Discuss and Compare the Great Depression and the Great Recession of the 21st century.
Discuss and Compare the Great Depression and the Great Recession of the 21st century.
Homework Answers
The Great Recession of 2008-09 was the steepest U.S. recession since the Great Depression of the 1930’s. Key differences between the Great Depression and the 2008 US Recession are as follows:
--A stock market crash led to a reduction in expected income and tight monetary policy. Higher tax rates and a banking crisis then drove the economy into a depression – summarizes the main causes of the Great Depression of 1930's
A decline in housing prices and stock prices, plus a financial crisis, summarizes the main causes of the Great Recession in 2008
--A key difference between the Great Recession and the Great Depression is that the American government reduced taxes during the Great Recession in 2008 but raised them during the Great Depression
--During the Great Depression, U.S. real GDP fell by about 27 percent, in comparison to the 3.7 percent decline during the Great Recession.
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Discuss and Compare the Great Depression and the Great Recession of the 21st century.
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