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Published in:
2016 | OriginalPaper | Chapter
Great Depression
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Figure 1 shows the fall in industrial production during the Great Depression in the four largest national economies at that date. Industrial production declined by almost half in the United States and Germany. It fell more slowly and continuously in France, and paused rather than fell in Great Britain. National incomes did not fall as far as industrial production since services did not contract as much, but they decreased sharply; real per-capita GNP in the United States fell by one-third. National experiences in the depression varied greatly, but very few countries in the world escaped the economic hardship of the 1930s. One task for any account of the Great Depression is to explain its worldwide impact.