Rosebud - The Global Great Depression
Storyboard Text
- The Global Great Depression
- Recovery in the rest of the world:
- The Collapse of World Trade:
- A worldwide economic downturn began in 1929 and lasted until 1939. It was the longest and most severe depression ever experienced by the industrialized western world.
- The Stock Market Crash:
- It varied greatly. The British economy stopped declining soon after Great Britain abandoned the gold standard in September 1931 but the genuine recovery did not begin until the end of 1932. The economies of a number of Latin American countries began to strengthen in later 1932. Germany and Japan both began to recover in the fall of 1932. Canada and many smaller European countries started to revive at the same time as the US. France, which experienced severe depression later than most countries, did not firmly enter the recovery phase until 1938. 
- The Decline:
- Economic Impact:
- The initial decline in US output in the summer of 1929 is widely believed to have stemmed from tight US monetary policy aimed at limiting stock market speculation. Reduced American aggregate demand substantially.
- The fundamental cause of the Great Depression in the US was a decline in spending (aggregate demand), which led to a decline in production as manufacturers and merchandisers rise in invetories. 
- Devastating impact: Human Suffering. In a short period of time, world output and standard of living dropped, as much as one-fourth of the labor force in industrialized countries was unable to find work in the early 1930s. Played a crucial role in the development of macroeconomics policies intended to temper economic downturns and upturns.
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