THE GREAT DEPRESSION ECONOMIC SLUMP NORTH INDUSTRIALIZED AREAS THE WORLD LASTED SEVERE DEPRESSION EVER EXPERIENCED WESTERN WORLD ECONOMY HAD GONE DEPRESSION MONTHS SAID TO BEGUN COLLAPSE PRICES THE NEW YORK STOCK EXCHANGE THE NEXT STOCK THE UNITED STATES PERCENT VALUE BESIDES THOUSANDS DECLINE ASSETS BANKS FINANCIAL INSTITUTIONS PARTICULARLY HOLDING STOCKS FORCED THE UNITED FAILURE GENERAL LOSS CONFIDENCE SPENDING DEMAND HENCE THUS AGGRAVATING THE DOWNWARD SPIRAL FALLING OUTPUT RISING MANUFACTURING FALLEN TO UNEMPLOYMENT RISEN THE WORK QUICKLY TURNED WORLDWIDE SPECIAL RELATIONSHIPS FORGED EUROPEAN ECONOMIES WORLD WAR THE WAR THE MAJOR CREDITOR FINANCIER POSTWAR WHOSE NATIONAL ECONOMIES ITSELF WAR DEBTS THE CASE GERMANY THE NEED WAR REPARATIONS ONCE THE AMERICAN THE FLOW OF AMERICAN INVESTMENT CREDITS EUROPE DRIED PROSPERITY THE DEPRESSION NATIONS DEEPLY ROSE BEGINNING REACHED BRITAIN LESS EXPORT DEPRESSED SLUMP ALMOST ALL PROTECT DOMESTIC PRODUCTION IMPOSING RAISING EXISTING SETTING QUOTAS FOREIGN THE EFFECT RESTRICTIVE WAS TO REDUCE THE VOLUME INTERNATIONAL TOTAL WORLD TRADE FALLEN HALF AS COUNTRY IMPORTATION CONSEQUENCES POLITICAL ECONOMIC DISTRESS THE ELECTION THE DEMOCRAT FRANKLIN ROOSEVELT PRESIDENCY NUMBER MAJOR CHANGES THE STRUCTURE GOVERNMENT REGULATION MASSIVE PROJECTS PROMOTE ACTIVE MASS UNEMPLOYMENT ECONOMIC STAGNATION SOMEWHAT REDUCED FORCE UNEMPLOYED OUTBREAK OF WORLD WAR FACTORIES FLOODED ORDERS ARMAMENTS SOON ENTRY WORLD WAR II IN EXTREMIST LOWERED THE PRESTIGE LIBERAL DEMOCRACY ADOLF RISE POWER RAPID EXPANSION MUNITIONS CAUSED UNDERLYING WEAKNESSES THE BOOM PSYCHOLOGY EUPHORIA EXPOSED AS IT POLITICAL AND FINANCIAL COPE VICIOUS ECONOMIC CYCLE PRIOR GOVERNMENTS TRADITIONALLY LITTLE ACTION IN TIMES BUSINESS DOWNTURN MARKET FORCES NECESSARY ALONE PROVED DESIRED RECOVERY THE EARLY PAINFUL DISCOVERY EVENTUALLY INSPIRED CHANGES WHETHER PUBLIC SOCIAL INSURANCE DEFICIT SPENDING PRINCIPAL ROLE STABILITY INDUSTRIAL NATIONS MARKET THE INTERNATIONAL ECONOMIC CRISIS MODERN TIMES MILLIONS PEOPLE FARMERS BANKRUPTED INDUSTRIALIZED NATIONS PRIMARY PRODUCTS ONE WAY OR ANOTHER FELL PER CENT INDUSTRIAL LABOUR CAUSE COMPLETE ECONOMIC THEORY GOVERNMENT POLICY 1920S BUSINESS PEOPLE POSSIBLE GOVERNMENT INTERVENTION DOMESTIC ECONOMY OPEN INTERNATIONAL RELATIONS CURRENCIES FIXED CONTINUE BELIEVE THE US ECONOMIC GROWTH FINANCIAL ECONOMIC DOWNTURN SEEN SIMPLY FALL HALF POPULATION CIRCUMSTANCES CLEAR LEADING DEBT SAME TIME MAJOR BANKING CRISIS STREET THE SITUATION AGGRAVATED POLICY THE FEDERAL RESERVE FALL IN MONEY SUPPLY CONTRACTION SITUATION THE COUNTRY THE FIRST WORLD WAR ORDER VICTORIOUS EUROPEAN POWERS VERSAILLES INDUSTRIAL RECONSTRUCTION CAUSING THE GERMAN BANKING SYSTEM MAP 2 DEPENDENT LATIN ALREADY SUFFERING EFFICIENT FARMING TECHNOLOGICAL SUPPLY AGRICULTURAL FASTER THE PRODUCER LOANS THE USA ONTO INCOME POLICIES SPREAD AROUND THE WORLD EARNINGS TARIFFS MOREOVER DEFLATION THE ONLY INITIAL RESPONSE CUT CONSUMER DEMAND DEFLATIONARY EXCHANGE THE GOLD STANDARD COMMITTED MAINTAINING FIXED EXCHANGE RATES KEEP INTEREST RATES HIGH BUY AND HOLD REAL TERMS INDIVIDUALS MISTRUST INTERNATIONAL ACTION IMPOSSIBLE BANKS IN THE UNITED STATES WITHDRAW FUNDS SELLING POINT EXCHANGE CONTROL DEVALUED CURRENCY STOP CONSEQUENCE ALMOST EVERY IN THE WORLD LEAVE THIS WAS ACTUALLY PRESENTED OPPORTUNITIES INTERVENE CREATE REACTION MILITARIST FOREIGN POLICIES THE SECOND WORLD WAR THE UNITED STATES AND BRITAIN THE CREATION WELFARE SYSTEMS PERIOD PRESIDENT PROMISED THE GOVERNMENT STREET CLEANING THE PAINTING POST AGRICULTURE INDUSTRY INCREASE LEGACY THE NEW DEAL THE GREAT PUBLIC WORKS HOOVER DAM INTRODUCTION THE TENNESSEE VALLEY AUTHORITY FLOOD ELECTRIC EDUCATION REGION IN THE SOUTH EXAMPLE LEAD INCOME PER CAPITA HIGHER BENEFIT IN FACT REARMAMENT HITLER SCHEME PAID GOVERNMENT BORROWING KEEP DOWN RESTRICTED RATIONING THE GERMANS GROSS NATIONAL PRODUCT CASE EXTREME VIRTUALLY BROKE UP TRADING DETERMINED ALLEGIANCES TRADE IN BELOW THE GLOBAL ECONOMY RECOVER COST RELATIONS POLITICAL STABILITY RETURN