Question

Название экономического кризиса, поразившего Западную Европу и США в 1929 г.

Answer 1

Великая Депрессия как прозвали её

Answer 2

Мировой экономический кризис.

Answer 3

The Economic Crisis that Affected Western Europe and the United States in 1929

The economic crisis that struck Western Europe and the United States in 1929 is commonly known as the Great Depression. The Great Depression was a severe worldwide economic downturn that lasted from 1929 to the late 1930s. It was the most extensive and longest-lasting economic depression of the 20th century.

Causes of the Great Depression: The Great Depression was caused by a combination of various factors, including:

1. Stock Market Crash of 1929: The stock market crash of October 1929, also known as "Black Tuesday," marked the beginning of the Great Depression. It was a sudden and dramatic decline in stock prices on the New York Stock Exchange, leading to a loss of wealth for many investors.

2. Overproduction and Underconsumption: The 1920s saw a period of rapid industrialization and increased production, which eventually led to overproduction. However, the purchasing power of consumers did not keep pace with the increased production, resulting in a surplus of goods and a decline in prices.

3. Bank Failures: The stock market crash led to a wave of bank failures as people rushed to withdraw their money from banks. The failure of banks further worsened the economic situation, as it led to a decrease in the availability of credit and a loss of confidence in the banking system.

4. Protectionist Trade Policies: The implementation of protectionist trade policies, such as high tariffs and trade barriers, by many countries exacerbated the economic downturn. These policies reduced international trade and hindered economic recovery.

5. Global Economic Interdependence: The interconnectedness of the global economy meant that the economic crisis in the United States quickly spread to other countries, leading to a worldwide economic downturn.

Impact of the Great Depression: The Great Depression had far-reaching consequences for both Western Europe and the United States. Some of the key impacts include:

1. Mass Unemployment: The Great Depression resulted in widespread unemployment, with millions of people losing their jobs. Unemployment rates reached unprecedented levels, causing significant social and economic hardships.

2. Banking Crisis: The banking crisis during the Great Depression led to the closure of many banks and the loss of people's savings. This further deepened the economic crisis and eroded public trust in the financial system.

3. Poverty and Homelessness: The economic downturn pushed many people into poverty and homelessness. Families struggled to meet their basic needs, and shantytowns, known as "Hoovervilles" in the United States, emerged as a result.

4. Decline in Industrial Production: Industrial production plummeted during the Great Depression, as factories and businesses faced reduced demand for their products. This led to widespread factory closures and layoffs.

5. Political and Social Consequences: The Great Depression had significant political and social consequences. It contributed to the rise of extremist political movements, such as fascism and communism, as people sought solutions to the economic crisis. It also led to increased government intervention in the economy and the implementation of social welfare programs.

In conclusion, the economic crisis that struck Western Europe and the United States in 1929 is known as the Great Depression. It was caused by a combination of factors, including the stock market crash, overproduction, bank failures, protectionist trade policies, and global economic interdependence. The Great Depression had far-reaching impacts, including mass unemployment, a banking crisis, poverty and homelessness, a decline in industrial production, and political and social consequences.