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<strong>The</strong> Great Depression<br />
<strong>The</strong> Great Depression is the worldwide economic collapse<br />
that began in 1929 and did not end until 1940. It was the<br />
longest and worst economic crisis ever experienced by industrialized<br />
countries. It began with the 1929 stock market crash in the<br />
United States. Businesses closed and banks failed, resulting in<br />
many people losing their entire life’s savings. <strong>The</strong> value of money<br />
itself decreased, and the demand for goods declined.<br />
But the Great Depression was not limited to the United<br />
States alone. <strong>The</strong> very structure of world trade collapsed, causing<br />
the value of money in other countries to decline. Europe was<br />
hit particularly hard, and millions of people there were also left<br />
unemployed.<br />
Unemployment in Europe<br />
Country 1929 1930 1931 1932 1933<br />
Austria 225,000 239,000 304,000 417,000 456,000<br />
Belgium 28,000 42,000 207,000 350,000 383,000<br />
Germany 2,484,000 3,041,000 4,744,000 6,034,000 5,599,000<br />
Sweden 44,000 42,000 73,000 99,000 121,000<br />
United<br />
Kingdom<br />
1,204,000 1,694,000 2,666,000 2,660,000 2,821,000<br />
This chart shows the number of people without jobs in several European<br />
countries during the Great Depression. Which nation had the greatest<br />
number of unemployed citizens?<br />
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