The economic effects of the Great Depression in this culture region included unemployment, failure of banks, collapse of the stock market, inflation, and the raise of taxes. The Great Depression brought important changes in economic institutions,
(such as manufactures, producers, wholesalers, retailers, and buyers) macroeconomic policy, (a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets) and economic theory in this culture region, and throughout the world.
During the Great Depression there was a sharp decline in government tax revenues, prices, profits, income and international trade.The impacts of the Great Depression included human suffering, fixed currency exchange rates, expansion of labor unions and welfare state, the formation of unemployment insurance and social security, and more government regulation in the financial markets.
(such as manufactures, producers, wholesalers, retailers, and buyers) macroeconomic policy, (a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets) and economic theory in this culture region, and throughout the world.
During the Great Depression there was a sharp decline in government tax revenues, prices, profits, income and international trade.The impacts of the Great Depression included human suffering, fixed currency exchange rates, expansion of labor unions and welfare state, the formation of unemployment insurance and social security, and more government regulation in the financial markets.
The U.S During the Great Depression
United States Changes in Economy:
Industrial Production: -46%
Wholesale Prices: -32%
Foreign Trade: -70%
Unemployment: +607%
United States Changes in Economy:
Industrial Production: -46%
Wholesale Prices: -32%
Foreign Trade: -70%
Unemployment: +607%
Canada During the Great Depression
The unemployment in the United States and Canada culture region during the time of the Great Depression was in the twenty to twenty-five percentile.
The Highest Marginal Individual Income Tax Rate was at a crucial rate during the Great Depression years. The government thought taxing the richest would solve their debt problems. The tax plan failed and kept countries such as the U.S in depression for almost another 10 years.