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One of the biggest economic crises of the world is known as The Great Depression which occurred in the early 1930’s and prevailed in one form or another till the Second World War. To this date, this is recorded as one of the biggest economic crunch both capital wise and on the scale of industrial economy. The catalysts of the depression were the biggest economies of the world and that’s why its effects were devastating. The causes of the depression were on a vast scale and contradictory to some extent. At that time some people pointed out at the unchecked cash flow into the industrial zones which were producing products more than the actual demand. Moreover the interest rates and the fiscal situation of the biggest economies were in tatters due to the post first world war effects. The depression was observed in most parts of the world particularly in America, Britain and Europe. The worst hit parts were the ones which were totally dependent on industrial units for their day to day needs and employment. Millions of people were left jobless and new ideological sections were formed worldwide. The starting point of this depression is a controversial matter. Most people say that the day on which the Wall Street stocked plummeted and the market crashed was the beginning of the great depression. Other people link it with the slow downturn in the automation industry which led to some seventy percent job cuts worldwide. In some parts of the world, financial and industrial life came to a stand still. Revenue was not even available in some countries for the highest interest rates. The after effects of depression were massive and grave. A large scale humanitarian crisis happened with food supplies and shelter not available for most of the people. Ideological organization such as Nazis from Germany came into existence and the capitalist world was at its worst. Some of today’s world’s problems are similar to the indications of the great depression. A clear picture of this huge economic crisis makes us think about the things we might face in the near future.
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