What caused the Great Depression of the 1930s?
The Great Depression of the 1930s was defined by high bankruptcy rates and high unemployment for millions of people. This era stands as a stark example of severe, prolonged economic depression.
Questions about Economic collapse
Short answers, pulled from the story.
When did hyperinflation end in Weimar Germany?
Hyperinflation ended in December 1923 with government debt being cleared at the cost of ordinary citizens' savings. The German government had resorted to printing money to cover war reparations under the Treaty of Versailles which resulted in major hyperinflation.
How did the Embargo Act of 1807 affect the United States economy?
The Embargo Act of 1807 forbade foreign trade with warring European nations and caused a severe depression in the heavily international trade-dependent United States economy. Shipping industry and port cities suffered especially heavy losses ending a great boom.
Why did bank deposits become worthless during the Argentine crisis of 2001?
Bank deposits became worthless because people turned pesos into dollars and sent them abroad which caused a bank run after November 2001. Depositors were unable to withdraw their money for long periods as was true in the United States in 1933 under the Emergency Banking Act.
What happened to the value of paper currency during Zimbabwe's economic crisis in 2008?
Hyperinflation peaked at an estimated 89.7 sextillion percent year-on-year in November 2008 causing paper currency to lose all value. GDP contracted from 2001 to 2008 and again from 2018 to present while the country has had an economic crisis since the early 2000s.