The Great Depression
Litian Zhu Bryan Lee, Adam Kleid
Gross National Product.
An estimate money value of all the final goods and services produced in a given one year period by the factors of production owned by a particular resident.
During the Great Depression, Industrial production fell by nearly 45%. Home-building dropped by 80% and unemployed rates reached their highest point in 1933 at 25%.
about 5000 banks went out of business.
Businesses and consumers relied on large amounts of credit which put them in deep debt, causing them to cut their current spending and lower the need of new products, As interest in new products fell businesses began to suffer as well.
In 1920 the real GNP per capita was around $4,700 per household, but it went up to above $5,500 in 1926 and stayed above that mark until the end of the decade. by 1929 the number stayed closer to $5,800, almost 23% in nearly a decade, even when Ford- one of the largest employers was shut down for six month. but in 1929, because of the stock market crash, the GNP lost almost 10%.
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Email. "U.S 1929 Great Depression vs. 2008 financial, housing, credit crisis | InvestmentWatch." InvestmentWatch - Recession, more taxes in the coming decade no matter who is the president. N.p., n.d. Web. 22 Mar. 2013. http://investmentwatchblog.com/us-1929-great-depression-vs-2008-financial-housing-credit-crisis/
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