Assignment on Economics (solution)

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Added on 2021-04-21

Assignment on Economics (solution)

Added on 2021-04-21

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Running head: ECONOMICSEconomicsName of the Student:Name of the University:Author’s Note:

ECONOMICS1Table of ContentsIntroduction......................................................................................................................................2Discussion........................................................................................................................................2Conclusion.......................................................................................................................................6Reference List..................................................................................................................................8

ECONOMICS2IntroductionThe great depression or the worldwide economic downturn started in the year 1929 andlasted for nearly ten long years. This is still now regarded as the largest and most severedepression ever experienced by industrialized western world (Irwin, 2017). The depressionoriginated in the United States, however it gave rise to severe decline in the level of outputs,drastically high unemployment and an absolute deflation in almost all the countries around theworld. The timings and extent of severity caused by the depression varied across differentcountries. It was longest and most severe in the United States and European countries whileJapan and the Latin America faced a comparatively milder impact (Tindall and Shi, 2016).There, however, remains disputes among the scholars regarding the origin of the economic crisisas there are several researchers who have argued that the Great Depression started in Europe inthe year 1928, which afterwards, spread to the United States. During the year of 1929 twomillion people lost their jobs in the United States. By the end of the year 1932, the number ofjobless people crossed 13 million which is more than a 600% rise (Nanda and Nicholas, 2014).There were other major consequences as well. This essay aims to discuss the major reasonsbehind the Great Depression critically and in the final section aims to provide a concludingremark regarding the same. DiscussionStill now the economists continue to study Great Depression as there are still so manydebates regarding finding the actual factor that caused it. Numerous economic theories have beenadvanced but there remains no single, universally accepted explanation of why the greatdepression took place (Coen-Pirani and Wooley, 2017).

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Assignment on Economics (solution)