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Economics (3rd edition): Making sense of the Modern Economy by Saugato Datta

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6 The global slump

When fortune frowned

The worst financial crisis since the Depression is redrawing the boundaries between government and markets, says Zanny Minton Beddoes. Will they end up in the right place?

AFTER THE STOCKMARKET CRASH of October 1929 it took over three years for America’s government to launch a series of dramatic efforts to end the Depression, starting with Roosevelt’s declaration of a four-day bank holiday in March 1933. In-between, America saw the worst economic collapse in its history. Thousands of banks failed, a devastating deflation set in, output plunged by a third and unemployment rose to 25%. The Depression wreaked enormous damage across the globe, but most of all on America’s economic psyche. In its aftermath the ...

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