Great depression大萧条时期简介.pptVIP

The Great Depression Causes Turning point and recovery Effects The Great Depression was an economic slump in North America, Europe, and other industrialized areas of the world that began in 1929 and lasted until about 1939. It was the longest and most severe depression ever experienced by the industrialized Western world. Causes The Great Depression begun with a catastrophic collapse of stock-market prices on the New York Stock Exchange in October 1929. During the next three years stock prices in the United States continued to fall, until by late 1932 they had dropped to only about 20 percent of their value in 1929. The Dow Jones Industrial average, 1928–1930 Besides ruining many thousands of individual investors, this precipitous decline in the value of assets greatly strained banks and other financial institutions, particularly those holding stocks in their portfolios(证券投资组合）. Many banks were consequently forced into insolvency. By 1932, U.S. manufacturing output had fallen to 54 percent of its 1929 level, and unemployment had risen to between 12 and 15 million workers, or 25-30 percent of the work force. United States Great Britain France Germany Industrial production –46% –23% –24% –41% Wholesale prices –32% –33% –34% –29% Foreign trade –70% –60% –54% –61% Unemployment +607% +129% +214% +232% Economic indicators Change in economic indicators 1929–32   US industrial production (1928–39) US Farm Prices, (1928–35) Turning point and recovery Roosevelts New Deal policies Gold standard(金本位) World War II Roosevelts New Deal policies The common view among mainstream economists is that Roosevelt‘s New Deal policies either caused or accelerated the recovery, although his policies were never aggressive enough to bring the economy completely out of recession. Some economists have also called attention to the positive effects from expectations of reflation（通货再恢复） and rising nominal interest rates（名义利率） that Roosevelts words and actions portended. Another contributin