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The Great Depression was…

‘The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy.’ – Milton Friedman. It was a worldwide economic downturn which started in 1929, yet its effects were not fully felt until late in 1930. It lasted through most of the 1930s although it ended at distinctive times in different countries. The Great Depression centred in North America and Europe but had damaging effects around the world. The most industrialized countries were affected the worst, countries such as Australia, Germany and the United States.

The Great Depression was an economic catastrophe that severely affected most nations of the world, and Australia, being one of the nations, was not immune. Australia depended primarily on products such as wool and wheat to be exported. A stop in spending meant a downfall in the demand for goods, hindering profit for companies whilst......

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Approximate Word Count: 493
Approximate Pages: 2 (250 words per double-spaced page)

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