How The Great Depression affected the US and The World
<Tab/>The Great Depression is the period of history that followed "Black Thursday", the stock market crash of Thursday, October 24, 1929. The events in the United States triggered a world-wide depression, which led to deflation and a great increase in unemployment. Many economists argue that the Great Depression was both caused and prolonged by government action. The Hoover administration and the Congress increased taxes in a futile attempt to balance the budget. …
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…unemployment nonsense. In a depression ... there was no wage so low that it could eliminate unemployment. Accordingly, it was wicked to blame the unemployed for their plight. The second proposition proposed an alternative explanation about the origins of unemployment and depression. This centred upon aggregate demand - i.e. the total spending of consumers, business investors, and public agencies. When aggregate demand was low, sales and jobs suffered. When it was high, all was well."
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