What was the lasting impact from the great depression, for both worldwide and australia?
There are three lasting impacts of the Great Depression. First, economists became aware of the circumstances in which markets fail and that in the case of market failure, only governmental solutions can succeed. Since this is the exception instead of the rule, economists are still wary of governmental structures, but it provides a role for strong government in time of economic crisis. The second was an awareness of the danger of weak states. Hitler arose from the ashes of the Great Depression along with Roosevelt. The Papin and Hoover governments collapsed because they did not provide a solution. Roosevelt went into office, saying to an aide, if it doesn’t work, that he would be the last President of the United States. Indeed, there was a little talked about coup d’etat attempt during Roosevelt’s term. To prevent wholesale societal panic, rather than arrest the generals, they offered them resignation. I do not think any major government since has been passive in trying to bring economi
