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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.
US annual real GDP from 1910 to 1960, with the years of the Great Depression (1929–1939) highlighted Unemployment rate in the US 1910–60, with the years of the Great Depression (1929–39) highlighted; accurate data begins in 1939, represented by a blue line.
In the Great Depression, GDP fell by 27% (the deepest after demobilization is the recession beginning in December 2007, during which GDP had fallen 5.1% by the second quarter of 2009) and the unemployment rate reached 24.9% (the highest since was the 10.8% rate reached during the 1981–1982 recession).
The U.S. unemployment rate climbed from a half-century low of 3.5% to 4.4% in March – and is expected to go a lot higher.But could the rate, as some predict, surpass the 25% joblessness the U.S ...
The U.S. economy likely lost a staggering 22 million jobs in April, in what would be the steepest plunge in payrolls since the Great Depression and the starkest sign yet of how the novel ...
The Great Depression was the worst economic crisis in US history. More than 15 million Americans were left jobless and unemployment reached 25%. 25 vintage photos show how desperate and desolate ...
This short period of growth saw unemployment remain relatively high, particularly among manufacturing and construction workers, never dropping below 7.2%. Rebounding inflation after an initial decline spurred the Fed to continue monetary tightening, which led to another recession after only a year.
Whig cartoon showing the effects of unemployment on a family that has portraits of Democratic Presidents Andrew Jackson and Martin Van Buren on the wall. The Panic of 1837 was a financial crisis in the United States that began a major depression which lasted until the mid-1840s.