The Great Depression and the New Deal
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Great Depression was a worldwide economic debacle that began in 1929 and lasted almost ten years. The 1929 recession was the longest and most severe economic downfall the western world has suffered. In economic terms, the most affected institutions were the banks and the stock market. Nevertheless, the downfall replicated in almost all the establishments in the country. In the same way, the American depression affected virtually all countries in the world. During the depression, the world experienced severe unemployment; and acute deflation. Also, its effects were not only economical, as a series of social repercussions existed as well. For instance, after the debacle, the public opinion was favorable toward banks, after 1939, not so much. Besides, in a country such as the United States, the great depression represented one of the harshest economic situations since the Civil War.
The events that led to the Great Depression are often blamed on the bankers who did not protect their financial institutions. After the first crash in 1929 the federal government injected cash into the banks, creating the illusion of health among the savers. In the same way, weaker banks were absorbed by bigger banks, to protect the savings and keep the economy floating. However, the real failure came in 1931 when the Austrian government let one of its most major banks go bankrupt because it did…
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