Economic Downturn Dynamics
The Great Depression was triggered by a significant stock market crash in 1929, leading to a devastating cycle of bankruptcies and rising unemployment. With worldwide GDP plummeting by 15%, the repercussions were felt globally, causing political upheaval and the rise of extremist regimes. Interestingly, the Soviet Union, largely insulated from these economic shocks, saw an increase in the prestige of its central planning system during this tumultuous period.In this clip
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The Science of Everything Podcast
Episode 104: The History of the World Economy and Growth
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