Chapter 2: 1930s and 1940s: the Great Depression and its aftermath
The Great Depression was an unprecedented event that began in the US and spread to both developed and developing countries globally. Although serious crises had occurred previously, the Great Depression changed the way in which policy makers around the world responded to a flagging economy and notably ended permanently the gold standard, which had been used in varying capacities for decades. Countercyclical fiscal policy was first used on a grand scale in the US, after insufferable months of cyclical budget tightening in which economic grievances caused great social unrest.
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