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What Ended the Great Depression (1992)
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| Venue: | Journal of Economic History |
| Citations: | 115 - 2 self |
BibTeX
@ARTICLE{Romer92whatended,
author = {Christina D. Romer},
title = {What Ended the Great Depression},
journal = {Journal of Economic History},
year = {1992},
pages = {757--784}
}
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Abstract
worldwide economic downturn that began in 1929 and lasted until about 1939. It was the longest and most severe depression ever experienced by the industrialized Western world. Although the Depression originated in the United States, it resulted in drastic declines in output, severe unemployment, and acute deflation in almost every country of the globe. But its social and cultural effects were no less staggering, especially in the United States, where the Great Depression ranks second only to the Civil War as the gravest crisis in American history. Economic history The timing and severity of the Great Depression varied substantially across countries. The Depression was particularly long and severe in the United States and Europe; it was milder in Japan and much of Latin America. Perhaps not surprisingly, the worst depression ever experienced stemmed from a multitude of causes. Declines in consumer demand, financial panics, and misguided government policies caused economic output to fall in the United States. The gold standard, which linked nearly all the countries of the world in a network of fixed currency exchange rates, played a key role in transmitting the American downturn to other countries. The recovery from the Great Depression was spurred largely by the abandonment of
Keyphrases
great depression united state economic output cultural effect financial panic severe unemployment acute deflation economic history industrialized western world american downturn fixed currency exchange rate civil war drastic decline key role worldwide economic downturn severe depression latin america gold standard consumer demand american history misguided government policy
