The Great DepressionBrief introductionCausesProcessEffectsBrief introductionThe Great Depression was a severe worldwide economic depression in the decade preceding World War II. it started in about 1929 and lasted until the late 1930s or early 1940s .It was the longest, most widespread, and deepest depression of the 20th century.In the 21st century, the Great Depression is commonly used as an example of how far the worlds economy can decline.Start of the Great Depression 1The depression originated in the U.S., starting with the fall in stock prices that began around September 4, 1929 and became worldwide news with the stock market crash of October 29, 1929 (known as Black Tuesday). From there, it quickly spread to almost every country in the world.股票市场崩溃是一场灾难深重的经济危机爆发的火山口。Start 2Mellon pulled the whistle, Hoover rang the bell, Wall Street gave the signal and the country went to hell.“梅隆拉响汽笛，胡佛敲起钟。华尔街发出信号，美国往地狱里冲！”the stock crash as a symptom, rather than a cause, of the Great Depression.N：Andrew William Mellon（Warren Gamaliel Harding29，John Calvin Coolidge Jr.30，Herbert Clark Hoover31）Black TuesdayCausesDemand-drivenKeynesianBreakdown of international tradeDebt deflationMonetaristNew classical approachAustrian SchoolInequalityProductivity shockNew classical approachRecent work from a neoclassical perspective focuses on the decline in productivity that caused the initial decline in output and a prolonged recovery due to policies that affected the labor market. This study suggests that theories of the Great Depression have to explain an initial severe decline but rapid recovery in productivity, relatively little change in the capital stock, and a prolonged depression in the labor force.Austrian SchoolTheorists of the Austrian School who wrote about the Depression include Austrian economist Friedrich Hayek and American economist Murray Rothbard, who wrote Americas Great Depression (1963). In their view and like the monetarists, the Federal Reserve, which was created in 1913, shoulders much of the blame; but in opposition to the monetarists, they argue that the key cause of the Depression was the expansion of the money supply in the 1920s that led to an unsustainable credit-driven boom. Process-the New Deal The New Deal is a series of economic programs implemented in the United States between 1933 and 1936. They were passed by the U.S. Congress during the first term of President Franklin D. Roosevelt.The programs were responses to the Great Depression, and focused on what historians call the 3 Rs: relief, recovery, and reform. That is, Relief for the unemployed and poor; Recovery of the economy to normal levels; and Reform of the financial system to prevent a repeat depression.Process-World War II and recoveryThe common view among economic historians is that the Great Depression ended with the advent of World War II.Americas entry into the war in 1941 finally eliminated the last effects from the Great Depression and brought the unemployment rate down below 10%.Effectsgovernment intervenes to economy Keynesiankeinzin national macroeconomic adjust and controleconomic nationalismtariffsTotalitarianism(极端主极端主义)-Nazi Party 卍Adolf Hitler&Benito Mussolini贝尼托墨索里尼，indirectly lead to the WW II.Literarily- Ernest Hemingway, the speaker of The Lost generationTHANK YOUHerbert Clark HooverFranklin Delano Roosevelt