What caused the great depression and what year did it occur?
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s.[1] It was the longest, most widespread, and deepest depression of the 20th century, and is used in the 21st century as an example of how far the world’s economy can decline.[2] The depression originated in the United States, triggered by the stock market crash of October 29, 1929 (known as Black Tuesday), but quickly spread to almost every country in the world.[1] The Great Depression had devastating effects in virtually every country, rich and poor. Personal income, tax revenue, profits and prices dropped, and international trade plunged by half to two-thirds. Unemployment in the United States rose to 25%, and in some countries rose as high as 33%.[3] Cities all around the world were hit hard, especially those dependent on heavy indus
GRAND RAPIDS — Grand Valley State University will host two events exploring causes and solutions — as well as possible solutions to the current economic crisis — as we approach the 80th anniversary of the beginning of the Great Depression in late October. GVSU’s Hauenstein Center for Presidential Studies and the Seidman College of Business will co-host a debate between Newsweek’s Jonathan Alter and Bloomberg’s Amity Shlaes at 7 p.m. Monday, Oct. 12, at Fountain Street Church, 24 Fountain St. N.W. in Grand Rapids. At 7:30 a.m. Tuesday, Oct. 13, GVSU will host a Peter F. Secchia Lecture featuring a keynote address and debate over today’s economic crisis. It will feature Brian Domitrovic, associate professor of history at Sam Houston University and author of “Econoclasts.” The event will take place in Loosemore Auditorium at DeVos Center on the Pew Grand Rapids Campus. “You are going to see sparks fly at a debate that will produce more light than heat,” said Gleaves Whitney, director of t
Easy money is the current Fed policy to avoid the mistakes of the 1930s that caused the Great Depression, says Arthur B. Laffer. But tight money was not the cause of the Depression writes Laffer, chief economic adviser under President Reagan and chairman of Laffer Associates, in The Wall Street Journal. It was high taxes and protectionism. Although Fed monetary policy was an important factor, “The Smoot-Hawley tariff of June, 1930, was the catalyst that got the whole thing going,” Laffer says. Sources: http://moneynews.newsmax.com/streettalk/laffer_depression/2009/09/24/264142.
