research topics great depression

Great Depression Research Paper Topics

In this comprehensive guide on Great Depression research paper topics , we delve into the fascinating world of one of the most significant economic crises in history. As students studying history and assigned to write a research paper, it is essential to explore a wide range of engaging and thought-provoking topics related to the Great Depression. This page offers a comprehensive list of Great Depression research paper topics, an article on the Great Depression and its impact, expert advice on topic selection, tips on writing an effective research paper, and information about iResearchNet’s writing services. By following this guide, you will gain valuable insights and resources to unleash your potential and excel in your Great Depression research papers.

100 Great Depression Research Paper Topics

The Great Depression was a period of immense economic turmoil that gripped the world in the 1930s. It left a profound impact on various aspects of society and shaped the course of history. As a student of history, delving into the depths of this significant era provides a multitude of research opportunities. In this section, we present a comprehensive list of Great Depression research paper topics, divided into ten categories. These topics encompass a wide range of subjects and perspectives, allowing you to explore different facets of this transformative period.

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Economic Causes and Effects:

• The Stock Market Crash of 1929: Causes, Consequences, and Lessons Learned
• Banking Failures and the Collapse of the Financial System during the Great Depression
• Unemployment and its Social and Economic Implications during the Great Depression
• The Role of Government Policies in Shaping the Economic Landscape of the Great Depression
• The Impact of International Trade and Protectionism on the Global Economy during the Great Depression
• Changes in Monetary and Fiscal Policy Approaches in Response to the Great Depression
• Economic Inequality and the Great Depression: Examining the Disparities
• The Role of Consumer Spending and Investment Patterns in Shaping the Great Depression
• Economic Recovery Efforts and the Effectiveness of New Deal Programs
• Comparative Analysis of the Great Depression with Other Economic Crises

Social Impact and Cultural Changes:

• Poverty and Homelessness in the Great Depression: Causes, Experiences, and Responses
• Gender Roles and Women’s Experiences during the Great Depression
• African Americans and the Great Depression: Struggles, Activism, and Cultural Expression
• Art and Literature as Responses to the Great Depression: Depictions of Hardships and Resilience
• Social Movements and Labor Unions during the Great Depression: Strikes, Protests, and Reforms
• The Role of Education and Intellectual Life during the Great Depression
• Migration and Mobility during the Great Depression: Impact on Communities and Culture
• The Influence of Music and Entertainment on Society during the Great Depression
• Changes in Family Dynamics and Relationships during the Great Depression
• Public Health and Social Welfare Systems during the Great Depression: Challenges and Reforms

Government Interventions and Policies:

• Franklin D. Roosevelt’s New Deal: Analyzing its Objectives, Implementation, and Results
• Role of the Federal Reserve in the Great Depression: Monetary Policy and Regulation
• Social Security Act of 1935: Origins, Implementation, and Long-Term Impact
• Agricultural Adjustment Act and its Effects on the Farming Community
• The National Industrial Recovery Act: Assessing its Goals, Strategies, and Legacy
• The Works Progress Administration (WPA): Job Creation and Infrastructure Projects
• The Civilian Conservation Corps (CCC): Environmental Conservation during the Great Depression
• The Securities and Exchange Commission (SEC): Regulating Financial Markets after the Crash
• The Federal Emergency Relief Administration (FERA): Providing Relief to the Needy
• The Role of International Organizations and Agreements in Addressing the Global Effects of the Great Depression

Global Perspectives:

• The Global Spread and Impact of the Great Depression: Comparative Analysis
• The Great Depression in Europe: Causes, Effects, and Recovery Strategies
• The Great Depression and the Rise of Fascism: Examining the Interconnections
• Latin America’s Experience of the Great Depression: Economic Challenges and Political Shifts
• The Great Depression in Asia: Exploring Economic, Social, and Political Transformations
• The Role of International Financial Institutions in Mitigating the Global Effects of the Great Depression
• The Impact of Colonialism and Imperialism on Economic Vulnerability during the Great Depression
• The Great Depression and International Relations: Shifting Power Dynamics and Diplomatic Challenges
• Lessons Learned from the Great Depression: Policy Recommendations for Future Economic Crises
• Historical Comparisons: Assessing the Great Depression in Relation to Other Global Economic Downturns

Psychological and Social Welfare:

• Psychological Impact of the Great Depression on Individuals and Communities
• Mental Health Services and the Understanding of Mental Illness during the Great Depression
• The Role of Charity and Philanthropy in Assisting those Affected by the Great Depression
• Social Welfare Programs and Relief Efforts: Examining their Design and Effectiveness
• The Influence of Social Work and Social Workers during the Great Depression
• The Role of Religion and Faith-Based Organizations in Providing Support during the Great Depression
• The Impact of Childhood Experiences during the Great Depression: Long-Term Effects
• Social Assistance and Relief Programs: Comparing Strategies and Approaches
• Social Movements and Grassroots Activism for Social Justice during the Great Depression
• The Influence of Public Opinion and Mass Media on Social Welfare Policies

Impact on Specific Industries:

• The Automobile Industry during the Great Depression: Challenges, Innovations, and Recovery
• Impact of the Great Depression on the Banking and Financial Sector
• Film Industry during the Great Depression: Entertainment and Escapism in Troubled Times
• The Construction Industry during the Great Depression: Infrastructure Development and Public Works Projects
• The Impact of the Great Depression on the Textile and Manufacturing Industries
• Changes in the Agricultural Sector during the Great Depression: Farming Practices and Government Interventions
• Mining and Natural Resource Industries during the Great Depression: Challenges and Adaptations
• The Role of Labor Unions in Protecting Workers’ Rights during the Great Depression
• Impact of the Great Depression on the Shipping and Maritime Industry
• The Aviation Industry during the Great Depression: Technological Advances and Commercial Aviation Expansion

Political Climate and Leadership:

• Franklin D. Roosevelt’s Leadership during the Great Depression: Policies and Legacy
• Opposition and Criticisms of New Deal Programs: Political Debates and Alternative Proposals
• Role of Political Parties and Electoral Shifts during the Great Depression
• Populist Movements and Responses to Economic Hardships: The Influence of Radical Politics
• The Role of Women in Politics during the Great Depression: Activism and Reform Efforts
• The Impact of the Great Depression on the Presidency and the Executive Branch
• Socialism, Communism, and the Great Depression: Ideological Shifts and Debates
• The Role of the Supreme Court in Shaping New Deal Policies and their Constitutionality
• The Influence of International Relations and Geopolitics on National Responses to the Great Depression
• Political Movements and Grassroots Activism during the Great Depression: Lessons for Today

Cultural and Artistic Responses:

• Literature of the Great Depression: Themes, Styles, and Authors
• Visual Arts during the Great Depression: Depictions of Hardship and Social Commentary
• Music and the Great Depression: Exploring Jazz, Blues, and Folk Music Movements
• Theatre and Performance Arts during the Great Depression: Escapism and Social Critique
• Photography and Documentary Projects: Capturing the Realities of the Great Depression
• Radio and Broadcasting during the Great Depression: Entertainment and News Dissemination
• The Influence of Hollywood Films on Popular Culture during the Great Depression
• Dance and Dance Halls during the Great Depression: Cultural Expression and Social Gathering
• Sports and Athletics during the Great Depression: Resilience and National Identity
• Fashion and Popular Culture Trends during the Great Depression: Reflections of Social Change

Regional Perspectives:

• The Great Depression in the United States: Regional Variations and Local Impacts
• The Great Depression in Rural Communities: Challenges and Agricultural Adjustments
• Urban Areas during the Great Depression: Impact on Cities, Migration, and Community Dynamics
• The Great Depression in Europe: Regional Responses and Recovery Strategies
• The Great Depression in Asia: Regional Economic Shifts and Political Unrest
• Latin America’s Experience of the Great Depression: Economic Policies and Social Transformations
• The Great Depression in Africa: Colonial Economies and Indigenous Responses
• The Impact of the Great Depression on the Caribbean: Trade, Tourism, and Political Instability
• The Great Depression in the Middle East: Oil, Colonialism, and Economic Resilience
• The Great Depression in Oceania: Impacts on Indigenous Communities and Trade Relations

Lessons Learned and Legacy:

• Economic Policies and Regulations Implemented Post-Great Depression: Analysis and Evaluation
• The Great Depression’s Influence on Modern Economic Thought and Macroeconomic Theory
• The Great Depression and the Formation of International Financial Institutions
• Comparative Analysis of the Great Depression with Subsequent Economic Crises
• The Long-Term Social and Economic Consequences of the Great Depression
• Historical Reflections on the Lasting Impact of the Great Depression: Lessons for Today
• The Great Depression’s Influence on Government Intervention and Social Welfare Programs
• The Role of Economic Forecasting and Risk Management in Post-Great Depression Policies
• The Great Depression and Changes in Economic Theory and Policy Approaches
• Evaluating the Successes and Failures of Recovery Efforts during the Great Depression

This comprehensive list of Great Depression research paper topics offers a diverse array of subjects for exploration and analysis. Whether you are interested in the economic, social, cultural, political, or regional aspects of this era, there is a topic to suit your research interests. By selecting a topic from this list, you can delve into the complexities of the Great Depression, uncovering its causes, effects, and the lessons it holds for the present and future.

The Great Depression: Exploring its Impact and Historical Significance

The Great Depression stands as one of the most transformative periods in modern history, leaving an indelible mark on societies around the world. This 2000-word article aims to provide a comprehensive overview of the Great Depression, its historical context, and its profound significance. By delving into the range of Great Depression research paper topics, we can gain valuable insights into the causes and effects of the economic collapse, its social impact, and the government responses that shaped the path to recovery. Through the study of the Great Depression, we can better understand the complexities of economic systems, social inequality, and the role of government intervention in times of crisis.

• The Historical Context : The article begins by setting the stage for the Great Depression, exploring the economic prosperity of the 1920s, the underlying factors that contributed to the collapse, and the global context in which it unfolded. It highlights the interconnectedness of economies and the far-reaching consequences of the financial downturn.
• The Causes of the Great Depression : This section delves into the causes of the Great Depression, examining factors such as the stock market crash of 1929, the unsustainable economic practices of the time, and the impact of international events. It explores the intricate web of circumstances that led to the onset of the devastating economic downturn.
• The Effects of the Great Depression : Here, we explore the wide-ranging effects of the Great Depression on individuals, families, businesses, and entire nations. We discuss the soaring unemployment rates, widespread poverty, loss of homes and farms, and the resulting social and psychological impact on affected communities. The section also highlights the global ramifications, including a decline in international trade, financial instability, and political shifts.
• Social Impact and Cultural Changes : The Great Depression had a profound impact on society, reshaping social norms, cultural attitudes, and the fabric of communities. This section explores the challenges faced by various social groups, such as women, minorities, and workers. It discusses the emergence of social movements, the role of art and literature as responses to the crisis, and the cultural shifts that took place during this period.
• Government Responses and Policies : The government responses to the Great Depression played a critical role in shaping the trajectory of recovery. This section examines the policies implemented by governments around the world, focusing on notable initiatives such as Franklin D. Roosevelt’s New Deal in the United States. It analyzes the effectiveness of these policies, their impact on the economy and society, and the enduring legacy of government intervention.
• Economic Systems and Lessons Learned : The Great Depression prompted a reevaluation of economic systems and theories. This section explores the debates surrounding capitalism, socialism, and the role of government regulation. It discusses the long-term implications of the Great Depression on economic thought, policy approaches, and the establishment of social safety nets.
• Social Inequality and Social Justice : Studying the Great Depression provides an opportunity to examine the deep-rooted issues of social inequality and the pursuit of social justice. This section explores the unequal distribution of wealth and resources during the period, the impact on marginalized communities, and the subsequent efforts to address systemic inequalities. It also examines the role of labor unions and their fight for worker rights during this tumultuous time.
• Government Intervention and the Role of Institutions : The Great Depression led to a significant expansion of government intervention and the establishment of new institutions. This section examines the role of institutions such as the Federal Reserve, the creation of social welfare programs, and the impact of regulatory bodies. It evaluates the lasting effects of these interventions on economic stability, social welfare, and the relationship between the government and the private sector.
• Global Impact and International Relations : The Great Depression had a profound effect on the global stage, reshaping international relations and sparking geopolitical shifts. This section explores how different countries were affected by the economic downturn and how it influenced their foreign policies. It also examines the efforts to address the global economic crisis through international cooperation and the establishment of institutions like the World Bank and the International Monetary Fund.
• Lessons Learned and Legacy : In this final section, we reflect on the lessons learned from the Great Depression and its enduring legacy. It discusses the reforms and regulations implemented to prevent a similar economic catastrophe in the future, the importance of financial regulation, and the significance of social safety nets. It also examines the long-term impact on economic policies, the role of the government in managing economic crises, and the relevance of studying the Great Depression in the modern world.

The Great Depression stands as a defining moment in history, with profound implications for economic, social, and political systems. By studying the causes, effects, social impact, and government responses of this period, we gain valuable insights into the complexities of economic systems, social inequality, and the role of government intervention. Exploring the range of Great Depression research paper topics allows us to deepen our understanding of this transformative era and its relevance to contemporary society.

How to Choose Great Depression Research Paper Topics

Selecting an engaging and meaningful research topic is crucial when delving into the realm of Great Depression studies. This section provides valuable guidance on how to choose the most suitable research paper topic that aligns with your interests, academic goals, and the significance of this historical period. By following these ten tips, you can navigate through the vast array of potential Great Depression research paper topics and identify a research question that allows for a comprehensive exploration of the Great Depression.

• Reflect on Personal Interests : Begin by considering your personal interests within the broader context of the Great Depression. Reflect on aspects such as social history, economic policies, cultural impact, or political responses. Exploring Great Depression research paper topics that resonate with your passion will ensure a deeper engagement and motivation throughout the research process.
• Conduct Preliminary Research : Engage in preliminary research to familiarize yourself with the existing scholarship on the Great Depression. This will help you identify gaps in the literature and uncover potential avenues for further investigation. Consult academic journals, books, and reputable online sources to gain a comprehensive understanding of the current scholarly discourse.
• Focus on Specific Regions or Time Periods : The Great Depression had a global impact, affecting different regions in unique ways. Consider narrowing your research focus to a specific country, region, or even a particular community. This allows for a more nuanced analysis and provides an opportunity to examine localized experiences and responses to the economic crisis.
• Analyze Primary and Secondary Sources : Utilize both primary and secondary sources to gather evidence and support your research. Primary sources, such as letters, diaries, government records, and newspapers from the period, offer firsthand accounts and insights. Secondary sources, including scholarly articles and books, provide critical analysis and interpretations of the Great Depression.
• Explore Different Aspects of the Great Depression : The Great Depression is a multi-faceted historical event that impacted various spheres of life. Consider exploring different aspects, such as the economic causes, social consequences, political responses, cultural expressions, or international relations. By delving into different dimensions, you can gain a comprehensive understanding of the era.
• Examine the Impact on Different Social Groups : The Great Depression affected people from all walks of life differently. Explore the experiences of various social groups, such as women, racial and ethnic minorities, farmers, workers, and the urban poor. Investigate how these groups navigated through the economic crisis and the impact it had on their lives.
• Analyze Government Policies and Programs : Government responses played a significant role in addressing the Great Depression. Choose a research topic that focuses on specific government policies, programs, or initiatives implemented during this time. Analyze their effectiveness, impact on the economy and society, and the long-term consequences of these interventions.
• Investigate Cultural Responses and Artistic Expressions : The Great Depression fostered a wealth of cultural responses, including literature, music, photography, and visual arts. Explore the cultural expressions of the era and their reflection of the social and economic climate. Analyze the works of artists, writers, and musicians to understand how they captured the experiences and emotions of the time.
• Consider Comparative Analysis : Comparative analysis allows for a deeper understanding of the Great Depression by examining similarities and differences between different countries, regions, or time periods. Compare the economic, social, and political responses of multiple nations or explore the impact of the Great Depression on different continents.
• Engage with Historiographical Debates : The study of the Great Depression is dynamic, with ongoing debates and reinterpretations of historical events and their significance. Choose a research topic that engages with these historiographical debates and contributes to the scholarly discourse. By exploring conflicting interpretations, you can develop a nuanced understanding of the complexities surrounding the Great Depression.

Choosing a research topic on the Great Depression requires careful consideration and a thoughtful approach. By reflecting on personal interests, conducting preliminary research, focusing on specific regions or time periods, analyzing primary and secondary sources, and exploring various aspects and social groups, you can identify a research question that aligns with your interests and academic goals. Engaging with government policies, cultural expressions, and comparative analysis provides further avenues for exploration. Remember to contribute to historiographical debates and approach your research with critical thinking and analytical skills. By following these ten tips, you will be well-equipped to embark on a successful research journey into the depths of the Great Depression.

How to Write a Great Depression Research Paper

Writing a research paper on the Great Depression requires careful planning, thorough research, and effective communication of your findings. This section provides valuable guidance on how to structure and write a successful research paper that showcases your understanding of this significant historical period. By following these ten tips, you can craft a compelling and insightful paper on the Great Depression.

• Formulate a Clear Thesis Statement : Start your research paper with a clear and concise thesis statement that articulates the main argument or focus of your study. The thesis statement should guide your research and provide a roadmap for your paper, ensuring coherence and direction throughout.
• Conduct In-Depth Research : Engage in thorough research to gather relevant and reliable sources that support your thesis statement. Utilize primary and secondary sources to gain a comprehensive understanding of the Great Depression, its causes, impact, and historical context. Take notes and organize your research material for easy reference.
• Analyze Primary and Secondary Sources : Carefully analyze the primary and secondary sources you have collected. Critically evaluate the credibility, biases, and limitations of each source. Extract key information and evidence that supports your thesis and provides a robust foundation for your arguments.
• Outline Your Paper : Create a clear and detailed outline that serves as a roadmap for your research paper. Organize your main points, arguments, and supporting evidence in a logical and coherent manner. The outline will help you maintain focus, structure your paper, and ensure a smooth flow of ideas.
• Develop a Strong Introduction : Craft an engaging introduction that captures the reader’s attention and provides context for your research. Clearly state your thesis statement and provide a brief overview of the main points you will discuss in your paper. Set the tone for your research and highlight the significance of studying the Great Depression.
• Present a Coherent Argument : Structure your paper around a well-developed argument that supports your thesis statement. Present your main points in a logical sequence, providing evidence and analysis to support each claim. Ensure that your arguments flow smoothly and are interconnected, building a coherent narrative throughout your paper.
• Analyze Primary and Secondary Sources : Integrate your analysis of primary and secondary sources into your research paper. Use direct quotes, paraphrasing, and summarization techniques to incorporate evidence from your sources. Analyze the sources critically, demonstrating your ability to interpret and evaluate historical material.
• Provide Historical Context : Situate your research within the historical context of the Great Depression. Provide background information, discuss relevant events, policies, and social conditions that influenced the period. Help your readers understand the broader significance of your research and its relationship to the historical context.
• Use Clear and Concise Language : Write in a clear and concise manner, avoiding unnecessary jargon or complex language. Ensure that your ideas are easily understandable and your arguments are well-articulated. Use proper grammar, punctuation, and sentence structure to enhance the clarity and readability of your paper.
• Conclude with a Strong Summary : End your research paper with a strong and concise summary that restates your thesis statement and highlights the key findings of your study. Emphasize the significance of your research and its contribution to the understanding of the Great Depression. Reflect on the implications and broader lessons that can be drawn from your analysis.

Writing a research paper on the Great Depression requires careful planning, thorough research, and effective communication of your findings. By formulating a clear thesis statement, conducting in-depth research, and analyzing primary and secondary sources, you can develop a strong foundation for your paper. Organizing your thoughts with a well-structured outline, crafting an engaging introduction, and presenting a coherent argument will ensure a compelling and insightful research paper. Remember to provide historical context, use clear and concise language, and conclude with a strong summary that highlights the significance of your research. By following these ten tips, you will be well-prepared to write a comprehensive and impactful research paper on the Great Depression.

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124 Great Depression Topics to Write about & Examples

Welcome to our list of the Great Depression topics! Here, you will find writing ideas about the causes and effects of the Great Depression. You can also pick plenty of related issues to debate.

🔝 Top 10 Great Depression Topics to Write About

🏆 best great depression topic ideas & essay examples, 💡 good great depression essay topics, ⭐ interesting topics to write about great depression, ❓ great depression essay questions, 🔎 great depression research topics.

• The Stock Market Crash of 1929
• What Triggered the Great Depression?
• Lessons Learned from the Great Depression
• The Dust Bowl Disaster and Its Role in the Depression
• How Banks Caused the Collapse of the Economy
• Government’s Response to the Great Depression
• The Great Depression and International Relations
• Unemployment and Poverty During the Depression
• Hardship and Resilience in Literature of the Great Depression
• The Impact of the Great Depression on Population Movements
• Cause and Effects of The Great Depression The economic devastation of the 1920s led to the Great Depression and brought a tragedy for the whole society. Crash of stock market The crash of the stock market in 1929 ushered in the Great […]
• The Impact of the Great Depression on Canada Some of the measures that Bennett put in place included camps to support the old and sick as well as the distribution of aid to the unemployed and disadvantaged in the country.
• Great Depression and Cold War: Making of Modern America This paper will explore the causes of the Great Depression, the measures implemented within the New Deal, Cold War tensions, and the changes to the American society by the civil rights movement.
• The History of Great Depression The Great Depression was the most severe recession of the past centuries. It affected the whole world and lasted for approximately 12 years.
• The Great Depression in Canada Before the onset of the Great Depression from the years 1919-1929, Canada had the fastest growing economy amongst the developing nations and the only blip to this record was the slight recession they suffered during […]
• How New Deal Represented Minorities and Ended the Great Depression The Civilian Conservation Corps and the Works Progress Administration were some of the many programs representing minorities in the New Deal.
• The Reality of the Great Depression in Steinbeck’s “The Grapes of Wrath” The journey of the Joad family and other significant characters in the story who played the roles in building the whole context take the path of meeting miserable economic situations.
• John Steinbeck’s “The Grapes of Wrath” and the Great Depression The Grapes of Wrath begins by describing an occurrence of soil erosion in Dust Bowl Oklahoma that led to the destruction of crops, a decline in farming and farm produce and the migration of farmers […]
• How the Great Depression Changed Americans During the depression, the population experienced intense pain and extensive misery and the event has been blamed for leading to calamities such as World War II and the rising to power of Adolf Hitler.
• Great Depression: Annotated Bibliography This is a secondary source, written in 2020, and its main idea is that shocks of uncertainty had the main effect on the changes during the Great Depression, which contributed to the fall in production.
• President Hoover’s Role During the Great Depression Although a significant percentage of the causative constituents emanated from the previous government’s economic strategies, President Hoover elevated the conditional outlier.
• Impact of the Great Depression and the New Deal on Minorities However, despite the intention to promote democracy and equality in the United States, the impact of the Great Depression was devastating, and the New Deal did not solve most problems among minorities.
• Social Work During the Great Depression and COVID-19 Pandemic Social workers during the COVID-19 pandemic were faced with a series of novice challenges similar to their counterparts in the Great Depression.
• The Great Depression: Prerequisites, Essence, and Consequences As a result of the crisis and the rise of protectionism, according to the League of Nations, world trade fell threefold from 1929 to 1933.
• Public Enemies During the Great Depression In the 1930’s most people in America were feeling the impact of the Great Depression due to the crashed economy. During the great depression, most people were facing the challenges of starving and losing their […]
• The Concepts of Freedom and the Great Depression Furthermore, blacks were elected to construct the constitution, and black delegates fought for the rights of freedpeople and all Americans. African-Americans gained the freedom to vote, work, and be elected to government offices during Black […]
• Economic History of the US: The Great Depression The government’s immediate and unprecedented action brought the state out of the crisis and preserved the system of capitalism. In order to restore the security of Americans in the new deal, Congress and the President […]
• The Contribution of Former U.S. Presidents in Overcoming the Great Depression The Great Depression presents an event in which the U.S.developed progressive leadership policies to improve living standards. Modern politics in the U.S.has caused social divisions similar to the period of Unravelling.
• American History: Great Depression and Other Issues One of the causes of the Great Depression was the international economic woes of the United States of America. One of the actions taken by the Hoover administration to combat the depression was urging the […]
• The Great Depression, Volatility and Employee Morale A?” The purpose of the present investigation study is to understand the morale of employees in corporate America on how it affects the way the economy functions in the United States.
• Stories From the Great Depression: President Roosevelt At the same time, the era of the Great Depression was the time when many Americans resorted to their wit and creativity.
• Gender, Family, and Unemployment in Ontario’s Great Depression The introduction and all the background that Campbell gives are firmly in line with the goals of this course. The first part of the study is the business and the economic history.
• How Did the Great Depression Affect Americans? The Great Depression can be fairly supposed to have been the harshest time in the history of the United States after The Civil War.
• The Causes of the Great Depression: Black Tuesday and Panic Historians relate the end of the great depression to the start of the second-word war. The government then came up with packages that sought to lessen the effects of the depression.
• The Great Depression of 1929 This was the program that opened the eyes of the people to the fact that the depression era did not affect just the low bracket of society and that if they were to overcome it, […]
• The Great Depression Period Analysis The main causes for the Great Depression were a combination of unequally distributed wealth, the stock market crash, and eventually the bank failures.
• Great Depression and the American People’s Relationship With Their Government In this essay, I will try to trace the effects of the depression not just on the people who lived it but also among the present Americans.
• America in 1920s: Great Depression Regarding the issue of credit exploration in the 1920s, and the contribution of the credit’s expansion into the process of onset of the Great Depression, it is necessary to refer to the facts from American […]
• History of the Great Depression and the New Deal According to the prominent American economist John Keyne, the main cause of the Great Depression was the shortage of money supply, which was dependant on the gold reserve, in the meantime, the industry output significantly […]
• Great Depression of Canada and Conscription During World War I in Canada Due to the depression in the United States, the people across the border were not able to buy the wheat produced and cultivated in Canada and as a result, the exports declined.
• The Great Depression in Steinbeck’s “The Grapes of Wrath” The family adjusted to the codes of conduct in the camp, and Tom even managed to find a job picking fruits at a local farm.
• Great Depression in “A Worn Path” by Eudora Welty The first few paragraphs of the story are dedicated specifically to painting the image of the old Afro-American woman in the mind of the reader by providing details on her appearance, closing, her manners of […]
• Great Depression in the United States The Great Depression of the 1930’s is the most significant economic crises in the history of the modern world and the United States, in particular.
• American Great Depression and New Deal Reforms What is definitely certain is that many factors like the shifting of the economy, unstable credit and financial system, poor government decisions, and the fact that the international economy was still recovering from ruinous effects […]
• Great Depression’ History: Causes and Regulations The Great Depression that happened in the 1930s was the gravest and prolonged economic downturn in the history of the developed Western world.
• Child Labor, Great Depression and World War II in Photographs The impression is of isolation and yearning for daylight, freedom, and a childhood foregone, in the midst of a machine-dominated world.
• The Great Depression in the US and Its Causes It was believed at the time that even if a person failed to pay back their loan, the seizure of assets to cover the cost of the loan in the form of stocks would have […]
• Women’s Rights in the Great Depression Period The pursuit of the workplace equality and the protection of women from unfair treatment by the employers were quite unsuccessful and slow due to the major division in the opinions.
• Great Depression – American History However, though the thicket of sarcasm and irony, one can see despair and disbelief in the power of art, as well as the doubt if art can actually be produced under the name of Hollywood: […]
• The Great Depression and the New Deal Phenomenon With time, due to the highly unequal distribution of income, as well as to the depression in farming regions, the buying capacity of Americans decreased significantly; this led to the inability to purchase the goods […]
• Gardens Role in Great Depression Although the main causes of the great depression are still vague and contentious to date, the overall outcome was unexpected and resulted in the universal loss of trust in the economic future.
• Roosevelt’s Plan to End the Great Depression When he assumed the presidency in 1932, Franklin acknowledged the challenges of the nation, and also the way to get them out of the great depression.
• Lessons From the Great Depression and Postwar Global Economy: A Critical Analysis The economic slump that hit industrialized economies of the world, starting in the U.S.and later spreading to Europe, began in earnest in 1929 and lasted until about 1941, making it the longest and most ruthless […]
• Franklin D. Roosevelt’s Plans to End the Great Depression in His Presidency President Franklin Roosevelt rose to power at the time when the U.S.was facing hardships in the economy with the great depression badly affecting the economic activities of the country.
• Franklin Delano Roosevelt’s Plans to Combat the Great Depression He came to power in 1933 when the United States was in the middle of the Great Depression, and left in 1945 when the world, including the USA, was grappling with the effects of the […]
• US’s Economic Recovery in the Aftermath of the Great Depression The efforts to US’s economic recovery in the aftermath of the Great Depression of the 1930s sparked a series of economic programs under an umbrella name, the ‘New Deal.’ The mission of the ‘New Deal’ […]
• Causes of Great Depression: Canada Great Depression Causes of great depression The fundamental causes of great depression in Canada were the decline in the spending. Crash in the stock market in the United State and Canada contributed to the great depression.
• Is the U.S. Headed Towards the Second Great Depression? This is one of the indicators economists observe to foresee the possibility of the economy diving in to a recession, or is already on the way to recession.
• Repercussion of Great Depression The US mortgage crisis that was the genesis of the financial crisis is blamed on the laxity of law enforcers or failure of the laws that have governed the financial market in the US.
• Why the Great Depression Occurred – a Public Budgeting Stand Point As observed by Romer, “the great depression took place in the late 1920s to the late 1930s and was the longest and most severe depression ever experienced in the industrialized Western world”.
• The Great Depression: A Diary The book covers very little on the normal lifestyle of the people in Youngstown before the crisis; all that it documents are the hardships that describe Ohio as a hopeless place to live.
• The Great Depression’ Influence on the World His book looks at the factors that have caused and prolonged the issues that have deprived many people of jobs and ability to come out of the atrocious conditions.
• In the Eye of the Great Depression It led to the formation of groupings in society due to their similarities in their plight to restore dignity and compassion to their lives.
• Causes of the Great Depression This was due to a prediction of the end of rise in the stock market thus; there was a nationwide stampede to unload the stocks.
• The Great Depression and the New Deal The Great Depression of 1929-40s refers to the collapse of the world economy. For instance, a democrat entitled as Glass believed in the dominance of the white, budget devoid of deficits, the statutory rights, as […]
• Monetary and Fiscal Policy during the Great Depression An expansionary monetary policy is any action by the Fed that results in an increase to the total output or aggregate demand in an economy.
• Economic Depression in USA The Depression of 1873-1879 This depression was as a result of the bankruptcy of the railroad investment firm of Jay Cooke and company and particularly the restrictive monetary policy of the federal government; this is […]
• The Actual Causes of the Great Depression In the period between the end of First World War and the onset of the great depression, United States enjoyed relatively stable economic conditions under the leadership of a string of republican presidents.
• Government Policy Interventions and the Great Depression Monetary policy is the process where the government intervenes by administering and controlling the amount of money in the economy using the Central Bank in many countries and the Federal Reserve in the United States.
• Problem of USA Exposed by the Great Depression The recession was triggered by various fiscal features such as the vast margin between the poor and the wealthy, government debts and surplus production of commodities only to mention a few.
• The Great Depression Effects on American Economy The main problem behind the stated Great Depression experienced in the United States in 1929 was the mismatch between the consuming capacity of the population of the United States and the production capacity of the […]
• Great Depression as a Worldwide Economic Decline Many people ceased to buy products leading to low production of the products. This led to lose of market for American industries and led to trade disagreements among nations.
• The Great Depression Crisis Other causes that led to a reduction in aggregate demand followed throughout the depression period and the effects were transmitted from the United States which was in essence the ‘epicenter’ of the depression to the […]
• The Great Depression in Latin America Leaders in Latin America acknowledged the need to change economic policies and promoted the discarding of the free-market model in favor of import substitution.
• The Causal-Effect Connection of the Great Depression According to majority of the authors and scholars, The Great Depression is the worst economic downturn in the history of the United States of America.
• The Three Main Causes of Great Depression This paper sheds light on the causes that led to the great depression in America According to Bordo and White, the great depression begun in 1929 and many people suffered because all the businesses had […]
• Did Bank Distress Stifle Innovation During the Great Depression?
• How Does “The Cinderella Man” Depict Life During the Great Depression?
• Could the FED Have Prevented the Great Depression?
• How Did the Great Depression Affect a Generation?
• Did American Welfare Capitalists Breach Their Implicit Contracts During the Great Depression?
• How Does the Great Depression Affect the World Economy?
• Could the Great Depression Be Describes a Time of Desperation?
• How Did the Great Depression Pave the Road for Hitler?
• Did France Cause the Great Depression?
• How Did Demographics Cause the Great Depression?
• Did Hayek and Robbins Deepen the Great Depression?
• How Did Black People Face the Great Depression Differently?
• Did International Economic Forces Cause the Great Depression?
• How Did Governments Deal With Problems Caused by the Great Depression?
• Did Korekiyo Takahashi Rescue Japan From the Great Depression?
• How Did Great Britain, France, and the United States Respond to the Great Depression?
• Did Monetary Forces Cause the Great Depression?
• How Did the Great Depression Completely Destroy America?
• Did Sunspot Forces Cause the Great Depression?
• How Did WWII End the Great Depression?
• Did Technology Shocks Drive the Great Depression?
• How Does the Current Global Economic Recession Compare to the Great Depression?
• Did the Canadian Government Do Enough During the Great Depression?
• How Franklin Delano Roosevelt Handled the Great Depression in the U.S.?
• Did the Commercial Paper Funding Facility Prevent a Great Depression Style Money Market Meltdown?
• How Great Was the Great Depression?
• Did the Great Depression Affect Educational Attainment in the US?
• How Has Homelessness Changed Since the Great Depression?
• Did the New Deal Prolong or Worsen the Great Depression?
• How Did Income Inequality Lead to the Great Depression?
• The Agricultural Crisis During the Great Depression
• Government Relief Programs of the Depression Era
• How the Great Depression Impacted Minority Communities
• The Political Consequences of the Stock Market Crash
• Hoover vs. Roosevelt’s Approaches to Economic Recovery
• The Psychological Effects of the Great Depression on People and Families
• The Role of Government in Economic Recovery during the Great Depression
• The Legacy of Labor Unions and Workers’ Rights of the Depression Era
• Gender Roles, Employment, and Social Changes During the Depression Era
• The Legacy of the Great Depression as Seen in the Modern Economic Policy
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IvyPanda. (2024, February 27). 124 Great Depression Topics to Write about & Examples. https://ivypanda.com/essays/topic/great-depression-essay-examples/

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IvyPanda . 2024. "124 Great Depression Topics to Write about & Examples." February 27, 2024. https://ivypanda.com/essays/topic/great-depression-essay-examples/.

1. IvyPanda . "124 Great Depression Topics to Write about & Examples." February 27, 2024. https://ivypanda.com/essays/topic/great-depression-essay-examples/.

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IvyPanda . "124 Great Depression Topics to Write about & Examples." February 27, 2024. https://ivypanda.com/essays/topic/great-depression-essay-examples/.

108 Great Depression Essay Topics

🏆 best essay topics on great depression, ✍️ great depression essay topics for college, 🎓 most interesting great depression research titles, 💡 simple great depression essay ideas, ❓ research questions about the great depression.

• The Great Depression and the American South
• John A Garraty on Great Depression Review
• The Impact of the Great Depression on Women, Families, and Children
• Great Depression as Great Shame of Canada: Causes and Effects
• Great Depression and Romanticism in America
• The Impact of the Great Depression on Education
• Causes and Consequences of The Great Depression
• “Public Enemies” During the Great Depression “Public Enemies”, who started up as petty thieves in their childhood, grew to become the most wanted criminals in the US. The Great Depression heightened the state of lawlessness.
• Great Depression: Herbert Hoover and Franklin Roosevelt The Great Depression was a major economic downturn in American history in the 1930s, which affected the entire globe.
• Riding the Rails: Hobo Kids During Great Depression The decline in stock production in the market in October 1929, which was accompanied by calamity, resulted in numerous Americans suffering from economic declines.
• The Great Depression vs. The Civil Rights Movement The Great Depression had an impact compared to the Civil Rights Movement because it affected many people, and transformed the American culture more profoundly.
• Coronavirus vs. the Great Depression for Economy This article assumes what future challenges COVID-19 will pose to the world and how its consequences will affect the global economy and finance.
• The Aftermaths of the Great Depression Before the Great Depression that emanated from the collapse of the stock market in 1929, Latin America enjoyed a period of consumer boom as the leading international exporter.
• The Great Depression: Details, Reasons, and Effects The Great Depression was a global economic recession that emerged in 1929 and remained until approximately 1939 and was exceptionally long and severe in the USA and Europe.
• The Great Depression and New Deal Solutions The paper discusses the causes of the Great Depression. They included the situation of the nation’s agricultural sector coupled with the uneven distribution of wealth.
• How the US Was Able to Handle the Great Depression This paper aims to examine some of the factors that enabled the U.S. to remain relatively stable and recover from the outcomes of the Great Depression.
• The Great Depression in America’s Narrative History The conditions caused by the Great Depression were primarily associated with a significant economic crisis. In the wake of panic, depositors began to withdraw money en masse.
• The Great Depression and Contributing Reasons Several post-World War I events triggered the 1930s Great Depression. Wall Street went into a panic after the October 1929 stock market crash.
• The Great Depression and the New Deal It is important to note that the New Deal was effective at catalyzing the overall recovery of the nation from the Great Depression due to its aggressiveness and promptness
• Great Depression and Its True Causes The causes of the Great Depression are the subject of ongoing discussions about the role of government policies and private business activity.
• Great Depression and the New Deal The depression caused colossal unemployment, loss of output, and a high deflation rate. Its cultural and social effects were more felt in the US than in any other country.
• Establishing Scene: A Movie About the Great Depression The paper discusses the image that shows the panicking crowds of Wall Street during the market crash that led the United States to the Great Depression.
• American Economy: 1920s and the Great Depression The 1920s laid the foundation for evolving from an industrial economy to a post-industrial economy based on the service and sale sectors.
• The Major Causes of the Great Depression Some of the major causes of the Great Depression include the stock market collapse, the failure of the banking system, the economic downturn in many countries.
• Great Depression and New Deal Impact on Minorities The period of the Great Depression had a significant impact on the United States and largely changed not only the economy but also the social situation in the country.
• Historical Events Which Prolonged the Great Depression The purpose of this article is to review the historical events that directly led to prolonged depressive conditions, such as those of the 1930s.
• The Great Depression and The United States’ Future Today the United States of America is on the eve of the presidential elections, and it is the right time to assess what the country was in in the last few years.
• The Great Depression in the United States The Great Depression that occurred in the 1930s was a severe economic depression capturing countries worldwide, beginning in the United States.
• Causes of the Great Depression Various factors are speculated to have caused the Great Depression: stock markets crash, federal reserve miscalculation and federal insiders greediness.
• The Great Depression and the New Deal Farm Policies The years of the great depression were characterized by poverty, high unemployment, deflation, low profits and plunging farm incomes.
• The US Great Depression History Many dynamics factored into instigating the Great Depression but the central reasons were twofold. One was that the wealth of the nation was unevenly distributed.
• History: Great Depression and New Deal for Society The Great Depression and the New Deal were challenging for the United States, especially for women, racial and ethnic minorities.
• Great Depression and World War II Impact on the United States Economy Both the Great Depression and World War II heavily impacted the US economy in the first half of the previous century.
• Great Depression and World War II for Americans The Americans encountered numerous problems during the period of the Great Depression. The Second World War also led to many problems in the United States.
• The Great Depression: Limitations and Effects Despite common assumptions, the Great Depression did not touch every socio-economic group. In fact, the very rich felt almost no impact, continuing to live a lavish lifestyle.
• The Great Depression and Military Spending The Great Depression had a devastating impact on the US economy. But military spending could be consider the main tool of it ended and promoting the growth of the industrial sector.
• The Great Depression and Its Effects on Minorities This paper discusses the effects of the Great Depression on the American minorities. It describes the groups and individuals involved and the efforts made to resolve the calamity.
• Roosevelt’s “New Deal” in Great Depression The new deal plan by Franklin Roosevelt was not a viable recovery tool of the Great Depression since it delayed the recovery of the natural economic systems in the United States.
• Great Depression in the United States of America In the decade between 1920 and 1930, the United States of America experienced success in their overall national economy performance.
• Canadian Government’s Support Toward Its People During the Great Depression
• Pressure-Group Influence and Institutional Change: Branch-Banking Legislation During the Great Depression
• American Culture and Lifestyle During the Great Depression
• Economic Recovery From the Argentine Great Depression: The Change of Macroeconomic Regime
• Banking Crises and the International Monetary System in the Great Depression and Now
• Labor Market Policies: Lessons From Hoover Policies During the U.S Great Depression
• How “Cinderella Man” Depicts Life During the Great Depression
• Organized Labor’s Growth and Consolidation: The Great Depression and World War II
• Flight-To-Safety and the Credit Crunch: A New History of the Banking Crisis in France During the Great Depression
• Shattered Rails, Ruined Credit: Financial Fragility and Railroad Operations in the Great Depression
• The Stock Market Crash, Bank Failures, and the Dust Bowl as the Causes of the Great Depression in America
• Employment, Relief and the Breadwinner Ideal: A Historiography of the Great Depression in Canada
• The Banking Sector and the Great Depression in Bulgaria, 1924 – 1938
• Decomposing the U.S. Great Depression: How Important Were Loan Supply Shocks
• Intensified Regulatory Scrutiny and Bank Distress in New York City During the Great Depression
• The Demand for Money in the U.S. During the Great Depression
• The History and Effects of the Great Depression in the United States and the Government’s Solution to the Economic Problem
• Changing the Rules: State Mortgage Foreclosure Moratoria During the Great Depression
• Bank Leverage and Regulatory Regimes: Evidence From the Great Depression and Great Recession
• How the Great Depression Ended by United States Entry Into the Second World War
• The Shoe That Didn’t Drop: Explaining Banking Stability During the Great Depression
• Corporate Governance and the Plight of Minority Shareholders in the United States Before the Great Depression
• Work‐sharing During the Great Depression: Did the ‘President’s Reemployment Agreement’ Promote Reemployment?
• The 1930s and 1940s: The Great Depression and Its Aftermath
• African American Life During the Great Depression
• The Canadian Government’s Economic Policies in Response to the Great Depression
• How Great Britain, France, and the United States Responded to the Great Depression
• Reparations, Deficits, and Debt Default: The Great Depression in Germany
• The Great Depression: America’s Biggest Financial Collapse in Economic History
• Economic Events That Lead up to the Great Depression
• The Development of the Mining Industry in Cyprus During the Great Depression
• Progressive Era Through the Great Depression
• Nazi Persecution During the Great Depression and World War I
• Financial Collapse and Active Monetary Policy: A Lesson From the Great Depression
• Births, Deaths, and New Deal Relief During the Great Depression
• How the Two World Wars and the Great Depression Affected the Lives of Americans
• Poor Living Conditions and Poor Health Greeted Americans in the Great Depression
• Employment, Politics, and Economic Recovery During the Great Depression
• Credit Relationships and Business Bankruptcy During the Great Depression
• Money and Interest Rates in the United States During the Great Depression
• Hopeless and Homeless: The Despair of the Great Depression
• Agricultural Crises and the International Transmission of the Great Depression
• Europe’s Great Depression: Coordination Failure After the First World War
• How President Roosevelt Combated the Great Depression
• Can Great Depression Theories Explain the Great Recession?
• Did American Welfare Capitalists Breach Their Implicit Contracts During the Great Depression?
• Could the FED Have Prevented the Great Depression?
• Did Bank Distress Stifle Innovation During the Great Depression?
• Was Debt Deflation Operative During the Great Depression?
• Could the Great Depression Be Described as a Time of Desperation?
• Did France Cause the Great Depression?
• How Did America Recover From the Great Depression?
• Was the Great Depression a Watershed for American Monetary Policy?
• Did Hayek and Robbins Deepen the Great Depression?
• How Did Demographics Cause the Great Depression?
• Was the Great Depression to Blame for the Success of the Nazi Party?
• Did International Economic Forces Cause the Great Depression?
• How Did Governments Deal With Problems Caused by the Great Depression?
• What Are the Differences Between the Causes of the Great Depression and the 2008 Financial Crisis?
• Did Korekiyo Takahashi Rescue Japan From the Great Depression?
• How Did the Great Depression Completely Destroy America?
• What Are the Real Reasons Behind the Great Depression in America?
• Did the Canadian Government Do Enough During the Great Depression?
• How Did the Great Depression Weaken Western Democracies?
• Did the Great Depression Affect Educational Attainment in the US?
• What Was America Like During the Great Depression?
• How Does the Current Global Economic Recession Compare to the Great Depression?
• Did the New Deal Prolong or Worsen the Great Depression?
• How Did the Great Depression Affect African Americans?

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These essay examples and topics on Great Depression were carefully selected by the StudyCorgi editorial team. They meet our highest standards in terms of grammar, punctuation, style, and fact accuracy. Please ensure you properly reference the materials if you’re using them to write your assignment.

This essay topic collection was updated on December 27, 2023 .

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Article Contents

I. introduction, ii. narrative, iii. analysis, iv. what are the policy lessons, lessons from the 1930s great depression.

We thank Steve Broadberry and Ken Wallis for helpful discussions. Christopher Adam, Ken Mayhew, and, especially, Christopher Allsopp made very thoughtful comments on an earlier draft. The usual disclaimer applies.

• Article contents
• Figures & tables
• Supplementary Data

Nicholas Crafts, Peter Fearon, Lessons from the 1930s Great Depression, Oxford Review of Economic Policy , Volume 26, Issue 3, Autumn 2010, Pages 285–317, https://doi.org/10.1093/oxrep/grq030

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This paper provides a survey of the Great Depression comprising both a narrative account and a detailed review of the empirical evidence, focusing especially on the experience of the United States. We examine the reasons for and flawed resolution of the American banking crisis, as well as the conduct of fiscal and monetary policy. We also consider the pivotal role of the gold standard in the international transmission of the slump and leaving gold as a route to recovery. Policy lessons for today from the Great Depression are discussed, as are some implications for macroeconomics.

The Great Depression deserves its title. The economic crisis that began in 1929 soon engulfed virtually every manufacturing country and all food and raw materials producers. In 1931, Keynes observed that the world was then ‘in the middle of the greatest economic catastrophe . . . of the modern world . . . there is a possibility that when this crisis is looked back upon by the economic historian of the future it will be seen to mark one of the major turning points’ ( Keynes, 1931 ). Keynes was right; Table 1 shows some of the dimensions.

The Great Depression vs Great Recession in the advanced countries

Sources : 1929–38: Real GDP: Maddison (2010) western European countries plus western offshoots; Price level: League of Nations (1941) ; data are for wholesale prices, weighted average of 17 countries; Unemployment: Eichengreen and Hatton (1987) ; data are for industrial unemployment, weighted average of 11 countries; Trade volume: Maddison (1985) , weighted average of 16 countries.

2007–2010: IMF, World Economic Outlook Database, April 2010.

What are the key questions that we should ask about the Great Depression? Why the crisis began in 1929 is an obvious start, but more important questions are why it was so deep and why it lasted so long? Sustained recovery did not begin in the United States until the spring of 1933, though the UK trough occurred in late 1931 and in Germany during the following year. Why and how did the depression spread so that it became an international catastrophe? What role did financial crises play in prolonging and transmitting economic shocks? How effective were national economic policy measures designed to lessen the impact of the depression? Did governments try to coordinate their economic policies? If not, then why not? Why did the intensity of the depression and the recovery from it vary so markedly between countries?

Even in recovery, both the UK and the USA experienced persistent mass unemployment, which was the curse of the depression decade ( Table 2 ). Why did the eradication of unemployment prove to be so intractable? In 1937–8 a further sharp depression hit the US economy, increasing unemployment and imposing further deflation. What caused this serious downturn and what lessons did policy-makers draw from it?

The Great Depression in the United Kingdom and the United States

Note : Unemployment based on the whole-economy series constructed by Weir (1992) .

Sources : UK: Real GDP: Feinstein (1972) ; GDP deflator: Feinstein (1972) ; Unemployment: Boyer and Hatton (2002) ; Stock market prices: Mitchell (1988) . USA : Carter et al . (2006) .

By the late twentieth century, the memory of international financial seizure in the US and Europe, mass unemployment, and severe deflation had receded. However, during 2007–8, an astonishing and unexpected collapse occurred which caused all key economic variables to fall at a faster rate than they had during the early 1930s. As Eichengreen and O’Rourke (2010) report, the volume of world trade, the performance of equity markets, and industrial output dropped steeply in 2008. Moreover, a full-blown financial crisis quickly emerged. The US housing boom collapsed and sub-prime mortgages, which had been an attractive investment both at home and abroad, now became a millstone round the necks of those financial institutions that had eagerly snapped them up. In April 2007, New Century Financial, one of the largest sub-prime lenders in the US, filed for Chapter 11 bankruptcy. In August, Bear Stearns, an international finance house heavily involved in the sub-prime market, teetered on the verge of bankruptcy. The US Treasury helped finance its sale to J. P. Morgan during the following year. During 2008 the financial crisis developed with a sudden and terrifying force. In September, Freddie Mac and Fannie Mae, which together accounted for half of the outstanding mortgages in the US, were subject to a federal takeover because their financial condition had deteriorated so rapidly. At the same time Lehman Brothers, the fourth largest investment bank in the US, declared bankruptcy. It seemed as if financial meltdown was not only a possibility, it was a certainty unless drastic action was taken.

The crisis was not confined to the US. In August 2007, the French bank, BNP Paribas, suspended three investment funds worth €2 billion because of problems in the US sub-prime sector. Meanwhile, the European Central Bank was forced to intervene to restore calm to distressed credit markets which were badly affected by losses from sub-prime hedge funds. On 14 September 2007, the British public became aware that Northern Rock, which had moved into sub-prime lending after concluding a deal with Lehman Brothers, had approached the Bank of England for an emergency loan. Immediately the bank’s shares fell by 32 per cent and queues formed outside branch offices as frantic depositors rushed to withdraw their savings. Such was the pressure that Northern Rock was nationalized in February 2008. The run on Northern Rock was an extraordinary event for the UK. During the Great Depression no British financial institution failed, or looked like failing, but in 2007 there was immediate depositor panic. It was clear that without some assurance on the security of deposits other institutions were at risk. In 2009, UK GDP contracted by 4.8 per cent, the steepest fall since 1921.

A comparison of the catastrophic banking crisis in 1931 with that of 2007–8 shows that the countries involved in 1931 accounted for 55.6 per cent of world GDP, while the figure for the latter period is 33.5 per cent ( Reinhart, 2010 ; Maddison, 2010 ). This is the most widespread banking crisis since 1931 and it is also the first time since that date that major European countries and the United States have both been involved. The financial tidal wave was totally unexpected and was of such severity that immediate policy action was required to prevent total meltdown. For a while it seemed that the world stood at the edge of an abyss, a short step away from an even greater economic disaster than had occurred three-quarters of a century earlier.

In these circumstances, it has been natural to ask what the historical experience of the crisis of the 1930s has to teach us. The big lesson that has been correctly identified is not to be passive in the face of large adverse financial shocks. Indeed, aggressive monetary and fiscal policies were immediately implemented to halt the financial disintegration. Fortunately, countries were not constrained by the oppressive stranglehold of the gold standard. Both monetary and fiscal policies could be used to support economic expansion rather than to impose deflation or try to restore a balanced budget. Flexible exchange rates gave policy-makers the freedom to use devaluation as an aid to recovery. The exception was in the Eurozone, where weak member states, for example, Greece, Ireland, and Portugal, were forced to deflate their economies ( Eichengreen and Temin, 2010 , this issue).

In the United States, the Fed began aggressively to lower interest rates in January 2008 and by the year’s end had adopted a zero-rate policy. Quantitative easing was used on a massive scale during 2008 through to early 2010 and, as a result, the money supply rose dramatically. The American Restoration and Recovery Act, which became law in early 2009, earmarked $787 billion to stimulate the economy and was described by Christina Romer, distinguished economic historian of the great depression and Chair of the President’s Council of Economic Advisors, as ‘the biggest and boldest countercyclical action in American History’ ( Romer, 2009 ). In the UK, the Bank of England adopted the lowest interest rates since its foundation in 1694, quantitative easing was used aggressively, and bank bail-outs were funded where necessary. In October 2007 the guarantee for UK bank deposits was raised to £36,000 per depositor and further increased to £50,000 during the following year. In both countries, monetary and fiscal policies were pursued on a scale that would have been unacceptable during the 1930s but, crucially, these bold initiatives prevented financial meltdown. Fortunately, the crisis did not encourage the adoption of the beggar-thy-neighbour policies that helped to reduce the level of international trade so drastically during the 1930s.

This represents a dramatic contrast with the policy stances of 80 years ago. Thus far, the upshot is that a repeat of the Great Depression has been avoided ( Table 1 ). A dramatic financial collapse has been averted, economic recovery, though tenuous, is progressing, and unemployment has not reached the levels that some commentators feared when the downturn began. As we shall see, the ‘experiment’ of the 1930s shows only too clearly the likely outcome in the absence of an aggressive policy response.

The 1930s has more to offer. In particular, we can look not only at the downturn but also the recovery phase. Here the issues that had to be addressed included re-regulation of the banking system, avoiding a double-dip recession, and dealing with the various legacies of the depression which included long-term unemployment and the need for a new, post-gold-standard, macroeconomic policy framework.

This paper proceeds in the following way. Section II provides a narrative of events, section III delivers an analysis of the 1930s depression, and section IV identifies important policy lessons from that experience.

(i) The context of the Great Depression

It is sensible to begin an investigation of the Great Depression with an analysis of the world’s most powerful economy, the USA. During the 1920s America became the vital engine for sustained recovery from the effects of the Great War and for the maintenance of international economic stability. Following a rapid recovery from the post-war slump of 1920–1, Americans enjoyed until the end of the decade a great consumer boom, which was heavily dependent upon the automobile and the building sectors. High levels of investment, significant productivity advances, stable prices, full employment, tranquil labour relations, high wages, and high company profits combined to create the perfect conditions for a stock-market boom. Many contemporaries believed that a new age of cooperative capitalism had dawned in sharp contrast to the weak economies of class-ridden Europe ( Barber, 1985 ).

America was linked to the rest of the world through international trade as the world’s leading exporter and second, behind the UK, as an importer. Furthermore, after 1918 America replaced Britain as the world’s leading international lender. The First World War imposed an onerous and potentially destabilizing indebtedness on many of the world’s economies. Massive war debts accumulated by Britain and France were owed to both the US government and to US private citizens. Britain and France sought punitive damages from Germany in the form of reparations. But the post-war network of inter-government indebtedness eventually involved 28 countries, with Germany the most heavily in debt and the US owed 40 per cent of total receipts ( Wolf, 2010 , this issue).

Between 1924 and 1931 the US was responsible for about 60 per cent of total international lending, about one-third of which was absorbed by Germany. American investors, attracted by relatively high interest rates, enabled Germany both to discharge reparations responsibilities and to fund considerable improvements in living standards. Austria, Hungary, Greece, Italy, and Poland, together with several Latin American countries, were also considered attractive opportunities by US investors. By paying for imports and by investing overseas the US was able to send abroad a stream of dollars, which enabled other countries not only to import more goods but also to service their international debts. The fact that a high proportion of the borrowing was short term did not disturb the recipients ( Feinstein et al ., 1997 ).

The majority of the world’s economies were linked to each other by the gold standard, which had been suspended during the First World War, but its restoration was considered a priority by virtually all the major economic powers. It is easy to understand the appeal of the gold standard to contemporaries. The frightening inflations after 1918 and the severe deflation of 1920–1 made policy-makers yearn for a system that would provide international economic and financial stability. To policy-makers the gold standard represented a state of normality for international monetary relations; support for it was a continuation of the mindset that had become firmly established in the late nineteenth century ( Eichengreen and Temin, 2010 ). There was a widespread belief that the rules of the gold standard had imposed order within a framework of economic expansion during the 40 years before 1914 and order was certainly required in the post-war world. In particular, contemporaries believed that the discipline of the gold standard would curb excessive public spending by politicians who would fear the subsequent loss of bullion, an inevitable consequence of their profligacy. Unfortunately, the return to gold was accomplished in an uncoordinated fashion. Several countries (e.g. Belgium and France) adopted exchange rates that were not only significantly below their 1913 levels, but also provided a significant competitive advantage.

The reverse was true for the UK, which, in 1925, returned to gold at the 1913 exchange rate after a deflationary squeeze had made this possible. In general, financiers and bankers supported the return to gold at the pre-war exchange rate, but, as a result, sterling was overvalued and Britain’s export industries were disadvantaged. The achievement of international competitiveness through deflation was the dominant force determining domestic economic policy during the 1920s. Unfortunately, UK exports suffered from war-induced disruption. Markets which had been readily exploited before 1914 offered much reduced opportunities after 1918. UK difficulties would have been more manageable if the bulk of Britain’s exports had been in categories that were expanding rapidly in world markets. Unfortunately coal, cotton and woollen textiles, and shipbuilding faced severe international competition. Over-capacity led to high and persistent structural unemployment in the regions where these industries were dominant. During the 1920s, UK unemployment was double the pre-1913 level and also higher than in all the other major economic powers. On average, each year between 1923 and 1929, almost 10 per cent of the UK insured workforce was unemployed. The jobless were concentrated in the export-oriented staple industries. In those parts of the economy not exposed to foreign competition, unemployment was closer to pre-war levels.

A further problem for Britain, and many other countries too, was the uneven distribution of gold stocks. The US was gold rich throughout the 1920s, but, after the stabilization of the franc in 1926, the Bank of France began to sell its foreign exchange in order to purchase bullion ( Clarke, 1967 ). By 1929, the US and France had accumulated nearly 60 per cent of the world’s gold stock and their central banks sterilized much of their gold so that it did not inflate the money supply. In other words, both countries kept a high proportion of the world’s gold stock in their vaults and withdrawn from circulation. As a result, other countries were forced to deflate in order to compensate for a shortage of reserves. Unfortunately, the gold standard imposed penalties on countries which lost gold while the few which gained did so with impunity.

Gold shortages compelled UK policy-makers to impose relatively high interest rates in order to attract foreign funds—hot money—which bolstered the country’s inadequate bullion reserves. Unfortunately, potential domestic investors suffered as the real cost of credit rose. Nevertheless, as the membership of the gold standard club grew in the 1920s, policy-makers congratulated themselves that all major trading countries were bound together in a system that was dedicated to the maintenance of economic stability.

With the benefit of hindsight, it is clear that the international economy was in a potentially precarious position in 1929. Continuing prosperity was dependent upon the capacity of the US economy to absorb imports and to maintain a high level of international lending. If an economic crisis struck the US, how would the Federal Reserve deal with it? The Fed, created in 1913, was a relatively untested central bank. Would it act aggressively as lender of last resort if the banking system became stressed? Would its decentralized division into 12 regional reserve banks with monetary policy formulated by a seven-member Board demonstrate weakness or strength in fighting a depression? And, should a crisis materialize, would the gold standard’s rules force contracting economies to deflate, thus worsening their plight rather than providing a supportive international framework?

(ii) From boom to slump

In January 1928 the Federal Reserve ended several years of easy credit and embarked on a tight money policy. The Fed began a sale of government securities and gradually raised the discount rate from 3.5 to 5 per cent. The Fed was fully aware that a sudden rise in interest rates could be destabilizing for business and might bring a period of economic prosperity to an unhappy conclusion. To avoid this possibility, the monetary authorities aimed gently to deflate the worrying bubble on Wall Street by making bank borrowing for speculation progressively more expensive. Monetary policy-makers believed that by acting steadily rather than suddenly, speculation could be controlled without damaging legitimate business credit demands. It seemed a good idea at the time, but unfortunately this policy had serious unforeseen domestic and international repercussions. The new higher rates made more funds from non-bank sources available to the ever-rising stock market, and speculation actually increased. Many corporations used their large balances to fund broker’s loans, and investors who normally looked overseas found loans to Wall Street a more attractive option. Unfortunately, countries that had become dependent on US capital imports, for example, Germany, were suddenly deprived of an essential support for their fragile economies.

Adversely affected by Fed policies, the US economic boom reached a peak in August 1929 and after a few months of continuously poor corporate results the confidence of investors waned and eventually turned into the panic which became the Wall Street Crash in October 1929. After the stock-market collapse the Fed embarked on vigorous open-market operations and reduced interest rates. The Wall Street crash markedly diminished the wealth of stock holders and could well have adversely affected the optimism of consumers. But in late 1929 the market seemed to stabilize close to the level it had reached in early 1928. For several months it appeared that the US economy was recovering after a dramatic financial contraction. Overseas lending revived and interest rates throughout the world responded to the Fed’s monetary easing. Optimists saw no reason why vigorous economic expansion should not be renewed, as it had been in 1922.

The optimists were wrong. From the peak of the 1920s expansion in August 1929 to the trough in March 1933 output fell by 52 per cent, wholesale prices by 38 per cent, and real income by 35 per cent. Company profits, which had been 10 per cent of GNP in 1929, were negative in 1931 and also during the following year. The collapse in demand centred on consumption and investment which experienced unprecedented falls. Gross private domestic investment, measured in constant prices, had reached $16.2 billion in 1929; the 1933 total was only $0.3 billion. In 1926, gross expenditure on new private residential construction was $4,920m; in 1933 the figure had fallen to a paltry $290m. Consumer expenditure at constant prices fell from $79.0 billion in 1929 to $64.6 billion in 1933. Durables were especially affected; in 1929, 4.5m passenger vehicles rolled off assembly lines; in 1932, 1.1m cars were produced by a workforce that had been halved. Automobile manufacture and construction had been at the heart of the 1920s economic expansion but, as they fell, supporting industries tumbled, too. Inventories were run down, raw material purchases reduced to a minimum, and workers laid off. In particular, companies producing machinery, steel, glass, furniture, cement, and bricks faced a collapse in demand. The number of wage earners in manufacturing fell by 40 per cent, but many lucky enough to hang on to their jobs worked fewer hours and experienced pay cuts. The producers of non-durable goods, such as cigarettes, textiles, shoes, and clothing, faced more modest declines in output and employment.

The most dramatic price falls were in agriculture and a fall of 65 per cent in farm income was unsustainable for farm operators, especially if they were in debt. Unlike manufacturers, individual farms did not reduce output in response to low prices. Indeed, their reaction to economic distress was to produce more in a desperate attempt to raise total income. The result was the accumulation of stocks which further depressed prices. Nor could farmers lay off workers, as most only employed family members. As banks and other financial institutions foreclosed on farm mortgages, distress auctions caused so much local anger that the Governors of some states were obliged to suspend them. Farmers who were unable to pay their debts put pressure on the undercapitalized unit banks that served rural communities. As bank failures spread unease among depositors, the natural reaction of institutions was to engage in defensive banking. Loans were called in and lending, even for deserving cases, was curtailed; the banks gained liquidity by bankrupting many of their customers. Rural families were forced to reduce their purchases of manufactured goods, adding to urban unemployment. The bitter irony of starving industrial workers unable to buy food that farmers found too unprofitable to sell helped to undermine faith in the free-market economic system.

The slide from mid-1929 to spring 1933 was not smooth and continuous. Periodically, it seemed that the depression had bottomed out and recovery was under way. In spite of a destabilizing fall in consumption during 1930 ( Temin, 1976 ) it seemed possible that the economy would revive. This expectation was quashed by a wave of bank failures at the end of the year. Although mostly confined to small banks in the south east of the US, the failures gave depositors a warning sign. During the first half of 1931 the economy revived, but hopes were dashed in the aftermath of Britain’s abandonment of the gold standard in September, when a wave of bank failures served to undermine the diminishing faith of depositors who rushed to withdraw their money, thus making the closure of their banks inevitable. Many kept their withdrawn funds idle rather than trust another bank with their savings. Economic expansion in the summer and autumn of 1932 was reversed during the policy vacuum between Roosevelt’s electoral victory in November 1932 and his inauguration in March 1933. The uncertainties present during this ‘lame duck’ period led to a further wave of bank failures which became so serious that, by the time Roosevelt delivered his inaugural address in March 1933, the Governors of the vast majority of states had declared their banks closed to prevent almost certain failure ( Calomiris, 2010 , this issue). There was a sharp difference between the British experience, where no financial institution failed, and that of the US, where financial paralysis was the end result.

Friedman and Schwartz (1963) emphasized the contraction by one-third of the US money stock between 1929 and 1933, a reduction which they believe explains fully the severity of the depression. They accused the Federal Reserve of pursuing perverse monetary policies which transformed a recession into a major depression. It was, however, a combination of monetary and non-monetary causes, varying in intensity during these critical years, which accounts for the depth of this crisis (Gordon and Wilcox, 1981 ). Nevertheless, as Fishback (2010, this issue) shows, the judgement of the Fed was at times seriously flawed, although policy errors are sometimes more apparent with the benefit of hindsight. For example, because nominal interest rates had been reduced to a very low level, the Fed believed that it was pursuing an appropriate easy money policy. Indeed, it was difficult to see how interest rates could be forced lower. However, the monetary authorities failed to take account of the savage deflation which caused real interest rates to rise to punitive levels for borrowers. The central bank was convinced that it was pursuing an easy money policy when the reverse was the case. Moreover, when faced with a policy choice, the Fed always opted to follow the gold standard rule. As a result, during late 1931, and also during the winter of 1932–3, the Fed raised interest rates to protect the dollar from external speculation in order to halt gold losses. Unfortunately, this was the exact reverse of the low interest rate, easy credit policy needed to save the battered banking system. Little wonder that so many banks closed their doors. There is no doubt that monetary policy had serious adverse effects during the worst depression years.

Unemployment was one of the great curses of the depression. Widely accepted estimates show that the percentage of the US civilian labour force without work rose from 2.9 in 1929 to 22.9 in 1932 ( Table 2 ). Many classified as employed were on short time and some had also experienced wage cuts. Unlike Britain, the US had no national system of unemployment benefits; the jobless were subjected to a harsh regime which included dependence on miserly, poorly administered, local relief. Those most affected included the young, the old, and ethnic minorities, whose unemployment rates were relatively high. In addition, social workers stressed that those who had been out of work for long periods became increasingly unattractive to employers. Loss of income and employment uncertainty combined to reduce consumer spending.

Even fortunates who felt secure in their jobs and whose real incomes had risen were deterred by the persistent deflation. Why buy a motor vehicle, or a house, now, when both would be significantly cheaper in a few months’ time? Deflation increased the burden of existing debt and acted as a warning against the accumulation of new obligations. Deflation also intensified business uncertainty and further undermined the confidence necessary to make investment decisions. Traditionally, price falls were seen as one of the natural self-correcting mechanisms of the market economy. Deflation automatically led to a rise in real incomes, it was argued, and consumers would soon start a purchasing drive that would lift the economy out of recession. The persistent price falls over such a long period, however, brought about a paralysis in consumption and investment. Potential spenders wanted to wait until the price falls had reached their nadir before they committed themselves to major purchases and new debt.

Herbert Hoover was hard-working, energetic, and intelligent. He probably had a greater grasp of contemporary economics than any twentieth-century president and was confident enough to be his own economic advisor ( Stein, 1988 ). He was familiar with the current literature on business cycles and was not a man to stand aside and watch as recession accelerated into depression ( Bernstein, 2001 ). Hoover publicly urged business leaders to share scarce work rather than add to the unemployed, and pleaded with them not to cut wage rates, which had been the instant response of employers in 1920–1. Big business held out against wage cuts until mid-1931 when, faced with overwhelming financial losses, the dam broke and they could resist no more. Nominal wage cuts became common, as did mass lay-offs. Some critics see Hoover’s unwavering commitment to high wages and the maintenance of purchasing power as a serious mistake, which added to the severity of the downturn ( Ohanian, 2009 ; Smiley, 2002 ).

Hoover refused to listen to the pleas of 1,038 American economists who, in 1930, urged him to veto the Smoot–Hawley tariff bill. When it became law, this legislation raised US import duties and ultimately led to retaliatory action throughout the world. Not surprisingly, US foreign trade declined once the depression began to bite. The value of US exports was $7 billion in 1929 but only $2.5 billion in 1932; imports declined from $5.9 billion to $2 billion during the same period. Nevertheless, the US balance of payments remained in surplus. It was, however, the rapid income decline in countries that wanted to purchase US goods which was the most significant factor in causing the contraction in international trade ( Irwin, 1998 ). Hoover’s support of tariff increases demonstrated his consistency. His priority was to protect companies that paid high wages from competition from cheap imported goods ( Vedder and Gallaway, 1993 ).

In early 1932, following Hoover’s lead, Congress approved the Reconstruction Finance Corporation (RFC) with a remit to lend to distressed banks. The hope that the RFC, acting as lender of last resort, would bring stability to the financial system was compromised by a Congressional decision to publicize the names of all institutions that approached the RFC for financial help. Hoover also authorized a large increase in federal spending on work relief projects, but the federal budget, at 4 per cent of GNP, was too small to make a noticeable dent in the growing social distress. Inevitably, declining revenue forced the budget into deficit for fiscal year 1931. The deficit was too small to exert an expansionary effect on the economy but it did enable Roosevelt to attack Hoover during the election campaign of 1932 for failing to appreciate the necessity of economy in government. Ironically, the budget deficit of 1931 was the most expansionary of the entire decade, though no one at the time saw this as a benefit. In 1932, Hoover became so concerned about the domestic and foreign disapproval of the federal budget deficit that spending was reduced and the Revenue Act (1932) introduced a raft of substantial tax increases. In spite of his efforts, the budget remained in the red and, not surprisingly, unemployment remained stubbornly high. Unfortunately, Hoover’s understanding of contemporary economics led him to an unshakeable belief in the gold standard. He shared with many contemporary economists the view that fiscal and monetary policies must be directed to support gold rather than directly to promote domestic economic expansion or bank stability.

(iii) The transmission of the depression

It is easy to see that the year-on-year reduction in imports by the main industrial powers and the collapse of international lending placed many economies in great difficulty. In particular, a regular flow of dollars had been crucial to debtor countries, enabling them to buy goods and services and discharge their debt payments. Once the flow dried up, countries had to confront balance-of-payment and debt-repayment problems which were entirely unanticipated. Primary producers had to act quickly to reduce imports and boost their exports as the terms of trade moved sharply against them. Desperate to curb gold and foreign-exchange loss, they used restrictive monetary and fiscal policies to deflate their economies savagely. Public spending was slashed, wages were cut, and misery increased, but all to no avail. It was impossible to earn sufficient foreign currency, or to attract new international loans. Once the cure of deflation was judged more painful than the disease it was supposed to remedy, default on international loans was inevitable. When this happened, foreign investors panicked. In 1931, US lending virtually ceased and did not recover during the rest of the decade.

The key element in the transmission of the Great Depression, the mechanism that linked the economies of the world together in this downward spiral, was the gold standard. It is generally accepted that adherence to fixed exchange rates was the key element in explaining the timing and the differential severity of the crisis. Monetary and fiscal policies were used to defend the gold standard and not to arrest declining output and rising unemployment.

Contemporaries believed that the gold standard imposed discipline on all economies wedded to the system. But in operation the gold standard was not even-handed. As we have seen, states accumulating gold were not forced to inflate their currencies, but when gold losses occurred governments and central banks were expected to take immediate action in order to stem the flow. The action was always deflation but never devaluation ( Temin, 1993 ). Between 1927 and 1932 France experienced a surge of gold accumulation which saw its share of world gold reserves increase from 7 to 27 per cent of the total. Since the gold inflow was effectively sterilized, the policies of the Bank of France created a shortage of reserves and put other countries under great deflationary pressure. Irwin (2010) concludes that, on an accounting basis, France was probably more responsible even than the US for the worldwide deflation of 1929–33. He calculates that through their ‘gold hoarding’ policies the Federal Reserve and the Bank of France together directly accounted for half the 30 per cent fall in prices that occurred in 1930 and 1931. This illustrates a serious flaw in the operation of the interwar gold standard.

When US capital flows to Germany began to dry up in 1928, the German economy was already experiencing an economic downturn and, at the same time, had a formidable reparations debt to discharge. Germany was forced to deflate, even though already in the early stages of a depression. Soon mounting unemployment and violent political unrest gripped the country. In May 1931 Austria’s largest bank, the Credit-Anstalt, experienced such difficulty that speculators attacked the Austrian schilling. Austria’s gold and foreign-exchange reserves were inadequate and soon exhausted and the country was forced to introduce exchange controls. Speculators then turned to Germany, which had a weak economy, a suspect banking system, a high level of short-term debt, and worrying political divisions.

This was an opportunity for decisive coordinated intervention by the major economic powers. A flawed German economy faced the possibility of a catastrophic financial crisis, which, if not contained, could have serious ramifications for others. Who among the great powers would help? Britain was too financially enfeebled to offer more than marginal assistance. In June 1931 President Hoover acted by unilaterally proposing a moratorium, for 1 year, on reparation and war debts payments. The moratorium referred only to inter-government debt. Hoover expected private debts to be honoured. His intervention was opposed by the French, who were furious at the lack of consultation but more fundamentally believed that they lost more than they gained from the moratorium. France, with ample gold reserves, was in a position to assist, but the political conditions attached to its offer of help made it impossible for Germany to accept. In August 1931, Germany abandoned the gold standard, introduced exchange controls, and halted the free flow of gold and marks. Even though this was a time of falling prices, the horrors of post-war hyperinflation were fresh in the memory of the German public and policy-makers. As a result, the mark was not devalued and the government continued with the draconian deflation that had been introduced in accordance with gold-standard rules.

The speculative wave then engulfed sterling. There had been obvious signs of recession in the UK as early as 1928, when the curtailment of US lending affected UK international trade in services. About 40 per cent of UK overseas trade was with primary producing countries, which were forced immediately to restrict their spending when US credit dried up ( Solomou, 1996 ). The crisis worsened in 1929 as world demand collapsed and the UK experienced a sharp fall in the export of goods and services. Following gold-standard rules, real interest rates rose to defend sterling and public-expenditure cuts were imposed in an attempt to achieve budget balance. Like Austria and Germany, Britain was faced with the withdrawal of foreign deposits as the holders of sterling anticipated the potential loss to them from devaluation. The struggle to defend the pound was all to no avail. On 21 September Britain was forced to leave the gold standard, the first major country to do so, and devalue sterling. The devaluation was substantial; sterling, once free to float, fell by 25 per cent against the dollar, though, of course, it is the multilateral effects of devaluation rather than the bilateral which are the most significant. Speculators then attacked the US dollar, which, as we have seen, was defended by the Federal Reserve, though at the cost of compromising the banking system and intensifying an already serious depression.

Curiously, once free from the need to pursue a deflationary monetary policy to defend sterling, the Bank of England actually increased the bank rate. In spite of experiencing one of the largest price falls in modern history, policy-makers worried about the inflationary effects of devaluation. Fortunately, Britain had not lived through the horrors of hyperinflation, or, indeed, the high levels of inflation endured by the French before the stabilization of the franc in 1926. The fears of financial instability quickly subsided and from early 1932 interest rates were reduced and a nominal interest rate of 2 per cent was a persistent feature of the British economy for the remainder of the 1930s. In contrast, fiscal policy was not expansionary until the end of the decade and the attraction of an annual balanced budget remained ( Middleton, 2010 , this issue).

It is clear that unemployment was the major effect of the Great Depression as far as the UK is concerned. The proportion of workers who were unemployed rose to a peak of 17 per cent in 1932 ( Table 2 ). However, other indicators show that the impact of the crisis was relatively benign. No British bank or building society failed during these troubled years. Between 1929 and 1931, the peak-to-trough contraction in real GDP was a mere 5.4 per cent ( Table 2 ). Even in these crisis years, consumption remained relatively stable. The early exit from the gold standard and the robustness of the financial system created a platform for UK recovery which could be exploited. Indeed, between 1929 and 1937, the peak of 1930s performance, real GDP increased by 16.4 per cent. Unfortunately, 10.1 per cent of the insured population remained without work in 1938 and the numbers of long-tern unemployed were seemingly an intractable socio-economic problem ( Hatton and Thomas, 2010 , this issue). Nevertheless, the UK depression experience is a sharp contrast with that endured by the US ( Table 2 ). Even today, no US macro textbook would be complete without a section analysing the causes and the course of the Great Depression. In the UK, apart from persistent unemployment, the downturn was not deep and was over quickly, and the recovery was impressive.

However, 1931 was a watershed for UK economic policy. The gold standard was abandoned and sterling was devalued. Monetary policy was freed from its obligation to support the gold standard and could be used as a tool for economic expansion. The crisis also provided the incentive for Britain to turn away from an emotional commitment to free trade. The Imports Duties Act (1932) imposed a general 10 per cent duty on a range of imports. Within a few months, the Imperial Preference system instituted agreements between Commonwealth countries and Britain to favour each other’s exports.

Early UK recovery was helped by a favourable exchange rate, though within a few years that significant advantage had gone, as other countries devalued and as British tariffs improved the domestic trade balance. It was not foreign trade but a reflationary monetary policy that drove recovery. Cheap money stimulated the housing industry and, with building societies playing a promotional role, this sector became a visible sign of prosperity, particularly in the Midlands and the south-east of England. Unfortunately, the regions dominated by the old staple industries remained depressed. Apart from unemployment, UK macro performance during the recovery period was impressive. Between 1932 and 1937, GDP growth averaged 4 per cent ( Table 2 ).

In 1931, 47 countries were members of the gold-standard club. By the end of 1932 the only significant members were: Belgium, France, Netherlands, Poland, Switzerland, and the US ( Eichengreen, 1992 ). The year 1931 was a dramatic one, when a major financial crisis dealt a mortal blow to the gold standard while output and prices continued to decline throughout the world. Far from providing stability and fulfilling the expectations of its supporters, the gold standard was instrumental in forcing economies to deflate during a period of intense depression. Indeed, departure from gold was a prerequisite for recovery.

For a while the countries freed from the shackles of gold seemed overwhelmed by the enormity of their action. Policy-makers were concerned that devaluation might lead to inflation, so there was no immediate rush for expansionary economic policies. However, by 1935 it was clear that all the countries that had devalued their currencies in 1931 had performed far better than those who had opted for exchange control. In 1933, the US decided to leave the gold standard and devalue the dollar as it was clear that New Deal policies designed to inflate the economy were inconsistent with the rules of the game. Unlike Britain, the US was not forced to leave the gold standard but chose to do so. The performance of the gold bloc, headed by France, was increasingly dismal and in 1936 France, too, abandoned gold.

Devalued currencies gave exports a competitive edge which trade rivals remaining on gold sought to blunt by the imposition of tariffs, quotas, and bi-lateral trade agreements ( Eichengreen and Irwin, 2009 ). In Nazi Germany, a drive for greater self-sufficiency was added to strict exchange controls and these policies were accompanied by a reliance on bilateral rather than multilateral trade ( Obstfeld and Taylor, 1998 ). Japan and Italy also provide examples of autarkic imperialism. Liberal internationalism was no more. Individual countries, or groups, strove to minimize their imports and maximize their exports. Trade restrictions increased dramatically during the 1930s but even when there was some relaxation it was not multinational. With the Reciprocal Trade Agreements Act (1934), the US Congress authorized the President to negotiate bilateral tariff reductions with other countries. By 1939 the US had signed 20 treaties with countries accounting for 60 per cent of its trade ( Findlay and O’Rourke, 2007 ). Unfortunately, during the 1930s, multilateral trade gave way to bilateral arrangements as trading within blocs, of which Imperial Preference was one, grew more common. The outcome was trade diversion rather than creation.

(iv) The post-gold-standard world

Roosevelt (FDR) promised the American people ‘bold persistent experimentation’ and, although scholars see in the New Deal continuity with America’s past, the public saw decisive action and lots of it. Immediately on entering office the new President addressed the banking problem. A bank holiday closed all the nation’s banks and the President assured the public that they would only be permitted to re-open when an independent examination had declared them sound. Roosevelt’s assurances, and a raft of new regulations designed to curb the failings which Congress believed had helped to cause the depression, ushered in a period of banking stability. FDR’s decision to leave the gold standard and significantly devalue the dollar horrified conservatives but banished the need for the Fed to impose deflationary policies on a stricken economy. Indeed, after devaluation, the US became a safe haven for gold, especially from a troubled Europe. The gold flows generated an expansion of the money supply which helped to stimulate recovery.

From the exceptionally low base of 1933, real GDP grew rapidly at an average of over 8 per cent a year until 1937. After a check, growth between 1938 and 1941 was, at over 10 per cent, even more rapid. Between 1929 and 1933 real GDP fell by 27 per cent; between 1933 and 1937 it rose by 36 per cent ( Table 2 ). In 1937, the best year of the decade, output had just reached 1929 levels and there were as many people at work as there had been in the prosperous year of 1929. Unfortunately the labour force had grown by 6m and the unemployment rate, at 14.3 per cent, remained unacceptably high. Private investment failed to revive satisfactorily. Total gross private domestic investment (current $) rose from $1.4 billion in 1933 to $11.8 billion in 1937. The figure for 1929 was $16.2 billion. The recession of 1937–8 was a sudden and devastating blow to an economy functioning far below full capacity. Private investment was driven down to $6.5 billion and full recovery was held back for several years. The economy did not reach its long-run trend until June 1942.

The New Deal is difficult to evaluate economically, partly because of its lack of consistency ( Fishback, 2007 ). In the first New Deal, 1933–5, Roosevelt attacked the surpluses which many commentators believed had dragged the economy down. Farmers were paid to reduce the acreage on which they grew specified crops in the hope that reduced output would increase farm income and, indeed, revive the entire economy. The National Industrial Recovery Act (NIRA) encouraged cooperating businesses to curb competition, which was seen as potentially destabilizing as it led to price reductions. Minimum wages and maximum hours were supposed to increase consumer spending power and help spread the available work. It was a misguided attempt to regenerate the economy by producing less. This bureaucratic nightmare was declared unconstitutional by the Supreme Court in 1935.

FDR now abandoned the attempt to cooperate with business and advocated a more competitive society. He denounced the ‘economic royalists’, who, he maintained, were trying to thwart the will of the people by undermining his policies. In order to protect the vulnerable, who would be exposed to exploitation in this new competitive environment, the formation and growth of trades unions was promoted by the Labor Relations Act (1935), more popularly known as the Wagner Act. Roosevelt gained a stunning re-election victory in 1936 but by the following year the 1937-38 recession necessitated another change in direction. FDR, who had always disliked budget deficits, now came to accept that spending was a vital tool for recovery. Extra spending did bring about a revival.

The President’s frequent changes of direction are seen by his opponents as cynicism. His supporters praise him for pragmatism. It is hard to think of the twists and turns of New Deal policies having a uniformly positive effect on economic performance. On the positive side, the achievement of bank stability was an important plus, but Roosevelt’s poor relations with business and the administration’s inclination to balance increases in spending with new taxes did not create a favourable environment for private investment to flourish and negated the expansionary effects of federal spending.

The New Deal was not Keynesian. Neither fiscal nor monetary policy was used as a tool for economic revival. The reaction of many contemporaries to the problem of unemployment, for example, was to promote polices that would share work, promote high wages to aid purchasing power, remove married women from the workforce, and institute a compulsory age of retirement. Although the federal budget was in deficit for every year during Roosevelt’s presidency, these deficits were too small and unplanned to be described as Keynesian ( Fishback, 2010 ). The growing money stock did exert a positive influence, but its cause was the substantial flow of gold entering the banking system from troubled Europe rather than direct policy action by the Fed ( Romer, 1992 ). The inflow also imposed costs even though it provided advantages. The Fed became concerned at the potentially inflationary excess reserves held by member banks and, in 1936 and 1937, raised reserve requirements. The banks responded by reducing their lending. Coincident with this restriction, federal spending was reduced. The combination of restrictive monetary and fiscal policies plunged the economy into a serious yearlong downturn during which real GDP fell by 10 per cent and unemployment rose to 12.5 per cent. Fortunately, the recession bottomed out in May 1938, as both fiscal and monetary policy became expansionary. Recovery was rapid but prices continued to fall for another 2 years. This recession was a serious self-induced wound.

(v) Unemployment

Hatton and Thomas (2010) offer an explanation for the mass unemployment in both the US and the UK during the 1930s. Unemployment in the UK during the 1930s was similar to that of the 1920s. It was concentrated in the regions where the old staple industries, cotton textiles, coal mining, ship building, and iron and steel, dominated. However, in other parts of the country, a private housing boom, encouraged by low interest rates and rising real wages, created many jobs and there was employment growth, too, in the manufacture of consumer durables and in the service sector. By the mid-1930s, UK unemployment was primarily regional and structural.

In contrast, the US had enjoyed low unemployment during the 1920s. The stubborn refusal of unemployment to decline to pre-Depression levels as economic recovery got under way ensured that expenditure on relief was a new and major item in the federal budget. There were other differences between the 1920s and the 1930s. The Roosevelt administration encouraged the growth of trades unions and in the first New Deal, minimum wages and maximum hours raised both real wages and labour costs. Indeed, the support of both Hoover and Roosevelt for polices designed to prevent wage rates from falling helps to explain the extraordinary growth in money wages during a period of mass unemployment. The employed benefited, but real wages increased above market-clearing levels and, as a result, unemployment persisted.

Unlike British policy-makers, the New Dealers were totally opposed to ‘dole’ payments, which they feared would lead to a dependency culture. Instead, they stressed the benefits of work relief with a cash wage and hourly wage rates identical to those in the private sector. Hours worked were restricted so that take-home pay was not so munificent that private-sector work would be rejected if it was offered. Unfortunately, limited funding enabled only 40 per cent of workers eligible for work project placements to find employment on them. Rejected applicants were forced to accept relief from their counties, which was far less generous than that provided by Washington.

Mass unemployment was a worldwide phenomenon during the depression. Sweden, Denmark and Norway, like Britain, endured double-digit unemployment in both the 1920s and the 1930s ( Feinstein et al ., 1997 ). In Germany, the deflationary policies pursued even after the gold standard had been abandoned led to an unemployment total of 6m in 1933, roughly double that of the UK. The social and political distress in Germany, which played a significant part in the election of Hitler as Chancellor in 1933, was widely seen at the time as one of the unacceptable costs of unemployment. The eradication of unemployment was a Nazi priority and the new government acted swiftly by imposing a ‘new deal’ on Germany which was radically different from Roosevelt’s model. The Nazis abolished German trades unions and with them collective bargaining. A mass programme of public works financed by budget deficits was begun immediately. Industrial recovery emphasized the production of capital goods not consumer goods. Labour service, and the introduction of military conscription in 1935, helped to reduce the ranks of the jobless so that, in 1937, unemployment had been reduced to less than 2m. A striking feature of the labour market was the very modest growth in real wages which this totalitarian regime was able to control. When the market became tight and shortages appeared, there were no trades unions to help workers exploit their scarcity.

The contribution of Nazi work-creation schemes and the state’s ability to control wage growth explains why the decline of unemployment in Germany appeared a success story when compared to Roosevelt’s efforts in the US ( Temin, 1989 ). Depressed commentators in the free world wondered if the only way to eradicate unemployment was to embrace the policies of either Nazi Germany, or the Soviet Union. Neither option had great appeal. It was, however, preparation for war which sheltered Britain, France, and Germany from sharing the US experience during 1937–8. Expansionary fiscal policies sustained the European economies as they geared up for conflict and minimized the effects of this contraction.

(i) What caused the downturn?

Economic historians have traditionally viewed the large falls in real GDP that happened in the Great Depression as the result of large aggregate demand shocks. We think this is still appropriate and identify the main sources of these shocks. 1 However, the translation of adverse shifts in aggregate demand into an impact on output as well as the price level, implies that the aggregate supply curve was non-vertical and the reasons for this need to be explored. Moreover, it is now generally accepted that the shocks which started the downward spiral were greatly amplified by the financial crises which characterized the early 1930s. A further key aspect of the Great Depression is that recessionary impulses were not immediately countered by an effective policy response, and this also has to be explained. Here, a central role was played by the gold standard, the fixed exchange-rate system, of which all the major economies were members at the end of the 1920s.

The most important source of shocks to the world economy from the late 1920s onwards was the United States. This was not only because the collapse in output in the world’s largest economy was spectacular, but because other countries responded to deflationary changes in American monetary policy, notably at the end of the 1920s ( Eichengreen, 2004 ). At least since Friedman and Schwartz (1963) , monetary policy errors have been blamed by many economists; the M1 measure of the money supply fell by over 25 per cent between 1929 and 1933 and it is generally agreed that, notwithstanding the constraints of the gold standard, at least through early 1932, there was scope for the Federal Reserve to reverse this decline by an aggressive response. Instead, adhering to the real bills doctrine, it was believed that monetary policy was loose and expansionary policy was inappropriate, even though real interest rates were very high. More details can be found in the paper by Fishback (2010) .

Econometric analysis has supported the view that declines in the money supply tended to have negative effects on real output in the United States in the interwar period; however, the decline in output in the early 1930s was much bigger than would be predicted simply on the basis of the fall in M1 (Gordon and Wilcox, 1981 ). This might imply that there were other demand shocks working through autonomous falls in consumption and investment spending, as argued by Temin (1976) . A major additional factor was the spate of banking crises that engulfed the United States in the early 1930s when more than 9,000 banks failed (comprising about a seventh of total deposits).

In a seminal paper, Bernanke (1983) found that adding changes in deposits of failing banks to an equation to predict output based on money and price shocks substantially improved its predictive power. This should not be surprising since it is well known that systemic banking crises tend to be associated with large output losses ( Laeven and Valencia, 2008 ). Bernanke interpreted his result as an indication that bank failures implied a loss of services of financial intermediation, a ‘credit crunch’, in which output fell consequent on an adverse shift in the supply of loans. This claim, based on correlations at the macro level, has subsequently been strongly supported by micro-level research into bank behaviour ( Calomiris and Mason, 2003 a ; Calomiris and Wilson, 2004 ). So bank failures were an important channel for the transmission of monetary impulses to real-economy outcomes.

Friedman and Schwartz (1963) interpreted the bank failures as primarily a result of a ‘scramble for liquidity’ with the implication that, if the Federal Reserve had acted as a vigorous lender of last resort, they could largely have been averted, at least in 1930 and 1931. Bordo and Lane (2010, this issue) provide support for this view based on an econometric analysis using examiners’ reports on failed banks. That said, it is clear that the United States entered the 1930s with a weak financial system, under-capitalized and based on unit rather than branch banking, and that the probability that a bank would fail strongly reflected fundamentals and insolvency stemming from ex ante balance-sheet weakness rather than panic ( Calomiris and Mason, 2003 b ). It is also clear that high failure rates reflected weaknesses in regulation, notably in terms of capital adequacy, and prudential supervision, in particular because of inadequate standards at the state level; indeed, Mitchener (2007) estimated that the bank failure rate might have been halved had regulatory and supervisory practices across states improved by one standard deviation.

Obviously, a more resilient banking system would have coped better with the stress created by macroeconomic problems. The incorporation of a financial sector into a dynamic stochastic general equilibrium (DSGE) model of the interwar American economy gives similar insights. Christiano et al . (2003) found that shocks that raise liquidity preference (reduce bank deposits relative to currency holdings) lower funds for investment and contribute to a non-neutral debt deflation, but that a monetary policy rule that responded to these money demand shocks could have limited the fall in real GDP in the early 1930s to only about 6 per cent.

Where does the Wall Street Crash fit into this story? To the person in the street, the collapse of stock-market prices is surely the iconic aspect of the Great Depression. The Dow Jones industrial index fell from 381 to 198 between the peak in early September and mid-November 1929, while from peak to the trough in 1932 about five-sixths was wiped off stock-market values. The crash in the autumn of 1929 included the infamous Black Thursday and Black Tuesday (24 and 29 October). In contrast, economists and economic historians have generally thought that the Wall Street Crash played at most a minor role in the downturn. In part, this is because the fundamental value of a share reflects the discounted present value of future earnings and is thus an endogenous variable. That said, share price indices exhibit ‘excess volatility’—they jump about much more than can be explained by an efficient markets hypothesis ( Shiller, 2003 )—and probably were quite a bit ‘too high’ ex ante in 1929. 2 So there is scope to think in terms of an exogenous shock to share prices. The question then is how much effect might this have had on the real economy. The answer is probably a small impact on consumption through wealth effects and postponement of durables as a response to increased uncertainty ( Romer, 1990 ). There is good evidence that increases in uncertainty affected investment quite significantly through increased risk premia, but, that said, this does not seem to result from discrete events such as the stock-market crash ( Ferderer and Zalewski, 1994 ). So, overall, the impact of the Wall Street Crash on the real American economy was very modest in comparison with that of monetary policy and banking crises.

In sum, the collapse in economic activity was the result of large shocks, both monetary and expenditure, to aggregate demand interacting with a fragile financial system so as to magnify the impact. Discretionary policy responses were, at best, too little, too late, while automatic stabilizers were very weak in an economy with a small federal budget together with low tax rates and transfer payments. Although nominal interest rates fell by several percentage points, ex post real interest rates rose steeply, while bank failures and declining asset prices delivered a credit crunch.

For the typical small open economy in the rest of the world, the big problem as the Depression took hold was being subjected to deflationary pressure as world output and prices fell while being severely constrained in making a policy response by membership of the gold standard. The concept of the macroeconomic trilemma tells us that such a country can only have two of a fixed exchange rate, capital mobility, and an independent monetary policy. This last was typically given up while the gold standard prevailed, although in the globalization backlash that ensued capital controls were very widely adopted. It follows that a monetary-policy response to the deflationary shocks needed to be coordinated across countries (thereby allowing interest-rate differentials to remain unchanged) but, as Wolf (2010) explains, international coordination was out of the question. Indeed, non-cooperative behaviour was the order of the day, epitomized by France’s accumulation and sterilization of gold reserves.

Besides having no control over monetary policy, staying on the gold standard required reductions in prices and money wages and entailed high real interest rates and increased the risk of a banking crisis as balance sheets deteriorated. The decision not to leave the gold standard was influenced by the strength of worries about loss of monetary discipline and the degree of pain in terms of price falls and devaluations by important trading partners ( Wolf, 2008 ). Banking crises were experienced in many countries and were associated with weaknesses in banking systems as well as the deflationary pressures which stressed them ( Grossman and Meissner, 2010 , this issue). Banking crises were bad for the real economy, and countries which went through them were exposed to much larger decreases in real output ( Bernanke and James, 1991 ).

It is implicit in this discussion that the aggregate supply curve is positively sloped rather than vertical so that aggregate demand shocks have output as well as price-level effects. This seems to be borne out by the evidence. Bernanke and Carey (1996) , in a careful panel-data econometric study, found both that there was an inverse relationship between real wages and output and that this reflected incomplete (and indeed quite sticky) nominal wage adjustment in the presence of aggregate demand shocks. It is not fully understood why wages were so sticky, but ‘new-Keynesian’ arguments may be relevant. In particular, there is evidence to support an ‘insider–outsider’ explanation. Consistent with this, for the United States, it has been shown that the delay in nominal wage cuts was most pronounced in industries where there was market power ( Hanes, 2000 ). However, the impact of President Hoover’s attempts to persuade employers to agree not to cut wages may have also delayed wage cuts ( O’Brien, 1989 ). 3

The volume of international trade fell dramatically during the Great Depression, both absolutely and relative to GDP, and the period is notable for a surge in protectionism following the Smoot–Hawley Tariff imposed by the United States in 1930. For the advanced countries, real GDP fell by 16.7 per cent between 1929 and 1932, but import volumes fell by 23.5 per cent ( Table 1 ). Grossman and Meissner (2010) review the reasons for the decline in trade in some detail. Obviously a major factor is the fall in world incomes, but increasing barriers to trade clearly played a very significant role; although estimates of their contribution are sensitive to methodology, it seems likely to have been at least 40 per cent, as estimated by Madsen (2001) .

The goals of protectionist policies were typically to safeguard employment, to improve the balance of payments, and to raise prices. Unlike today, there were no constraints from World Trade Organization (WTO) membership. Protectionism is usually thought of as the triumph of special-interest groups but, in this period, it may be more a substitute for a macroeconomic-policy response. For example, Eichengreen and Irwin (2009) found that, on average, tariffs were higher in countries that stayed on gold longer. It seems unlikely that protection generally had any major impact on GDP during the downturn, because with retaliation there were offsetting effects on imports and exports. Eichengreen (1989) estimated that Smoot–Hawley raised American GDP in the short run by about 1.6 per cent after allowing for retaliation and effects on income in the rest of the world.

(ii) What drove the recovery?

The decline in economic activity across the world came to an end in 1932–3, although there were substantial output gaps for a long time afterwards. Changes in economic policy played a major role in promoting economic recovery on the demand side and to some extent by inhibiting it on the supply side. In the United States, the inauguration of the Roosevelt administration in 1933 ushered in the New Deal and most countries left the gold standard and embarked on a new macroeconomic policy regime. There is a large literature that seeks to account for the role of policy in macroeconomic outcomes in the post-Depression years, but, as this section shows, there remains room for debate.

In the United States, recovery after 1933 can be characterized as strong but incomplete. In the 4 years 1933–7, real GDP rose by 36 per cent compared with a fall of 27 per cent in the previous 4 years, taking the level in 1937 back to about 5 per cent above that of 1929. Assuming trend growth at the pre-1929 rate, however, there was still an output gap of some 25 per cent. From 1933 the New Deal swung into action with its alphabet soup of public-spending initiatives. It is natural to assume that this represented a substantial Keynesian fiscal stimulus but, as has been known since the calculations of Brown (1956) and Peppers (1973) , this was not the case.

Fishback (2010) points out that the New Deal was largely financed by tax increases and notes that the direct effects of fiscal stimulus were, at most, a very small part of the recovery. The federal deficit in 1936 was about 5.5 per cent of GDP and between 1933 and 1936 the discretionary increase probably amounted to around half of this figure. So, fiscal policy was not really tried. Would it have worked? This turns on the value of the fiscal multiplier. In the circumstances of the mid-1930s, with interest rates at or near the lower bound, there are good reasons to believe that, for temporary government spending increases, fiscal multipliers should be a good deal higher with much less crowding out than in normal times ( Hall, 2009 ). Gordon and Krenn (2010) provide estimates of the fiscal multiplier based on a vector autoregression (VAR) analysis of the impact of government expenditure on preparations for the Second World War in 1940–1 which are 1.8 in 1940 falling to 0.8 by the end of 1941. However, as Fishback (2010) notes, there are few estimates of the fiscal multiplier during the New Deal; his own research at the state level suggests a range of 0.9 to 1.7—perhaps a bit below Hall’s best guess of 1.7 for similar conditions. In any event, this would make dealing with the output gap of 1933 a daunting task.

The New Deal was a package of measures, some of which, notably NIRA in 1933 and later the National Labor Relations Act, were intended to increase the bargaining power of workers vis-à-vis employers and to prevent nominal wage declines. Cole and Ohanian (2004) , in the RBC tradition, argue that the effect was to raise real wages and unemployment compared with competitive market outcomes and that this accounts for a significant part of the shortfall of output in 1937 relative to the pre-1929 trend. Hatton and Thomas (2010) review the evidence for this claim and conclude that the New Deal may well have raised the equilibrium level of unemployment considerably; they find that the non-accelerating inflation rate of unemployment (NAIRU) was 12 percentage points higher in the American economy in the 1930s compared with the 1920s. So, it seems that the adverse supply-side impact of the New Deal probably outweighs any positive demand stimulus that it delivered.

Romer (1992) argued that the main stimulus to recovery in the United States was monetary policy, noting very rapid growth in the monetary base and M1 after 1933. This was driven by (largely unsterilized) gold inflows after the United States left the gold standard. M1 grew at nearly 10 per cent per year between 1933 and 1937 and Romer estimated that this was sufficient to raise real GDP in 1937 by about 25 per cent compared with what would have happened under normal monetary growth. She found a large reduction in real interest rates from 1933 and concluded that this had favourable impacts on investment spending. By implication, the positive effect of monetary policy on nominal GDP was a major reason why the federal debt-to-GDP ratio only went up from 16 per cent in 1929 to 44 per cent in 1939.

This account needs to be supplemented by explicitly considering how the United States escaped the liquidity trap, i.e. delivered monetary stimulus despite interest rates at the lower bound. The key here was ‘regime change’, as was originally stressed by Temin and Wigmore (1990) . They argue that leaving the gold standard was a clear signal that the deflationary period was over. Eggertsson (2008) , working with a standard DSGE model, built on this and provided some quantification. His argument is that Roosevelt’s actions on taking office, comprising leaving gold, announcing an objective of restoring the prices to pre-Depression levels, and implementing New Deal spending, amounted to a credible policy that delivered a major change in inflationary expectations which drove down real interest rates, matching the classic recipe for escape from the liquidity trap ( Svensson, 2003 ). Eggertsson’s calibration implied that the regime change accounted for about three-quarters of the recovery in output between 1933 and 1937. Interestingly, this kind of model makes the New Deal a major factor in promoting recovery, but through its indirect effects in changing expectations rather than through a Keynesian fiscal stimulus.

An important ingredient in recovery in the United States was rehabilitation of the banking system to put an end to the waves of bank failures and to ease the credit crunch; this was, indeed, a major priority for legislators. Both re-capitalization and re-regulation of the banks were required. Following a compulsory closure of all banks for 3 days for inspection of their books, the Roosevelt Administration passed an Emergency Banking Act in March 1933 and this was followed by the Banking Acts of 1933 (Glass–Steagall) and of 1935. About 4,000 banks were declared insolvent and not allowed to re-open after the ‘bank holiday’. Inter alia , these banking acts empowered the Reconstruction Finance Corporation (RFC), a government agency, to buy preferred stock in banks with voting rights that frequently entailed effective control, introduced federal deposit insurance, separated investment from commercial banking, and imposed interest-rate ceilings on bank accounts (regulation Q). However, nationwide branch banking continued to be prohibited.

This approach was successful in part, as Mitchener and Mason (2010, this issue) discuss. Deposit insurance, made permanent under the auspices of the Federal Deposit Insurance Corporation (FDIC), was important in ending the threat of further bank runs, as theory suggests it should ( Diamond and Dybvig, 1983 ). The RFC provided substantial capital; by March 1934 it owned stock in nearly half of all commercial banks and in June 1935 it owned more than a third of the capital ($1.3 billion in 6,800 banks) of the American banking system ( Olson, 1988 ). The RFC imposed conditions on banks which were a good substitute for market discipline on risk taking ( Calomiris and Mason, 2003 c ) and the RFC made money for the American taxpayer. Bank runs ceased and failures returned to normal low levels; the deposits-to-currency ratio which had fallen from 10.9 to 5.1 between 1929 and 1933 went back above 7. Bank lending, however, remained far below pre-Depression levels and deposit-to-reserve ratios continued to fall from 13 in 1929, to 8.2 in 1933, to 5 in 1937, when loans were a little over half but bank capital was over 80 per cent of the 1929 level. This reflected continued efforts by banks to reduce default risk at a time when they found it costly to raise new equity ( Calomiris and Wilson, 2004 ).

The regulatory response to the banking crises, captured by political interest groups intent on preserving unit banking and imbued with the ideology of the real bills doctrine, was highly unsatisfactory ( Calomiris, 2010 ). 4 Calomiris notes that the legislation was designed to support unit banking, yet this was the main structural weakness of the system which inhibited diversification of risks, prevented coordinated responses to shocks, restricted competition, and was a major source of banking instability. In contrast, the Glass–Steagall Act mandated the separation of commercial and investment banking, whereas the evidence is that banks which did both were better diversified and less likely to fail ( White, 1986 ) and that there were no good investor-protection reasons for this legislation ( Kroszner and Rajan, 1994 ). In the longer term, the downside of deposit insurance in terms of encouragement of greater risk taking was an important concern but politically it was impossible to remove; this might be seen as a significant cost of the ineffectiveness of the Federal Reserve as lender of last resort.

A key issue with macroeconomic policies to promote recovery is when to withdraw monetary and fiscal stimulus and revert to normal bank policy: too soon and a double-dip recession ensues, too late and inflation takes off. These ‘exit-strategy’ issues are considered by Mitchener and Mason (2010) . For the United States, the former problem materialized in 1937–8 when there was a short but severe recession in which real GDP fell by 10 per cent from peak to trough. This seems to have been consequent on a combination of monetary and fiscal policy tightening in which the former was probably more important ( Velde, 2009 ). This entailed a doubling of banks’ reserve requirements between August 1936 and May 1937, motivated by fear that excess reserves held by the banks might lead to a rapid rise in bank lending, together with the adoption of a policy to sterilize gold inflows as a result of which M1 growth stalled, and tax increases which saw the full-employment surplus rise by about 3.4 per cent of GDP ( Peppers, 1973 ), motivated by moves to re-balance the federal budget in the face of increases in the public debt-to-GDP ratio.

For countries in the rest of the world, a key factor in recovery was exit from the gold standard, as would be expected on the basis of the earlier discussion. On average, the earlier this happened the shallower was the downturn and the sooner recovery began, as was first shown in a very influential paper by Eichengreen and Sachs (1985) and has subsequently been confirmed for wider samples of advanced and middle-income countries by Bernanke (1995) and Campa (1990) . Bernanke (1995) points to leaving gold as permitting monetary expansion and leading to big declines in real interest rates.

In principle, going off gold also allowed countries with balance-of-payments deficits to escape from the deflationary pressures on fiscal policy that, with sterilization of monetary inflows in surplus economies, bore heavily as they tried to prevent a currency crisis ( Eichengreen and Temin, 2010 ). This might have allowed temporary fiscal stimulus to promote recovery but, as Wolf (2010) explains, for a variety of reasons including continued fear of inflation, many countries were reluctant to follow this path in the first half of the 1930s. Would the injection of fiscal stimulus have been successful? Almunia et al . (2010) obtain results that suggest it might well have been, given near liquidity trap conditions, and believe that there were positive results based on sizeable multipliers where it was employed, as in late-1930s France and Italy.

In similar vein, it should be noted that sovereign default was good for relatively rapid and strong recovery ( Eichengreen and Portes, 1990 ). Continuing to service debt as nominal GDP fell implied severe fiscal austerity and, not surprisingly, default was widespread both in Europe and Latin America in an era when the creditors were typically private bondholders, rather than banks, and creditor governments took a relatively relaxed attitude. 5

These themes can be further illustrated by considering economic recovery in the UK which is covered in some detail in Middleton (2010) . Compared with the United States, the UK experienced a relatively mild downturn, with real GDP falling by only about 5 per cent and an early recovery with real GDP returning to the 1929 level by 1934. 6 This fits the picture. The UK had a concentrated banking system but no universal banking and there were no bank failures. An early exit from the gold standard in September 1931 was a blessing in disguise and the result of a currency crisis driven by the fear that rising unemployment in an economy hard hit by falling exports was incompatible with continuation of deflationary policies ( Eichengreen and Jeanne, 1998 ). Devaluation permitted a ‘cheap-money’ policy together with a significant gain in competitiveness, and this accounts for much of the early recovery which started in a period of fiscal consolidation ( Broadberry, 1986 ). The UK did not default but, in 1932, achieved a significant reduction in debt-interest payments through conversion of a large war loan into lower-interest bonds. Unlike the United States, fiscal policy eventually played a significant part through the rearmament programme associated with a discretionary fiscal stimulus of about 3 per cent of GDP between 1935 and 1938; the evidence suggests a short-run fiscal multiplier of around 1.5 ( Thomas, 1983 ; Dimsdale and Horsewood, 1995 ).

(iii) What were the long-term implications of the Great Depression?

The Great Depression had long-lasting effects on economic policy and performance. In the UK it can be seen as a major step down ‘the road to 1945’ and the favourable reception in the 1940s and 1950s to the ideas of Beveridge and Keynes, while in the United States there is a widely held belief that it was the ‘defining moment’ in the development of the American economy ( Bordo et al ., 1998 ). Obviously, there is a danger of attributing to the Depression changes which would have come about anyway, but there is no doubt that the failures of the market economy in the 1930s were game-changing.

Clearly, one implication was a major re-thinking of macroeconomics by the economics profession which, in the Anglo-American world, rapidly adopted Keynesian thinking. This had implications for policy-making, although these need to be handled with care. In the United States, the main change was that it became generally accepted that the automatic stabilizers would not be over-ridden in pursuit of a balanced budget, and these were now much more powerful, with federal spending considerably bigger, but there was no move to trying to fine-tune the economy through Keynesian demand management ( De Long, 1998 ). In the UK, after the war, activist government intervention to prevent shortfalls of aggregate demand did become the norm and, by the 1950s and 1960s, short-term demand management was very prominent in a way that would have been unthinkable in the early 1930s. 7

There was also a legacy from the 1930s for the framework of macroeconomic policy in terms of the macroeconomic trilemma. The move to controls on international capital movements proved to be long-lasting; in most countries, they continued throughout the Bretton Woods period with the return to pegged exchange rates and freer international trade. These years were characterized by very small current-account positions, very high correlations of domestic savings and investment, and the insulation of domestic from foreign interest rates, thus allowing independent monetary policy ( Obstfeld and Taylor, 2004 ). This has been portrayed by Rodrik (2002) as the ‘Bretton Woods Compromise’ in terms of the acceptable limits on globalization required by domestic politics at the level of the nation state after the debacle of the 1930s.

The crisis of the 1930s surely also contributed to the massive increase in social transfers that characterized the OECD countries in the 50 years from 1930 to 1980, during which time the median percentage of GDP rose from a strikingly low 1.66 to 20.09 per cent ( Lindert, 2004 ). Here, too, the story should not be over-simplified—many other factors played a role, including population ageing, trends in income distributions, and rising prosperity. Nevertheless, the ‘defining moment’ hypothesis for the United States is perhaps at its most persuasive in terms of federal social-insurance schemes; Wallis (2010, this issue) sees a fundamental change in terms of fiscal federalism as the New Deal succeeded in putting rules in place that underpinned the political acceptability of inter-state transfers.

The Great Depression also had big implications for microeconomic policy; Hannah and Temin (2010, this issue) suggest that the immediate impact can be seen as a serious retreat from the capitalist free market, with a new emphasis on government interventions to correct market failures. This implies a greater role for regulation and, in most OECD countries, for state ownership. The short-term implication was undoubtedly a substantial reduction in the extent of competition in product markets, including the rise of cartels encouraged by government and the anti-competitive effects of protectionism. The weakening of competition turned out to be much more pervasive and long-lasting in the UK than in the United States ( Broadberry and Crafts, 1992 ; Shepherd, 1981 ).

It is well known that financial crises can have permanent adverse effects on the level and possibly also the trend growth rate of potential output and this is a major reason why such crises usually have serious fiscal implications, including big increases in structural deficits as a percentage of GDP. Thinking in terms of a production function, there will be direct adverse effects on the amount of capital as investment is interrupted, on the amount of labour inputs through hysteresis effects, and on TFP if R&D is cut back. Indirect effects—either positive or negative—may also be felt depending on the impact the crisis has on supply-side policy. Furceri and Mourougane (2009) estimate that for OECD countries a severe banking crisis reduces the level of potential output by about 4 per cent, while the review of the evidence in IMF (2009) , which covers lower-income economies, suggests 10 per cent; in neither case is long-run trend growth thought to be affected.

What does the experience of the United States in the 1930s reveal? One way to address the issue is through time-series econometrics where the shock in the 1930s has been a focal point in debates about deterministic or stochastic trends. 8 Here the evidence is rather inconclusive and the picture is muddied by the Second World War. In fact, assuming trend-stationarity and extrapolating the pre-1929 trend of per capita income growth into the long run gives quite a good approximation to actual experience, but a more careful look suggests a break in trend in 1929 comprising a levels decrease followed by a modest increase in trend growth through 1955 ( Ben-David et al ., 2003 ). The pre-1929 trend line was crossed in 1942.

More insight may be obtained by considering business-cycle peak-to-peak growth-accounting estimates, as in Table 3 . The obvious feature of the 1930s is that the financial crisis undermined growth in the capital stock. Had growth of the capital stock continued at the pre-1929 rate, by 1941 it would have been about 35 per cent larger and, accordingly, potential GDP perhaps 12 per cent bigger. Growth of labour inputs was sluggish, impaired by the impact of the New Deal. However, TFP growth was very strong, powered by sustained R&D, and Field (2003) labelled the 1930s the most technologically progressive decade of the twentieth century in the United States. This theme is pursued in Hannah and Temin (2010) .

Growth accounting decompositions, United States 1919–41 (% per year)

Notes : Δ A / A is TFP growth derived by imposing an aggregate Cobb–Douglas production function, Y = AK α L 1–α . L is measured in terms of hours worked.

Source : Derived from Kendrick (1961) .

A legacy of the depression was a large rise in the number of long-term unemployed workers and the share of unemployment which was long term. In the UK this was to a large extent the result of job losses in the traditional export industries interacting with the unemployment-insurance system to generate a group of workers who would have liked their old jobs back but could survive on the dole. These long-term unemployed workers seem to have experienced declining re-employment probabilities over time as they became discouraged, their human capital deteriorated, and employers regarded them as damaged goods ( Crafts, 1987 ). The plight of these workers scarred the period and, virtually excluded from the labour market, they did not hold down wage pressures ( Crafts, 1989 ). So, at any level of unemployment, wage pressure was greater than in the 1920s or, equivalently, hysteresis effects had raised the NAIRU—perhaps by about 1.5 percentage points.

The UK did not experience a banking crisis but its supply-side policy was greatly affected by the response to the shocks of the 1930s and the damage limitation of the period had persistent effects well into the post-war period. Booth (1987) pointed to the logic of the so-called ‘managed-economy approach’ that was adopted—namely, that it cohered in terms of trying to promote an increase in prices relative to wages through a combination of devaluation, tariffs, and cartels. This amounted to a big reduction in product-market competition which took a long time fully to reverse. In the late 1950s, tariffs were still at mid-1930s levels and about 60 per cent of manufacturing output was cartelized. The retreat from competition had adverse effects on productivity performance over several decades and provided the context in which industrial relations problems and sleepy management proliferated ( Broadberry and Crafts, 2011 ).

Finally, it should be noted that international trade did not return to pre-Depression levels until well after the Second World War. As of the late 1930s, it looked as though the increase in trade costs in the 1930s had ‘permanently’ reduced total trade (exports + imports) to income ratios by about 30 per cent for the advanced countries. Using modern research on the impact of trade on the level of income which allows for impacts on capital stock and TFP (rather than welfare triangles), following in the tradition of Frankel and Romer (1999) , suggests that the long-term effect would have been to reduce the level of GDP per person by about 15 per cent. 9

This section pulls out the strongest policy lessons from the 1930s that have emerged from the above. Some of these are well understood and, fortunately, in the Great Recession of the last 2 years many of the worst mistakes of 80 years ago have not been repeated. The economic history of the Great Depression is, of course, well known to key players such as Ben Bernanke and Christina Romer, who are distinguished contributors to the literature. We are, of course, aware that some things are different now—for example, there was no European Monetary Union or too-big-to-fail doctrine in the 1930s— and that policy decisions and outcomes were contingent on the circumstances of the time; nevertheless, we believe that there is value in re-visiting the experience of that decade.

Starting with monetary and fiscal policy, the headlines from the American experience are clear enough. Monetary policy bears a big responsibility for the early-1930s slump; subsequent research has refined rather than refuted the claims of Friedman and Schwartz (1963) . Monetary policy errors were of both commission and omission. Inappropriate tightening of policy precipitated the downturn, while the subsequent failure to provide greater monetary stimulus allowed recession to develop into depression. In particular, as Bordo and Lane (2010) show, the Federal Reserve failed in its role as lender of last resort and thus made the financial crisis much more serious. These mistakes were not repeated in 2008–9 when monetary policy was aggressively expansionary ( Wheelock, 2010 ).

In the 1930s recovery, by contrast, monetary growth provided a major impetus, while there was virtually no fiscal stimulus, even though it is reasonable to suppose that the fiscal multiplier was quite big. It is important not to be misled by the frenetic activity of the New Deal; fiscal policy did not fail, rather it was not tried. It should also be recognized that a strong recovery was rudely interrupted by the severe recession of 1937–8 and this seems to be explained by deflationary moves in both monetary and fiscal policy.

The British fiscal-policy experience offers rather different messages. In the rearmament phase of the later 1930s, fiscal stimulus had a substantial positive impact on real output. On the other hand, in the crisis at the start of the decade, attempts to prevent the budget deficit rising as the recession deepened reduced aggregate demand appreciably, with the structural deficit being reduced by over 2.5 per cent of GDP ( Middleton, 1985 ). The big difference compared with the present day is that the government attempted to over-ride the automatic stabilizers. 10 The context, in terms of the very unpleasant budgetary arithmetic arising from wartime borrowing and being on the gold standard, is important. 11 This drastically reduced freedom to manoeuvre in the face of fears of an adverse reaction from financial markets and of deflation. The lessons here are that falling prices greatly magnify worries about fiscal sustainability, and that, at times when fiscal policy is a valuable weapon, it is highly advantageous to enter the crisis with a history of fiscal prudence.

The experience of the 1930s tells us to expect that a legacy of the current crisis will be a substantial increase in long-term unemployment and economic inactivity. It seems clear that once again this will imply that the NAIRU goes up and the level of potential output goes down. The analysis in Guichard and Rusticelli (2010) suggests that the average increase in NAIRU through hysteresis effects, both across the OECD as a whole and also in the UK, could be around 0.75 percentage points. The adverse impact on the well-being of those who become long-term unemployed will be severe and sustained ( Clark et al ., 2008 ). As Hatton and Thomas (2010) point out, this represents a major challenge for active labour-market policies.

There is a further major lesson from the recovery phase of the 1930s, namely, the importance of regime change for escaping the liquidity trap. Exit from the gold standard by the United States in 1933, together with New Deal policies, changed inflationary expectations and produced a dramatic fall in real interest rates. More generally, abandoning the gold-standard rule restored independence of monetary policy which was valuable for many countries in a world with no policy coordination and bedevilled by wage stickiness. Devaluation promoted early recovery and made fiscal consolidation much less painful. Here was a classic case where adhering to the wrong policy rule made things worse.

This obviously has resonance for current Eurozone problems and, especially, for Greece, which does not have readily available the classic 1930s escape route of devaluation. Eichengreen and Temin (2010) argue that it is virtually impossible for a country to impose capital controls and leave the Eurozone and that, as the failure of the interwar gold standard illustrates, successful fixed exchange-rate systems generally need to be managed in ways that share burdens of adjustment between surplus and deficit countries. Wolf (2010) sees the Eurozone crisis as reinforcing the need for binding fiscal rules together with a credible commitment to a permanent European Stabilization Mechanism to preclude the financial crisis that sovereign default would bring.

At the beginning of the current crisis, international trade collapsed and it was widely remarked that there was a chilling parallel with the trade-wars period of the early 1930s with its seriously adverse implications for income levels in the long term. Subsequently, research has found that the contribution of trade barriers to falling world-trade volumes in 2008–9 was very small, perhaps only 2 per cent ( Kee et al ., 2010 ), which is well below estimates of 40 per cent or more in the Great Depression. It seems that the structure of world trade has changed in ways that make volumes much more sensitive to demand shocks; the evidence is reviewed by Grossman and Meissner (2010) .

This raises the important question of why we have seen creeping rather than rampant protectionism this time. Research on the interwar period by Eichengreen and Irwin (2009) finds that protectionist policies were less likely to be adopted by countries which left the gold standard early, i.e. where there was more freedom to adopt expansionary monetary and fiscal policies. They argue that this makes protectionism much less likely now because the scope for a macroeconomic policy response is much greater.

Even so, another big difference from the 1930s may also be relevant, namely, that now we have the trade rules overseen by the WTO including bound tariff agreements. Evenett (2009) points out that these tariff bindings have held. Unfortunately, it is also true that there is a great deal of leeway for WTO-legal increases in trade barriers, partly because in many cases tariffs are well below bound levels and partly because anti-dumping is not well addressed by the rules. This underlines the importance of reducing the scope for governments legally to raise levels of protection and emphasizes that there could be real value from concluding the Doha Round ( Hoekman et al ., 2010 ).

Banking crises were at the heart of the Great Depression in the United States. That experience and the wider evidence base tells us that such crises are typically very expensive in terms of the depth and length of the downturns with which they are associated and the fiscal legacy that they bequeath through increased structural deficits and government debt-servicing ( Laeven and Valencia, 2008 ). The costs are greater when pre-crisis regulation and supervision are weak ( Ahrend et al ., 2009 ), as is borne out by the variance of bank failure rates across the states of the USA in the 1930s.

Microeconomic analysis incorporating implications of asymmetric information predicts that there is the potential for serious market failures in the banking sector with attendant risks of banking crises; for example, a bank run (a coordination failure) can happen even though agents are rational and banks are solvent ( Diamond and Dybvig, 1983 ). Moral hazard leading to excessive risk-taking which is rational for banks may compound this problem in the context of free-riding in monitoring by depositors. Banks’ lending decisions do not take into account the (potentially large) social costs of bank failures via the threat to financial stability that they entail.

As the catastrophic experience of the United States in the 1930s makes clear, the policy implication is that there is a need both for regulation to reduce the possibility of a crisis by curtailing excessive risk-taking and also for crisis-management measures to reduce the impact of any crisis ( Freixas, 2010 ). The latter might include deposit insurance together with a central bank that acts effectively as a lender of last resort. The former might just comprise regulation that improves the quality of publicly available information to facilitate market discipline of banks. In practice, however, deposit insurance tends to exacerbate moral hazard, especially if implicit full-insurance guarantees are given de facto when banks are deemed too big to fail. This makes strict regulation of bank behaviour, for example, in terms of capital-adequacy rules, or of the size and/or scope of banking activities imperative ( Bhattacharya et al ., 1998 ).

In 1929, the United States had a badly regulated and under-capitalized banking system, an inexperienced and incompetent lender of last resort, and no federal deposit insurance. At the end of the crisis, responses were made both in terms of prudential regulation and crisis management. In 1933, ending the waves of banking crises was both an economic and a political imperative. As today, reliance on market discipline appeared unrealistic. The lender of last resort had failed. So, the solution was deposit insurance plus regulatory reform, and the political attractions of the former meant that it would be a permanent feature of the American banking system ( Calomiris, 2010 ). Many other countries have followed down this path, a choice reinforced by the present crisis. For this solution to work effectively, it is crucial that regulation is well designed. The lesson from the 1930s is that it most probably will not be, because vested interests are likely to hijack the politics of regulatory design. In particular, it is clear that the Glass–Steagall Act introduced unjustified restrictions on universal banking while failing to address the real structural problem, namely, unit banking. Nevertheless, given the scope for, and potentially large costs of, market failure in banking together with the unavoidable presence of deposit insurance, in principle, tighter regulation to contain moral hazard was appropriate both then and now. 12

In late 2008, the Queen pertinently asked why no one had seen the crisis coming. A similar question would have been entirely appropriate in 1931. In some sense, such a lack of foresight represents a failure of economics but it is important to be clear what this comprises. As the research reviewed in this essay shows, economics has powerful tools that explain the reasons for and the consequences of financial crises, ex post . There is no great mystery about what went wrong in the United States in the early 1930s and, in principle, it is known how to prevent a repetition. Forecasting the course of the depression ex ante would, however, have been extremely difficult, then as now. Inter alia , it would have required detailed knowledge of bank balance sheets and a model of when banks would fail, together with an estimate of the impact of bank failures on economic activity, plus an ability to predict the Federal Reserve’s policy moves and when the United States would leave the gold standard.

The key point is surely the need to take banking crises seriously. Microeconomic analysis based on incentive structures in the presence of asymmetric information explains why these are likely to happen ( Dewatripont and Tirole, 1994 ), while economic history tells us that they have been quite frequent and often very costly (Reinhart and Rogoff, 2009 ). This suggests that there is a clear need to supplement conventional macroeconomic forecasting models with models for policy analysis and simulation which incorporate a financial intermediation sector with incentive distortions and information frictions ( Bean, 2010 ) and with ‘early-warning’ models that focus on threats to financial stability.

Unfortunately, the latter are still far from satisfactory. For example, the preferred model in Davis and Karim (2008) gave the probability of a banking crisis in the UK in 2007 as 0.6 per cent while Giannone et al . (2010) show that the recent financial crisis was more severe on average in countries which had very high-quality financial regulation according to existing indicators! Moreover, economists have not yet identified with any precision ex post the initial conditions which made for greater vulnerability ( Claessens et al ., 2010 ). The policy implication is to recognize that maintaining financial stability is a policy objective that will not be achieved by inflation targeting but requires additional policy instruments.

Finally, it is worth noting that in some very important ways economics has had a good crisis and lessons from the 1930s have been well heeded. Accepting that the financial crisis was allowed to happen and was not predicted, at least the policy response based on economic analysis and historical experience prevented a repeat of the trauma of the Great Depression.

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Until relatively recently, this was also commonplace among macroeconomists, even those of a strong neoclassical persuasion. Since Cole and Ohanian (1999) there have been attempts to explain the Great Depression in a real business cycle (RBC) framework. This would naturally look to adverse total factor productivity (TFP) shocks as the recessionary impulse; in common with most economic historians—for example, Pensieroso (2007) and Temin (2008) —we do not believe that this venture has been successful. The strong point of RBC modelling of the 1930s has been to point out and seek to quantify impacts of the New Deal on aggregate supply during the recovery phase ( Cole and Ohanian, 2004 ). Indeed, in that tradition the term ‘Great Depression’ is applied to the whole of the 1930s for the United States on the grounds that, despite quite a strong recovery after 1933, real GDP remained well below what would have been predicted on the basis of 1920s trend growth.

Whether there was a ‘bubble’ in the 1929 stock market has been controversial. The most persuasive evidence that there was a substantial bubble comes from the pricing of loans to stockbrokers and the valuation of closed-end mutual funds; see Rappoport and White (1993) and De Long and Shleifer (1991) .

Bordo et al . (2000) constructed a DSGE model incorporating overlapping Taylor-wage contracts and found that sluggish wage adjustment could have been a powerful aspect of the transmission mechanism from monetary shocks to real output effects.

The real bills doctrine held that the Federal Reserve should simply supply credit to meet the needs of trade and should not seek to target monetary growth or inflation; adherents believed in the separation of investment and commercial banking.

Eichengreen and Portes (1990) list 12 ‘heavy’ and 16 ‘light’ sovereign defaulters; the former include Germany and Greece and the latter include Canada, France, Italy, and Spain.

This raises the question as to why British folklore thinks the 1930s were so bad. The answer probably relates to regional trends in unemployment. In particular, adjustment to declines in the export-staple industries concentrated in ‘Outer Britain’ proved very difficult, cf. Hatton and Thomas (2010) . This is symbolized by the Jarrow March, which took its participants in 1936 from the depressed North-east to the prosperous South-east.

The initial stance of the Labour government in the late 1940s was to embrace planning rather than fine-tuning. It should also be noted that there has been a vigorous debate among economic historians about the validity of the concept of a ‘Keynesian revolution’ in British economic policy-making; see Booth (2001) for an introduction and further references.

With a stochastic trend, a shock only has a temporary effect and the economy then returns to the previous trend growth path; in contrast, if the trend is a non-stationary stochastic process, shocks have an enduring effect on the future growth path and long-run forecasts are affected by historical events.

This is based on the point estimate of an elasticity of 0.5 for the effect of trade exposure on income found for the period 1960–95 by Feyrer (2009) using an improved estimation technique. As far as we know, a similar study has not yet been performed for the interwar years. For the pre-1914 period, Jacks (2006) found larger elasticities based on the original Frankel–Romer methodology.

The large UK budget deficit in 2009–10 of about 11 per cent of GDP mainly results from the fiscal impact of the crisis on top of a pre-existing structural deficit of about 3 per cent of GDP; discretionary fiscal stimulus was equivalent to only about 1.5 per cent of GDP ( IFS, 2010 ). But the key point is that there was no attempt through fiscal stringency to stop the deficit from increasing, quite unlike 1931.

Using the standard formula that for fiscal sustainability b > d ( r – g ) where b is the primary surplus/GDP, r is the interest rate on government debt, and g is the growth rate of nominal GDP with the data set from Middleton (2010) , in the late 1920s, d = 1.7, r = 4.6, and g = 2.5; if inflation is zero then b = 3.6 per cent, but if prices fell at 5 per cent per year, b rose to 12.1 per cent. Conversion of the war debt and gently rising prices in the post-gold-standard world changed this so that b fell below 2 per cent. The value of b is quite small in each of these scenarios if d is at the 1913 level of 0.25.

The claim that there is a market-failure-based justification for stronger regulation is related to the special features of banking that create instability risks and clearly does not generalize to a case for state intervention across the board on the grounds that the market economy as a whole has failed. That error was commonplace in the 1930s but should not be repeated now. It should also be apparent that 1930s experience does not offer a blueprint for the optimal details of regulation in the different world of today.

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Timing and severity

• Stock market crash
• Banking panics and monetary contraction
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What was the Great Depression?

What were the causes of the great depression, how did the great depression affect the american economy, how did the united states and other countries recover from the great depression, when did the great depression end.

Great Depression

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• Academia - The Great Crash of 1929 and the Great Depression in the Global Context
• EH.net - An Overview of the Great Depression
• The Balance - The Great Depression, What Happened, What Caused It, How It Ended
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• Federal Reserve History - The Great Depression
• The Canadian Encyclopedia - Great Depression
• The Library of Economics and Liberty - Great Depression
• Legends of America - President Franklin D. Roosevelt
• Khan Academy - The Great Depression
• Great Depression - Children's Encyclopedia (Ages 8-11)
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The Great Depression, which began in the United States in 1929 and spread worldwide, was the longest and most severe economic downturn in modern history. It was marked by steep declines in industrial production and in prices (deflation), mass unemployment , banking panics, and sharp increases in rates of poverty and homelessness.

Four factors played roles of varying importance. (1) The stock market crash of 1929 shattered confidence in the American economy, resulting in sharp reductions in spending and investment. (2) Banking panics in the early 1930s caused many banks to fail, decreasing the pool of money available for loans. (3) The gold standard required foreign central banks to raise interest rates to counteract trade imbalances with the United States, depressing spending and investment in those countries. (4) The Smoot-Hawley Tariff Act (1930) imposed steep tariffs on many industrial and agricultural goods, inviting retaliatory measures that ultimately reduced output and caused global trade to contract.

In the United States, where the Depression was generally worst, industrial production between 1929 and 1933 fell by nearly 47 percent, gross domestic product (GDP) declined by 30 percent, and unemployment reached more than 20 percent. Because of banking panics, 20 percent of banks in existence in 1930 had failed by 1933.

Three factors played roles of varying importance. (1) Abandonment of the gold standard and currency devaluation enabled some countries to increase their money supplies, which spurred spending, lending, and investment. (2) Fiscal expansion in the form of increased government spending on jobs and other social welfare programs , notably the New Deal in the United States, arguably stimulated production by increasing aggregate demand. (3) In the United States, greatly increased military spending in the years before the country’s entry into World War II helped to reduce unemployment to below its pre-Depression level by 1942, again increasing aggregate demand.

In most affected countries, the Great Depression was technically over by 1933, meaning that by then their economies had started to recover. Most did not experience full recovery until the late 1930s or early 1940s, however. The United States is generally thought to have fully recovered from the Great Depression by about 1939.

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Great Depression , worldwide economic downturn that began in 1929 and lasted until about 1939. It was the longest and most severe depression ever experienced by the industrialized Western world, sparking fundamental changes in economic institutions, macroeconomic policy, and economic theory. Although it originated in the United States , the Great Depression caused drastic declines in output, severe unemployment , and acute deflation in almost every country of the world. Its social and cultural effects were no less staggering, especially in the United States, where the Great Depression represented the harshest adversity faced by Americans since the Civil War .

Economic history

The timing and severity of the Great Depression varied substantially across countries. The Depression was particularly long and severe in the United States and Europe ; it was milder in Japan and much of Latin America . Perhaps not surprisingly, the worst depression ever experienced by the world economy stemmed from a multitude of causes. Declines in consumer demand , financial panics , and misguided government policies caused economic output to fall in the United States, while the gold standard , which linked nearly all the countries of the world in a network of fixed currency exchange rates , played a key role in transmitting the American downturn to other countries. The recovery from the Great Depression was spurred largely by the abandonment of the gold standard and the ensuing monetary expansion. The economic impact of the Great Depression was enormous, including both extreme human suffering and profound changes in economic policy .

The Great Depression began in the United States as an ordinary recession in the summer of 1929. The downturn became markedly worse, however, in late 1929 and continued until early 1933. Real output and prices fell precipitously. Between the peak and the trough of the downturn, industrial production in the United States declined 47 percent and real gross domestic product (GDP) fell 30 percent. The wholesale price index declined 33 percent (such declines in the price level are referred to as deflation ). Although there is some debate about the reliability of the statistics, it is widely agreed that the unemployment rate exceeded 20 percent at its highest point. The severity of the Great Depression in the United States becomes especially clear when it is compared with America’s next worst recession, the Great Recession of 2007–09, during which the country’s real GDP declined just 4.3 percent and the unemployment rate peaked at less than 10 percent.

The Depression affected virtually every country of the world. However, the dates and magnitude of the downturn varied substantially across countries. Great Britain struggled with low growth and recession during most of the second half of the 1920s. The country did not slip into severe depression, however, until early 1930, and its peak-to-trough decline in industrial production was roughly one-third that of the United States. France also experienced a relatively short downturn in the early 1930s. The French recovery in 1932 and 1933, however, was short-lived. French industrial production and prices both fell substantially between 1933 and 1936. Germany ’s economy slipped into a downturn early in 1928 and then stabilized before turning down again in the third quarter of 1929. The decline in German industrial production was roughly equal to that in the United States. A number of countries in Latin America fell into depression in late 1928 and early 1929, slightly before the U.S. decline in output. While some less-developed countries experienced severe depressions, others, such as Argentina and Brazil , experienced comparatively mild downturns. Japan also experienced a mild depression, which began relatively late and ended relatively early.

The general price deflation evident in the United States was also present in other countries. Virtually every industrialized country endured declines in wholesale prices of 30 percent or more between 1929 and 1933. Because of the greater flexibility of the Japanese price structure, deflation in Japan was unusually rapid in 1930 and 1931. This rapid deflation may have helped to keep the decline in Japanese production relatively mild. The prices of primary commodities traded in world markets declined even more dramatically during this period. For example, the prices of coffee, cotton, silk, and rubber were reduced by roughly half just between September 1929 and December 1930. As a result, the terms of trade declined precipitously for producers of primary commodities .

The U.S. recovery began in the spring of 1933. Output grew rapidly in the mid-1930s: real GDP rose at an average rate of 9 percent per year between 1933 and 1937. Output had fallen so deeply in the early years of the 1930s, however, that it remained substantially below its long-run trend path throughout this period. In 1937–38 the United States suffered another severe downturn, but after mid-1938 the American economy grew even more rapidly than in the mid-1930s. The country’s output finally returned to its long-run trend path in 1942.

Recovery in the rest of the world varied greatly. The British economy stopped declining soon after Great Britain abandoned the gold standard in September 1931, although genuine recovery did not begin until the end of 1932. The economies of a number of Latin American countries began to strengthen in late 1931 and early 1932. Germany and Japan both began to recover in the fall of 1932. Canada and many smaller European countries started to revive at about the same time as the United States, early in 1933. On the other hand, France, which experienced severe depression later than most countries, did not firmly enter the recovery phase until 1938.

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Course: US history   >   Unit 7

• The presidency of Herbert Hoover

The Great Depression

• FDR and the Great Depression
• The New Deal

• The Great Depression was the worst economic downturn in US history. It began in 1929 and did not abate until the end of the 1930s.
• The stock market crash of October 1929 signaled the beginning of the Great Depression. By 1933, unemployment was at 25 percent and more than 5,000 banks had gone out of business.
• Although President Herbert Hoover attempted to spark growth in the economy through measures like the Reconstruction Finance Corporation, these measures did little to solve the crisis.
• Franklin Roosevelt was elected president in November 1932. Inaugurated as president in March 1933, Roosevelt’s New Deal offered a new approach to the Great Depression.

The stock market crash of 1929

Hoover's response to the crisis, what do you think.

• David M. Kennedy, Freedom from Fear: The American People in Depression and War, 1929-1945 (New York: Oxford University Press, 1999), 37-41, 49-50.
• T.H. Watkins, The Hungry Years: A Narrative History of the Great Depression in America (New York: Henry Holt, 1999), 44-45; Kennedy, Freedom from Fear , 87.
• Louise Armstrong, We Too Are the People (Boston: Little, Brown & Co., 1938), 10.
• On bank failures, see Kennedy, Freedom from Fear , 65.
• See Kennedy, Freedom from Fear , 87, 208; Robert S. McElvaine, ed., Down and Out in the Great Depression: Letters from the “Forgotten Man” (Chapel Hill: University of North Carolina Press, 1983), 81-94.
• John A. Garraty, The Great Depression: An Inquiry into the Causes, Course, and Consequences of the Worldwide Depression of the Nineteen-Thirties, as Seen by Contemporaries and in the Light of History (New York: Doubleday, 1987).
• Kennedy, Freedom from Fear , 83-85.
• On Hoovervilles and Hoover flags, Kennedy, Freedom from Fear , 91.

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Brookings’s analysis and recommendations on the Great Depression of the 1930s

Fred dews fred dews managing editor, new digital products - office of communications @publichistory.

October 24, 2016

• 12 min read

“Poverty has always been the lot of the great majority of mankind. It has been only within the very recent past that geographic exploration and scientific development have encouraged the human family seriously to entertain the idea that life could be so organized and conducted as to achieve general well-being.” (1) So began the first of four volumes in an expansive Brookings Institution project known formally as “The Distribution of Wealth and Income in Relation to Economic Progress,” and informally as the capacity studies, published in the mid-1930s and intended to illuminate the causes of the Great Depression and propose remedies for preventing another one.

BROOKINGS REseARCH ON THE GREAT DEPRESSION

In 1934, five years after the crash of the U.S. stock market and the onset of the Great Depression, the American economy was turning around as gross national product and employment began to rise again. During this period, scholars at the Brookings Institution had been engaged in analyses of President Franklin Roosevelt’s New Deal programs that, to varying degrees, were critical of the federal response to the crisis. Brookings President Harold G. Moulton, who had been supportive of the Roosevelt administration’s initial efforts to respond to the depression through austerity measures, became opposed to the deficit spending on public works and employment programs that became the hallmarks of the New Deal. The authors of a 1935 Brookings study of the National Recovery Administration, for example, concluded that the agency impeded economic recovery after the Depression, while a study of the administrative problems in the Agricultural Adjustment Administration (AAA), completed in 1936 but released the following year, was met by Agriculture Secretary Henry Wallace with the comment, “We’ve been doing so much wishful thinking around here, we’d benefit from an independent audit.” (2)

The critical analyses of specific administration policies to address the economic shocks were one thing, but a larger question of the day was, what caused the Great Depression in the first place, and how could another one be prevented? It was in this context that the Institution took up the four-part capacity studies, which have been characterized as “the most important theoretical work that the institution undertook during the Depression.” (3)

“MALADJUSTMENTS” IN THE ECONOMIC SYSTEM

In the early twentieth century, there was a belief, and evidence, that poverty was related to underused capacity in the economy—both in terms of physical manufacturing plants and human labor. As Edwin Nourse—lead author of the first volume in the study, “America’s Capacity to Produce”—wrote,

The period in which we and our fathers and grandfathers have lived, running back to the so-called Industrial Revolution, has on the whole been one of great economic progress, especially for the countries of Western Europe and the United Sates. At the same time it has been characterized by a great deal of idleness of productive plant and by widespread unemployment. Evidently we have not succeeded in utilizing our opportunities fully, and thus poverty has persisted where apparently it might be been reduced, if not removed. This has caused the question to be raised again and again whether existing conditions as to the distribution of national income were responsible for maladjustments in the economic system which retarded economic progress. (4)

Nourse, an agricultural economist who wrote the 1937 AAA report, would later become the first chairman of the president’s council of economic advisers in 1946.

What was the cause of this “idleness,” this “maladjustment in the economic system” that harmed the economy? To answer this question, Nourse and his colleagues reviewed a long-standing debate concerning the role and proper amount of saving , for both individuals and society as a whole. The authors described the existence of a “division of thought” on saving, between “those who extolled saving and yet more saving as the prime force to be relied upon in advancing our economic well-being” and those “who conceived that saving was in fact being overdone and that diverting more of the social income into the channels of consumers’ purchasing power was the surest way to promote a better functioning of the economic system.” (5) In other words, was too much saving restricting consumption and thus hampering economic activity?

In the nineteenth century, “the possibility of over-saving appeared ridiculous” because “the new capital that was created resulted in increased productive efficiency, which in turn yielded more and cheaper goods for consumers generally.” (6) However, by the early twentieth-century, economists began to view “excessive saving” as responsible for periodic gluts in the markets and resulting depression. In 1918, future Brookings chief Harold Moulton, then an economics professor at the University of Chicago, argued that “the very process of saving, in a pecuniarily organized society, tends to check the demand for the expansion of capital goods” because increased saving meant less demand for consumer goods, which meant that it’s unprofitable to expand capital goods. (7) And thus existed an underutilization of both labor and business capital in the years leading up to the stock market crash of 1929 and ensuring Great Depression.

What was to be done? “Obviously,” Nourse and colleagues wrote, “it is a matter of great importance in modern industrial society that we learn where between these conflicting views the truth lies. … Only on the basis of real understanding of the motivating forces in economic progress can the nation’s accomplishments in the years ahead be commensurate with the opportunities within our reach.” (8)

And thus was born the capacity studies—over 1,200 pages of analytical research and deep analysis, by seven authors contained in four volumes: “America’s Capacity to Produce” (1934); “America’s Capacity to Consume” (1934); “The Formation of Capital” (1935); and “Income and Economic Progress” (1935). The latter two volumes were authored by Moulton alone. Described as “the most ambitious effort to gain an empirical understanding of, and to chart a way out of, the depression,” (9) the studies drilled deeply into the inner workings of the American economy.

Capacity to produce

In the study of production capacity, Nourse and colleagues examined in great detail the productive capacities of a variety of industries, including coal and coke; petroleum; minerals; textiles and clothing; automobiles and tires; food—including meat packing and flour-milling; paper making; iron and steel; electric power utilities; railroads; merchandising; banking; and the labor force. In a section on “Boots and Shoes,” for example, the authors concluded that “When allowance is made for the special problems which impede the full use of shoe manufacturing equipment [reviewed in penetrating detail], as well as the tendency toward overstatement of capacity, there be little doubt but that the shoe industry had come much closer [in the 1920s] to attaining the full production of which it was capable under existing conditions as respects organization and methods of work …” (10) On the other hand, the authors revealed that the automobile industry demonstrated a “more serious and more sustained margin of non-utilization which has appeared since 1923.” (11)

Nourse and co-authors concluded that the U.S. “productive system as a whole was operating at about 80 per cent of capacity in 1929 and slightly less than that if we take the average of the five years 1925-29.” (12) They noted that while America couldn’t have achieved 100 percent capacity, it could have gone up to 95 percent, or a 19 percent increase. “Our economic society lacked almost 20 per cent of living up to its means,” they wrote. (13) Increasing production capacity by 19 percent “would have constituted a very substantial achievement. … This would have permitted of enlarging the budgets of 15 million families to the extent of $1,000 each. … We could have produced $608 worth of additional well-being for every family up to the $5,000 level. Or we could have brought the 16.4 million families whose incomes were less than $2,000 all up to that level.” (14)

Capacity to consume

In “America’s Capacity to Consume,” the capacity studies’ second volume, Maurice Leven, Harold Moulton, and Clark Warburton turned to the flow of income, the income “which determines the capacity of the people to purchase the consumption goods which are annually produced, and also to provide the savings which are essential to the formation of new capital.” (15) This part of the project examined, again in great detail, elements of national income such as geographic distribution between farm and non-farm populations; trends in family, individual, and corporate saving; and the different kinds of expenditures of American families. In 1929, the authors found, the top 10 percent of American families by income (those over $4,600 dollars), were responsible for one-third of the total amount of consumptive outlays in America. This included spending on food, housing, clothing, savings, and “other living.” Those in the top decile spent 11 times as much on housing than the bottom decile, and saved 13 percent of their income—far more than any other group. (16)

Leven and colleagues also detailed the “broad classes of economic activity,” as of 1929. Their chart, below, showed that manufacturing contributed the largest amount to national income at 23 percent, while only 10 percent (“it is surprising to note,” they wrote), came from agriculture. Government contributed 8.4 percent. (17)

At the conclusion of the consumption capacity volume, Leven and colleagues came to a number of findings, among them: the U.S. was not living beyond its means in the 1920s; income inequality was rising; and that the “unfulfilled consumptive desires of the American people are large enough to absorb a productive output many times that achieved in the peak year 1929.” (18)

Conclusions from the capacity studies

Moulton summarized the overall problem in the fourth volume, “Income and Economic Progress”:

Our study of the productive process led us to a negative conclusion—no limiting factor or serious impediment to a full utilization of our productive capacity could there be discovered. Our investigation of the distribution of income, on the other hand, revealed a maladjustment of basic significance. Our capacity to produce consumer goods has been chronically in excess of the amount which consumers are able, or willing, to take off the markets; and this situation is attributable to the increasing proportion of the total income which is diverted to savings channels. The result is a chronic inability … to find market outlets adequate to absorb our full productive capacity. (19)

He added that, in 1929, 23 percent of national income was going to 1 percent of the population, and a large proportion of their income was going into saving and corporate surplus that was being used in “less fruitful or positively harmful uses.” The unused capacity of the nation could have met “the unsatisfied wants” of the vast majority—over 90 percent—of the U.S. population, Moulton concluded. So how to solve this “basic maladjustment”? “All the world loves a panacea,” Moulton wrote, but then added that “there is no single formula by which desired results can be brought about.” Continuing, he said that:

The ultimate distribution of the national income is brought about through an elaborate process of pricing goods; determining wages and salary payments; disbursing premiums and bonuses; accumulating surplus and determining other aspects of corporate fiscal policy; operating profit-sharing, insurance, and pension schemes, both public and private; and carrying out an elaborate system of taxation and government expenditure. (20)

In his 1991 history of Brookings at 75, James Allen Smith underscored that the studies did not point to a redistribution of wealth, but that they looked to improvements in business efficiency that would have salutary effects. He observed that “Far from expounding a radical redistributionist argument … the studies were in keeping with the most conservative traditions of scientific management. The Brookings volumes contended that if business firms could be made more efficient, prices could be lowered, real wages would consequently rise, and living standards would improve for everyone.” (21)

Moulton ended the capacity studies with optimism tempered by caution in a chapter titled, “Economic Progress and the Democratic Ideal.” He concluded that the best distributive policy that could achieve economic progress was “the gradual but persistent revamping of price policy so as to pass on the benefits of technological progress and rising productivity to all the population in their role of consumers.” Such an approach could find the correct balance between business and labor interests, between the profit motive and consumers, and achieve the full capacity of American resources, technology, knowledge, and labor. “There is general faith that we will come out of the depression and rise in due time to levels of prosperity better than the best attained in the past,” Moulton believed. In the end, he returned to the trials suffered by Americans in the Great Depression, with a hopeful note:

In putting the old common necessities of food and clothes and housing within reach of the millions who are now underfed, ill-clad, and housed only in the tenement of the city slum or the shack of the country slum, we have an ample and accessible field of business enlargement. With capital resources ample and labor abundant to the needs of an increasingly automatic machine technique, we are confident that this goal is practically attainable if only our distributive system is readjusted along the general lines which have been set forth. (22)

Thanks to Brookings Senior Research Librarian and archivist Sarah Chilton for her comments.

• Nourse, Edwin G., and others, “America’s Capacity to Produce” (Institute of Economics, The Brookings Institution, 1934), p. 1.
• Lyon, Leverett S. and others, “The National Recovery Administration: An Analysis and Appraisal” (Institute of Economics, The Brookings Institution, 1935); Nourse, Edwin G. and others, “Three years of the Agricultural Adjustment Administration” (Institute of Economics, The Brookings Institution, 1937).
• Critchlow, Donald T., “The Brookings Institution, 1916-1952: Expertise and the Public Interest in a Democratic Society” (Northern Illinois University Press, 1985), p. 122.
• Nourse, p. 6.
• Nourse, p. 7.
• Nourse, pp. 10-11.
• Nourse, p. 14.
• Smith, p. 30.
• Nourse, p. 224.
• Nourse, p. 235.
• Nourse, p. 418.
• Nourse, p. 425.
• Nourse, p. 429.
• Leven, Maurice, Harold G. Moulton, and Clark Warburton., “America’s Capacity to Consume” (Institute of Economics, The Brookings Institution, 1934), p. 2.
• Leven, p. 262.
• Leven, pp. 18-19.
• Leven, pp. 125-127.
• Moulton, Harold G., “Income and Economic Progress” (Institute of Economics, The Brookings Institution, 1935), pp. 45-46.
• Moulton, p. 159.
• Smith, James Allen, “Brookings at Seventy-Five” (Brookings Institution Press, 1991), p. 30.
• Moulton, pp. 155-165.

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434 Depression Essay Titles & Research Topics: Argumentative, Controversial, and More

Depression is undeniably one of the most prevalent mental health conditions globally, affecting approximately 5% of adults worldwide. It often manifests as intense feelings of hopelessness, sadness, and a loss of interest in previously enjoyable activities. Many also experience physical symptoms like fatigue, sleep disturbances, and appetite changes. Recognizing and addressing this mental disorder is extremely important to save lives and treat the condition.

In this article, we’ll discuss how to write an essay about depression and introduce depression essay topics and research titles for students that may be inspirational.

• 🔝 Top Depression Essay Titles
• ✅ Essay Prompts
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• 💭 Speech Topics
• 📝 Essay Structure

🔗 References

🔝 top 12 research titles about depression.

• How is depression treated?
• Depression: Risk factors.
• The symptoms of depression.
• What types of depression exist?
• Depression in young people.
• Differences between anxiety and depression.
• The parents’ role in depression therapy.
• Drugs as the root cause of depression.
• Dangerous consequences of untreated depression.
• Effect of long-term depression.
• Different stages of depression.
• Treatment for depression.

✅ Prompts for Essay about Depression

Struggling to find inspiration for your essay? Look no further! We’ve put together some valuable essay prompts on depression just for you!

Prompt for Personal Essay about Depression

Sharing your own experience with depression in a paper can be a good idea. Others may feel more motivated to overcome their situation after reading your story. You can also share valuable advice by discussing things or methods that have personally helped you deal with the condition.

For example, in your essay about depression, you can:

• Tell about the time you felt anxious, hopeless, or depressed;
• Express your opinion on depression based on the experiences from your life;
• Suggest a way of dealing with the initial symptoms of depression ;
• Share your ideas on how to protect mental health at a young age.

How to Overcome Depression: Essay Prompt

Sadness is a common human emotion, but depression encompasses more than just sadness. As reported by the National Institute of Mental Health, around 21 million adults in the United States, roughly 8.4% of the total adult population , faced at least one significant episode of depression in 2020. When crafting your essay about overcoming depression, consider exploring the following aspects:

• Depression in young people and adolescents;
• The main causes of depression;
• The symptoms of depression;
• Ways to treat depression;
• Help from a psychologist (cognitive behavioral therapy or interpersonal therapy ).

Postpartum Depression: Essay Prompt

The birth of a child often evokes a spectrum of powerful emotions, spanning from exhilaration and happiness to apprehension and unease. It can also trigger the onset of depression. Following childbirth, many new mothers experience postpartum “baby blues,” marked by shifts in mood, bouts of tears, anxiety, and sleep disturbances. To shed light on the subject of postpartum depression, explore the following questions:

• What factors may increase the risk of postpartum depression?
• Is postpartum depression predictable?
• How to prevent postpartum depression?
• What are the symptoms of postpartum depression?
• What kinds of postpartum depression treatments exist?

Prompt for Essay about Teenage Depression

Teenage depression is a mental health condition characterized by sadness and diminishing interest in daily activities. It can significantly impact a teenager’s thoughts, emotions, and behavior, often requiring long-term treatment and support.

By discussing the primary symptoms of teenage depression in your paper, you can raise awareness of the issue and encourage those in need to seek assistance. You can pay attention to the following aspects:

• Emotional changes (feelings of sadness, anger, hopelessness, guilt, etc.);
• Behavioral changes (loss of energy and appetite , less attention to personal hygiene, self-harm, etc.);
• New addictions (drugs, alcohol, computer games, etc.).

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• The role of genetics in depression development.
• The effectiveness of different psychotherapeutic interventions for depression.
• Anti-depression non-pharmacological and medication treatment.
• The impact of childhood trauma on the onset of depression later in life.
• Exploring the efficacy of antidepressant medication in different populations.
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• The influence of hormonal changes on depression risk.
• Assessing the effectiveness of self-help and digital interventions for depression.
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• The relationship between personality traits and vulnerability to depression.
• Investigating the long-term consequences of untreated depression on physical health.
• Exploring the link between chronic pain and depression.
• Depression in the elderly male.
• The impact of childhood experiences on depression outcomes in adulthood.
• The use of ketamine and other novel treatments for depression.
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• The conducted family assessment: cases of depression.
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• The effectiveness of online support groups for individuals with depression.
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• The influence of gender on depression prevalence and symptomatology.
• Investigating the impact of workplace factors on depression rates and outcomes.
• The efficacy of family-based interventions in reducing depression symptoms in teenagers.
• Frontline nurses’ burnout, anxiety, depression, and fear statuses.
• The role of early-life stress and adversity in depression vulnerability.
• The impact of various environmental factors on depression rates.
• Exploring the link between depression and cardiovascular health.
• Depression detection in adults in nursing practice.
• Virtual reality as a therapeutic tool for depression treatment.
• Investigating the impact of childhood bullying on depression outcomes.
• The benefits of animal-assisted interventions in depression management.
• Depression and physical exercise.
• The relationship between depression and suicidal behavior.
• The influence of cultural factors on depression symptom expression.
• Investigating the role of epigenetics in depression susceptibility.
• Depression associated with cognitive dysfunction.
• Exploring the impact of adverse trauma on the course of depression.
• The efficacy of acceptance and commitment therapy in treating depression.
• The relationship between depression and substance use disorders .
• Depression and anxiety among college students.
• Investigating the effectiveness of group therapy for depression.
• Depression and chronic medical conditions.

Psychology Research Topics on Depression

• The influence of early attachment experiences on the development of depression.
• The impact of negative cognitive biases on depression symptomatology.
• Depression treatment plan for a queer patient .
• Examining the relationship between perfectionism and depression.
• The role of self-esteem in depression vulnerability and recovery.
• Exploring the link between maladaptive thinking styles (e.g., rumination, catastrophizing) and depression.
• Investigating the impact of social support on depression outcomes and resilience.
• Identifying depression in young adults at an early stage.
• The influence of parenting styles on the risk of depression in children and adolescents.
• The role of self-criticism and self-compassion in depression treatment.
• Exploring the relationship between identity development and depression in emerging adulthood.
• The role of learned helplessness in understanding depression and its treatment.
• Depression in the elderly.
• Examining the connection between self-efficacy beliefs and depression symptoms.
• The influence of social comparison processes on depression and body image dissatisfaction.
• Exploring the impact of trauma-related disorders on depression.
• The role of resilience factors in buffering against the development of depression.
• Investigating the relationship between personality traits and depression.
• Depression and workplace violence .
• The impact of cultural factors on depression prevalence and symptom presentation.
• Investigating the effects of chronic stress on depression risk.
• The role of coping strategies in depression management and recovery.
• The correlation between discrimination/prejudice and depression/anxiety.
• Exploring the influence of gender norms and societal expectations on depression rates.
• The impact of adverse workplace conditions on employee depression.
• Investigating the effectiveness of narrative therapy in treating depression.
• Cognitive behavior and depression in adolescents .
• Childhood emotional neglect and adult depression.
• The influence of perceived social support on treatment outcomes in depression.
• The effects of childhood bullying on the development of depression.
• The impact of intergenerational transmission of depression within families.
• Depression in children: symptoms and treatments.
• Investigating the link between body dissatisfaction and depression in adolescence.
• The influence of adverse life events and chronic stressors on depression risk.
• The effects of peer victimization on the development of depression in adolescence.
• Counselling clients with depression and addiction.
• The role of experiential avoidance in depression and its treatment.
• The impact of social media use and online interactions on depression rates.
• Depression management in adolescent.
• Exploring the relationship between emotional intelligence and depression symptomatology.
• Investigating the influence of cultural values and norms on depression stigma and help-seeking behavior.
• The effects of childhood maltreatment on neurobiological markers of depression.
• Psychological and emotional conditions of suicide and depression.
• Exploring the relationship between body dissatisfaction and depression.
• The influence of self-worth contingencies on depression vulnerability and treatment response.
• The impact of social isolation and loneliness on depression rates.
• Psychology of depression among college students.
• The effects of perfectionistic self-presentation on depression in college students.
• The role of mindfulness skills in depression prevention and relapse prevention.
• Investigating the influence of adverse neighborhood conditions on depression risk.
• Personality psychology and depression.
• The impact of attachment insecurity on depression symptomatology.

Postpartum Depression Research Topics

• Identifying risk factors for postpartum depression.
• Exploring the role of hormonal changes in postpartum depression.
• “Baby blues” or postpartum depression and evidence-based care .
• The impact of social support on postpartum depression.
• The effectiveness of screening tools for early detection of postpartum depression.
• The relationship between postpartum depression and maternal-infant bonding .
• Postpartum depression educational program results.
• Identifying effective interventions for preventing and treating postpartum depression.
• Examining the impact of cultural factors on postpartum depression rates.
• Investigating the role of sleep disturbances in postpartum depression.
• Depression and postpartum depression relationship.
• Exploring the impact of a traumatic birth experience on postpartum depression.
• Assessing the impact of breastfeeding difficulties on postpartum depression.
• Understanding the role of genetic factors in postpartum depression.
• Postpartum depression: consequences.
• Investigating the impact of previous psychiatric history on postpartum depression risk.
• The potential benefits of exercise on postpartum depression symptoms.
• The efficacy of psychotherapeutic interventions for postpartum depression.
• Postpartum depression in the twenty-first century.
• The influence of partner support on postpartum depression outcomes.
• Examining the relationship between postpartum depression and maternal self-esteem.
• The impact of postpartum depression on infant development and well-being.
• Maternal mood symptoms in pregnancy and postpartum depression.
• The effectiveness of group therapy for postpartum depression management.
• Identifying the role of inflammation and immune dysregulation in postpartum depression.
• Investigating the impact of childcare stress on postpartum depression.
• Postpartum depression among low-income US mothers.
• The role of postnatal anxiety symptoms in postpartum depression.
• The impact of postpartum depression on the marital relationship.
• The influence of postpartum depression on parenting practices and parental stress.
• Postpartum depression: symptoms, role of cultural factors, and ways to support.
• Investigating the efficacy of pharmacological treatments for postpartum depression.
• The impact of postpartum depression on breastfeeding initiation and continuation.
• The relationship between postpartum depression and post-traumatic stress disorder.
• Postpartum depression and its identification.
• The impact of postpartum depression on cognitive functioning and decision-making.
• Investigating the influence of cultural norms and expectations on postpartum depression rates.
• The impact of maternal guilt and shame on postpartum depression symptoms.
• Beck’s postpartum depression theory: purpose, concepts, and significance .
• Understanding the role of attachment styles in postpartum depression vulnerability.
• Investigating the effectiveness of online support groups for women with postpartum depression.
• The impact of socioeconomic factors on postpartum depression prevalence.
• Perinatal depression: research study and design.
• The efficacy of mindfulness-based interventions for postpartum depression.
• Investigating the influence of birth spacing on postpartum depression risk.
• The role of trauma history in postpartum depression development.
• The link between the birth experience and postnatal depression.
• How does postpartum depression affect the mother-infant interaction and bonding ?
• The effectiveness of home visiting programs in preventing and managing postpartum depression.
• Assessing the influence of work-related stress on postpartum depression.
• The relationship between postpartum depression and pregnancy-related complications.
• The role of personality traits in postpartum depression vulnerability.

🔎 Depression Essay Titles

Depression essay topics: cause & effect.

• The effects of childhood trauma on the development of depression in adults.
• The impact of social media usage on the prevalence of depression in adolescents.
• “Predictors of Postpartum Depression” by Katon et al.
• The effects of environmental factors on depression rates.
• The relationship between academic pressure and depression among college students.
• The relationship between financial stress and depression.
• The best solution to predict depression because of bullying.
• How does long-term unemployment affect mental health ?
• The effects of unemployment on mental health, particularly the risk of depression.
• The impact of genetics and family history of depression on an individual’s likelihood of developing depression.
• The relationship between depression and substance abuse.
• Child abuse and depression.
• The role of gender in the manifestation and treatment of depression.
• The effects of chronic stress on the development of depression.
• The link between substance abuse and depression.
• Depression among students at Elon University.
• The influence of early attachment styles on an individual’s vulnerability to depression.
• The effects of sleep disturbances on the severity of depression.
• Chronic illness and the risk of developing depression.
• Depression: symptoms and treatment.
• Adverse childhood experiences and the likelihood of experiencing depression in adulthood.
• The relationship between chronic illness and depression.
• The role of negative thinking patterns in the development of depression.
• Effects of depression among adolescents.
• The effects of poor body image and low self-esteem on the prevalence of depression.
• The influence of social support systems on preventing symptoms of depression.
• The effects of child neglect on adult depression rates.
• Depression caused by hormonal imbalance.
• The link between perfectionism and the risk of developing depression.
• The effects of a lack of sleep on depression symptoms.
• The effects of childhood abuse and neglect on the risk of depression.
• Social aspects of depression and anxiety.
• The impact of bullying on the likelihood of experiencing depression.
• The role of serotonin and neurotransmitter imbalances in the development of depression.
• The impact of a poor diet on depression rates.
• Depression and anxiety run in the family .
• The effects of childhood poverty and socioeconomic status on depression rates in adults.
• The impact of divorce on depression rates.
• The relationship between traumatic life events and the risk of developing depression.
• The influence of personality traits on susceptibility to depression.
• The impact of workplace stress on depression rates.
• Depression in older adults: causes and treatment.
• The impact of parental depression on children’s mental health outcomes.
• The effects of social isolation on the prevalence and severity of depression.
• The role of cultural factors in the manifestation and treatment of depression.
• The relationship between childhood bullying victimization and future depressive symptoms.
• The impact of early intervention and prevention programs on reducing the risk of postpartum depression.
• Treating mood disorders and depression.
• How do hormonal changes during pregnancy contribute to the development of depression?
• The effects of sleep deprivation on the onset and severity of postpartum depression.
• The impact of social media on depression rates among teenagers.
• The role of genetics in the development of depression.
• The impact of bullying on adolescent depression rates.
• Mental illness, depression, and wellness issues.
• The effects of a sedentary lifestyle on depression symptoms.
• The correlation between academic pressure and depression in students.
• The relationship between perfectionism and depression.
• The correlation between trauma and depression in military veterans.
• Anxiety and depression during childhood and adolescence.
• The impact of racial discrimination on depression rates among minorities.
• The relationship between chronic pain and depression.
• The impact of social comparison on depression rates among young adults.
• The effects of childhood abuse on adult depression rates.

Depression Argumentative Essay Topics

• The role of social media in contributing to depression among teenagers.
• The effectiveness of antidepressant medication: an ongoing debate.
• Depression treatment: therapy or medications?
• Should depression screening be mandatory in schools and colleges?
• Is there a genetic predisposition to depression?
• The stigma surrounding depression: addressing misconceptions and promoting understanding.
• Implementation of depression screening in primary care .
• Is psychotherapy more effective than medication in treating depression?
• Is teenage depression overdiagnosed or underdiagnosed: a critical analysis.
• The connection between depression and substance abuse: untangling the relationship.
• Humanistic therapy of depression .
• Should ECT (electroconvulsive therapy) be a treatment option for severe depression?
• Where is depression more prevalent: in urban or rural communities? Analyzing the disparities.
• Is depression a result of chemical imbalance in the brain? Debunking the myth.
• Depression: a serious mental and behavioral problem.
• Should depression medication be prescribed for children and adolescents?
• The effectiveness of mindfulness-based interventions in managing depression.
• Should depression in the elderly be considered a normal part of aging?
• Is depression hereditary? Investigating the role of genetics in depression risk.
• Different types of training in managing the symptoms of depression.
• The effectiveness of online therapy platforms in treating depression.
• Should psychedelic therapy be explored as an alternative treatment for depression?
• The connection between depression and cardiovascular health: Is there a link?
• The effectiveness of cognitive-behavioral therapy in preventing depression relapse.
• Depression as a bad a clinical condition.
• Should mind-body interventions (e.g., yoga, meditation) be integrated into depression treatment?
• Should emotional support animals be prescribed for individuals with depression?
• The effectiveness of peer support groups in decreasing depression symptoms.
• The use of antidepressants: are they overprescribed or necessary for treating depression?
• Adult depression and anxiety as a complex problem.
• The effectiveness of therapy versus medication in treating depression.
• The stigma surrounding depression and mental illness: how can we reduce it?
• The debate over the legalization of psychedelic drugs for treating depression.
• The relationship between creativity and depression: does one cause the other?
• Cognitive-behavioral therapy for generalized anxiety disorder and depression.
• The role of childhood trauma in shaping adult depression: Is it always a causal factor?
• The debate over the medicalization of sadness and grief as forms of depression.
• Alternative therapies, such as acupuncture or meditation, are effective in treating depression.
• Depression as a widespread mental condition.

Controversial Topics about Depression

• The existence of “chemical imbalance” in depression: fact or fiction?
• The over-reliance on medication in treating depression: are alternatives neglected?
• Is depression overdiagnosed and overmedicated in Western society?
• Measurement of an individual’s level of depression.
• The role of Big Pharma in shaping the narrative and treatment of depression.
• Should antidepressant advertisements be banned?
• The inadequacy of current diagnostic criteria for depression: rethinking the DSM-5.
• Is depression a biological illness or a product of societal factors?
• Literature review on depression .
• The overemphasis on biological factors in depression treatment: ignoring environmental factors.
• Is depression a normal reaction to an abnormal society?
• The influence of cultural norms on the perception and treatment of depression.
• Should children and adolescents be routinely prescribed antidepressants?
• The role of family in depression treatment.
• The connection between depression and creative genius: does depression enhance artistic abilities?
• The ethics of using placebo treatment for depression studies.
• The impact of social and economic inequalities on depression rates.
• Is depression primarily a mental health issue or a social justice issue?
• Depression disassembling and treating.
• Should depression screening be mandatory in the workplace?
• The influence of gender bias in the diagnosis and treatment of depression.
• The controversial role of religion and spirituality in managing depression.
• Is depression a result of individual weakness or societal factors?
• Abnormal psychology: anxiety and depression case .
• The link between depression and obesity: examining the bidirectional relationship.
• The connection between depression and academic performance: causation or correlation?
• Should depression medication be available over the counter?
• The impact of internet and social media use on depression rates: harmful or beneficial?
• Interacting in the workplace: depression.
• Is depression a modern epidemic or simply better diagnosed and identified?
• The ethical considerations of using animals in depression research.
• The effectiveness of psychedelic therapies for treatment-resistant depression.
• Is depression a disability? The debate on workplace accommodations.
• Polysubstance abuse among adolescent males with depression.
• The link between depression and intimate partner violence : exploring the relationship.
• The controversy surrounding “happy” pills and the pursuit of happiness.
• Is depression a choice? Examining the role of personal responsibility.

Good Titles for Depression Essays

• The poetic depictions of depression: exploring its representation in literature.
• The melancholic symphony: the influence of depression on classical music.
• Moderate depression symptoms and treatment.
• Depression in modern music: analyzing its themes and expressions.
• Cultural perspectives on depression: a comparative analysis of attitudes in different countries.
• Contrasting cultural views on depression in Eastern and Western societies.
• Diagnosing depression in the older population.
• The influence of social media on attitudes and perceptions of depression in global contexts.
• Countries with progressive approaches to mental health awareness.
• From taboo to acceptance: the evolution of attitudes towards depression.
• Depression screening tool in acute settings.
• The Bell Jar : analyzing Sylvia Plath’s iconic tale of depression .
• The art of despair: examining Frida Kahlo’s self-portraits as a window into depression.
• The Catcher in the Rye : Holden Caulfield’s battle with adolescent depression.
• Music as therapy: how jazz artists turned depression into art.
• Depression screening tool for a primary care center.
• The Nordic paradox: high depression rates in Scandinavian countries despite high-quality healthcare.
• The Stoic East: how Eastern philosophies approach and manage depression.
• From solitude to solidarity: collective approaches to depression in collectivist cultures.
• The portrayal of depression in popular culture: a critical analysis of movies and TV shows.
• The depression screening training in primary care.
• The impact of social media influencers on depression rates among young adults.
• The role of music in coping with depression: can specific genres or songs help alleviate depressive symptoms?
• The representation of depression in literature: a comparative analysis of classic and contemporary works.
• The use of art as a form of self-expression and therapy for individuals with depression.
• Depression management guidelines implementation.
• The role of religion in coping with depression: Christian and Buddhist practices.
• The representation of depression in the video game Hellblade: Senua’s Sacrifice .
• The role of nature in coping with depression: can spending time outdoors help alleviate depressive symptoms?
• The effectiveness of dance/movement therapy in treating depression among older adults.
• The National Institute for Health: depression management.
• The portrayal of depression in stand-up comedy: a study of comedians like Maria Bamford and Chris Gethard.
• The role of spirituality in coping with depression: Islamic and Hindu practices .
• The portrayal of depression in animated movies : an analysis of Inside Out and The Lion King .
• The representation of depression by fashion designers like Alexander McQueen and Rick Owens.
• Depression screening in primary care .
• The portrayal of depression in documentaries: an analysis of films like The Bridge and Happy Valley .
• The effectiveness of wilderness therapy in treating depression among adolescents.
• The connection between creativity and depression: how art can help heal.
• The role of Buddhist and Taoist practices in coping with depression.
• Mild depression treatment research funding sources.
• The portrayal of depression in podcasts: an analysis of the show The Hilarious World of Depression .
• The effectiveness of drama therapy in treating depression among children and adolescents.
• The representation of depression in the works of Vincent van Gogh and Edvard Munch.
• Depression in young people: articles review.
• The impact of social media on political polarization and its relationship with depression.
• The role of humor in coping with depression: a study of comedians like Ellen DeGeneres.
• The portrayal of depression in webcomics: an analysis of the comics Hyperbole and a Half .
• The effect of social media on mental health stigma and its relationship with depression.
• Depression and the impact of human services workers.
• The masked faces: hiding depression in highly individualistic societies.

💭 Depression Speech Topics

Informative speech topics about depression.

• Different types of depression and their symptoms.
• The causes of depression: biological, psychological, and environmental factors.
• How depression and physical issues are connected.
• The prevalence of depression in different age groups and demographics.
• The link between depression and anxiety disorders.
• Physical health: The effects of untreated depression.
• The role of genetics in predisposing individuals to depression.
• What you need to know about depression.
• How necessary is early intervention in treating depression?
• The effectiveness of medication in treating depression.
• The role of exercise in managing depressive symptoms.
• Depression in later life: overview.
• The relationship between substance abuse and depression.
• The impact of trauma on depression rates and treatment.
• The effectiveness of mindfulness meditation in managing depressive symptoms.
• Enzymes conversion and metabolites in major depression.
• The benefits and drawbacks of electroconvulsive therapy for severe depression.
• The effect of gender and cultural norms on depression rates and treatment.
• The effectiveness of alternative therapies for depression, such as acupuncture and herbal remedies.
• The importance of self-care in managing depression.
• Symptoms of anxiety, depression, and peritraumatic dissociation.
• The role of support systems in managing depression.
• The effectiveness of cognitive-behavioral therapy in treating depression.
• The benefits and drawbacks of online therapy for depression.
• The role of spirituality in managing depression.
• Depression among minority groups.
• The benefits and drawbacks of residential treatment for severe depression.
• What is the relationship between childhood trauma and adult depression?
• How effective is transcranial magnetic stimulation (TMS) for treatment-resistant depression?
• The benefits and drawbacks of art therapy for depression.
• Mood disorder: depression and bipolar.
• The impact of social media on depression rates.
• The effectiveness of dialectical behavior therapy (DBT) in treating depression.
• Depression in older people.
• The impact of seasonal changes on depression rates and treatment options.
• The impact of depression on daily life and relationships, and strategies for coping with the condition.
• The stigma around depression and the importance of seeking help.

Persuasive Speech Topics about Depression

• How important is it to recognize the signs and symptoms of depression ?
• How do you support a loved one who is struggling with depression?
• The importance of mental health education in schools to prevent and manage depression.
• Social media: the rise of depression and anxiety .
• Is there a need to increase funding for mental health research to develop better treatments for depression?
• Addressing depression in minority communities: overcoming barriers and disparities.
• The benefits of including alternative therapies, such as yoga and meditation, in depression treatment plans.
• Challenging media portrayals of depression: promoting accurate representations.
• Two sides of depression disease.
• How social media affects mental health: the need for responsible use to prevent depression.
• The importance of early intervention: addressing depression in schools and colleges.
• The benefits of seeking professional help for depression.
• There is a need for better access to mental health care, including therapy and medication, for those suffering from depression.
• Depression in adolescents and suitable interventions.
• How do you manage depression while in college or university?
• The role of family and friends in supporting loved ones with depression and encouraging them to seek help.
• The benefits of mindfulness and meditation for depression.
• The link between sleep and depression, and how to improve sleep habits.
• How do you manage depression while working a high-stress job?
• Approaches to treating depression.
• How do you manage depression during pregnancy and postpartum?
• The importance of prioritizing employee mental health and providing resources for managing depression in the workplace.
• How should you manage depression while caring for a loved one with a chronic illness?
• How to manage depression while dealing with infertility or pregnancy loss.
• Andrew Solomon: why we can’t talk about depression.
• Destigmatizing depression: promoting mental health awareness and understanding.
• Raising funds for depression research: investing in mental health advances.
• The power of peer support: establishing peer-led programs for depression.
• Accessible mental health services: ensuring treatment for all affected by depression.
• Evidence-based screening for depression in acute care.
• The benefits of journaling for mental health: putting your thoughts on paper to heal.
• The power of positivity: changing your mindset to fight depression .
• The healing power of gratitude in fighting depression.
• The connection between diet and depression: eating well can improve your mood.
• Teen depression and suicide in Soto’s The Afterlife .
• The benefits of therapy for depression: finding professional help to heal.
• The importance of setting realistic expectations when living with depression.

📝 How to Write about Depression: Essay Structure

We’ve prepared some tips and examples to help you structure your essay and communicate your ideas.

Essay about Depression: Introduction

An introduction is the first paragraph of an essay. It plays a crucial role in engaging the reader, offering the context, and presenting the central theme.

A good introduction typically consists of 3 components:

• Hook. The hook captures readers’ attention and encourages them to continue reading.
• Background information. Background information provides context for the essay.
• Thesis statement. A thesis statement expresses the essay’s primary idea or central argument.

Hook : Depression is a widespread mental illness affecting millions worldwide.

Background information : Depression affects your emotions, thoughts, and behavior. If you suffer from depression, engaging in everyday tasks might become arduous, and life may appear devoid of purpose or joy.

Depression Essay Thesis Statement

A good thesis statement serves as an essay’s road map. It expresses the author’s point of view on the issue in 1 or 2 sentences and presents the main argument.

Thesis statement : The stigma surrounding depression and other mental health conditions can discourage people from seeking help, only worsening their symptoms.

Essays on Depression: Body Paragraphs

The main body of the essay is where you present your arguments. An essay paragraph includes the following:

• a topic sentence,
• evidence to back up your claim,
• explanation of why the point is essential to the argument;
• a link to the next paragraph.

Topic sentence : Depression is a complex disorder that requires a personalized treatment approach, comprising both medication and therapy.

Evidence : Medication can be prescribed by a healthcare provider or a psychiatrist to relieve the symptoms. Additionally, practical strategies for managing depression encompass building a support system, setting achievable goals, and practicing self-care.

Depression Essay: Conclusion

The conclusion is the last part of your essay. It helps you leave a favorable impression on the reader.

The perfect conclusion includes 3 elements:

• Rephrased thesis statement.
• Summary of the main points.
• Final opinion on the topic.

Rephrased thesis: In conclusion, overcoming depression is challenging because it involves a complex interplay of biological, psychological, and environmental factors that affect an individual’s mental well-being.

Summary: Untreated depression heightens the risk of engaging in harmful behaviors such as substance abuse and can also result in negative thought patterns, diminished self-esteem, and distorted perceptions of reality.

We hope you’ve found our article helpful and learned some new information. If so, feel free to share it with your friends. You can also try our free online topic generator !

• Pain, anxiety, and depression – Harvard Health | Harvard Health Publishing
• Depression-related increases and decreases in appetite reveal dissociable patterns of aberrant activity in reward and interoceptive neurocircuitry – PMC | National Library of Medicine
• How to Get Treatment for Postpartum Depression – The New York Times
• What Is Background Information and What Purpose Does It Serve? | Indeed.com
• Thesis | Harvard College Writing Center
• Topic Sentences: How Do You Write a Great One? | Grammarly Blog

725 Research Proposal Topics & Title Ideas in Education, Psychology, Business, & More

414 proposal essay topics for projects, research, & proposal arguments.

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• Crisis Support

7 Depression Research Paper Topic Ideas

Nancy Schimelpfening, MS is the administrator for the non-profit depression support group Depression Sanctuary. Nancy has a lifetime of experience with depression, experiencing firsthand how devastating this illness can be.

Cara Lustik is a fact-checker and copywriter.

In psychology classes, it's common for students to write a depression research paper. Researching depression may be beneficial if you have a personal interest in this topic and want to learn more, or if you're simply passionate about this mental health issue. However, since depression is a very complex subject, it offers many possible topics to focus on, which may leave you wondering where to begin.

If this is how you feel, here are a few research titles about depression to help inspire your topic choice. You can use these suggestions as actual research titles about depression, or you can use them to lead you to other more in-depth topics that you can look into further for your depression research paper.

What Is Depression?

Everyone experiences times when they feel a little bit blue or sad. This is a normal part of being human. Depression, however, is a medical condition that is quite different from everyday moodiness.

Your depression research paper may explore the basics, or it might delve deeper into the  definition of clinical depression  or the  difference between clinical depression and sadness .

What Research Says About the Psychology of Depression

Studies suggest that there are biological, psychological, and social aspects to depression, giving you many different areas to consider for your research title about depression.

Types of Depression

There are several different types of depression  that are dependent on how an individual's depression symptoms manifest themselves. Depression symptoms may vary in severity or in what is causing them. For instance, major depressive disorder (MDD) may have no identifiable cause, while postpartum depression is typically linked to pregnancy and childbirth.

Depressive symptoms may also be part of an illness called bipolar disorder. This includes fluctuations between depressive episodes and a state of extreme elation called mania. Bipolar disorder is a topic that offers many research opportunities, from its definition and its causes to associated risks, symptoms, and treatment.

Causes of Depression

The possible causes of depression are many and not yet well understood. However, it most likely results from an interplay of genetic vulnerability  and environmental factors. Your depression research paper could explore one or more of these causes and reference the latest research on the topic.

For instance, how does an imbalance in brain chemistry or poor nutrition relate to depression? Is there a relationship between the stressful, busier lives of today's society and the rise of depression? How can grief or a major medical condition lead to overwhelming sadness and depression?

Who Is at Risk for Depression?

This is a good research question about depression as certain risk factors may make a person more prone to developing this mental health condition, such as a family history of depression, adverse childhood experiences, stress , illness, and gender . This is not a complete list of all risk factors, however, it's a good place to start.

The growing rate of depression in children, teenagers, and young adults is an interesting subtopic you can focus on as well. Whether you dive into the reasons behind the increase in rates of depression or discuss the treatment options that are safe for young people, there is a lot of research available in this area and many unanswered questions to consider.

Depression Signs and Symptoms

The signs of depression are those outward manifestations of the illness that a doctor can observe when they examine a patient. For example, a lack of emotional responsiveness is a visible sign. On the other hand, symptoms are subjective things about the illness that only the patient can observe, such as feelings of guilt or sadness.

An illness such as depression is often invisible to the outside observer. That is why it is very important for patients to make an accurate accounting of all of their symptoms so their doctor can diagnose them properly. In your depression research paper, you may explore these "invisible" symptoms of depression in adults or explore how depression symptoms can be different in children .

How Is Depression Diagnosed?

This is another good depression research topic because, in some ways, the diagnosis of depression is more of an art than a science. Doctors must generally rely upon the patient's set of symptoms and what they can observe about them during their examination to make a diagnosis. 

While there are certain  laboratory tests that can be performed to rule out other medical illnesses as a cause of depression, there is not yet a definitive test for depression itself.

If you'd like to pursue this topic, you may want to start with the Diagnostic and Statistical Manual of Mental Disorders (DSM). The fifth edition, known as DSM-5, offers a very detailed explanation that guides doctors to a diagnosis. You can also compare the current model of diagnosing depression to historical methods of diagnosis—how have these updates improved the way depression is treated?

Treatment Options for Depression

The first choice for depression treatment is generally an antidepressant medication. Selective serotonin reuptake inhibitors (SSRIs) are the most popular choice because they can be quite effective and tend to have fewer side effects than other types of antidepressants.

Psychotherapy, or talk therapy, is another effective and common choice. It is especially efficacious when combined with antidepressant therapy. Certain other treatments, such as electroconvulsive therapy (ECT) or vagus nerve stimulation (VNS), are most commonly used for patients who do not respond to more common forms of treatment.

Focusing on one of these treatments is an option for your depression research paper. Comparing and contrasting several different types of treatment can also make a good research title about depression.

A Word From Verywell

The topic of depression really can take you down many different roads. When making your final decision on which to pursue in your depression research paper, it's often helpful to start by listing a few areas that pique your interest.

From there, consider doing a little preliminary research. You may come across something that grabs your attention like a new study, a controversial topic you didn't know about, or something that hits a personal note. This will help you narrow your focus, giving you your final research title about depression.

Remes O, Mendes JF, Templeton P. Biological, psychological, and social determinants of depression: A review of recent literature . Brain Sci . 2021;11(12):1633. doi:10.3390/brainsci11121633

National Institute of Mental Health. Depression .

American Psychiatric Association. Diagnostic and Statistical Manual of Mental Disorders, Fifth Edition . American Psychiatric Association.

National Institute of Mental Health. Mental health medications .

Ferri, F. F. (2019). Ferri's Clinical Advisor 2020 E-Book: 5 Books in 1 . Netherlands: Elsevier Health Sciences.

By Nancy Schimelpfening Nancy Schimelpfening, MS is the administrator for the non-profit depression support group Depression Sanctuary. Nancy has a lifetime of experience with depression, experiencing firsthand how devastating this illness can be.  

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71 Great Depression Research Topics & Essay Examples

📝 great depression research papers examples, 💡 essay ideas on great depression, ✍️ great depression essay topics for college, ❓ great depression research questions.

• The Great Depression: Stakeholders and Advantages The Great Depression started on the 4th day of September 1929. A month later, the issue became a matter of international concern when the US stock market crashed.
• The Great Depression: Causes and Responses The Great Depression had a greater global impact compared to economic downturns that had happened before. The previous ones were restricted to a few countries or regions.
• The Great Depression in the United States' History Many dynamics factored into instigating the Great Depression, but the central reasons were twofold. One was that the wealth of the nation was unevenly distributed.
• The Great Depression: What Are Causes and Effects? The Great Depression was principally caused by a decline in spending (aggregate demand). As a result, production declined, and people were laid off.
• The Great Depression: Consequences and Impact on Economic The Great Depression was the period that affected every corner of the civilized world, from rich to poor, especially the United States.
• The US Politics from the 1930s to the 1950s The Great Depression, the Second World War, and the Cold War with Russia had significant implications on the political approaches the US adopts today.
• Critical Analysis of Overcoming the Great Depression
• Effectiveness of the New Deal in Solving the Problems Faced by the U.S. During the Great Depression
• Military Spending During the Great Depression
• Investigation of the Causes of the Great Depression in Two Countries of the Region
• The Decline of American Quality of Life During the Great Depression
• FDR’s Part in Alleviating the Economic Crisis of the Great Depression
• The Culture of Poverty in America During the Great Depression
• Relief, Recovery, and Reform Programs in the USA: The Great Depression
• The Great Depression and Its Main Lessons
• John Steinbeck’s Involvement in the Great Depression and Vietnam War
• The Immediate and Long-Term Effects of Roosevelt’s Response to the Great Depression
• Analogy Between the Great Depression and the Great Recession of 2007-2009 in the U.S.
• Unemployment During the Great Depression
• Recession and Great Depression: The Role of Tax Rates
• Importance of the Great Depression in Bringing the World War II
• The Motivation of American Writers Throughout the Great Depression
• Causes and Effects of the Great Depression
• Gold Standard Internationally at the Time of the Great Depression
• Policymaking at the Federal Reserve Board During the Great Depression in the U.S.
• The Impact of the Great Depression on Ordinary People
• The Events That Made the Great Depression Last for So Many Years
• Restrictions During the Great Depression
• The Connection Between the Great Depression and Romanticism
• Impact of the Great Depression on the Culture of Laborers
• Critical Analysis of “The Grapes of Wrath”: Representation of the Harshness of the Great Depression
• The Socio-Economic Consequences of the Great Depression
• Nationwide Photographic Survey of American’s Life During the Great Depression
• The Civil Rights Movement and the Great Depression
• Rescuing America From the Great Depression by Franklin D. Roosevelt and His Policies
• The Image of the Society of the Great Depression
• General Overview and Essence of the Great Depression
• The Prosperity of Movie Theaters During the Great Depression
• Similarities Between Hoover and Roosevelt: The Great Depression
• Homeless People During the Great Depression
• Impact of the Great Depression on Mexican Americans
• The Effects of the Great Depression and the Dust Bowl on Migrant Workers
• Government Response to the Great Depression
• Roosevelt, the Great Depression, and the Economics of Recovery
• Gender Roles During the Great Depression and the Cold War
• Herbert Hoover’s Presidency: Navigating Through the Storm of the Great Depression
• What Were the Conditions Like for the Working Classes During the Great Depression?
• How Did Workers Respond to the Conditions of the Great Depression?
• Why Did the Great Depression Last So Long?
• How Did the Great Depression Affect a Generation?
• How Does the Great Depression Affect the World Economy?
• Did Monetary Forces Cause the Great Depression?
• Did Technology Shocks Drive the Great Depression?
• How Franklin Delano Roosevelt Handled the Great Depression in the U.S.?
• How Has Homelessness Changed Since the Great Depression?
• Why Were Bank Failures Common During the Great Depression?
• How Did Income Inequality Lead to the Great Depression?
• How Did First Lady Eleanor Roosevelt Help Americans During the Depression?
• What Was the Administration’s Political Strategy During the Great Depression
• How Did Life Change During the Great Depression?
• What Were the Long-Term Consequences of the Great Depression?
• What Economic Policy Was Most Successful During the Great Depression?
• Did Monopolies Cause the Great Depression?
• What Effects Did the Great Depression Have on the Credit Industry?
• How Did Dual Federalism Collapse in the Great Depression?
• Why Was Herbert Hoover Blamed for the Great Depression?
• How Did the Government Respond to the Great Depression Under Each President?
• What Industries Did Not Suffer During the Great Depression?
• How Did the Great Depression Differ in Impacts Between Countries?
• How Did the Great Depression Change People’s View About Government?
• What Solution Did Fascists Promote to End the Great Depression?

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Essays on Great Depression

Great depression essay topic examples, argumentative essays.

Argumentative essays on the Great Depression require you to take a stance on a specific aspect of this historical event and provide evidence to support your viewpoint. Consider these topic examples:

• 1. Argue for the primary causes of the Great Depression, emphasizing the role of economic policies, banking practices, and global factors in triggering the crisis.
• 2. Debate the effectiveness of New Deal programs in alleviating the suffering of Americans during the Great Depression, discussing their long-term impact on the nation's economy and social fabric.

Example Introduction Paragraph for an Argumentative Great Depression Essay: The Great Depression remains a defining moment in American history, marked by economic turmoil and widespread suffering. In this argumentative essay, we will examine the primary causes of the Great Depression, focusing on economic policies, banking practices, and global factors that contributed to this devastating crisis.

Example Conclusion Paragraph for an Argumentative Great Depression Essay: In conclusion, the analysis of the Great Depression's causes underscores the complexity of this historical event. As we reflect on the lessons learned from this era, we are reminded of the importance of sound economic policies and vigilant oversight in preventing future economic crises.

Compare and Contrast Essays

Compare and contrast essays on the Great Depression involve analyzing the similarities and differences between various aspects of the era, such as its impact on different countries or the approaches taken to address the crisis. Consider these topics:

• 1. Compare and contrast the effects of the Great Depression on the United States and Germany, examining the economic, social, and political consequences in both nations.
• 2. Analyze and contrast the approaches taken by Franklin D. Roosevelt's New Deal and Adolf Hitler's economic policies in response to the Great Depression, exploring their divergent ideologies and outcomes.

Example Introduction Paragraph for a Compare and Contrast Great Depression Essay: The Great Depression had a global impact, affecting nations differently and prompting diverse responses. In this compare and contrast essay, we will explore the effects of the Great Depression on the United States and Germany, examining the economic, social, and political consequences in both countries.

Example Conclusion Paragraph for a Compare and Contrast Great Depression Essay: In conclusion, the comparison and contrast of the Great Depression's effects on the United States and Germany reveal the profound and lasting consequences of economic crises. As we study these different experiences, we gain insights into the resilience of nations facing adversity.

Descriptive Essays

Descriptive essays on the Great Depression allow you to provide detailed accounts and analysis of specific aspects, events, or individuals during this period. Here are some topic ideas:

• 1. Describe the everyday life of a typical American family during the Great Depression, detailing their struggles, coping mechanisms, and aspirations for a better future.
• 2. Paint a vivid picture of a significant event from the Great Depression era, such as the Dust Bowl or a famous protest, discussing its impact on society and the lessons learned.

Example Introduction Paragraph for a Descriptive Great Depression Essay: The Great Depression left an indelible mark on the lives of ordinary Americans, shaping their daily experiences and aspirations. In this descriptive essay, we will delve into the everyday life of a typical American family during this challenging period, exploring their struggles and hopes for a brighter future.

Example Conclusion Paragraph for a Descriptive Great Depression Essay: In conclusion, the descriptive exploration of a typical American family's life during the Great Depression reminds us of the resilience and determination of individuals in the face of adversity. As we reflect on their experiences, we are inspired by their unwavering spirit.

Persuasive Essays

Persuasive essays on the Great Depression involve advocating for specific actions, policies, or changes related to economic recovery, social welfare, or preventing future economic crises. Consider these persuasive topics:

• 1. Persuade your audience of the importance of implementing social safety net programs to prevent another Great Depression-like economic catastrophe, highlighting the potential benefits and challenges of such initiatives.
• 2. Advocate for increased financial literacy education in schools as a means to empower individuals with the knowledge and skills to make informed financial decisions, potentially preventing future economic crises.

Example Introduction Paragraph for a Persuasive Great Depression Essay: The lessons of the Great Depression continue to shape economic and social policies today. In this persuasive essay, I will make a compelling case for the implementation of social safety net programs aimed at preventing future economic catastrophes like the Great Depression, emphasizing the potential benefits and challenges of such initiatives.

Example Conclusion Paragraph for a Persuasive Great Depression Essay: In conclusion, the persuasive argument for social safety net programs underscores the importance of proactive measures to safeguard against economic crises. As we advocate for change, we contribute to a more resilient and equitable society.

Narrative Essays

Narrative essays on the Great Depression allow you to share personal stories, experiences, or observations related to this historical period, your family's history during the era, or the impact of the Great Depression on your community. Explore these narrative essay topics:

• 1. Narrate a family story or anecdote passed down through generations about how your family coped with the challenges of the Great Depression, highlighting the resilience and resourcefulness of your ancestors.
• 2. Share a personal narrative of how the Great Depression era shaped the values and principles of your community, discussing the lasting impact on your town or neighborhood.

Example Introduction Paragraph for a Narrative Great Depression Essay: The Great Depression was not just a historical event; it was a period that defined the experiences and values of countless individuals and communities. In this narrative essay, I will share a family story that has been passed down through generations, illustrating how my family coped with the challenges of this era and the lasting impact on our values.

Example Conclusion Paragraph for a Narrative Great Depression Essay: In conclusion, the narrative of my family's experience during the Great Depression serves as a reminder of the resilience and resourcefulness that emerged during this challenging period. As we reflect on our history, we find inspiration in the strength of those who came before us.

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1929 - c. 1939

Europe, United States

Franklin D. Roosevelt: As the President of the United States from 1933 to 1945, Roosevelt implemented the New Deal, a series of economic and social programs aimed at alleviating the effects of the Great Depression. John Steinbeck: An influential American author, Steinbeck wrote novels such as "The Grapes of Wrath" (1939), which depicted the plight of migrant workers during the Great Depression. His work shed light on the social and economic injustices faced by many Americans during that time. Dorothea Lange: A renowned documentary photographer, Lange captured powerful images of individuals and families affected by the Great Depression. Her iconic photograph "Migrant Mother" became a symbol of the hardships faced by ordinary Americans. Eleanor Roosevelt: The wife of President Franklin D. Roosevelt, Eleanor Roosevelt was a prominent advocate for social and economic reform. She played an active role in promoting the New Deal policies and was a strong voice for marginalized communities during the Great Depression.

The Great Depression, one of the most severe economic crises in history, occurred during the 1930s. It started in the United States with the stock market crash of 1929, often referred to as "Black Tuesday." This event led to a chain reaction of economic downturns worldwide, resulting in high unemployment rates, widespread poverty, and a significant decline in industrial production. The effects of the Great Depression were felt across various sectors, including agriculture, manufacturing, and banking.

The Great Depression was preceded by a series of factors that set the stage for its occurrence. In the aftermath of World War I, the global economy experienced a period of instability and rapid growth known as the Roaring Twenties. However, beneath the surface of apparent prosperity, there were underlying vulnerabilities. One of the key factors contributing to the Great Depression was the rampant speculation in the stock market, fueled by easy credit and speculative investments. This speculative bubble eventually burst in October 1929, triggering the stock market crash and initiating a chain reaction of economic collapse. Additionally, international economic imbalances played a role in exacerbating the crisis. Protectionist trade policies, war reparations, and a decline in global trade contributed to a decline in industrial production and widespread unemployment. The collapse of the banking system further deepened the crisis, as bank failures wiped out people's savings and caused a severe liquidity crisis.

Stock Market Crash: On October 29, 1929, known as Black Tuesday, the stock market experienced a catastrophic crash, signaling the start of the Great Depression. This event led to a massive loss of wealth and investor confidence. Dust Bowl: In the early 1930s, severe drought and poor farming practices led to the Dust Bowl in the Great Plains region of the United States. Dust storms ravaged the land, causing agricultural devastation and mass migration of farmers to seek better opportunities elsewhere. New Deal: In response to the crisis, President Franklin D. Roosevelt implemented the New Deal, a series of programs and reforms aimed at providing relief, recovery, and reform. This included measures such as the creation of jobs, financial regulations, and social welfare initiatives.

Economic Collapse: The Great Depression plunged the global economy into a severe downturn. Industries faced widespread bankruptcies, trade declined, and unemployment soared. Poverty levels skyrocketed, leaving many families without basic necessities. Social Unrest: The economic hardship led to increased social unrest. Breadlines, shantytowns, and soup kitchens became common sights as people struggled to survive. Homelessness and hunger became prevalent, straining social structures. Global Impact: The Great Depression had a global reach, affecting countries around the world. International trade declined, leading to a sharp decline in exports and imports. This interconnectedness contributed to a worldwide economic slowdown. Political Shifts: The economic crisis paved the way for significant political shifts. Governments faced pressure to address the crisis, resulting in the rise of interventionist policies and increased government involvement in the economy. This gave birth to the concept of the welfare state. Cultural and Artistic Expression: The Great Depression influenced art, literature, and music, reflecting the hardships and struggles of the era. Artists and writers depicted the human suffering and the search for hope amid despair.

Literature: John Steinbeck's novel "The Grapes of Wrath" (1939) is a powerful depiction of the Great Depression's impact on migrant workers in the United States. It follows the Joad family as they face poverty, displacement, and exploitation while searching for a better life. The book explores themes of resilience, social injustice, and the human spirit in the face of adversity. Photography: The Farm Security Administration (FSA) hired photographers, including Dorothea Lange and Walker Evans, to document the effects of the Great Depression. Their iconic photographs, such as Lange's "Migrant Mother," captured the hardships faced by rural communities, evoking empathy and raising awareness about the human toll of the economic crisis. Films: Movies like "The Grapes of Wrath" (1940) and "It's a Wonderful Life" (1946) depicted the struggles and resilience of individuals and communities during the Great Depression. These films offered social commentary, showcased the impact of economic hardship, and explored themes of hope, perseverance, and the importance of human connections. Music: Artists like Woody Guthrie composed folk songs that reflected the experiences of those affected by the Great Depression. Guthrie's "This Land Is Your Land" and "Dust Bowl Blues" expressed the struggles of the working class and the desire for a more equitable society. Art: Painters such as Grant Wood and Thomas Hart Benton created works that captured the hardships and rural landscapes of the Great Depression. Wood's painting "American Gothic" became an iconic representation of the era, symbolizing the resilience and determination of the American people.

1. The Gross Domestic Product (GDP) of the United States dropped by approximately 30% during the Great Depression. 2. Between 1929 and 1932, over 9,000 banks in the United States failed, causing immense financial instability. 3. The poverty rate in the United States surged during the Great Depression. By 1933, around 15 million Americans, representing approximately 30% of the population at that time, were living below the poverty line.

The topic of the Great Depression holds significant importance as it marks a critical period in global history that profoundly impacted economies, societies, and individuals worldwide. Exploring this topic in an essay provides valuable insights into the causes, consequences, and responses to one of the most severe economic downturns in modern times. Understanding the Great Depression is essential to grasp the complexities of economic cycles, financial systems, and government policies. It allows us to reflect on the vulnerabilities of economies and the potential ramifications of economic crises. Moreover, studying the Great Depression enables us to analyze the various social, political, and cultural transformations that took place during that era, including the rise of social welfare programs, labor movements, and governmental interventions. By delving into this topic, we gain valuable lessons about resilience, adaptability, and the role of leadership during challenging times. Exploring the experiences of individuals and communities during the Great Depression also helps us empathize with their struggles and appreciate the importance of collective efforts to overcome adversity.

1. Bernanke, B. S. (1983). Nonmonetary effects of the financial crisis in the propagation of the Great Depression. The American Economic Review, 73(3), 257-276. 2. Eichengreen, B. (1992). Golden fetters: The gold standard and the Great Depression, 1919-1939. Oxford University Press. 3. McElvaine, R. S. (1993). The Great Depression: America, 1929-1941. Times Books. 4. Rothbard, M. N. (2000). America's Great Depression. Ludwig von Mises Institute. 5. Badger, A. J. (2014). The Great Depression as a revolution. The Journal of Interdisciplinary History, 44(2), 156-174. 6. Temin, P. (2010). The Great Depression: Lessons for macroeconomic policy today. MIT Press. 7. Kennedy, D. M. (1999). Freedom from fear: The American people in depression and war, 1929-1945. Oxford University Press. 8. Leuchtenburg, W. E. (2015). The FDR years: On Roosevelt and his legacy. Columbia University Press. 9. Roth, B. (2017). The causes and consequences of the Great Depression. OpenStax. 10. Galbraith, J. K. (1997). The Great Crash, 1929. Houghton Mifflin.

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Sharing teaching and learning resources from the National Archives

Education Updates

Great Depression Primary Sources & Teaching Activities

You can find primary sources and learning activities for teaching about the Great Depression on  DocsTeach , the online tool for teaching with documents from the National Archives.

Access hundreds of primary sources related to the Great Depression and the New Deal on DocsTeach on a variety of topics, including:

• The Dust Bowl
• Unemployment
• Fireside Chats
• The New Deal
• The Works Progress Administration (WPA)
• Banks and the Stock Market Crash
• The Bonus Army
• Migrant Labor
• The Civilian Conservation Corps (CCC)
• Social Security

If you’re looking for primary sources for another Great Depression topic, visit our  document search page  and type in your keyword. You can narrow down your results by historical era or document type.

DocsTeach also includes dozens of teaching activities about the Great Depression created by our educators at the National Archives and by teachers across the country.

In our newly published activity The Impact of the Great Depression: Photograph Analysis , students analyze a series of photographs taken by photographers around the United States documenting the impact of the Great Depression on people and society.

In another new activity, Analyzing FDR’s First Fireside Chat , students analyze the tone, mood, and rhetorical devices of the first of FDR’s famous radio addresses, this time about the banking crisis.

In the map-based activity Where Was the New Deal? , students identify three New Deal programs – the Civilian Conservation Corps (CCC), Tennessee Valley Authority (TVA), and Works Progress Administration (WPA), locate where projects associated with each took place, and analyze their impact on each region.

• Migratory Cotton Picker with Her Baby , 11/1940. From the Records of the Bureau of Agricultural Economics.
• Soup Kitchen During the Depression , 6/1936. From the Collection FDR-Photos: Franklin D. Roosevelt Library Photographs.
• Hold on to Your Social Security Card , 1941 – 1945. From the Records of the Office of Government Reports.
• Farm Security Administration-Resettlement Administration: Vernon Evans family leaving South Dakota drought area for west , 1935. From the Collection FDR-PHOCO: Franklin D. Roosevelt Library Public Domain Photographs; Franklin D. Roosevelt Library, Hyde Park, NY.
• “The New Deal” Mural , ca. 1934. From the Collection FDR-PHOCO: Franklin D. Roosevelt Library Public Domain Photographs.
• “Farmer and sons walking in the face of a dust storm”; Cimarron County, Oklahoma , 4/1936. From the Collection FDR-PHOCO: Franklin D. Roosevelt Library Public Domain Photographs; Franklin D. Roosevelt Library, Hyde Park, NY.
• President Franklin D. Roosevelt Broadcasting his First Fireside Chat Regarding the Banking Crisis, from the White House, Washington, DC , 3/12/1933. From the Collection FDR-Photos: Franklin D. Roosevelt Library Photographs; Franklin D. Roosevelt Library, Hyde Park, NY.
• “Squatter Camp” in Sacramento, California , 3/15/1940. From the Records of the Bureau of Agricultural Economics.

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• Frontiers in Psychiatry
• Public Mental Health
• Research Topics

Environmental Risk Factors for Depression: Unveiling Pathways to Resilience and Public Mental Health Equity

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About this Research Topic

Depression is a complex and multifaceted mental health disorder characterized by persistent feelings of sadness, hopelessness, and disinterest in daily activities. It has long been one of the leading causes of disability worldwide, burdening the public mental health. While genetic predisposition and biological factors contribute to the development of depression, there is growing recognition of the significant impact of environmental influences on mental health outcomes. By focusing on environmental risk factors for depression, this Research Topic aims to address a critical public health concern with far-reaching implications for individual well-being and societal health. We welcome submissions of reviews and articles related to environmental risk factors for depression. The scope of submissions includes but is not limited to: Childhood Trauma and Early Life Stress: Research on the impact of childhood abuse, neglect, and other adverse experiences on the risk of depression in adulthood, as well as the mechanisms underlying the association between early life stress events and depression. Socioeconomic Factors: Exploration of the influence of socioeconomic factors such as poverty, unemployment, and social inequality on the incidence of depression, analysis of the role of social support systems and community resources in mitigating the risk of depression. Family and Interpersonal Relationships: Analysis of the role of family dysfunction, intimate relationship conflicts, and social isolation in depression, study of the protective effects of positive family interactions and support networks. Lifestyle and Behavior: Research on the impact of lifestyle factors such as diet, exercise, sleep, substance use, etc., on depression, exploration of the potential of healthy behavior interventions in the prevention and treatment of depression. Natural Environmental Factors and Green Spaces: Exploration of the effects of air pollution, noise pollution, and climate change on mental health, analysis of the potential mechanisms underlying the relationship between environmental stressors and depression. Understanding the role of environmental risk factors in depression is essential for developing effective prevention and intervention strategies. By addressing social determinants of mental health, promoting healthy lifestyles, and enhancing access to supportive environments, it may be possible to mitigate the burden of depression and improve overall well-being, finally benefiting public mental health.

Keywords : Depression, Public mental health, Environmental risk factors, Childhood trauma, Socioeconomic factors, Family relationships, Lifestyle behaviors, Natural environment, Mental health equity

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Ultimate Great Depression Topics For Easy Writing

The Great Depression was a tragic and exhausting period in world history that led to inconvenient consequences. The huge economic effect of this prolonged phenomenon touched not only the United States but also France, Germany, Great Britain, Italy, Canada, and other countries.

In this post, we will provide a number of Great Depression topics that will help you examine different aspects of this wide subject. In addition, in our related posts, you can find an example of a Great Depression essay that can be used while developing your own text.

Term paper topics on the Great Depression

• The American standard of living during the 1920s and the consequences that led to the Great Depression.
• Franklin D. Roosevelt’s role during the Great Depression.
• Some of the economic factors that caused the Great Depression.
• A culinary history of the Great Depression.
• Great Depression in Great Britain.
• The short-term and long-term significance of Roosevelt’s approach to the crisis of the l930s.
• Comparison of the Great Depression and the 2007-2009 Great Recession in the US.
• What could the US government have done to prevent the Great Depression?
• Unemployment in the Great Depression.
• Great Depression in Germany.
• Causes and effects of the Great Depression in Canada.
• How tax rates affect the Great Depression and the Great Recession.
• The Great Depression and how it might be connected to World War II.
• The effect of the Great Depression on American literature and the authors of that period.
• The Great Depression and World War I.
• The International Gold Standard and the Great Depression.
• The role of the Federal Reserve in USA policy during the Great Depression.
• How did the Great Depression affect Kansas?
• Mussolini’s economic policy during the Great Depression in Italy.
• How did the Great Depression reshape world politics and economies?
• How did Americans deal with the challenges during the Great Depression?
• The Great Depression in France.
• The golden age of radio and music during the Great Depression.
• Securities reform programs as part of the New Deal during the Great Depression.
• The Great Depression and its relation to the book “To Kill A Mockingbird”.
• Unionization and “cannery culture” in the context of the Great Depression.
• John Steinbeck’s symbolism in terms of society during the Great Depression.
• Migrant workers’ lives during the Great Depression.
• The Great Depression in Puerto Rico.
• Women’s experiences during the Great Depression.
• Relief during the Great Depression.
• Impact of the Great Depression on literature.
• The Great Depression and modernist architecture in Australia.
• The Great Depression and its effect on families.
• Farmers during the Great Depression.

Argumentative essay topics on the Great Depression

• Why did entering World War II end the Great Depression?
• Did the New Deal prolong the Great Depression?
• Had World War II stemmed directly from World War I and the Great Depression?
• How vital was the Great Depression in Hitler’s rise to power?
• Why was the stock market crash not the only reason for the Great Depression?
• Did the New Deal solve the problem of the Great Depression?
• Why did the Great Depression last longer than the Great Recession?
• Why was the Great Depression the reason for Hitler’s rise to power in Germany?
• How had the causes of the Great Depression been planted well before 1929?
• Was the Great Depression the primary reason for the rise of the Nazis?
• How did tax rates affect the Great Depression?
• How did the Great Depression play a role in pushing America into World War II?
• How does the Great Depression relate to the American Dream?
• Why was the Great Depression hard to cure?
• Why was the Great Depression impossible to avoid?
• Why did Hoover’s efforts fail in the Great Depression?
• Did the New Deal resolve the economic issues of the Great Depression?
• Did the Federal Reserve’s monetary policy cause the Great Depression?
• Was Franklin D. Roosevelt an effective president during the Great Depression?
• What ended the Great Depression?
• What happened to African Americans during the Great Depression?

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July 10, 2024

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Older adults with insomnia at greater risk for developing depression, researchers find

by Mary-Rose Abraham, University of California, Los Angeles

One of the hallmarks of aging is difficulty getting to sleep and staying asleep. On average, younger adults may wake up briefly five times a night. But some people over age 60 may wake up as many as 150 times while sleeping.

Insomnia has far more serious consequences than feeling groggy in the morning—it can also lead to depression , with lack of sleep doubling the risk.

As depression is more common for those with chronic health conditions, such as heart disease , cancer or diabetes, older adults may be at increased risk.

Research led by Michael Irwin, MD, is the first to examine the mechanisms of the interaction between insomnia and depression in seniors. The study found that older adults who are chronically sleep deprived not only are at greater risk, but symptoms are worse and more prolonged.

"Older people who have insomnia show a very exaggerated risk of becoming depressed," said Dr. Irwin, the Norman Cousins Distinguished Professor of Psychiatry and Biobehavioral Science at the David Geffen School of Medicine at UCLA.

"The data are just really remarkable: it's a several-fold greater increase in the incidence of depression. And the longer the insomnia lasts, the greater likelihood of becoming depressed, even for those who have never been depressed before."

Insomnia, inflammation and depression

Inflammation can also lead to depression, and Dr. Irwin and his collaborators have found that an "inflammatory challenge," similar to an infection, can induce or cause depressive symptoms.

In an ongoing study, they will be injecting an endotoxin—inert bacteria—to trigger an immune response in up to 160 older adults, some of whom have insomnia and others who do not.

Previous studies have found that this inflammatory challenge, as compared to placebo, leads to a depression response. When the inflammation resolves, the depression also subsides.

That resolution was about six hours for seniors without insomnia. But for half the study subjects with sleep problems it lasted for as long as nine hours. Dr. Irwin noted that sleep deprivation triggers the immune system , so these older adults already had elevated levels of inflammation.

Early findings of the study suggest that the presence of insomnia at the time of the injection or in the weeks before the inflammatory challenge increases the severity and duration of depressive symptoms.

Symptoms of depression were not only self-reported but could be observed by a clinician. Importantly, no study subjects reported suicidality when depression was induced.

"When you go in and meet people before the study, you're just having a friendly chat with them," said Dr. Irwin. "When you go back after they've gotten the endotoxin, they're often withdrawn and look sad and depressed. They don't have good eye contact. They describe other people as unfriendly. They feel socially disconnected.

"And those are the early symptoms, before they actually report their depressed mood . Fortunately, once the inflammation goes away in a couple of hours, the depression resolves, and they are back to their usual selves."

Understanding the nexus of insomnia, inflammation and depression can help clinicians watch out for older adults at greater risk.

"For example, if you have an older adult with insomnia who then develops a urinary tract infection , that person should be highly monitored for the development of depression," said Dr. Irwin.

"Likewise, if you have a person that simply got a vaccination, maybe that vaccination, if they have insomnia, is enough to trigger this onset of depression."

Who is more at risk?

One aspect of the results requires further study. Study subjects had similar inflammatory responses but there was variation observed among individuals' depression response.

"The changes in depressed mood have to do with sensitivity, how the brain is actually perceiving or receiving that signal from the inflammatory challenge," said Dr. Irwin, who is also director of the Cousins Center for Psychoneuroimmunology and the Mindful Awareness Research Center at the Semel Institute for Neuroscience & Human Behavior.

"And we have really scratched our heads as to why some people are more likely to be sensitive. We don't really know what's contributing to this differential risk."

For example, women are more likely to get depressed than men. But when the researchers controlled for the effect of sex hormones, it could not explain the differences in responses.

In order to better understand the mechanisms of the responses, Dr. Irwin and his colleagues are using a genome-wide approach to discover what genes are impacted by the injection of endotoxin, and whether insomniacs may differ in that genetic profile. Digging deeper into gene expression provides insights into molecular changes that may one day be a therapeutic target.

And in addition to future treatment, determining risk profiles will be crucial in preventing depression altogether.

"When people get ill, they feel sick and they often feel depressed," he said. "And clinicians, in general, just say, 'Oh well, that's part of your sickness.' But we don't really understand what we can do to decrease the likelihood of (depression) occurring, or whether we can intervene early.

"The goal is to identify the biological and behavioral factors that are associated with risk that can actually be modified—so our methods to prevent depression can be even better than what we have currently."

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50+ Synthesis Essay Topics for Students Who Want More

Table of Contents

Many assignments for college and high school students require them to synthesize information and present it in order. Composing synthesis essays requires you to have some skills and choose the best synthesis topics for those pieces.

Choosing appropriate synthesis essay topics ensures you have an easy time writing about them. It also gives your readers an easy time reading your papers. 

Have you run out of good synthesis essay topics for your next synthesis paper? No worries, because we composed this post to address this need. Read the topics listed below to get inspired by our sample synthesis essay topic ideas . 

Tips for Selecting Good Topics for A Synthesis Essay

Choosing topics for synthesis essay can make or break your entire paper. Below are tips to help you select a great title that will give you value for your time and efforts.

• Consider your interests. Choose only good synthesis essay topics that align with your interests to give you easy research and writing time. 
• Narrow your topics. Narrow your topics for a synthesis essay to help you address them fully. For instance, a topic like technology or marketing is too wide to exhaust in an average essay assignment. 
• Choose debatable topics. Your potential topics should also be debatable. They must make readers want to disagree with and cross-examine it. 
• Select researchable topics. Research is critical to your assignments. Thus, your topics must be easy to research and find enough supporting materials. The potential titles should also be easily changeable for improvement.  

Our Comprehensive List of Synthesis Essay Topics

Now, we know you want to get sample synthesis essay topics to inspire your next assignment. Below is our comprehensive list of synthesis essay topics across various niches.

Sizzling Science Research Topics for College Students

You shouldn’t run out of synthesis essay ideas for your next science paper. Here are sample synthesis essay topics to inspire you. 

• How does ocean acidification affect marine life?
• How do probiotics benefit the digestive system?
• Identify the connection between exercise and stress alleviation.
• Examine the efficiency of natural versus artificial pesticides.
• How does smartphone usage affect sleep quality?
• Discuss ways good music affects productivity.
• Explore the challenges facing biodiversity in rainforests.
• Explore the advantages of green spaces on mental health.
• How does plastic pollution affect marine life?
• Discuss the efficiency of various recycling methods.
• Explore the effects of caffeine on mental focus.
• Discuss the benefits of plant-based diets on cardiovascular health.

Great Synthesis Essay Topics on Education

Do you seek synthesis essay topic ideas for your next education paper? Below are sample good topics for a synthesis essay to inspire you.

• Discuss the overall effectiveness of online learning versus traditional classrooms.
• How does technology integration in education affect student engagement?
• What role does standardized testing play in the education system?
• How does education promote environmental awareness?
• Discuss the impact of standardized testing on students’ learning ability.
• The outcomes of integrating arts education into STEM subjects.
• Explore the advantages of project-based learning.
• How does parental involvement improve overall student achievement?
• Explain how socioeconomic status impacts educational opportunities. 
• How does arts education foster creativity and critical thinking among students?
• Explore how critical thinking impacts the modern education system. 
• Is college education still necessary in the current employment patterns?

Top Explanatory Synthesis Essay Topics

Finding great synthesis essay topics for your explanatory essay is easy if you have the right model topics for synthesis essay to inspire you. Below are excellent sample topics for synthesis essay .

• Explain the principles of democracy in modern governance.
• Explain renewable energy sources.
• Explore the role of enzymes in boosting digestive health.
• Decode the process of cellular respiration in living things.
• Explain human rights and their significance in modern society.
• Discuss DNA replication and its impact on human genetics.
• Discuss the advantages of regular exercise for mental health and well-being.
• Explore the causes and effects of climate change.
• How does social media impact interpersonal interactions?
• Discuss the principles of supply and demand in business.
• Explain the water cycle and its benefits to the ecosystem.
• How does stress affect mental health?

Super Easy Synthesis Essay Topics

Finding your next synthesis essay topics should be easy. Here are easy topics for synthesis essay for you. Read these sample topics for a synthesis essay for inspiration. 

• Will smart cities promote income inequality?
• Do social support networks help manage anxiety and depression?
• Does climate change affect biodiversity?
• Key ways renewable energy reduces greenhouse gas emissions.
• Explore the connection between diet and mental health.
• Are rehabilitation programs effective in reducing recidivism rates?
• Examine racial disparities in sentencing in the criminal justice system.
• Evaluate the impact of community policing on crime prevention and building trust.
• How does the nature versus nurture impact personality development?
• How does cognitive dissonance affect decision-making?
• Hidden ways social media affects young people’s self-esteem.
• Analyze the ethical implications of AI development and deployment.

10 Fun Synthesis Essay Topics

Bring the fun into your assignments using these fun-packed synthesis essay topics . Read our sample fun topics for a synthesis essay below for inspiration.

• Discuss the rise of urban gardening.
• Explore the art of upcycling.
• Explore athleticism and creative movement.
• Discuss the joy of geocaching.
• Explore the wonders of bioluminescence.
• Discuss the art of fire-spinning.
• Restoring the glory of lost recipes.
• Discuss the joy of wild swimming.
• Bring back the forgotten art of hand lettering.
• Let’s rediscover analog photography.

Let’s Help You With Your Synthesis Essay

Choosing the right synthesis essay topics for your assignments is critical for garnering good grades. However, finding these synthesis essay ideas can be a bit tricky for some students. That’s why we supplied you with excellent samples to inspire your writing. 

Do you need additional help with your academic assignment? Our doors are open. Contact us for professional writing assistance today.

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72% of Americans say the U.S. used to be a good example of democracy, but isn’t anymore

Ahead of the November presidential election, just 19% of Americans say democracy in the United States is a good example for other countries to follow, according to a Pew Research Center survey conducted in April.

The most common view – held by 72% of Americans – is that democracy in the U.S. used to be a good example, but has not been in recent years. Another 8% of Americans say U.S. democracy has never been a good example for other countries to follow.

Americans are much more likely than people in other countries to say U.S. democracy used to be a good example. A median of 40% of adults across 34 other countries surveyed in 2024 take this view.

This Pew Research Center analysis examines views of American democracy among people in the United States and in 34 other countries we surveyed this year.

For non-U.S. data, this analysis draws on nationally representative surveys of 40,566 adults conducted from Jan. 5 to May 21, 2024. All surveys were conducted over the phone with adults in Canada, France, Germany, Greece, Italy, Japan, Malaysia, the Netherlands, Singapore, South Korea, Spain, Sweden and the United Kingdom. Surveys were conducted face-to-face in Argentina, Bangladesh, Brazil, Chile, Colombia, Ghana, Hungary, India, Israel, Kenya, Mexico, Nigeria, Peru, the Philippines, Poland, South Africa, Sri Lanka, Thailand, Tunisia and Turkey. In Australia, we used a mixed-mode probability-based online panel.

In the United States, we surveyed 3,600 adults from April 1 to April 7, 2024. Everyone who took part is a member of the Center’s American Trends Panel (ATP), an online survey panel that is recruited through national, random sampling of residential addresses. This way nearly all U.S. adults have a chance of selection. The survey is weighted to be representative of the U.S. adult population by gender, race, ethnicity, partisan affiliation, education and other categories. Read more about the ATP’s methodology .

For more information on how people in 34 other countries view democracy in the United States, refer to our June report: “Globally, Biden Receives Higher Ratings Than Trump.”

Here is the question used for this analysis , along with responses, and its methodology .

Americans’ views differ by age, party and voter status

Relatively few Americans overall see the nation’s democracy as a good example for other countries to follow. But adults ages 50 and older are more likely than those under 50 to hold this view. Younger adults, on the other hand, are more likely than older adults to say American democracy has never been a good example (11% vs. 4%).

Democrats and Democratic-leaning independents are somewhat more likely than Republicans and Republican leaners to see U.S. democracy as a good example (22% vs. 17%). This is nearly the reverse of where things stood in February 2021, when 24% of Republicans and 16% of Democrats saw democracy in the U.S. as a good example.

Opinions also differ by voter status. Among Americans who are registered to vote, 21% see U.S. democracy as a good example, compared with 13% of those who are not registered to vote. Registered voters are also somewhat more likely to answer this question.

Globally, views of American democracy differ by country

As in the U.S., the most common view across the other countries we surveyed this year is that American democracy used to be a good example for other nations to follow, but has not been in recent years. However there are big differences by country.

Around two-thirds of adults in Canada (67%) and Japan (65%) say democracy in the U.S. used to be a good example. By contrast, only 12% in Bangladesh, 18% in Ghana and 19% in India hold this view, though sizable shares in Bangladesh and India do not offer an opinion.

Elsewhere, large shares of the public take the view that U.S. democracy has never been a good example for other countries to follow. Around half of adults in Turkey (52%) say this, as do 45% in Tunisia.

And like in the U.S., younger people in other countries are often more likely than their elders to say American democracy has never been a good example. In Greece, for instance, 54% of adults under 35 say this, compared with 34% of those 50 and older. There are also notable age gaps in Australia, Canada, Germany, Italy, the Netherlands and Sweden.

This pattern is reversed in several other countries. Older adults in Argentina, Brazil, Colombia, Peru, Singapore and Turkey are more likely than younger people to say American democracy has never been a good example.

(Read more about global views of U.S. democracy in our June report.)

Note: Here is the question used for this analysis , along with responses, and its methodology .

• U.S. Democracy
• U.S. Global Image

Janell Fetterolf is a senior researcher focusing on global attitudes at Pew Research Center .

Sofia Hernandez Ramones is a research assistant at Pew Research Center .

Americans differ by party, ideology over the impact of social media on U.S. democracy

Social media seen as mostly good for democracy across many nations, but u.s. is a major outlier, public has modest expectations for washington’s return to divided government, turnout in u.s. has soared in recent elections but by some measures still trails that of many other countries, two years after election turmoil, gop voters remain skeptical on elections, vote counts, most popular.

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ABOUT PEW RESEARCH CENTER  Pew Research Center is a nonpartisan fact tank that informs the public about the issues, attitudes and trends shaping the world. It conducts public opinion polling, demographic research, media content analysis and other empirical social science research. Pew Research Center does not take policy positions. It is a subsidiary of  The Pew Charitable Trusts .

© 2024 Pew Research Center

Beryl tracker: See path and spaghetti models for post-tropical cyclone, hurricane remnants

Beryl , now a post-tropical cyclone, is expected to continue to move northeastward Wednesday and bring severe thunderstorms, heavy rain and flooding to parts of the Midwest, eastern Great Lakes and Northeast, according to the National Weather Service .

Heavy rainfall of 2 to 4 inches is expected across portions of the southern Great Lakes into central and northern New York and New England through Wednesday night, according to the National Hurricane Center . A few tornadoes are also possible Wednesday, mainly over western and central New York.

According to the NWS, the flash flooding threat will be greater over parts of northeastern New York into northern Vermont and New Hampshire, while thunderstorms could be severe in some parts of the Lower Great Lakes.

Beryl unleashed a barrage of severe weather to southeast Texas on Monday, killing at least four people, flooding highways,  closing oil ports , canceling more than 1,300 flights, and knocking out power to more than 2.7 million homes and businesses.

According to the  National Hurricane Center , Beryl, the season's earliest Category 5 hurricane on record, weakened from a hurricane after pounding the coastal Texas town of Matagorda, a coastal community between Corpus Christi and Galveston. It had sustained winds of more than 80 mph as it made landfall at 4 a.m. CT.

Last week,  Beryl carved a path of destruction across the Caribbean  — leaving at least 11 people dead and destroying or severely damaging infrastructure on several islands. Beryl, which at one point strengthened into the earliest Category 5 hurricane on record, last made landfall on Mexico's Yucatan Peninsula Friday morning.

Beryl live updates: Beryl brings floods to north while Texans face brutal heat amid outages

Beryl path tracker

This forecast track shows the most likely path of the center of the storm. It does not illustrate the full width of the storm or its impacts, and the center of the storm is likely to travel outside the cone up to 33% of the time.

Click on the dots to see the storm's expected timing at that location.

National weather radar

Beryl spaghetti models.

Illustrations include an array of forecast tools and models, and not all are created equal. The hurricane center uses only the top four or five highest-performing models to help make its forecasts.

Beryl watches and warnings

According to the National Hurricane Center, a Flood Watch is in effect for portions of:

• Northern Indiana
• Southern Michigan
• Central and Northern New York
• New Hampshire

Contributing: Doyle Rice, Thao Nguyen, Cheryl McCloud, Christopher Cann, Cybele Mayes-Osterman, Jorge L. Ortiz and Michael Loria, USA TODAY

Gabe Hauari is a national trending news reporter at USA TODAY. You can follow him on X  @GabeHauari  or email him at [email protected].