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The term "The Great Depression" is most frequently attributed to British economist Lionel Robbins, whose 1934 book The Great Depression is credited with formalizing the phrase, [230] though Hoover is widely credited with popularizing the term, [230] [231] informally referring to the downturn as a depression, with such uses as "Economic ...
Trout, Charles H. Boston, the Great Depression, and the New Deal (1977) online; Uys, Errol Lincoln. Riding the Rails: Teenagers on the Move During the Great Depression (Routledge, 2003) ISBN 0-415-94575-5 author's site; Warren, Harris Gaylord. Herbert Hoover and the Great Depression (1959). scholarly history online; Watkins, T. H.
Crowd at New York's American Union Bank during a bank run early in the Great Depression. Together, the 1929 stock market crash and the Great Depression formed the largest financial crisis of the 20th century. [46] The panic of October 1929 has come to serve as a symbol of the economic contraction that gripped the world during the next decade. [47]
Gas prices remained remarkably steady for nearly two decades, from the start of the Great Depression through the end of World War II. The price per gallon was 21 cents in both 1929 and 1946.
Lessons from the Great Depression, MIT Press, Cambridge, Mass) [101] William J. Bernstein wrote: Between 1929 and 1932, real GDP fell 17 percent worldwide, and by 26 percent in the United States, but most economic historians now believe that only a minuscule part of that huge loss of both world GDP and the United States' GDP can be ascribed to ...
Obviously, the causes of the Depression are still hotly debated, and popular understanding centers on the 1929 stock market crash, while the somewhat more informed will cite excessive easy credit ...
Imports during 1929 were only 4.2% of the US GNP, and exports were only 5.0%. Monetarists, such as Milton Friedman, who emphasized the central role of the money supply in causing the depression, considered the Smoot–Hawley Act to be only a minor cause for the Great Depression in the United States. [32]
It doesn't get much darker than the Great Depression. That's about how dark it looked Tuesday when the Labor Department reported that U.S. consumer prices fell in November at the fastest rate ...