What were the underlying causes of the depression? Why did the Great Depression of the 1930s seem so much worse than any occurring either before or since? Can you see any modern parallels to the Great Depression? Elaborate.
Solution:
As argued by Keen and O’Donnell (2012), the Great Depression is regarded as one of the most severe worldwide economic depressions. The depression originated in the United States in the 1930s. Simpson (2014) indicate that although the timing of the Great depression varied substantially across different countries, in most countries, it started in 1929 and ended in 1941. The Great Depression is considered as the deepest, longest, and the most widespread depression of the 20th century. A wide range of interpretivism schools of thoughts have affirmed that main causes of the Great Depression are deflation, decreased demand, and unemployment. When it comes to the factor of decreased deflation, more goods were being produced in the late 1920s than was required. This led to deflation owing to the fact that the…Please click the Paypal icon below to purchase full solution for only $5