wiki/List_of_economics_journals" title="List of economics journals">journals</a>)</li> <li><a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">Schools</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Category:Economics" title="Category:Economics">Category</a></li> <li><a href="/wiki/Index_of_economics_articles" title="Index of economics articles">Index</a></li> <li><a href="/wiki/Category:Economics_lists" title="Category:Economics lists">Lists</a></li> <li><a href="/wiki/Outline_of_economics" title="Outline of economics">Outline</a></li> <li><a href="/wiki/List_of_important_publications_in_economics" title="List of important publications in economics">Publications</a></li> <li><a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Employment937" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Employment" title="Template:Employment"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Employment" title="Template talk:Employment"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Employment" title="Special:EditPage/Template:Employment"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Employment937" style="font-size:114%;margin:0 4em"><a href="/wiki/Employment" title="Employment">Employment</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Classifications</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Academic_tenure" title="Academic tenure">Academic tenure</a></li> <li><a href="/wiki/Casual_employment_(contract)" title="Casual employment (contract)">Casual</a></li> <li><a href="/wiki/Contingent_work" title="Contingent work">Contingent work</a></li> <li><a href="/wiki/Full-time_job" title="Full-time job">Full-time job</a></li> <li><a href="/wiki/Gig_worker" title="Gig worker">Gig worker</a></li> <li><a href="/wiki/Job_sharing" title="Job sharing">Job sharing</a></li> <li><a href="/wiki/Part-time_job" title="Part-time job">Part-time job</a></li> <li><a href="/wiki/Self-employment" title="Self-employment">Self-employment</a></li> <li><a href="/wiki/Side_job" title="Side job">Side job</a></li> <li><a href="/wiki/Skilled_worker" title="Skilled worker">Skilled worker</a> <ul><li><a href="/wiki/Journeyman" title="Journeyman">Journeyman</a></li> <li><a href="/wiki/Technician" title="Technician">Technician</a></li> <li><a href="/wiki/Tradesperson" title="Tradesperson">Tradesperson</a></li></ul></li> <li><a href="/wiki/Independent_contractor" class="mw-redirect" title="Independent contractor">Independent contractor</a></li> <li><a href="/wiki/Labour_hire" title="Labour hire">Labour hire</a></li> <li><a href="/wiki/Temporary_work" title="Temporary work">Temporary work</a></li> <li><a href="/wiki/Laborer" title="Laborer">Laborer</a></li> <li><a href="/wiki/Wage_labour" title="Wage labour">Wage labour</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Recruitment" title="Recruitment">Hiring</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Application_for_employment" title="Application for employment">Application</a></li> <li><a href="/wiki/Background_check" title="Background check">Background check</a></li> <li><a href="/wiki/Business_networking" title="Business networking">Business networking</a></li> <li><a href="/wiki/Cover_letter" title="Cover letter">Cover letter</a></li> <li><a href="/wiki/Curriculum_vitae" title="Curriculum vitae">Curriculum vitae</a></li> <li><a href="/wiki/Drug_test" title="Drug test">Drug testing</a></li> <li><a href="/wiki/Employment_contract" title="Employment contract">Employment contract</a></li> <li><a href="/wiki/Employment_counsellor" class="mw-redirect" title="Employment counsellor">Employment counsellor</a></li> <li><a href="/wiki/Executive_search" title="Executive search">Executive search</a> <ul><li><a href="/wiki/List_of_executive_search_firms" title="List of executive search firms">list</a></li></ul></li> <li><a href="/wiki/Induction_programme" title="Induction programme">Induction programme</a></li> <li><a href="/wiki/Job_fair" title="Job fair">Job fair</a></li> <li><a href="/wiki/Job_fraud" title="Job fraud">Job fraud</a></li> <li><a href="/wiki/Job_hunting" title="Job hunting">Job hunting</a></li> <li><a href="/wiki/Job_interview" title="Job interview">Job interview</a></li> <li><a href="/wiki/Letter_of_recommendation" title="Letter of recommendation">Letter of recommendation</a></li> <li><a href="/wiki/Onboarding" title="Onboarding">Onboarding</a></li> <li><a href="/wiki/Overqualification" title="Overqualification">Overqualification</a></li> <li><a href="/wiki/Person%E2%80%93environment_fit" title="Person–environment fit">Person–environment fit</a></li> <li><a href="/wiki/Personality%E2%80%93job_fit_theory" title="Personality–job fit theory">Personality–job fit theory</a></li> <li><a href="/wiki/Personality_hire" title="Personality hire">Personality hire</a></li> <li><a href="/wiki/Probation_(workplace)" title="Probation (workplace)">Probation</a></li> <li><a href="/wiki/Realistic_job_preview" title="Realistic job preview">Realistic job preview</a></li> <li><a href="/wiki/Recruitment" title="Recruitment">Recruitment</a></li> <li><a href="/wiki/R%C3%A9sum%C3%A9" title="Résumé">Résumé</a></li> <li><a href="/wiki/Simultaneous_recruiting_of_new_graduates" title="Simultaneous recruiting of new graduates">Simultaneous recruiting of new graduates</a></li> <li><a href="/wiki/Underemployment" title="Underemployment">Underemployment</a></li> <li><a href="/wiki/Work-at-home_scheme" title="Work-at-home scheme">Work-at-home scheme</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Roles</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Cooperative" title="Cooperative">Cooperative</a></li> <li><a href="/wiki/Employee" class="mw-redirect" title="Employee">Employee</a></li> <li><a href="/wiki/Employer" class="mw-redirect" title="Employer">Employer</a></li> <li><a href="/wiki/Internship" title="Internship">Internship</a></li> <li><a href="/wiki/Job" class="mw-redirect" title="Job">Job</a></li> <li><a href="/wiki/Labour_hire" title="Labour hire">Labour hire</a></li> <li><a href="/wiki/Permanent_employment" title="Permanent employment">Permanent employment</a></li> <li><a href="/wiki/Supervisor" title="Supervisor">Supervisor</a></li> <li><a href="/wiki/Volunteering" title="Volunteering">Volunteering</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Social_class" title="Social class">Working class</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Blue-collar_worker" title="Blue-collar worker">Blue-collar</a></li> <li><a href="/wiki/Green-collar_worker" title="Green-collar worker">Green-collar</a></li> <li><a href="/wiki/Grey-collar" title="Grey-collar">Grey-collar</a></li> <li><a href="/wiki/Pink-collar_worker" title="Pink-collar worker">Pink-collar</a></li> <li><a href="/wiki/Precariat" title="Precariat">Precariat</a></li> <li><a href="/wiki/White-collar_worker" title="White-collar worker">White-collar</a></li> <li><a href="/wiki/Designation_of_workers_by_collar_color" title="Designation of workers by collar color">Red-collar</a></li> <li><a href="/wiki/New-collar_worker" title="New-collar worker">New-collar</a></li> <li><a href="/wiki/Designation_of_workers_by_collar_color" title="Designation of workers by collar color">No-collar</a></li> <li><a href="/wiki/Designation_of_workers_by_collar_color" title="Designation of workers by collar color">Orange-collar</a></li> <li><a href="/wiki/Designation_of_workers_by_collar_color" title="Designation of workers by collar color">Scarlet-collar</a></li> <li><a href="/wiki/Designation_of_workers_by_collar_color" title="Designation of workers by collar color">Black-collar</a></li> <li><a href="/wiki/Designation_of_workers_by_collar_color" title="Designation of workers by collar color">Gold-collar</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Career" title="Career">Career</a> and <a href="/wiki/Training" title="Training">training</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Apprenticeship" title="Apprenticeship">Apprenticeship</a></li> <li><a href="/wiki/Artisan" title="Artisan">Artisan</a> <ul><li><a href="/wiki/Master_craftsman" title="Master craftsman">Master craftsman</a></li></ul></li> <li><a href="/wiki/Avocation" title="Avocation">Avocation</a></li> <li><a href="/wiki/Career_assessment" title="Career assessment">Career assessment</a></li> <li><a href="/wiki/Career_counseling" title="Career counseling">Career counseling</a></li> <li><a href="/wiki/Career_development" title="Career development">Career development</a></li> <li><a href="/wiki/Coaching" title="Coaching">Coaching</a></li> <li><a href="/wiki/Creative_class" title="Creative class">Creative class</a></li> <li><a href="/wiki/Education" title="Education">Education</a> <ul><li><a href="/wiki/Continuing_education" title="Continuing education">Continuing education</a></li> <li><a href="/wiki/E-learning" class="mw-redirect" title="E-learning">E-learning</a></li> <li><a href="/wiki/Employability" title="Employability">Employability</a></li> <li><a href="/wiki/Further_education" title="Further education">Further education</a></li> <li><a href="/wiki/Graduate_school" class="mw-redirect" title="Graduate school">Graduate school</a></li> <li><a href="/wiki/Induction_training" title="Induction training">Induction training</a></li> <li><a href="/wiki/Knowledge_worker" title="Knowledge worker">Knowledge worker</a></li> <li><a href="/wiki/Licensure" class="mw-redirect" title="Licensure">Licensure</a></li> <li><a href="/wiki/Lifelong_learning" title="Lifelong learning">Lifelong learning</a></li> <li><a href="/wiki/Overspecialization" title="Overspecialization">Overspecialization</a></li> <li><a href="/wiki/Practice-based_professional_learning" title="Practice-based professional learning">Practice-based professional learning</a></li> <li><a href="/wiki/Professional_association" title="Professional association">Professional association</a></li> <li><a href="/wiki/Professional_certification" title="Professional certification">Professional certification</a></li> <li><a href="/wiki/Professional_development" title="Professional development">Professional development</a></li> <li><a href="/wiki/Professional_school" class="mw-redirect" title="Professional school">Professional school</a></li> <li><a href="/wiki/Reflective_practice" title="Reflective practice">Reflective practice</a></li> <li><a href="/wiki/Retraining" title="Retraining">Retraining</a></li> <li><a href="/wiki/Vocational_education" title="Vocational education">Vocational education</a></li> <li><a href="/wiki/Vocational_school" title="Vocational school">Vocational school</a></li> <li><a href="/wiki/Vocational_university" title="Vocational university">Vocational university</a></li></ul></li> <li><a href="/wiki/Mentorship" title="Mentorship">Mentorship</a></li> <li><a href="/wiki/Occupational_Outlook_Handbook" title="Occupational Outlook Handbook">Occupational Outlook Handbook</a></li> <li><a href="/wiki/Practice_firm" title="Practice firm">Practice firm</a></li> <li><a href="/wiki/Profession" title="Profession">Profession</a> <ul><li><a href="/wiki/Operator_(profession)" title="Operator (profession)">Operator</a></li> <li><a href="/wiki/Professional" title="Professional">Professional</a></li></ul></li> <li><a href="/wiki/Tradesman" class="mw-redirect" title="Tradesman">Tradesman</a></li> <li><a href="/wiki/Vocation" title="Vocation">Vocation</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Attendance</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Break_(work)" title="Break (work)">Break</a></li> <li><a href="/wiki/Break_room" title="Break room">Break room</a></li> <li><a href="/wiki/Career_break" title="Career break">Career break</a></li> <li><a href="/wiki/Furlough" title="Furlough">Furlough</a></li> <li><a href="/wiki/Gap_year" title="Gap year">Gap year</a></li> <li><a href="/wiki/Leave_of_absence" title="Leave of absence">Leave of absence</a></li> <li><a href="/wiki/Long_service_leave" title="Long service leave">Long service leave</a></li> <li><a href="/wiki/No_call,_no_show" title="No call, no show">No call, no show</a></li> <li><a href="/wiki/Sabbatical" title="Sabbatical">Sabbatical</a></li> <li><a href="/wiki/Sick_leave" title="Sick leave">Sick leave</a></li> <li><a href="/wiki/Time_clock" title="Time clock">Time clock</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Schedule_(workplace)" title="Schedule (workplace)">Schedules</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/35-hour_workweek" title="35-hour workweek">35-hour workweek</a></li> <li><a href="/wiki/Four-day_week" class="mw-redirect" title="Four-day week">Four-day week</a></li> <li><a href="/wiki/Eight-hour_day" class="mw-redirect" title="Eight-hour day">Eight-hour day</a></li> <li><a href="/wiki/996_working_hour_system" title="996 working hour system">996 working hour system</a></li> <li><a href="/wiki/Flextime" title="Flextime">Flextime</a></li> <li><a href="/wiki/On-call" class="mw-redirect" title="On-call">On-call</a></li> <li><a href="/wiki/Overtime" title="Overtime">Overtime</a></li> <li><a href="/wiki/Remote_work" title="Remote work">Remote work</a></li> <li><a href="/wiki/Six-hour_day" title="Six-hour day">Six-hour day</a></li> <li><a href="/wiki/Shift_work" title="Shift work">Shift work</a></li> <li><a href="/wiki/Working_time" title="Working time">Working time</a></li> <li><a href="/wiki/Workweek_and_weekend" title="Workweek and weekend">Workweek and weekend</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Wage" title="Wage">Wages</a> and <a href="/wiki/Salary" title="Salary">salaries</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Income_bracket" title="Income bracket">Income bracket</a></li> <li><a href="/wiki/Income_tax" title="Income tax">Income tax</a></li> <li><a href="/wiki/Living_wage" title="Living wage">Living wage</a></li> <li><a href="/wiki/Maximum_wage" title="Maximum wage">Maximum wage</a></li> <li><a href="/wiki/National_average_salary" title="National average salary">National average salary</a> <ul><li><a href="/wiki/List_of_countries_by_average_wage" title="List of countries by average wage">World</a></li> <li><a href="/wiki/List_of_European_countries_by_average_wage" title="List of European countries by average wage">Europe</a></li></ul></li> <li><a href="/wiki/Minimum_wage" title="Minimum wage">Minimum wage</a> <ul><li><a href="/wiki/Minimum_wage_in_Canada" title="Minimum wage in Canada">Canada</a></li> <li><a href="/wiki/Minimum_Wage_Ordinance" title="Minimum Wage Ordinance">Hong Kong</a></li> <li><a href="/wiki/List_of_European_countries_by_minimum_wage" title="List of European countries by minimum wage">Europe</a></li> <li><a href="/wiki/Minimum_wage_in_the_United_States" title="Minimum wage in the United States">United States</a></li></ul></li> <li><a href="/wiki/Progressive_wage" title="Progressive wage">Progressive wage</a> <ul><li><a href="/wiki/Progressive_wage" title="Progressive wage">Singapore</a></li></ul></li> <li><a href="/wiki/Overtime_rate" title="Overtime rate">Overtime rate</a></li> <li><a href="/wiki/Paid_time_off" title="Paid time off">Paid time off</a></li> <li><a href="/wiki/Performance-related_pay" title="Performance-related pay">Performance-related pay</a></li> <li><a href="/wiki/Salary_cap" title="Salary cap">Salary cap</a></li> <li><a href="/wiki/Wage_compression" title="Wage compression">Wage compression</a></li> <li><a href="/wiki/Working_poor" title="Working poor">Working poor</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Employee_benefits" title="Employee benefits">Benefits</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Annual_leave" title="Annual leave">Annual leave</a></li> <li><a href="/wiki/Casual_Friday" title="Casual Friday">Casual Friday</a></li> <li><a href="/wiki/Child_care" title="Child care">Child care</a></li> <li><a href="/wiki/Disability_insurance" title="Disability insurance">Disability insurance</a></li> <li><a href="/wiki/Health_insurance" title="Health insurance">Health insurance</a></li> <li><a href="/wiki/Life_insurance" title="Life insurance">Life insurance</a></li> <li><a href="/wiki/Marriage_leave" title="Marriage leave">Marriage leave</a></li> <li><a href="/wiki/Parental_leave" title="Parental leave">Parental leave</a></li> <li><a href="/wiki/Pension" title="Pension">Pension</a></li> <li><a href="/wiki/Sick_leave" title="Sick leave">Sick leave</a> <ul><li><a href="/wiki/Sick_leave_in_the_United_States" title="Sick leave in the United States">United States</a></li></ul></li> <li><a href="/wiki/Take-home_vehicle" title="Take-home vehicle">Take-home vehicle</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Occupational_safety_and_health" title="Occupational safety and health">Safety and health</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Crunch_(video_games)" title="Crunch (video games)">Crunch</a></li> <li><a href="/wiki/Epilepsy_and_employment" title="Epilepsy and employment">Epilepsy and employment</a></li> <li><a href="/wiki/Human_factors_and_ergonomics" class="mw-redirect" title="Human factors and ergonomics">Human factors and ergonomics</a></li> <li><a href="/wiki/Karoshi" title="Karoshi">Karoshi</a></li> <li><a href="/wiki/List_of_countries_by_rate_of_fatal_workplace_accidents" title="List of countries by rate of fatal workplace accidents">List of countries by rate of fatal workplace accidents</a></li> <li><a href="/wiki/Occupational_burnout" title="Occupational burnout">Occupational burnout</a></li> <li><a href="/wiki/Occupational_disease" title="Occupational disease">Occupational disease</a></li> <li><a href="/wiki/Occupational_exposure_limit" title="Occupational exposure limit">Occupational exposure limit</a></li> <li><a href="/wiki/Occupational_health_psychology" title="Occupational health psychology">Occupational health psychology</a></li> <li><a href="/wiki/Occupational_injury" title="Occupational injury">Occupational injury</a></li> <li><a href="/wiki/Occupational_noise" title="Occupational noise">Occupational noise</a></li> <li><a href="/wiki/Occupational_stress" title="Occupational stress">Occupational stress</a></li> <li><a href="/wiki/Personal_protective_equipment" title="Personal protective equipment">Personal protective equipment</a></li> <li><a href="/wiki/Repetitive_strain_injury" title="Repetitive strain injury">Repetitive strain injury</a></li> <li><a href="/wiki/Right_to_sit" title="Right to sit">Right to sit</a> <ul><li><a href="/wiki/Right_to_sit_in_the_United_States" title="Right to sit in the United States">United States</a></li></ul></li> <li><a href="/wiki/Sick_building_syndrome" title="Sick building syndrome">Sick building syndrome</a></li> <li><a href="/wiki/Work_accident" title="Work accident">Work accident</a> <ul><li><a href="/wiki/Occupational_fatality" title="Occupational fatality">Occupational fatality</a></li></ul></li> <li><a href="/wiki/Workers%27_compensation" title="Workers' compensation">Workers' compensation</a></li> <li><a href="/wiki/Workers%27_right_to_access_the_toilet" title="Workers' right to access the toilet">Workers' right to access the toilet</a></li> <li><a href="/wiki/Workplace_health_promotion" title="Workplace health promotion">Workplace health promotion</a></li> <li><a href="/wiki/Workplace_phobia" class="mw-redirect" title="Workplace phobia">Workplace phobia</a></li> <li><a href="/wiki/Workplace_wellness" title="Workplace wellness">Workplace wellness</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Equal_opportunity" title="Equal opportunity">Equal opportunity</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Affirmative_action" title="Affirmative action">Affirmative action</a></li> <li><a href="/wiki/Equal_pay_for_equal_work" title="Equal pay for equal work">Equal pay for equal work</a></li> <li><a href="/wiki/Gender_pay_gap" title="Gender pay gap">Gender pay gap</a></li> <li><a href="/wiki/Glass_ceiling" title="Glass ceiling">Glass ceiling</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Infractions</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/List_of_corporate_collapses_and_scandals" title="List of corporate collapses and scandals">Corporate collapses and scandals</a> <ul><li><a href="/wiki/Accounting_scandals" title="Accounting scandals">Accounting scandals</a></li> <li><a href="/wiki/Control_fraud" title="Control fraud">Control fraud</a></li> <li><a href="/wiki/Corporate_behaviour" title="Corporate behaviour">Corporate behaviour</a></li> <li><a href="/wiki/Corporate_crime" title="Corporate crime">Corporate crime</a></li></ul></li> <li><a href="/wiki/Employment_discrimination" title="Employment discrimination">Discrimination</a></li> <li><a href="/wiki/Exploitation_of_labour" title="Exploitation of labour">Exploitation of labour</a></li> <li><a href="/wiki/Dress_code" title="Dress code">Dress code</a></li> <li><a href="/wiki/Employee_handbook" title="Employee handbook">Employee handbook</a></li> <li><a href="/wiki/Employee_monitoring" title="Employee monitoring">Employee monitoring</a></li> <li><a href="/wiki/Evaluation_(workplace)" class="mw-redirect" title="Evaluation (workplace)">Evaluation</a></li> <li><a href="/wiki/Labour_law" title="Labour law">Labour law</a></li> <li><a href="/wiki/Sexual_harassment" title="Sexual harassment">Sexual harassment</a></li> <li><a href="/wiki/Sleeping_while_on_duty" title="Sleeping while on duty">Sleeping while on duty</a></li> <li><a href="/wiki/Wage_theft" title="Wage theft">Wage theft</a></li> <li><a href="/wiki/Whistleblower" class="mw-redirect" title="Whistleblower">Whistleblower</a></li> <li><a href="/wiki/Workplace_bullying" title="Workplace bullying">Workplace bullying</a></li> <li><a href="/wiki/Workplace_harassment" title="Workplace harassment">Workplace harassment</a></li> <li><a href="/wiki/Workplace_incivility" title="Workplace incivility">Workplace incivility</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Willingness</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Boreout" title="Boreout">Boreout</a></li> <li><a href="/wiki/Careerism" title="Careerism">Careerism</a></li> <li><a href="/wiki/Civil_conscription" title="Civil conscription">Civil conscription</a></li> <li><a href="/wiki/Conscription" title="Conscription">Conscription</a></li> <li><a href="/wiki/Critique_of_work" title="Critique of work">Critique of work</a></li> <li><a href="/wiki/Dead-end_job" title="Dead-end job">Dead-end job</a></li> <li><a href="/wiki/Job_satisfaction" title="Job satisfaction">Job satisfaction</a></li> <li><a href="/wiki/McJob" title="McJob">McJob</a></li> <li><a href="/wiki/Organizational_commitment" title="Organizational commitment">Organizational commitment</a></li> <li><a href="/wiki/Refusal_of_work" title="Refusal of work">Refusal of work</a></li> <li><a href="/wiki/Slavery" title="Slavery">Slavery</a> <ul><li><a href="/wiki/Debt_bondage" title="Debt bondage">Bonded labour</a></li> <li><a href="/wiki/Human_trafficking" title="Human trafficking">Human trafficking</a></li> <li><a href="/wiki/Labor_camp" title="Labor camp">Labour camp</a></li> <li><a href="/wiki/Penal_labour" title="Penal labour">Penal labour</a></li> <li><a href="/wiki/Peon" title="Peon">Peonage</a></li> <li><a href="/wiki/Truck_wages" title="Truck wages">Truck wages</a></li> <li><a href="/wiki/Unfree_labour" class="mw-redirect" title="Unfree labour">Unfree labour</a></li> <li><a href="/wiki/Wage_slavery" title="Wage slavery">Wage slavery</a></li></ul></li> <li><a href="/wiki/Work_ethic" title="Work ethic">Work ethic</a></li> <li><a href="/wiki/Work%E2%80%93life_interface" class="mw-redirect" title="Work–life interface">Work–life interface</a> <ul><li><a href="/wiki/Downshifting_(lifestyle)" title="Downshifting (lifestyle)">Downshifting</a></li> <li><a href="/wiki/Slow_living" title="Slow living">Slow living</a></li></ul></li> <li><a href="/wiki/Workaholic" title="Workaholic">Workaholic</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Termination_of_employment" title="Termination of employment">Termination</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/At-will_employment" title="At-will employment">At-will employment</a></li> <li><a href="/wiki/Dismissal_(employment)" title="Dismissal (employment)">Dismissal</a> <ul><li><a href="/wiki/Banishment_room" title="Banishment room">Banishment room</a></li> <li><a href="/wiki/Constructive_dismissal" title="Constructive dismissal">Constructive dismissal</a></li> <li><a href="/wiki/Wrongful_dismissal" title="Wrongful dismissal">Wrongful dismissal</a></li></ul></li> <li><a href="/wiki/Employee_offboarding" title="Employee offboarding">Employee offboarding</a></li> <li><a href="/wiki/Exit_interview" title="Exit interview">Exit interview</a></li> <li><a href="/wiki/Layoff" title="Layoff">Layoff</a></li> <li><a href="/wiki/Notice_period" title="Notice period">Notice period</a></li> <li><a href="/wiki/Pink_slip_(employment)" class="mw-redirect" title="Pink slip (employment)">Pink slip</a></li> <li><a href="/wiki/Resignation" title="Resignation">Resignation</a> <ul><li><a href="/wiki/Letter_of_resignation" title="Letter of resignation">Letter of resignation</a></li></ul></li> <li><a href="/wiki/Restructuring" title="Restructuring">Restructuring</a></li> <li><a href="/wiki/Retirement" title="Retirement">Retirement</a> <ul><li><a href="/wiki/Mandatory_retirement" title="Mandatory retirement">Mandatory retirement</a></li> <li><a href="/wiki/Retirement_age" title="Retirement age">Retirement age</a></li> <li><a href="/wiki/Retirement_planning" title="Retirement planning">Retirement planning</a></li></ul></li> <li><a href="/wiki/Severance_package" title="Severance package">Severance package</a> <ul><li><a href="/wiki/Golden_handshake" title="Golden handshake">Golden handshake</a></li> <li><a href="/wiki/Golden_parachute" title="Golden parachute">Golden parachute</a></li></ul></li> <li><a href="/wiki/Turnover_(employment)" class="mw-redirect" title="Turnover (employment)">Turnover</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Unemployment" title="Unemployment">Unemployment</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Barriers_to_entry" title="Barriers to entry">Barriers to entry</a></li> <li><a href="/wiki/Discouraged_worker" title="Discouraged worker">Discouraged worker</a></li> <li><a href="/wiki/Economic_depression" title="Economic depression">Economic depression</a> <ul><li><a class="mw-selflink selflink">Great Depression</a></li> <li><a href="/wiki/Long_Depression" title="Long Depression">Long Depression</a></li></ul></li> <li><a href="/wiki/Frictional_unemployment" title="Frictional unemployment">Frictional unemployment</a></li> <li><a href="/wiki/Full_employment" title="Full employment">Full employment</a></li> <li><a href="/wiki/Graduate_unemployment" title="Graduate unemployment">Graduate unemployment</a></li> <li><a href="/wiki/Involuntary_unemployment" title="Involuntary unemployment">Involuntary unemployment</a></li> <li><a href="/wiki/Jobless_recovery" title="Jobless recovery">Jobless recovery</a></li> <li><a href="/wiki/Phillips_curve" title="Phillips curve">Phillips curve</a></li> <li><a href="/wiki/Recession" title="Recession">Recession</a> <ul><li><a href="/wiki/Great_Recession" title="Great Recession">Great Recession</a></li> <li><a href="/wiki/Job_losses_caused_by_the_Great_Recession" title="Job losses caused by the Great Recession">Job losses caused by the Great Recession</a></li> <li><a href="/wiki/Lists_of_recessions" title="Lists of recessions">Lists of recessions</a></li> <li><a href="/wiki/Recession-proof_job" title="Recession-proof job">Recession-proof job</a></li></ul></li> <li><a href="/wiki/Reserve_army_of_labour" title="Reserve army of labour">Reserve army of labour</a></li> <li><a href="/wiki/Structural_unemployment" title="Structural unemployment">Structural unemployment</a></li> <li><a href="/wiki/Technological_unemployment" title="Technological unemployment">Technological unemployment</a></li> <li><a href="/wiki/Types_of_unemployment" class="mw-redirect" title="Types of unemployment">Types of unemployment</a></li> <li><a href="/wiki/Unemployment_benefits" title="Unemployment benefits">Unemployment benefits</a></li> <li><a href="/wiki/Unemployment_Convention,_1919" title="Unemployment Convention, 1919">Unemployment Convention, 1919</a></li> <li><a href="/wiki/Unemployment_extension" title="Unemployment extension">Unemployment extension</a></li> <li><a href="/wiki/List_of_countries_by_unemployment_rate" title="List of countries by unemployment rate">List of countries by unemployment rate</a></li> <li><a href="/wiki/Employment-to-population_ratio" title="Employment-to-population ratio">Employment-to-population ratio</a> <ul><li><a href="/wiki/List_of_sovereign_states_by_employment_rate" title="List of sovereign states by employment rate">List</a></li></ul></li> <li><a href="/wiki/Wage_curve" title="Wage curve">Wage curve</a></li> <li><a href="/wiki/Youth_unemployment" title="Youth unemployment">Youth unemployment</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Public programs</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Workfare" title="Workfare">Workfare</a></li> <li><a href="/wiki/Unemployment_insurance" class="mw-redirect" title="Unemployment insurance">Unemployment insurance</a></li> <li><a href="/wiki/Make-work_job" title="Make-work job">Make-work job</a></li> <li><a href="/wiki/Job_creation_program" class="mw-redirect" title="Job creation program">Job creation program</a></li> <li><a href="/wiki/Job_creation_index" title="Job creation index">Job creation index</a></li> <li><a href="/wiki/Job_guarantee" title="Job guarantee">Job guarantee</a></li> <li><a href="/wiki/Employer_of_last_resort" title="Employer of last resort">Employer of last resort</a></li> <li><a href="/wiki/Guaranteed_minimum_income" title="Guaranteed minimum income">Guaranteed minimum income</a></li> <li><a href="/wiki/Right_to_work" title="Right to work">Right to work</a></li> <li><i>Historical:</i></li> <li><i>U.S.A.:</i></li> <li><a href="/wiki/Civil_Works_Administration" title="Civil Works Administration">Civil Works Administration</a></li> <li><a href="/wiki/Works_Progress_Administration" title="Works Progress Administration">Works Progress Administration</a></li></ul> <p><a href="/wiki/Comprehensive_Employment_and_Training_Act" title="Comprehensive Employment and Training Act">Comprehensive Employment and Training Act</a> </p> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">See also</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bullshit_job" title="Bullshit job">Bullshit job</a></li> <li><a href="/wiki/Busy_work" title="Busy work">Busy work</a></li> <li><a href="/wiki/Credentialism_and_educational_inflation" class="mw-redirect" title="Credentialism and educational inflation">Credentialism and educational inflation</a></li> <li><a href="/wiki/Emotional_labor" title="Emotional labor">Emotional labor</a></li> <li><a href="/wiki/Evil_corporation" title="Evil corporation">Evil corporation</a></li> <li><a href="/wiki/Going_postal" title="Going postal">Going postal</a></li> <li><a href="/wiki/Kiss_up_kick_down" title="Kiss up kick down">Kiss up kick down</a></li> <li><a href="/wiki/Labor_rights" title="Labor rights">Labor rights</a></li> <li><a href="/wiki/Make-work_job" title="Make-work job">Make-work job</a></li> <li><a href="/wiki/Narcissism_in_the_workplace" title="Narcissism in the workplace">Narcissism in the workplace</a></li> <li><a href="/wiki/Post-work_society" title="Post-work society">Post-work society</a></li> <li><a href="/wiki/Presenteeism" title="Presenteeism">Presenteeism</a></li> <li><a href="/wiki/Psychopathy_in_the_workplace" title="Psychopathy in the workplace">Psychopathy in the workplace</a></li> <li><a href="/wiki/Sunday_scaries" title="Sunday scaries">Sunday scaries</a></li> <li><a href="/wiki/Slow_movement_(culture)" title="Slow movement (culture)">Slow movement (culture)</a></li> <li><a href="/wiki/Toxic_leader" title="Toxic leader">Toxic leader</a></li> <li><a href="/wiki/Toxic_workplace" title="Toxic workplace">Toxic workplace</a></li> <li><a href="/wiki/Workhouse" title="Workhouse">Workhouse</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <dl><dt><span class="noviewer" typeof="mw:File"><span title="Template"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/83/Symbol_template_class_pink.svg/16px-Symbol_template_class_pink.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/83/Symbol_template_class_pink.svg/23px-Symbol_template_class_pink.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/83/Symbol_template_class_pink.svg/31px-Symbol_template_class_pink.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> See also templates</dt></dl> <ul><li><a href="/wiki/Template:Aspects_of_corporations" title="Template:Aspects of corporations">Aspects of corporations</a></li> <li><a href="/wiki/Template:Aspects_of_jobs" title="Template:Aspects of jobs">Aspects of jobs</a></li> <li><a href="/wiki/Template:Aspects_of_occupations" title="Template:Aspects of occupations">Aspects of occupations</a></li> <li><a href="/wiki/Template:Aspects_of_organizations" title="Template:Aspects of organizations">Aspects of organizations</a></li> <li><a href="/wiki/Template:Aspects_of_workplaces" title="Template:Aspects of workplaces">Aspects of workplaces</a></li> <li><a href="/wiki/Template:Corporate_titles" title="Template:Corporate titles">Corporate titles</a></li> <li><a href="/wiki/Template:Critique_of_work" title="Template:Critique of work">Critique of work</a></li> <li><a href="/wiki/Template:Organized_labor" title="Template:Organized labor">Organized labor</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"><style data-mw-deduplicate="TemplateStyles:r1038841319">.mw-parser-output .tooltip-dotted{border-bottom:1px dotted;cursor:help}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1038841319"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1038841319"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1038841319"></div><div role="navigation" class="navbox authority-control" 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src="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/10px-OOjs_UI_icon_edit-ltr-progressive.svg.png" decoding="async" width="10" height="10" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/15px-OOjs_UI_icon_edit-ltr-progressive.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/8/8a/OOjs_UI_icon_edit-ltr-progressive.svg/20px-OOjs_UI_icon_edit-ltr-progressive.svg.png 2x" data-file-width="20" data-file-height="20" /></a></span></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">National</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"><ul><li><span class="uid"><a rel="nofollow" class="external text" href="https://d-nb.info/gnd/4079171-3">Germany</a></span></li><li><span class="uid"><span class="rt-commentedText tooltip tooltip-dotted" title="Depressions--1929"><a rel="nofollow" class="external text" href="https://id.loc.gov/authorities/sh85037058">United States</a></span></span></li><li><span class="uid"><span class="rt-commentedText tooltip tooltip-dotted" title="Crise économique (1929) [+ subd. géogr.]"><a rel="nofollow" class="external text" href="https://catalogue.bnf.fr/ark:/12148/cb11937041r">France</a></span></span></li><li><span class="uid"><span class="rt-commentedText tooltip tooltip-dotted" title="Crise économique (1929) [+ subd. géogr.]"><a rel="nofollow" class="external text" href="https://data.bnf.fr/ark:/12148/cb11937041r">BnF data</a></span></span></li><li><span class="uid"><a rel="nofollow" class="external text" href="https://id.ndl.go.jp/auth/ndlna/00567226">Japan</a></span></li><li><span class="uid"><span class="rt-commentedText tooltip tooltip-dotted" title="Crisis económicas--192"><a rel="nofollow" class="external text" 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