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HERBERT HOOVER
Herbert Hoover is elected as the 31st president of the United States of America. He would become, in the near future, a synonym of failure. -
WHAT THE GREAT DEPRESSION IS
The Great Depression was the great global economic and fundamental crisis that sparked in 1929 and was the main reason why the Second World War happened. -
THE REASONS WHY THIS HUGE CRISIS HAPPENED
Inventions and technological improvements created huge investment opportunities, leading to large debts. Hence, exceeding borrowing was a main reason. Another reason was the America stock market crash. Furthermore, a main reason was that Britain decided to return to the previous-war exchange rates. These caused the collapse of several banks. The government's handling was also inadequate causing this huge crisis. -
THE RESULTS OF THE CRISIS
The crisis has had devastating effects on both developed and developing countries. It affected international trade, as well as personal income, tax revenues, prices and profits. The economy of cities around the world was hit, especially those that were especially based on the heavy industry. The constructions stopped, the farming work fell due to the drop of prices. With demand in retreat and lack of alternative work, areas that depended on the primary sector such as mining suffered even more. -
END OF THE CRISIS
The big crisis ended at different time per country. Most countries applied relief programs and their political life went through turbulent times, pushing the ideology to the radical. In some countries, desperate citizens turned to nationalists, such as Adolf Hitler in Germany, resulting in the start of the Second World War.
