История экономики. Великая депрессия (самое важное)

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История экономики. Великая депрессия (самое важное)

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54. Great Depression

The deep economic crisis that unfolded in 1929-1933 yyy. and covering almost the entire world is called Great Depressionemphasizing its scope and extent.

Экономика большинства стран развивается циклически: оживление сменяется подъемом, затем наступает бум, который завершается спадом; после чего повторяется новый цикл. Спад, кризис, депрессия - разные названия фазы экономического цикла, означающей резкое падение конъюнктуры, снижение производства, кумулятивное нарастание негативных явлений в различных сферах и секторах хозяйства.

The first industrial decline occurred in England in 1815, then in 1818-1819. The first cyclical crisis erupted in 1825, after which the fall in production (the crisis of overproduction) was repeated relatively regularly, approximately every ten years.

The crisis of 1929-1933 was exceptionally severe in depth, duration and consequences. US industrial production fell by 50%. The fall in the industry lasted more than three years, in the construction industry - over four and a half years.

The number of unemployed people in the United States exceeded 13 million people; almost every fourth worker found himself without a job. Huge queues formed while waiting for a small allowance or a free lunch.

The stock market crash (1929) and bank runs led to bank failures. Businesses were unable to obtain the resources they needed. Most American families had no savings at that time. Purchases have decreased. Inventories accumulated in warehouses and could not be sold, despite lower prices. Production came to a standstill; people were fired - the number of unemployed reached 5%. The government was balancing the budget when it needed to stimulate production.

In order to stop the fall of prices and overproduction, "surpluses" of produced, but not marketable, products were often destroyed. In Brazil, bags of coffee were dumped into the sea. In the US, wheat and maize were used as fuel. Livestock was destroyed in Denmark.

The industrial crisis led to a reduction in world trade. The volume of world trade fell from $15 billion (3) to $1929 billion (5); tripled.

The industrial crisis intertwined with the financial crisis, with the crisis of the securities market. The stock price on the stock exchange in New York after a speculative takeoff began to fall sharply. This happened during the "black" days of October 1929. The value of shares fell several times - from 87 billion dollars, it fell first to 55 billion, and then to 16 billion. but a manifestation of the general process of violation of economic proportions.

During the years of the Great Depression, the industrial production of the capitalist countries was thrown back to the level of the beginning of the century. Several tens of millions of people became unemployed, and the lack of any measures of social protection made their situation completely unbearable. In this difficult situation, the authorities of some countries managed to find a way out by resorting to a new social policy based on the theory of the economist George Keynes. Keynes proposed to mitigate the disproportion between the latest technologies that allow mass production of goods and the purchasing power of the masses through government intervention. The state should reduce the unemployment rate, regulate prices, give benefits to enterprises that are failing.

With the help of Keynes' theory, capitalism, shaken by the Great Depression, received a new impetus to development. Attempts to change the capitalist system "from above", with the help of liberal reforms, were made in the USA, the states of Scandinavia, France and Spain.

Authors: Zilbertova T.N., Takhtomysova D.A.

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