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1、TheGreatDepressionCausesTurningpointandrecoveryEffectsTheGreatDepressionwasaneconomicslumpinNorthAmerica,Europe,andotherindustrializedareasoftheworldthatbeganin1929andlasteduntilabout1939.ItwasthelongestandmostseveredepressioneverexperiencedbytheindustrializedWesternworld.Ca
2、usesTheGreatDepressionbegunwithacatastrophiccollapseofstock-marketpricesontheNewYorkStockExchangeinOctober1929.DuringthenextthreeyearsstockpricesintheUnitedStatescontinuedtofall,untilbylate1932theyhaddroppedtoonlyabout20percentoftheirvaluein1929.TheDowJonesIndustrialaverage,
3、1928–1930Besidesruiningmanythousandsofindividualinvestors,thisprecipitousdeclineinthevalueofassetsgreatlystrainedbanksandotherfinancialinstitutions,particularlythoseholdingstocksintheirportfolios(證券投資組合）.Manybankswereconsequentlyforcedintoinsolvency.By1932,U.S.manufacturingo
4、utputhadfallento54percentofits1929level,andunemploymenthadrisentobetween12and15millionworkers,or25-30percentoftheworkforce.UnitedStatesGreatBritainFranceGermanyIndustrialproduction–46%–23%–24%–41%Wholesaleprices–32%–33%–34%–29%Foreigntrade–70%–60%–54%–61%Unemployment+607%+12
5、9%+214%+232%EconomicindicatorsChangeineconomicindicators1929–32USindustrialproduction(1928–39)USFarmPrices,(1928–35)TurningpointandrecoveryRoosevelt'sNewDealpoliciesGoldstandard(金本位)WorldWarIIRoosevelt'sNewDealpoliciesThecommonviewamongmainstreameconomistsisthatRoosevelt‘sNe
6、wDealpolicieseithercausedoracceleratedtherecovery,althoughhispolicieswereneveraggressiveenoughtobringtheeconomycompletelyoutofrecession.Someeconomistshavealsocalledattentiontothepositiveeffectsfromexpectationsofreflation（通貨再恢復(fù)）andrisingnominalinterestrates（名義利率）thatRoosevelt
7、'swordsandactionsportended.AnothercontributingpolicythatreversedreflationwastheBankingActof1935,whicheffectivelyraisedreserverequirements（準(zhǔn)備金要求）,causingamonetarycontraction（銀根緊縮）.TheGDPofAmericareturnedtoitsupwardslopein1938.WorldWarIIMosteconomichistoriansbelievethattheGrea
8、tDepressionendedwiththeadventofWorldWarII.Theythinkthatgovernmentspendingon
