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.. was a devastating economic collapse which started in the US in 1929, lasting a decade. Europe was already struggling post the WWI recession, while the US was thriving. As borrowings and stoc...
On 29th October 1929, the infamous crash of Wall Street happened, where 30 million dollars were lost in a week, leading to customers rushing to withdraw their money, known as the ‘bank run’.
In 1933, then-President Franklin Roosevelt promoted his recovery path of Relief, Recovery and Reform, to give shape to the slow and arduous reform process that will take decades.
Two great novels of the Great Depression were Of Mice and Men and The Grapes of Wrath, written by American novelist John Steinbeck. A famous song, Brother, Can you Spare A Dim...
Already struggling with four years of war, Britain was trying to recover when the crash occurred, and reeled in it for a decade, only to participate in another expensive and deadly World War: WW II...
Germany had already been in the previous World War and the Great Depression led to its banking systems to collapse in 1931. It also gave rise to the radicalized politics of Adolf Hitler.
While the USA proved to be by far superior to Europe both financially and industrially, after having got its independence, it did know a huge economic crisis in 1929, through the crash of the Wall ...
What made the Great Depression so different from other crises was the fact that in the very same period when the Wall Street stock market fell, farmers also started having big issues with their har...
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Since the WHO declared the new virus a pandemic and officials have urged people to stay home as much as possible, many Americans have suddenly found themselves with more free time and limited ways ...
William Shakespeare was an actor and shareholder with The King's Men theater troupe when the bubonic plague forced London theaters to close.
The theater industry was out of action for much of 1606. After suddenly finding himself without a steady job and lots of free time, Shakespeare wrote King Lear, Macbeth, and Antony and Cleopatra before the year was over.
In 1665, during one of the last major outbreaks of the bubonic plague in England, classes at Cambridge University were canceled, and Newton had to retreat to his family estate.
With zero structure, the young mathematician produced some of his best work during his year in quarantine, writing papers that would become early calculus and developing his theories on optics while playing with prisms in his bedroom. The theory of gravity also germinated during this time.
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The current pandemic has led to an economic free fall which is unparalleled in history. In the US alone, the unemployment rate plummeted at such a speed that more than 10 million have claimed unemp...
The Pandemic Lockdown in the U.S. directly affects the livelihood of a shocking 80% of American workers who work in retail, real estate, education, entertainment and restaurants.
Many of these offices and stores are not going to open after that.
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The point is that the more specific a lesson of history is, the less relevant it becomes.
One of the interesting parts of the Great Depressions from history is not just how the economy collapsed, but how quickly and dramatically people’s views changed when it did.
People suffering from immediate, unexpected adversity are likely to adopt views they previously thought absurd. It’s not until your life is in full chaos (with your hopes and dreams your dreams unsure) that people begin taking ideas they’d never consider before seriously.
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