Great Depression in U.S. and Britain

Paper Summary:

The Great Depression was an economic slump, in North America, Europe, and other industrialized areas of the world, that began in 1929 and lasted until about 1939 (Fearon, 1981).

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I"ntroduction
The Great Depression was an economic slump, in North America, Europe, and other industrialized areas of the world, that began in 1929 and lasted until about 1939 (Fearon, 1981).


It was based partly on the British refusal to devalue the pound sterling, partly on the problems the European nations were facing following World War I, partly on the destruction of the system of world trade and partly on the United States economic boom of the 1920's, and partly because of the speculation in stocks which led to the stock market crash of October 1929 (Walton & Rockoff, 1998).


Some three years of decline in economic activity happened until the governments of Britain and America took action. In 1932 one out of every four U.S...."

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