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It therefore led to the nation having a greater production capacity and could not match in consuming the products.Moreover, the policies of the Republican administration in regards to war-debts and tariff had led to a decline in market for the American goods (Great Depression, 2008).The Great Depression compares to the economic recession that took place in 2007 in American and its effects felt on a global scale.
The effects of the Great Depression were felt both at home and abroad. For example, countries in Europe were affected greatly as their economies were hit hard.
In Germany, the economic blow led to social dislocation that is alleged to have played a major role bringing Adolf Hitler to power (Great Depression, 2008).
This finally led to a decrease in the production of products and ultimately a total reduction in the labor force.
People lost jobs and could no longer pay for bills and items bought via installment strategies. Inventory increased the more while unemployment shifted upwards becoming a big challenge of alleviating the economic situation.
No country is in isolation and its activities affect other countries too even if they do not have a hand in causing the problems.
It therefore follows that countries must take precautions to prevent an event like the Great Depression by learning its causes as well as its effects in order to minimize future damage or suffering in case of a similar tragedy.
Well, it is very interesting to learn the causes that led to such a downfall of the economy.
The amazing story is the fact that the economy finally recovered from a contraction of that nature.
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