Great depression 3

Great depression 3

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  • I am sorry, but you need to pack your things and start looking for another job!
  • No, please! We need the job now that the banks can not lend us more money!
  • Wait! Does that mean that we can't have fancy clothes anymore? ARE WE POOR?
  • Don't you understand that EVERYONE, not only in the USA but also around the world, there is an economic crisis?
  • You have to give us back all the things we lent you.
  • Tom: As you know, I have a radio company. But nobody has bought them, so I had to fire all my workers. WE HAVE NO MONEY!
  • The USA was a powerful economic country in the world, but when the Great Depression took place, it also affected the others, since their economy was based on the USA loans.
  • The government needs to intervene in the regulation of the economy by giving lower taxes in the bust periods to increase the demand. that will create more jobs and therefore increase the economy. (This is protectionism)
  • This let to the Black Tuesday.
  • NEW DEAL: Public jobs and Keynes economics
  • No jobs, social and economical instability, desperation!
  • In 1936, the British economist John Keynes, invented the Keynesian economics.
  • President Franklin D. Roosevelt tried to reduce the impact of the Great Depression.
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