美国经济大萧条英文介绍
The great depression information经济萧条
1) General introduction about the Great Depression. (Definition/Background Introduction)2) The cause and the development of the Great Depression. How do all the nations deal with the Great Depression.3) The political, economic, and the social influence of the Great Depression on the world nations.The Great DepressionThe Great Depression was an economic slump in North America, Europe, and other industrialized areas of the world that began in 1929 and lasted until about 1939. It was the longest and most severe depression ever experienced by the industrialized Western world.Though the U.S. economy had gone into depression six months earlier, the Great Depression may be said to have begun with a catastrophic collapse of stock-market prices on the New York Stock Exchange in October 1929.(During the next three years stock prices in the United States continued to fall, until by late 1932 they had dropped to only about 20 percent of their value in 1929)Besides ruining many thousands of individual investors,(个人投资者)this precipitous decline in the value of assets greatly strained banks and other financial institutions, particularly those holding stocks in their portfolios.Many banks were consequently forced into insolvency（破产）; （by 1933, 11,000 of the United States' 25,000 banks had failed）The failure of so many banks, combined with a general and nationwide loss of confidence in the economy, led to much-reduced levels of spending and demand and hence of production, thus aggravating the downward spiral. The result was drastically falling output and drastically rising unemployment; (by 1932, U.S. manufacturing output had fallen to 54 percent of its 1929 level, and unemployment had risen to between 12 and 15 million workers, or 25-30 percent of the work force.)The Great Depression began in the United States but quickly turned into a worldwide economic slump owing to the special and intimate relationships that had been forged between the United States and European economies after World War I.The United States had emerged from the war as the major creditor and financier of postwar Europe, whose national economies had been greatly weakened by the war itself, by war debts, and, in the case of Germany and other defeated nations, by the need to pay war reparations.So once the American economy slumped and the flow of American investment credits to Europe dried up, prosperity tended to collapse there as well. The Depression hit hardest those nations that were most deeply indebted to the UnitedStates, i.e., Germany and Great Britain.In Germany, unemployment rose sharply beginning in late 1929, and by early 1932 it had reached 6 million workers, or 25 percent of the work force. Britain was less severely affected, but its industrial and export sectors remained seriously depressed until World War II. Many other countries had been affected by the slump by 1931. Almost all nations sought to protect their domestic production by imposing tariffs, raising existing ones,and setting quotas on foreign imports. The effect of these restrictive measures was to greatly reduce the volume of international trade（by 1932 the total value of world trade had fallen by more than half as country after country took measures against the importation of foreign goods.）The Great Depression had important consequences in the political sphere.In the United States, economic distress led to the election of the Democrat Franklin D. Roosevelt to the presidency in late 1932. Roosevelt introduced a number of major changes in the structure of the American economy, using increased government regulation and massive public-works projects to promote a recovery. But despite this active intervention, mass unemployment and economic stagnation continued, though on a somewhat reduced scale, with about 15 percent of the work force still unemployed in 1939 at the outbreak of World War II. After that, unemployment dropped rapidly as American factories were flooded with orders from overseas for armaments and munitions. The depression ended completely soon after the United States' entry into World War II in 1941.In Europe,the Great Depression strengthened extremist forces and lowered the prestige of liberal democracy.In Germany, economic distres s directly contributed to Adolf Hitler's rise to power in 1933. The Nazis' public-works projects and their rapid expansion of munitions production ended the Depression there by 1936.At least in part, the Great Depression was caused by underlying weaknesses and imbalances within the U.S. economy that had been obscured by the boom psychology and speculative euphoria of the 1920s. The Depression exposed those weaknesses, as it did the inability of the nation's political and financial institutions to cope with the vicious downward economic cycle that had set in by 1930. Prior to the Great Depression, governments traditionally took little or no action in times of business downturn, relying instead on impersonal market forces to achieve the necessary economic correction. But market forces alone proved unable to achieve the desired recovery in the early years of the Great Depression, and this painful discovery eventually inspired some fundamental changes in the United States'economic structure. After the Great Depression, government action, whether in the form of taxation, industrial regulation, public works, social insurance, social-welfare services, or deficit spending, came to assume a principal role in ensuring economic stability in most industrial nations with market economies.The International DepressionThe Great Depression of 1929-33 was the most severe economic crisis of modern times. Millions of people lost their jobs, and many farmers and businesses were bankrupted. Industrialized nations and those supplying primary products (food and raw materials) were all affected in one way or another. In Germany the United States industrial output fell by about 50 per cent, and between 25 and 33 per cent of the industrial labour force was unemployed.The Depression was eventually to cause a complete turn-around in economic theory and government policy. In the 1920s governments and business people largely believed, as they had since the 19th century, that prosperity resulted from the least possible government intervention in the domestic economy, from open international relations with little trade discrimination, and from currencies that were fixed in value and readily convertible. Few people would continue to believe this in the 1930s.THE MAIN AREAS OF DEPRESSIONThe US economy had experienced rapid economic growth and financial excess in the late 1920s, and initially the economic downturn was seen as simply part of the boom-bust-boom cycle. Unexpectedly, however, output continued to fall for three and a half years, by which time half of the population was in desperate circumstances (map1). It also became clear that there had been serious over-production in agriculture, leading to falling prices and a rising debt among farmers. At the same time there was a major banking crisis, including the "Wall Street Crash" in October 1929. The situation was aggravated by serious policy mistakes of the Federal Reserve Board, which led to a fall in money supply and further contraction of the economy.The economic situation in Germany (map2) was made worse by the enormous debt with which the country had been burdened following the First World War. It had been forced to borrow heavily in order to pay "reparations" to the victorious European powers, as demanded by the Treat of Versailles (1919), and also to pay forindustrial reconstruction. When the American economy fell into depression, US banks recalled their loans, causing the German banking system to collapse.Countries that were dependent on the export of primary products, such as those in Latin America, were already suffering a depression in the late l920s. More efficient farming methods and technological changes meant that the supply of agricultural products was rising faster than demand, and prices were falling as a consequence. Initially, the governments of the producer countries stockpiled their products. but this depended on loans from the USA and Europe. When these were recalled, the stockpiles were released onto the market, causing prices to collapse and the income of the primary-producing countries to fall drastically (map3).NEW INTERVENTIONIST POLICIESThe Depression spread rapidly around the world because the responses made by governments were flawed. When faced with falling export earnings they overreacted and severely increased tariffs on imports, thus further reducing trade. Moreover, since deflation was the only policy supported by economic theory at the time, the initial response of every government was to cut their spending. As a result consumer demand fell even further. Deflationary policies were critically linked to exchange rates. Under the Gold Standard, which linked currencies to the value of gold, governments were committed to maintaining fixed exchange rates. However, during the Depression they were forced to keep interest rates high to persuade banks to buy and hold their currency. Since prices were falling, interest-rate repayments rose in real terms, making it too expensive for both businesses and individuals to borrow. The First World War had led to such political mistrust that international action to halt the Depression was impossible to achieve In 1931 banks in the United States started to withdraw funds from Europe, leading to the selling of European currencies and the collapse of many European banks. At this point governments either introduced exchange control (as in Germany) or devalued the currency (as in Britain) to stop further runs. As a consequence of this action the gold standard collapsed (map 4). POLITICAL IMPLICATIONSThe Depression had profound political implications. In countries such as Germany and Japan, reaction to the Depression brought about the rise to power of militarist governments who adopted the regressive foreign policies that led to the Second World War. In countries such as the United States and Britain, government intervention ultimately resulted in the creation of welfare systems and the managed economies of the period following the Second World War.In the United States Roosevelt became President in 1933 and promised a "New Deal" under which the government would intervene to reduce unemployment by work-creation schemes such as street cleaning and the painting of post offices. Both agriculture and industry were supported by policies (which turned out to be mistaken) to restrict output and increase prices. The most durable legacy of the New Deal was the great public works projects such as the Hoover Dam and the introduction by the Tennessee Valley Authority of flood control, electric power, fertilizer, and even education to a depressed agricultural region in the south.The New Deal was not, in the main, an early example of economic management, and it did not lead to rapid recovery. Income per capita was no higher in 1939 than in 1929, although the government welfare and public works policies did benefit many of the most needy people. The big growth in the US economy was, in fact, due to rearmament.In Germany Hitler adopted policies that were more interventionist, developing a massive work-creation scheme that had largely eradicated unemployment by 1936. In the same year rearmament, paid for by government borrowing, started in earnest. In order to keep down inflation, consumption was restricted by rationing and trade controls. By 1939 the GermansGross National Product was 51 per cent higher than in 1929an increase due mainly to the manufacture of armaments and machinery.THE COLLAPSE OF WORLD TRADEThe German case is an extreme example of what happened virtually everywhere in the 1930s. The international economy broke up into trading blocs determined by political allegiances and the currency in which they traded. Trade between the blocs was limited, with world trade in 1939 still below its 1929 level. Although the global economy did eventually recover from the Depression, it was at considerable cost to international economic relations and to political stability。
GREAT DEPRESSION(美国1920年的经济危机)
By 1914, most developed countries had adopted the gold standard with a fixed exchange rate between the national currency and gold—and therefore between national currencies. In World War I, European nations went off the gold standard to print money, and the resulting price inflation drove large amounts of the world’s gold to banks in the United States. The United States remained on the gold standard without altering the gold value of the dollar. Investors and others who held gold sent their gold to the United States, where gold maintained its value as a safe and sound investment. At the end of World War I, a few countries, most notably the United States, continued on the gold standard while others temporarily adopted floating exchange rates. The world’s international finance center had shifted from London to New York City, and the British were anxious to regain their old status. Some countries pledged to return to the gold standard with devalued currencies, while others followed the British lead and aimed to return to gold at prewar exchange rates.
美国经济大萧条英文介绍
美国经济⼤萧条英⽂介绍Economic crisisIn October 24, 1929, American black Thursday, crazy stock trend suddenly appeared in the New York stock exchange, trading a total of nearly 13000000 shares of stock, beyond more than 10 times of the normal daily trading volume. In financial speculation and bubble economy, the soared stock price now moved so that it can not keep up with the speed of price quotes. With many people in bankruptcy with a mountain of debt, even 8 people killing themselves on the day because of Dutch act of debt, the financial panic started. However, this was the largest , the longest, and the worst start of economic crisis in the history of capitalism. In the following four years, the capitalist world sank into the global crisis economically, socially and politically , has been a huge impact, precarious.On the Black Thursday, at 12 o’clock noon, a number of Wall Street financial giants in the Morgan Foundation Office held an emergency meeting, deciding to raise money to save the market. Two days later, the situation temporarily stabilized. But on 28th, Monday, with the wind coming again, 9,250,000 stocks sprung out such as the flood and the financial giants finally were unable to resist with wealth exhaustion, and they issued a statement at night: give up the rescue and panic is unstoppable to come. The next day, Tuesday, at 10 o’clock in the morning, with the stock market opening and the Gong ringing, large amounts of stock was thrown out, even at any price, but not many people wanted to buy with the chaotic scene. At the beginning of stock opening, 3000000 shares were thrown out, reaching more than 8000000 shares two hours later, and more than 12,000,000 stocks closed at one thirty. when shares reached16,410,000 , the stock market finally collapsed and the stock marketfell by12.82%. Hundreds of billions of dollars instantly became nothing and economic crisis has opened a prelude. Later on, the stock continually plunged with stock index 100 points in 1926, 145 points in November 1929 , 102 points in December 1930, and falling to 54 points in December 1931. Until 1933, the situation was extremely serious, even falling to 34 points in June, finally the index had lost 5/6. Nearly one hundred billion U.S. assets burst miraculously disappeared such as soap bubbles. From September in 1929 to January 1933, thirty kinds of stocks fell by 82.8%, from the average of $364.9 to $62.7. In the meanwhile, 20 kinds of railway stock from an average of $180 per share to $28.1, decreasing by 84.4%.The crisis heavily hit the United States firstly, thousands of factories and banks collapsed. There were 26400 companies and 934 banks broken In 1930. In 1931, 28300 companies and 1440 banks failed; In 1932, 31300 companies and 1453 banks failed; In 1933, 20300 companies and 1783 banks also failed. People rushed into banks in a panic to draw a large number of deposits, which caused a great loss of gold reserves as well as capital output sharply decreased nearly being stopped..In early 1933, all banks in the United States were out of business basically . Finance was just the nerve center of modern economy,and its paralysis inevitably led to the entire national economic havoc and the economy in the United States almost collapses, which resulted in continuous decline in America's GDP. In 1929, GDP was $103.1 billion, $55.6 billion in 1933. During the past three years GDP has decreased by half. Ten years later, it went back to $99.6 billion in 1940.What is more , industrial production of USA in July 1932, has fallen to the bottom, contrast in May 1925, plummeted 55.6%, steel fell by nearly 80%, fell by 87% in the machine tool manufacturing, auto industry has declined by 95%.With the economic crisis leading to a large number of unemployed people, people's life became seriously poor and the unemployed in the United States had more than 400 in 1930 to 8 million people in 1931, breaking through the ten million mark in 1932. In 1933, the most serious unemployment went up to 17million, which means nearly a third of the workers in the United States. From October 1930 to March 1931, there were 223000 people out of work among 690,000 workers and 5,000 households losing their homes within only 6 days just were unable to pay the mortgage. The unemployed fully in urban and rural, cold, hunger, and homeless, have been admitted to the Hoover cottage made of wood, sheet metal or paper boxes and so on. The humble dwelling were called Hoover cottage, because when Hoover once was run for President of the United States, he had promised the workers that they could have the chicken to eat and cars to drive.Once in America, about 34,000,000 people had no income, accounting for 28% of the total population, and even a large number of schools went bust. In 1932, only New York, at one time, had more than 30 students out of school and millions of people relied on charity with fear and despair throughout the crisis. This is so called the history of the great tragedy of America.In the early twentieth century, there were a variety of latent crisis factors in America economic prosperity such as large gap between the rich and the poor, wealth is concentrated in a few rich people, so that the majority of people in lower class lacked purchasing power because of poverty. In 1929, the rich in USA, accounting for 5% of the population of the country, had a personal collection of 1/3. At thesame time, the poor households with the annual income of less than $2000 were up to 60% of the whole families. In addition, the number of the pre-crisis unemployment reached about 2,000,000. Another important factor is the rampant speculation, such as speculation frenzy of the stock and real estate , forming the bubble economy. The New York Stock Exchange listed shares increased to from 443,000,000 shares in January 1925 to more than 1,000,000,000 shares of stock in October 1929 , with the face value higher with 3 to 20 times, some even up to 50 times. The the doubled prices and a serious departure from the actual value, the stock eventually fell off a serious cliff on the Black Thursday in 1929.。
经济大萧条的英语
经济大萧条的英语The Great Depression was a severe and prolonged economic downturn that affected much of the world in the 1930s. It began in the United States and spread to other countries, leading to widespread unemployment, poverty, and social upheaval. The causes of the Great Depression are complex and multifaceted, but they can be broadly attributed to a combination of factors, including overproduction, excessive speculation, and a lack of effective government intervention.One of the primary causes of the Great Depression was the overproduction of goods and services in the 1920s. During this period, technological advancements and increased productivity led to a surge in the supply of consumer goods, but the demand did not keep pace. As a result, prices began to fall, and businesses were forced to cut costs, leading to layoffs and reduced consumer spending.Another significant factor was the excessive speculation in the stock market. In the 1920s, many people invested in stocks, often usingborrowed money, in the hopes of making quick profits. This created a bubble in the stock market, which eventually burst in October 1929, leading to a massive sell-off and a steep decline in stock prices. The stock market crash had a ripple effect throughout the economy, as businesses and individuals lost their savings and were unable to invest or spend money.The lack of effective government intervention also contributed to the severity and duration of the Great Depression. At the time, the prevailing economic philosophy was that the government should not interfere in the free market, and that the economy would eventually correct itself. However, this approach proved to be ineffective, as the government failed to take decisive action to stimulate the economy and provide relief to the millions of people who were suffering from the effects of the depression.The impact of the Great Depression was felt across the globe, with many countries experiencing similar economic downturns. In the United States, the unemployment rate reached as high as 25%, and millions of people were forced to rely on soup kitchens and other forms of government assistance to survive. The effects of the depression were particularly severe for farmers, who faced falling crop prices and widespread foreclosures on their land.Despite the hardships of the Great Depression, there were somepositive outcomes that emerged from the crisis. The experience of the depression led to a greater understanding of the role of government in the economy, and it paved the way for the implementation of policies and programs designed to prevent similar economic downturns in the future. The New Deal, a series of domestic programs and reforms introduced by President Franklin D. Roosevelt, was a particularly significant response to the crisis, and it helped to stabilize the economy and provide relief to those in need.The Great Depression also had a significant impact on the social and political landscape of the time. In many countries, the economic hardship and social upheaval led to the rise of authoritarian and totalitarian regimes, as people sought strong leaders who could provide a sense of stability and security. In the United States, the depression also led to a greater awareness of the need for social welfare programs and the importance of government intervention in the economy.Overall, the Great Depression was a complex and multifaceted event that had a profound and lasting impact on the world. While the causes of the depression were varied and interconnected, the lack of effective government intervention and the excessive speculation in the stock market were two of the primary drivers of the crisis. The experience of the depression has shaped the way we think about the role of government in the economy and has led to the developmentof policies and programs designed to prevent similar economic downturns in the future.。
美国经济大萧条全英文
美国经济大萧条全英文The Great Depression in the United StatesThe Great Depression was one of the most severe economic downturns in the history of the United States, leaving a profound and lasting impact on the nation and its people It began in 1929 and lasted for over a decade, causing widespread unemployment, poverty, and social unrestThe stock market crash of 1929 was the trigger that set off the Great Depression On October 24, 1929, known as ＂Black Thursday,＂ stock prices plummeted, and panic selling ensued This event marked the beginning of a financial crisis that spread throughout the economy The excessive speculation and overvaluation of stocks in the preceding years had created an unstable economic bubble that burst with devastating consequences The effects of the Great Depression were felt in every aspect of American life Unemployment rates soared to unprecedented levels, with millions of people losing their jobs Factories closed, businesses failed, and banks collapsed Many families lost their savings and homes as foreclosures became common The agricultural sector was also severely affected, with falling crop prices and farm foreclosuresThe economic hardships led to a significant decline in consumer spending People had less money to buy goods and services, which further exacerbated the economic downturn Businesses struggled to stay afloat, and many were forced to cut production and lay off workers This vicious cycleof reduced spending and increased unemployment created a deep and prolonged recessionOne of the most significant social consequences of the Great Depression was the increase in poverty and homelessness Families struggled to put food on the table, and soup kitchens and breadlines became a common sightMany people were forced to live in shantytowns, known as ＂Hoovervilles,＂named after President Herbert Hoover, who was widely criticized for his perceived inadequate response to the crisisThe Great Depression also had a profound impact on the mental healthof the population The stress and uncertainty of unemployment, poverty, and financial hardship took a toll on people's emotional wellbeing Suicide rates increased, and families were often torn apart by the strain of economic deprivationThe government's response to the Great Depression was initially limited and ineffective President Hoover's policies focused on voluntary measures and relied on the private sector to solve the economic problems However, these approaches proved insufficient, and it was not until the election of Franklin D Roosevelt in 1933 that more aggressive and interventionist policies were implementedRoosevelt's New Deal programs aimed to provide relief, recovery, and reform Relief measures included direct assistance to the unemployed and those in need through programs such as the Civilian Conservation Corps and the Works Progress Administration Recovery efforts focused on stimulating economic growth through public works projects and financial reforms Thereform component aimed to prevent a similar economic crisis in the future by regulating the financial sector and establishing social safety netsThe New Deal had a significant impact on the course of the Great Depression It provided jobs and income to millions of Americans, helped stabilize the economy, and restored public confidence However, it was not until the onset of World War II that the United States fully emerged from the economic slump The war created a massive demand for goods and services, leading to full employment and a revitalization of the industrial sectorThe Great Depression taught valuable lessons about the importance of economic regulation, the role of government in times of crisis, and the need for a social safety net It also led to significant changes in economic and social policies that have shaped the United States to this dayIn conclusion, the Great Depression was a defining period in American history It brought about immense suffering and hardship but also spurred important reforms and changes that have had a lasting impact on the nation's economic and social fabric Understanding this period is crucial for appreciating the challenges and opportunities that arise in times of economic uncertainty and for shaping effective policies to prevent and mitigate future crises。
美国经济大萧条英文
美国经济大萧条英文The Great Depression: A Dark Period in American Economic HistoryIntroduction:The Great Depression was one of the most devastating economic crises in American history. It occurred during the 1930s and had a profound impact on the lives of millions of Americans. This article will explore the causes, consequences, and the government's response to the Great Depression.Causes of the Great Depression:1. Stock Market Crash: The stock market crash of 1929 is often cited as the trigger for the Great Depression. On October 29, 1929, known as Black Tuesday, stock prices plummeted, leading to a collapse in confidence among investors. This event marked the beginning of the economic downturn.2. Overproduction and Underconsumption: The 1920s saw an era of excess, with rapid industrialization and mass production of goods. However, many ordinary Americans did not have the purchasing power to keep up with the pace, resulting in a surplus of goods and a decline in demand.3. Credit Expansion and Speculation: During the 1920s, there was a rapid expansion of credit, enabling people to borrow more money. This encouraged speculation, particularly in the stock market and real estate. When the market crashed, many people were left with substantial debts and no means to repay them.Consequences of the Great Depression:1. Massive Unemployment: As businesses went bankrupt and factories shut down, millions of Americans lost their jobs. Unemployment rates skyrocketed, reaching nearly 25% at the height of the depression. Many families faced severe poverty and struggled to provide for their basic needs.2. Bank Failures: The economic downturn took a toll on the banking sector as well. Lack of confidence led to a wave of bank runs, where panicked customers withdrew their deposits. Consequently, many banks failed, wiping out the savings of countless individuals and exacerbating the economic crisis.3. Dust Bowl: The Great Depression coincided with a severe drought in the Midwest known as the Dust Bowl. Widespread soil erosion and dust storms destroyed crops and caused mass migration from rural farming areas to cities, adding to the already high levels of unemployment and poverty.Government Response:1. New Deal: In response to the Great Depression, President Franklin D. Roosevelt implemented the New Deal, a series of economic stimulus programs. It aimed to create jobs, provide relief to the poor, and reform the financial system. Programs such as the Works Progress Administration (WPA) and Social Security Administration (SSA) were established under the New Deal.2. Bank and Financial Reforms: The government implemented measures to stabilize the financial sector and restore public confidence. The Glass-Steagall Act of 1933 established the Federal Deposit Insurance Corporation (FDIC), which insured bank deposits and prevented future bank runs.3. Regulation and Expansion of Government Power: The Great Depression prompted a significant expansion of government intervention in the economy. The Securities and Exchange Commission (SEC) was established to regulate the stock market, and the Federal Reserve was given greater authority to manage monetary policy to prevent future economic crises.Conclusion:The Great Depression was a period of immense hardship and suffering for the American people. It resulted from a combination of factors, including the stock market crash, overproduction, and excessive credit expansion. The consequences of the Great Depression were far-reaching, leading to high unemployment rates, bank failures, and mass poverty. However, it also sparked significant government intervention and the implementation of programs that aimed to alleviate economic distress. The lessons learned from this dark period in American economic history continue to shape economic policies today.。
美国经济大萧条英文版
The Great Depression
Brief introduction Effects Causes Measures
Brief introduction
The Great Depression(1929-1933)，originated in U.S. history, the severe（严重的） economic crisis supposedly precipitated by the U.S. stock-market crash of October 29, 1929 (known as Black Tuesday). From there, it quickly spread to almost every country in the world.
--摘自威廉.曼彻斯 特·《光荣与梦想》
1932年6月，美国东北各名牌大学的应届毕业生步21974名老学长的后尘，也在
拼命找工作了。那时连在纽约百货公司开电梯也要有学士学位，而且对他们当中好源自些人说来，这已是最好的差使了
--摘自威廉.曼彻斯特·《光荣与梦想》
Causes:
It had been the immense disparity between the country’s productive power and the American people’s ability to consume.
Herbert Clark Hoover (赫伯特·克拉克·胡佛)
It was the longest, most widespread, and deepest depression of the 20th century.
The great depression information经济萧条
1) General introduction about the Great Depression. (Definition/Background Introduction)2) The cause and the development of the Great Depression. How do all the nations deal with the Great Depression.3) The political, economic, and the social influence of the Great Depression on the world nations.The Great DepressionThe Great Depression was an economic slump in North America,Europe, and other industrialized areas of the world that began in 1929 and lasted until about 1939. It was the longest and most severe depression ever experienced by the industrialized Western world.Though the . economy had gone into depression six months earlier, the Great Depression may be said to have begun with a catastrophic collapse of stock-market prices on the New York Stock Exchange in October 1929.(During the next three years stock prices in the United States continued to fall, until by late 1932 they had dropped to only about 20 percent of their value in 1929 )Besides ruining many thousands of individual investors,(个人投资者)this precipitous decline in the value of assets greatly strained banks and other financial institutions, particularly those holding stocks in their portfolios. Many banks were consequently forced into insolvency（破产）; （by 1933, 11,000 of the United States' 25,000 banks had failed） The failure of so many banks, combined with a general and nationwide loss of confidence in the economy, led to much-reduced levels of spending and demand and hence of production, thus aggravating the downward spiral. The result was drastically falling output and drastically rising unemployment; (by 1932, . manufacturing output had fallen to 54 percent of its 1929 level, and unemployment had risen to between 12 and 15 million workers, or 25-30 percent of the work force.)The Great Depression began in the United States but quickly turned into a worldwide economic slump owing to the special and intimate relationships that had been forged between the United States and European economies after World War I.The United States had emerged from the war as the major creditor and financier of postwar Europe, whose national economies had been greatly weakened by the war itself, by war debts, and, in the case of Germany and other defeated nations, by the need to pay war reparations.So once the American economy slumped and the flow of American investment credits to Europe dried up, prosperity tended to collapse there as well. The Depression hit hardest those nations that were most deeply indebted to the United States, ., Germany and Great Britain.In Germany, unemployment rose sharply beginning in late 1929, and by early 1932 it had reached 6 million workers, or 25 percent of the work force. Britain was less severely affected, but its industrial and export sectors remained seriously depressed until World War II. Many other countries had been affected by the slump by 1931.Almost all nations sought to protect their domestic production by imposing tariffs, raising existing ones, and setting quotas on foreign imports. The effect of these restrictive measures was to greatly reduce the volume of international trade（ by 1932 the total value of world trade had fallen by more than half as country after country took measures against the importation of foreign goods.）The Great Depression had important consequences in the political sphere.In the United States, economic distress led to the election of the Democrat Franklin D. Roosevelt to the presidency in late 1932. Roosevelt introduced a number of major changes in the structure of the American economy, using increased government regulation and massive public-works projects to promote a recovery.But despite this active intervention, mass unemployment and economic stagnation continued, though on a somewhat reduced scale, with about 15 percent of the work force still unemployed in 1939 at the outbreak of World War II. After that, unemployment dropped rapidly as American factories were flooded with orders from overseas for armaments and munitions. The depression ended completely soon after the United States' entry into World War II in 1941.In Europe, the Great Depression strengthened extremist forces and lowered the prestige of liberal democracy.In Germany,economic distres s directly contributed to Adolf Hitler's rise to power in 1933. The Nazis' public-works projects and their rapid expansion of munitions production ended the Depression there by 1936.At least in part, the Great Depression was caused by underlying weaknesses and imbalances within the . economy that had been obscured by the boom psychology and speculative euphoria of the 1920s. The Depressionexposed those weaknesses, as it did the inability of the nation's political and financial institutions to cope with the vicious downward economic cycle that had set in by 1930. Prior to the Great Depression, governments traditionally took little or no action in times of business downturn, relying instead on impersonal market forces to achieve the necessary economic correction. But market forces alone proved unable to achieve the desired recovery in the early years of the Great Depression, and this painful discovery eventually inspired some fundamental changes in the United States' economic structure. After the Great Depression, government action, whether in the form of taxation, industrial regulation, public works, social insurance, social-welfare services, or deficit spending, came to assume a principal role in ensuring economic stability in most industrial nations with market economies.The International DepressionThe Great Depression of 1929-33 was the most severe economic crisis of modern times. Millions of people lost their jobs, and many farmers and businesses were bankrupted. Industrialized nations and those supplying primary products (food and raw materials) were all affected in one way or another. In Germany the United States industrial output fell by about 50 per cent, and between 25 and 33 per cent of the industrial labour force was unemployed.The Depression was eventually to cause a complete turn-around in economic theory and government policy. In the 1920s governments and business people largely believed, as they had since the 19th century, that prosperity resulted from the least possible government intervention in the domestic economy, from open international relations with little trade discrimination, and from currencies that were fixed in value and readily convertible. Few people would continue to believe this in the 1930s.THE MAIN AREAS OF DEPRESSIONThe US economy had experienced rapid economic growth and financial excess in the late 1920s, and initially the economic downturn was seen as simply part of the boom-bust-boom cycle. Unexpectedly, however, output continued to fall for three and a half years, by which time half of thepopulation was in desperate circumstances (map1). It also became clear that there had been serious over-production in agriculture, leading to falling prices and a rising debt among farmers. At the same time there was a major banking crisis, including the "Wall Street Crash" in October 1929. The situation was aggravated by serious policy mistakes of the Federal Reserve Board, which led to a fall in money supply and further contraction of the economy.The economic situation in Germany (map2) was made worse by the enormous debt with which the country had been burdened following the First World War. It had been forced to borrow heavily in order to pay "reparations" to the victorious European powers, as demanded by the Treat of Versailles (1919), and also to pay for industrial reconstruction. When the American economy fell into depression, US banks recalled their loans, causing the German banking system to collapse.Countries that were dependent on the export of primary products, such as those in Latin America, were already suffering a depression in the late l920s. More efficient farming methods and technological changes meant that the supply of agricultural products was rising faster than demand, and prices were falling as a consequence. Initially, the governments of the producer countries stockpiled their products. but this depended on loans from the USA and Europe. When these were recalled, the stockpiles were released onto the market, causing prices to collapse and the income of the primary-producing countries to fall drastically (map3).NEW INTERVENTIONIST POLICIESThe Depression spread rapidly around the world because the responses made by governments were flawed. When faced with falling export earnings they overreacted and severely increased tariffs on imports, thus further reducing trade. Moreover, since deflation was the only policy supported by economic theory at the time, the initial response of every government was to cut their spending. As a result consumer demand fell even further. Deflationary policies were critically linked to exchange rates. Under the Gold Standard, which linked currencies to the value of gold, governments were committed to maintaining fixed exchange rates. However, during the Depression they were forced to keep interest rates high to persuade banks to buy and hold their currency. Since prices were falling, interest-rate repayments rose in real terms, making it too expensive for both businesses and individuals to borrow.The First World War had led to such political mistrust that international action to halt the Depression was impossible to achieve In1931 banks in the United States started to withdraw funds from Europe, leading to the selling of European currencies and the collapse of many European banks. At this point governments either introduced exchange control (as in Germany) or devalued the currency (as in Britain) to stop further runs. As a consequence of this action the gold standard collapsed (map 4).POLITICAL IMPLICATIONSThe Depression had profound political implications. In countries such as Germany and Japan, reaction to the Depression brought about the rise to power of militarist governments who adopted the regressive foreign policies that led to the Second World War. In countries such as the United States and Britain, government intervention ultimately resulted in the creation of welfare systems and the managed economies of the period following the Second World War.In the United States Roosevelt became President in 1933 and promised a "New Deal" under which the government would intervene to reduce unemployment by work-creation schemes such as street cleaning and the painting of post offices. Both agriculture and industry were supported by policies (which turned out to be mistaken) to restrict output and increase prices. The most durable legacy of the New Deal was the great public works projects such as the Hoover Dam and the introduction by the Tennessee Valley Authority of flood control, electric power, fertilizer, and even education to a depressed agricultural region in the south.The New Deal was not, in the main, an early example of economic management, and it did not lead to rapid recovery. Income per capita was no higher in 1939 than in 1929, although the government welfare and public works policies did benefit many of the most needy people. The big growth in the US economy was, in fact, due to rearmament.In Germany Hitler adopted policies that were more interventionist, developing a massive work-creation scheme that had largely eradicated unemployment by 1936. In the same year rearmament, paid for by government borrowing, started in earnest. In order to keep down inflation, consumption was restricted by rationing and trade controls. By 1939 the Germans Gross National Product was 51 per cent higher than in 1929 an increase due mainly to the manufacture of armaments and machinery.THE COLLAPSE OF WORLD TRADEThe German case is an extreme example of what happened virtually everywhere in the 1930s. The international economy broke up into trading blocs determined by political allegiances and the currency in which they traded. Trade between the blocs was limited, with world trade in 1939 still below its 1929 level. Although the global economy did eventually recover from the Depression, it was at considerable cost to international economic relations and to political stability。
Great depression大萧条时期简介
Roosevelt's New Deal policies
• The common view among mainstream economists is that Roosevelt‘s New Deal policies either caused or accelerated the recovery, although his policies were never aggressive enough to bring the economy completely out of recession. Some economists have also called attention to the positive effects from expectations of reflation（通货再恢复） and rising nominal interest rates（名义利率） that Roosevelt's words and actions portended.
The Great Depression
• Causes • Turning point and re Great Depression was an economic slump in North America, Europe, and other industrialized areas of the world that began in 1929 and lasted until about 1939. It was the longest and most severe depression ever experienced by the industrialized Western world.
经济大萧条
THE MAKING OF A NATION - January 24, 2002: Great DepressionThe stock market crash of Nineteen-Twenty-Nine marked the beginning of the worst economic crisis in American history. Millions of people lost their jobs. Thousands lost their homes. During the next several years, a large part of the richest nation on Earth learned what it meant to be poor. Hard times found their way into every area, group, and job. Workers struggled as factories closed. Farmers, hit with falling prices and natural disasters, were forced to give up their farms. Businessmen lost their stores and sometimes their homes. It was a severe economic crisis -- a depression.VOICE TWO: Nobel Prize winner John Steinbeck, one of America's greatest writers, described the depression this way: "It was a terrible, troubled time. I can't think of any ten years in history when so much happened in so many directions. Violent change took place. Our country was shaped, our lives changed, our government rebuilt." Said John Steinbeck: "When the stock market fell, the factories, mines, and steelworks closed. And then no one could buy anything. Not even food."VOICE ONE: An unemployed auto worker in the manufacturing city of Detroit described the situation this way: "Before daylight, we were on the way to the Chevrolet factory to look for work. The police were already there, waving us away from the office. They were saying, 'Nothing doing! No jobs! No jobs!' So now we were walking slowly through the falling snow to the employment office for the Dodge auto company. A big, well-fed man in a heavy overcoat stood at the door. 'No! No!' he said. There was no work." Depression refugees from Oklahoma, now in California (Photo - Dorothea Lange/Library of Congress) One Texas farmer lost his farm and moved his family to California to look for work. "We can't send the children to school," he said, "because they have no clothes."VOICE TWO: The economic crisis began with the stock market crash in October, Nineteen-Twenty-Nine. For the first year, the economy fell very slowly. But it dropped sharply in Nineteen-Thirty-One and Nineteen-Thirty-Two. And by the end of Nineteen-Thirty-Two, the economy collapsed almost completely. The gross national product is the total of all goods and services produced. During the three years following the stock market crash, the American gross national product dropped by almost half. The wealth of the average American dropped to a level lower than it hadbeen twenty-five years earlier. All the gains of the Nineteen-Twenties were washed away. Unemployment rose sharply. The number of workers looking for a job jumped from three percent to more than twenty -five percent in just four years. One of every three or four workers Selling apples near the U.S. was looking for a job in Nineteen-Thirty-Two. Capitol, 1930VOICE ONE: Those employment numbers did not include farmers. The men and women who grew the nation's food suffered terribly during the Great Depression. This was especially true in the southwestern states of Oklahoma and Texas. Farmers there were losing money because of falling prices for their crops. Then natural disaster struck. Year after year, little or no rain fell. The ground dried up. And then the wind blew away the earth in huge clouds of dust. "All that dust made some of the farmers leave," one Oklahoma farmer remembered later. "But my family stayed. We fought to live. Despite all the dust and the wind, we were planting seeds. But we got no crops. We had five crop failures in five years."VOICE TWO: Falling production. Rising unemployment. Men begging in the streets. But there was more to the Great Depression. At that time, the federal government did not guarantee the money that people put in banks. When people could not repay loans, banks began to close. In Nineteen-Twenty-Nine, six-hundred fifty-nine banks with total holdings of two-hundred-million dollars went out of business. The next year, two times that number failed. And the year after that, almost twice that number of banks went out of business. Millions of persons lost all their savings. They had no money left.VOICE ONE: The depression caused serious public health problems. Hospitals across the country were filled with sick people whose main illness was a lack of food. The health department in New York City found that one of every five of the city's children did not get enough food. Ninety-nine percent of the children attending a school in a coal-mining area reportedly were underweight. In some places, people died of hunger. The quality of housing also fell. Families were forced to crowd into small houses or apartments to share costs. Many people had no homes at all. They slept on public streets, buses, or trains. One official in Chicago reported in Nineteen-Thirty-One that several hundred women without homes were sleeping in city parks. In a number ofcities, people without homes built their houses from whatever materials they could find. They used empty boxes or pieces of metal to build shelters in open areas.VOICE TWO: People called these areas of little temporary houses "Hoovervilles." They blamed President Hoover for their situation. So, too, did the men forced to sleep in public parks at night. They covered themselves with pieces of paper. And they called the paper "Hoover blankets." People without money in their pants called their empty pockets "Hoover flags." People blamed President Hoover because they thought he was not doing enough to help them. Hoover did take several actions to try to improve the economy. But he resisted proposals for the federal government to provide aid in a major way. And he refused to let the government spend more money than it earned. Hoover told the nation: "Economic depression cannot be cured by legislative action or executive decision." Many conservative Americans agreed with him. But not the millions of Americans who were hungry and tired of looking for a job. They accused Hoover of not caring about the common citizen. One congressman from Alabama said: "In the White House, we have a man more interested in the money of the rich than in the stomachs of the poor."VOICE ONE: On and on the Great Depression continued. Of course, some Americans were lucky. They kept their jobs. And they had enough money to enjoy the lower prices of most goods. Many people shared their earnings with friends in need. "We joined our money when we had some," remembered John Steinbeck. "It seems strange to say that we rarely had a job," Steinbeck wrote years later. "There just weren't any jobs. But we didn't have to steal much. Farmers and fruit growers in the nearby countryside could not sell their crops. They gave us all the food and fruit we could carry home.VOICE TWO: Other Americans reacted to the crisis by leading protests against the economic policies of the Hoover administration. In Nineteen-Thirty-Two, a large group of former soldiers gathered in Washington to demand help. More than eight-thousand of them built the nation's largest Hooverville near the White House. Federal troops finally removed them by force and burned their little shelters. Next week, we will look at how the Great Depression of the Nineteen-Thirties affected other countries.。
经济大萧条 英文资料 论文
Great Depression, in U.S. history, the severe economic crisis supposedly precipitated by the U.S. stock-market crash of 1929. Although it shared the basic characteristics of other such crises (see depression), the Great Depression was unprecedented in its length and in the wholesale poverty and tragedy it inflicted on society. Economists have disagreed over its causes, but certain causative factors are generally accepted. The prosperity of the 1920s was unevenly distributed among the various parts of the American economy—farmers and unskilled workers were notably excluded—with the result that the nation's productive capacity was greater than its capacity to consume. In addition, the tariff and war-debt policies of the Republican administrations of the 1920s had cut down the foreign market for American goods. Finally, easy-money policies led to an inordinate expansion of credit and installment buying and fantastic speculation in the stock mark et. The American depression produced severe effects abroad, especially in Europe, where many countries had not fully recovered from the aftermath of World War I; in Germany, the economic disaster and resulting social dislocation contributed to the rise of Adolf Hitler. In the United States, at the depth (1932–33) of the depression, there were 16 million unemployed—about one third of the available labor force. The gross national product declined from the 1929 figure of $103,828,000,000 to $55,760,000,000 in 1933. The economic, agricultural, and relief policies of the New Deal administration under President Franklin Delano Roosevelt did a great deal to mitigate the effects of the depression and, most importantly, to restore a sense of confidence to the American people. Yet it is generally agreed that complete business recovery was not achieved and unemployment ended until the government began to spend heavily for defense in the early 1940s.大萧条时期，美国的历史，据说严重的经济危机促成了美国股市1929年崩溃。
美国经济大萧条原因及与中国当今经济状况相似点(英文)
Causes Of The Great Depression Facts•In the 1920s, sometimes referred to as “The Roaring Twenties,”there was a false sense of prosperity on the part of Americans. Approximately 60% of the population lived at a poverty level (earning less than $2,000 per year), yet credit was available, and people were using it. People were buying cars and radios on installment credit, and the automobile industry was the leading industry in the country.•Speculation in the stock market was one of the causes of the Great Depression, yet only about 1% of the American population were investors at the time of the stock market crash in October 1929.•In the stock market, people were buying stocks on margin (which is the same as borrowing money to pay for stocks), which sent the Dow Jones from 191 points at the beginning of 1928 to 381 points by September 1929 (shortly before Black Tuesday).•In 1929, approximately 200 corporations owned more than 50% of all American industry.•In 1929, approximately 1% of Americans controlled 40% of the wealth of the company. •Banks were failing long before the stock market crashed in 1929. In fact, during the 1920s, 600 banks failed each year, on average.•The Great Depression was caused by fearlessness and fearfulness, overconfidence and loss of confidence. The booms of the 1920s led to borrowing, speculation, and rampant spending. Once things started to go downhill (primarily throughout 1929), they spiraled quickly. The stock market crash of October 1929 caused a run on the banks, which led to a decrease in spending, which led to unemployment, which caused more of a run on banks and more decreases in spending.•From 1929 to 1933, the United States’Gross National Product (GNP) dropped by 33%.•Drought conditions in 1932, 1933, 1934, and 1935 led to Dust Bowl conditions during the Great Depression. A large part of America’s farmlands lost their topsoil due to extreme winds, which rendered millions of acres useless.The similarities between The Great Depression and China’s current economyHere I make some comparative analysis based on some official data about china’s stock market and economy development and The Great Depression,we can find that there are so many similarities right before the crash in 1929 and china nowadays.(1)Both have undergone a long period of rapid economic development.During the goldenage(1921-1929),the U.S. Economic growth rate stayed at a high level which is 4.4% in real terms,the fastest in history.Meanwhile,the rate of price change maintain stable within 5%.In China,the growth rate has been more than 9% for decades,and the price index keeps the rate around 3%.(2)There are imbalance problems,internal and external.In the 1920’s,the recession in Britain led to the inflow of gold to United States,so the government had to print more papers and lower the interest rate of dollar to ease the problem.China is facing the similar problem now,due to the trade surplus and foreign investment as well as some international hot money,a lot of dollars flows into China,so the Central Bank has to put more RMB to market passively,the rapid growth of foreign exchange reserve and the flooding of money caused by compulsive settlement of exchange aggravate the imbalance,at the same time ,the central bank has to reform the RMB exchange rate regime and raise interest rate to cope with these problems.（3）Before 1925,primarily the bubble of land speculation , then the stock market bubble after 1925.The bubble of land speculation burst in 1926 for Florida suffered severe hurricanes.China’s asset bubble problem,mainly in real estate prices and the stock market,China’s current levelof P/E ratio doubles the world average,seen in this indicator,there is a sign of stock bubble and a tendency to enlarge.At last,from my point of view,the government should implement the tight monetary policy to prevent inflation,at the same time,implementing a proactive fiscal policy to prevent economic recession,just to ensure the steady growth of the economy and the healthy development of stock market fundamentally.。
美国经济大萧条英文版课件
Protectionist trade policies during the 1920s created target barriers that hidden global trade, leading to a decrease in demand for US exports
Other solutions
International trade policies
Some countries implemented protectionist trade policies to protect their domestic industries This was done through tarriffs and quotas on imported
Socy and hard ship
The Great Depression led to widespread poverty and hard ship, with many families struggling to meet their basic needs
International discussions
Impact on world economy The Great Depression has a significant impact on the global economy, leading to a decrease in trade and investment
Policy reasons
Regulatory Failure
The laissez fair economic policies of the time did not provide sufficient regulation of the financial sector, allowing for exceptional calculation and risk investment practices
The Great Depression 经济大萧条
Hoover
• Nickname:The hunger president
• Height:180cm
• Party:republican
• Occupation: engineer
• First pot of gold: stealing coal mines in Kaiping, China
Cause
• Economists and economic historians are almost evenly split as to whether the traditional monetary explanation that monetary forces were the primary cause of the Great Depression is right, or the traditional Keynesian explanation that a fall in autonomous spending, particularly investment, is the primary explanation for the onset of the Great Depression. Today the controversy is of lesser importance since there is mainstream support for the debt deflation theory and the expectations hypothesis .
It was the longest, deepest, and most Widespread depression of the 20th century.In the 21st century, the Great Depression is commonly used as an example of how intensely the world's economy can decline.
经济大萧条英语
经济大萧条英语The Great DepressionThe Great Depression was a severe worldwide economic depression that lasted from 1929 to 1939. It originated in the United States and quickly spread to other countries. The depression was caused by several factors, including the stock market crash of 1929, overproduction of goods, and a decrease in consumer spending.The stock market crash of 1929, also known as Black Tuesday, was a major factor that contributed to the Great Depression. It took place on October 29, 1929, when stock prices on the New York Stock Exchange plummeted, causing investors to lose their life savings. This event led to a decrease in consumer spending, as people were no longer able to afford to buy goods.Overproduction of goods was another factor that contributed to the Great Depression. During the 1920s, American industries produced more goods than they were able to sell, which led to a decrease in prices and profits. This caused businesses to lay off workers, leading to a decrease in consumer spending and worsening the economic crisis.The Great Depression had a profound impact on the world economy, causing widespread unemployment, poverty, and suffering. Governments around the world implemented various policies to try to mitigate the effects of the depression, such as public works programs and social welfare programs.The depression came to an end in the late 1930s, partly as a result of government intervention and partly due to the onset of World War II, which created demand for goods and led to an increase in employment. The Great Depression remains one of the most significant economic events in modern history and has had a lasting impact on the global economy.。
美国遇到金融危机英语作文
美国遇到金融危机英语作文The Financial Crisis in the United States。
The financial crisis in the United States, also known as the Great Recession, was a severe economic downturn that began in 2008 and lasted for several years. The crisis had a significant impact on the global economy and led to widespread job losses, foreclosures, and bankruptcies.The roots of the crisis can be traced back to the housing market. In the early 2000s, banks and other financial institutions began offering subprime mortgages to borrowers with poor credit histories. These mortgages were often packaged together and sold as securities to investors around the world, who believed they were low-risk investments. However, as more and more people defaulted on their mortgages, the value of these securities plummeted, causing widespread losses for investors.At the same time, many banks had taken on large amountsof debt to finance their investments in these securities. When the value of the securities dropped, many banks found themselves with insufficient capital to cover their losses. This led to a credit crunch, as banks became reluctant to lend money to each other or to businesses and consumers.The crisis reached its peak in September 2008, when Lehman Brothers, one of the largest investment banks in the United States, filed for bankruptcy. This caused a panic in the financial markets and led to a sharp drop in stock prices. The government was forced to step in, providing bailouts to several large banks and other financial institutions in an attempt to stabilize the economy.The effects of the financial crisis were felt around the world. Many countries experienced recessions or slow economic growth, and unemployment rates rose sharply in many places. Governments around the world implemented stimulus measures, such as infrastructure spending and tax cuts, to try to boost their economies.In the United States, the crisis led to significantchanges in the financial sector. The government passed several new regulations aimed at preventing similar crises from occurring in the future. The Dodd-Frank Wall Street Reform and Consumer Protection Act, for example, imposed stricter regulations on banks and other financial institutions and created a new agency to oversee consumer protection.Overall, the financial crisis in the United States had a profound impact on the global economy. While the economy has since recovered, the lessons learned from the crisis continue to shape the way governments and financial institutions operate.。
美国遇到金融危机英语作文
The financial crisis that struck the United States in 2008 was a pivotal moment in modern economic history, one that I remember vividly from my high school days. It was a time when the world seemed to be on the brink of economic collapse, and the effects of the crisis were felt not just in the United States, but globally. As a high school student, I was just beginning to understand the complexities of the global economy, and the crisis served as a stark reminder of the interconnectedness of our world.The crisis began with the collapse of the housing market in the United States. Home prices, which had been steadily rising for years, suddenly plummeted, leaving many homeowners with mortgages that were worth more than their homes. This led to a wave of foreclosures, as people were unable to keep up with their mortgage payments. Banks and other financial institutions, which had invested heavily in these mortgages, found themselves in deep trouble. Many of these institutions had bundled these mortgages into complex financial products known as mortgagebacked securities, which were then sold to investors around the world. When the housing market collapsed, these securities lost much of their value, leading to massive losses for the banks and investors who held them.The crisis quickly spread beyond the housing market. As banks and other financial institutions began to fail, credit markets froze up. Businesses and individuals found it increasingly difficult to get loans, which in turn led to a slowdown in economic activity. Unemployment rates soared, and many people found themselves out of work and struggling to make ends meet. The crisis also had a profound impact on the stock market, with stock prices plummeting and trillions of dollars in wealth being wiped out.As a high school student, I was fascinated by the unfolding drama of the financial crisis. I remember watching the news and reading articles about the crisis, trying to understand what was happening and why. I remember feeling a sense of disbelief as I learned about the risky financial practices that had led to the crisis, such as the widespread use of subprime mortgages and the creation of complex financial products that few people truly understood.The governments response to the crisis was another aspect that captured my attention. In an effort to prevent a complete economic collapse, the U.S. government implemented a series of measures to stabilize the financial system. These included the Troubled Asset Relief Program TARP, which provided billions of dollars in bailout funds to struggling banks and other financial institutions. The Federal Reserve also took unprecedented stepsto inject liquidity into the financial system and lower interest rates.Despite these efforts, the recovery from the financial crisis was slow and uneven. Many people continued to struggle with unemployment and financial hardship long after the crisis had officially ended. The crisis also had a profound impact on public trust in the financial system and in government institutions. Many people felt that the government had bailed out the very institutions that had caused the crisis, while ordinary citizens were left to bear the brunt of the economic downturn.Looking back on the financial crisis now, I am struck by the lessons that it taught us about the importance of responsible financial practices and theneed for strong regulatory oversight. It also highlighted the interconnectedness of our global economy and the potential for a crisis in one part of the world to have farreaching consequences.As I continue to study economics and finance in college, I am grateful for the lessons that the financial crisis of 2008 taught me. It has given me a deeper understanding of the complexities of our financial system and the importance of being a responsible and informed consumer. It has also made me more aware of the potential risks and challenges that we may face in the future, and the need for us to be prepared to navigate them.。
经济萧条 英语短文 3
Central bankers: economic depression averted, but debt crisis remainsFirst the good news: after contracting slightly in 2009, global economic output is expected to grow more than 4 percent this year, according to the International Monetary Fund. With a fledgling recovery gaining strength, it is easy to forget how close major industrialized nations came to economic collapse less than two years ago, an outcome that almost surely would have triggered a worldwide depression rivaling the Great Depression of the 1930s.In short, the pain, havoc, and economic devastation could have been far worse, according to the head of the U.S. Federal Reserve Bank of Dallas, Texas, Richard Fisher. Addressing central bankers from Europe and elsewhere, Fisher said central banks and national governments averted catastrophe through aggressive intervention."We did our job. A significant phase has been passed through with as little harm done as conceivably could have been done under the circumstances. And I believe we pulled the economy back from the abyss."SuccessTo combat a crippling credit freeze, central banks slashed interest rates and pumped cash into credit markets. To combat a severe economic slowdown, governments of major economies sharply boosted spending to stimulate activity.Jurgen Stark, executive member of the European Central Bank, said the combined response proved a success. "It has to do to a large extent with the stimulus measures taken by governments, and by the very vigorous response of central banks on the crisis. But this has a price," he said.Price to payThat price, according to Stark, is crushing debt. "Most governments in the advanced economies will exit from the recession with the highest deficits and the highest debt-to-GDP ratios recorded in times of peace," he said.Stark said the debt burdens are unsustainable. He said massive fiscal deficits will constrain economic growth and job creation, increase inflationary risks, boost interest rates, and reduce private investment in productive enterprises.That warning was echoed by Richard Fisher of the U.S. Federal Reserve. "This is of great concern to us at the central bank," he said. "We spend too much money, and we take in too little of it in the United States."But trimming deficits is the job of elected officials, and Fisher had a blunt message for them. "The bottom line: it is now time for our fiscal authorities to do what fiscal authorities are paid to do, why they were elected to Congress: bring about some balance. And that will be a very tough battle," he said.As in many countries, America's elected officials are loathe to raise taxes or cut spending, particularly when the economy is weak and millions are out of work. U.S. President Barack Obama has proposed a freeze on non-entitlement domestic spending, while awaiting recommendations from a bipartisan commission tasked with charting a course to a balanced federal budget. In the meantime, the U.S. federal deficit exceeded $1 trillion last year, and is projected to do so again this year。
美国经济大萧条 (全英文)
The common view among economic historians is that the Great Depression ended with the advent of World War II.
America's entry into the war in 1941 finally eliminated the last effects from the Great Depression and brought the unemployment rate down below 10%.
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.
股票市场崩溃是一场灾难深 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！”
Recent 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.
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Economic crisisIn October 24, 1929, American black Thursday, crazy stock trend suddenly appeared in the New York stock exchange, trading a total of nearly 13000000 shares of stock, beyond more than 10 times of the normal daily trading volume. In financial speculation and bubble economy, the soared stock price now moved so that it can not keep up with the speed of price quotes. With many people in bankruptcy with a mountain of debt, even 8 people killing themselves on the day because of Dutch act of debt, the financial panic started. However, this was the largest , the longest, and the worst start of economic crisis in the history of capitalism. In the following four years, the capitalist world sank into the global crisis economically, socially and politically , has been a huge impact, precarious.On the Black Thursday, at 12 o’clock noon, a number of Wall Street financial giants in the Morgan Foundation Office held an emergency meeting, deciding to raise money to save the market. Two days later, the situation temporarily stabilized. But on 28th, Monday, with the wind coming again, 9,250,000 stocks sprung out such as the flood and the financial giants finally were unable to resist with wealth exhaustion, and they issued a statement at night: give up the rescue and panic is unstoppable to come. The next day, Tuesday, at 10 o’clock in the morning, with the stock market opening and the Gong ringing, large amounts of stock was thrown out, even at any price, but not many people wanted to buy with the chaotic scene. At the beginning of stock opening, 3000000 shares were thrown out, reaching more than 8000000 shares two hours later, and more than 12,000,000 stocks closed at one thirty. when shares reached16,410,000 , the stock market finally collapsed and the stock marketfell by12.82%. Hundreds of billions of dollars instantly became nothing and economic crisis has opened a prelude. Later on, the stock continually plunged with stock index 100 points in 1926, 145 points in November 1929 , 102 points in December 1930, and falling to 54 points in December 1931. Until 1933, the situation was extremely serious, even falling to 34 points in June, finally the index had lost 5/6. Nearly one hundred billion U.S. assets burst miraculously disappeared such as soap bubbles. From September in 1929 to January 1933, thirty kinds of stocks fell by 82.8%, from the average of $364.9 to $62.7. In the meanwhile, 20 kinds of railway stock from an average of $180 per share to $28.1, decreasing by 84.4%.The crisis heavily hit the United States firstly, thousands of factories and banks collapsed. There were 26400 companies and 934 banks broken In 1930. In 1931, 28300 companies and 1440 banks failed; In 1932, 31300 companies and 1453 banks failed; In 1933, 20300 companies and 1783 banks also failed. People rushed into banks in a panic to draw a large number of deposits, which caused a great loss of gold reserves as well as capital output sharply decreased nearly being stopped..In early 1933, all banks in the United States were out of business basically . Finance was just the nerve center of modern economy,and its paralysis inevitably led to the entire national economic havoc and the economy in the United States almost collapses, which resulted in continuous decline in America's GDP. In 1929, GDP was $103.1 billion, $55.6 billion in 1933. During the past three years GDP has decreased by half. Ten years later, it went back to $99.6 billion in 1940.What is more , industrial production of USA in July 1932, has fallen to the bottom, contrast in May 1925, plummeted 55.6%, steel fell by nearly 80%, fell by 87% in the machine tool manufacturing, auto industry has declined by 95%.With the economic crisis leading to a large number of unemployed people, people's life became seriously poor and the unemployed in the United States had more than 400 in 1930 to 8 million people in 1931, breaking through the ten million mark in 1932. In 1933, the most serious unemployment went up to 17million, which means nearly a third of the workers in the United States. From October 1930 to March 1931, there were 223000 people out of work among 690,000 workers and 5,000 households losing their homes within only 6 days just were unable to pay the mortgage. The unemployed fully in urban and rural, cold, hunger, and homeless, have been admitted to the Hoover cottage made of wood, sheet metal or paper boxes and so on. The humble dwelling were called Hoover cottage, because when Hoover once was run for President of the United States, he had promised the workers that they could have the chicken to eat and cars to drive.Once in America, about 34,000,000 people had no income, accounting for 28% of the total population, and even a large number of schools went bust. In 1932, only New York, at one time, had more than 30 students out of school and millions of people relied on charity with fear and despair throughout the crisis. This is so called the history of the great tragedy of America.In the early twentieth century, there were a variety of latent crisis factors in America economic prosperity such as large gap between the rich and the poor, wealth is concentrated in a few rich people, so that the majority of people in lower class lacked purchasing power because of poverty. In 1929, the rich in USA, accounting for 5% of the population of the country, had a personal collection of 1/3. At thesame time, the poor households with the annual income of less than $2000 were up to 60% of the whole families. In addition, the number of the pre-crisis unemployment reached about 2,000,000. Another important factor is the rampant speculation, such as speculation frenzy of the stock and real estate , forming the bubble economy. The New York Stock Exchange listed shares increased to from 443,000,000 shares in January 1925 to more than 1,000,000,000 shares of stock in October 1929 , with the face value higher with 3 to 20 times, some even up to 50 times. The the doubled prices and a serious departure from the actual value, the stock eventually fell off a serious cliff on the Black Thursday in 1929.。