thegreatdepressioninformation经济萧条Word文档下载推荐.docx

thegreatdepressioninformation经济萧条Word文档下载推荐.docx

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TheGreatDepression

TheGreatDepressionwasaneconomicslumpinNorthAmerica,Europe,andotherindustrializedareasoftheworldthatbeganin1929andlasteduntilabout1939.ItwasthelongestandmostseveredepressioneverexperiencedbytheindustrializedWesternworld.

Thoughthe.economyhadgoneintodepressionsixmonthsearlier,theGreatDepressionmaybesaidtohavebegunwithacatastrophiccollapseofstock-marketpricesontheNewYorkStockExchangeinOctober1929.

（DuringthenextthreeyearsstockpricesintheUnitedStatescontinuedtofall,untilbylate1932theyhaddroppedtoonlyabout20percentoftheirvaluein1929）Besidesruiningmanythousandsofindividualinvestors,（个人投资者）thisprecipitousdeclineinthevalueofassetsgreatlystrainedbanksandotherfinancialinstitutions,particularlythoseholdingstocksintheirportfolios.Manybankswereconsequentlyforcedintoinsolvency（破产）;

（by1933,11,000oftheUnitedStates'

25,000bankshadfailed）Thefailureofsomanybanks,combinedwithageneralandnationwidelossofconfidenceintheeconomy,ledtomuch-reducedlevelsofspendinganddemandandhenceofproduction,thusaggravatingthedownwardspiral.Theresultwasdrasticallyfallingoutputanddrasticallyrisingunemployment;

（by1932,.manufacturingoutputhadfallento54percentofits1929level,andunemploymenthadrisentobetween12and15millionworkers,or25-30percentoftheworkforce.）

TheGreatDepressionbeganintheUnitedStatesbutquicklyturnedintoaworldwideeconomicslumpowingtothespecialandintimaterelationshipsthathadbeenforgedbetweentheUnitedStatesandEuropeaneconomiesafterWorldWarI.

TheUnitedStateshademergedfromthewarasthemajorcreditorandfinancierofpostwarEurope,whosenationaleconomieshadbeengreatlyweakenedbythewaritself,bywardebts,and,inthecaseofGermanyandotherdefeatednations,bytheneedtopaywarreparations.

SooncetheAmericaneconomyslumpedandtheflowofAmericaninvestmentcreditstoEuropedriedup,prosperitytendedtocollapsethereaswell.TheDepressionhithardestthosenationsthatweremostdeeplyindebtedtotheUnitedStates,.,GermanyandGreatBritain.

InGermany,unemploymentrosesharplybeginninginlate1929,andbyearly1932ithadreached6millionworkers,or25percentoftheworkforce.Britainwaslessseverelyaffected,butitsindustrialandexportsectorsremainedseriouslydepresseduntilWorldWarII.Manyothercountrieshadbeenaffectedbytheslumpby1931.

Almostallnationssoughttoprotecttheirdomesticproductionbyimposingtariffs,raisingexistingones,andsettingquotasonforeignimports.Theeffectoftheserestrictivemeasureswastogreatlyreducethevolumeofinternationaltrade（by1932thetotalvalueofworldtradehadfallenbymorethanhalfascountryaftercountrytookmeasuresagainsttheimportationofforeigngoods.）

TheGreatDepressionhadimportantconsequencesinthepoliticalsphere.

IntheUnitedStates,economicdistressledtotheelectionoftheDemocratFranklinD.Roosevelttothepresidencyinlate1932.RooseveltintroducedanumberofmajorchangesinthestructureoftheAmericaneconomy,usingincreasedgovernmentregulationandmassivepublic-worksprojectstopromotearecovery.Butdespitethisactiveintervention,massunemploymentandeconomicstagnationcontinued,thoughonasomewhatreducedscale,withabout15percentoftheworkforcestillunemployedin1939attheoutbreakofWorldWarII.Afterthat,unemploymentdroppedrapidlyasAmericanfactorieswerefloodedwithordersfromoverseasforarmamentsandmunitions.ThedepressionendedcompletelysoonaftertheUnitedStates'

entryintoWorldWarIIin1941.

InEurope,theGreatDepressionstrengthenedextremistforcesandloweredtheprestigeofliberaldemocracy.

InGermany,economicdistressdirectlycontributedtoAdolfHitler'

srisetopowerin1933.TheNazis'

public-worksprojectsandtheirrapidexpansionofmunitionsproductionendedtheDepressionthereby1936.

Atleastinpart,theGreatDepressionwascausedbyunderlyingweaknessesandimbalanceswithinthe.economythathadbeenobscuredbytheboompsychologyandspeculativeeuphoriaofthe1920s.TheDepressionexposedthoseweaknesses,asitdidtheinabilityofthenation'

spoliticalandfinancialinstitutionstocopewiththeviciousdownwardeconomiccyclethathadsetinby1930.PriortotheGreatDepression,governmentstraditionallytooklittleornoactionintimesofbusinessdownturn,relyinginsteadonimpersonalmarketforcestoachievethenecessaryeconomiccorrection.ButmarketforcesaloneprovedunabletoachievethedesiredrecoveryintheearlyyearsoftheGreatDepression,andthispainfuldiscoveryeventuallyinspiredsomefundamentalchangesintheUnitedStates'

economicstructure.AftertheGreatDepression,governmentaction,whetherintheformoftaxation,industrialregulation,publicworks,socialinsurance,social-welfareservices,ordeficitspending,cametoassumeaprincipalroleinensuringeconomicstabilityinmostindustrialnationswithmarketeconomies.

TheInternationalDepression

TheGreatDepressionof1929-33wasthemostsevereeconomiccrisisofmoderntimes.Millionsofpeoplelosttheirjobs,andmanyfarmersandbusinesseswerebankrupted.Industrializednationsandthosesupplyingprimaryproducts（foodandrawmaterials）wereallaffectedinonewayoranother.InGermanytheUnitedStatesindustrialoutputfellbyabout50percent,andbetween25and33percentoftheindustriallabourforcewasunemployed.

TheDepressionwaseventuallytocauseacompleteturn-aroundineconomictheoryandgovernmentpolicy.Inthe1920sgovernmentsandbusinesspeoplelargelybelieved,astheyhadsincethe19thcentury,thatprosperityresultedfromtheleastpossiblegovernmentinterventioninthedomesticeconomy,fromopeninternationalrelationswithlittletradediscrimination,andfromcurrenciesthatwerefixedinvalueandreadilyconvertible.Fewpeoplewouldcontinuetobelievethisinthe1930s.

THEMAINAREASOFDEPRESSION

TheUSeconomyhadexperiencedrapideconomicgrowthandfinancialexcessinthelate1920s,andinitiallytheeconomicdownturnwasseenassimplypartoftheboom-bust-boomcycle.Unexpectedly,however,outputcontinuedtofallforthreeandahalfyears,bywhichtimehalfofthepopulationwasindesperatecircumstances（map1）.Italsobecameclearthattherehadbeenseriousover-productioninagriculture,leadingtofallingpricesandarisingdebtamongfarmers.Atthesametimetherewasamajorbankingcrisis,includingthe"

WallStreetCrash"

inOctober1929.ThesituationwasaggravatedbyseriouspolicymistakesoftheFederalReserveBoard,whichledtoafallinmoneysupplyandfurthercontractionoftheeconomy.

TheeconomicsituationinGermany（map2）wasmadeworsebytheenormousdebtwithwhichthecountryhadbeenburdenedfollowingtheFirstWorldWar.Ithadbeenforcedtoborrowheavilyinordertopay"

reparations"

tothevictoriousEuropeanpowers,asdemandedbytheTreatofVersailles（1919）,andalsotopayforindustrialreconstruction.WhentheAmericaneconomyfellintodepression,USbanksrecalledtheirloans,causingtheGermanbankingsystemtocollapse.

Countriesthatweredependentontheexportofprimaryproducts,suchasthoseinLatinAmerica,werealreadysufferingadepressioninthelatel920s.Moreefficientfarmingmethodsandtechnologicalchangesmeantthatthesupplyofagriculturalproductswasrisingfasterthandemand,andpriceswerefallingasaconsequence.Initially,thegovernmentsoftheproducercountriesstockpiledtheirproducts.butthisdependedonloansfromtheUSAandEurope.Whenthesewererecalled,thestockpileswerereleasedontothemarket,causingpricestocollapseandtheincomeoftheprimary-producingcountriestofalldrastically（map3）.

NEWINTERVENTIONISTPOLICIES

TheDepressionspreadrapidlyaroundtheworldbecausetheresponsesmadebygovernmentswereflawed.Whenfacedwithfallingexportearningstheyoverreactedandseverelyincreasedtariffsonimports,thusfurtherreducingtrade.Moreover,sincedeflationwastheonlypolicysupportedbyeconomictheoryatthetime,theinitialresponseofeverygovernmentwastocuttheirspending.Asaresultconsumerdemandfellevenfurther.Deflationarypolicieswerecriticallylinkedtoexchangerates.UndertheGoldStandard,whichlinkedcurrenciestothevalueofgold,governmentswerecommittedtomaintainingfixedexchangerates.However,duringtheDepressiontheywereforcedtokeepinterestrateshightopersuadebankstobuyandholdtheircurrency.Sincepriceswerefalling,interest-raterepaymentsroseinrealterms,makingittooexpensiveforbothbusinessesandindividualstoborrow.

TheFirstWorldWarhadledtosuchpoliticalmistrustthatinternationalactiontohalttheDepressionwasimpossibletoachieveIn1931banksintheUnitedStatesstartedtowithdrawfundsfromEurope,leadingtothesellingofEuropeancurrenciesandthecollapseofmanyEuropeanbanks.Atthispointgovernmentseitherintroducedexchangecontrol（asinGermany）ordevaluedthecurrency（asinBritain）tostopfurtherruns.Asaconsequenceofthisactionthegoldstandardcollapsed（map4）.

POLITICALIMPLICATIONS

TheDepressionhadprofoundpoliticalimplica