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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 (1986) Garraty, John A. Unemployment in History (1978) Garside, William R. Capitalism in Crisis: International Responses to the Great Depression (1993) Haberler ...
The American economist Charles P. Kindleberger of long-term studying of the Great Depression pointed out that in the 1929, before and after the collapse of the stock market, the Fed lowered interest rates, tried to expand the money supply and eased the financial market tensions for several times; however, they were not successful.
According to one study, many Germans conflate hyperinflation in the Weimar Republic with the Great Depression, seeing the two separate events as one big economic crisis that encompassed both rapidly rising prices and mass unemployment. [40] The hyperinflated, worthless marks became widely collected abroad.
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 ...
The Panic of 1930 was a financial crisis that occurred in the United States which led to a severe decline in the money supply during a period of declining economic activity. A series of bank failures from agricultural areas during this time period sparked panic among depositors which led to widespread bank runs across the country.
The term arose during the foreclosure of farms during the Great Depression in the United States. Neighbors would gather in large numbers at the auction and place bids of only a few pennies , while intimidating anyone who attempted to bid competitively. [ 1 ]
The First New Deal (1933–1934) dealt with the pressing banking crisis through the Emergency Banking Act and the 1933 Banking Act.The Federal Emergency Relief Administration (FERA) provided US$500 million (equivalent to $11.8 billion in 2023) for relief operations by states and cities, and the short-lived CWA gave locals money to operate make-work projects from 1933 to 1934. [2]
These programs were called the "second New Deal". The programs gave Americans work, for which the government would pay them. The goal was to help unemployment, pull the country out of the Great Depression, and prevent another depression in the future. This was the first and largest system of public-assistance relief programs in American history ...