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{{Short description|Worldwide economic depression (1929–1939)}}
{{About|the severe worldwide economic downturn in the 1930s|other uses|The Great Depression (disambiguation)}}
{{pp-vandalism|small=yes}}
{{Use dmy dates|date=November 2023}}{{Use American English|date=November 2023}} [[File:Lange-MigrantMother02.jpg|upright=1.2|thumb|[[Dorothea Lange]]'s ''[[Migrant Mother]]'' depicts destitute [[Pea-pickers|pea pickers]] in [[California]], centering on [[Florence Owens Thompson]], age 32, a mother of seven children, in [[Nipomo, California]], March 1936.]]The '''Great Depression''' (1929{{endash}}1939) was an economic shock that affected most countries across the world<!-- Per [[MOS:REDUNDANCY]] try not repeating words, like "The Great Depression was a period of depression". -->.
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It was a period of [[economic depression]] that became evident after a major fall in [[stock]] prices in the [[United States]].<ref>John A. Garraty, ''The Great Depression'' (1986)</ref> The [[Financial contagion|economic contagion]] began around September 1929 and led to the [[Wall Street Crash of 1929|Wall Street stock market crash]] of 24 October (Black Thursday). It was the longest, deepest, and most widespread depression of the 20th century.<ref name="ReferenceA">{{Cite news |last=Duhigg |first=Charles |date=March 23, 2008 |title=Depression, You Say? Check Those Safety Nets |language=en-US |work=The New York Times |url=https://www.nytimes.com/2008/03/23/weekinreview/23duhigg.html |url-status=live |access-date=December 25, 2021 |archive-url=https://web.archive.org/web/20210301125622/http://www.nytimes.com/2008/03/23/weekinreview/23duhigg.html |archive-date=March 1, 2021 |issn=0362-4331}}</ref>
Between 1929
[[Cities in the Great Depression|Cities around the world were hit]] hard, especially those dependent on [[heavy industry]]. Construction was virtually halted in many countries. Farming communities and rural areas suffered as crop prices fell by about 60%.<ref name="USBLS">{{cite web |title=Commodity Data |url=https://www.bls.gov/data/ |url-status=live |archive-url=https://web.archive.org/web/20190603140110/https://www.bls.gov/data/ |archive-date=June 3, 2019 |access-date=November 30, 2008 |publisher=U.S. Bureau of Labor Statistics}}</ref><ref>{{cite book |author=Cochrane, Willard W. |author-link=Willard Cochrane |year=1958 |title=Farm Prices, Myth and Reality |page=15}}</ref><ref>{{cite journal |title=World Economic Survey 1932–33 |journal=[[League of Nations]] |page=43}}</ref> Faced with plummeting demand and few job alternatives, areas dependent on [[Primary sector of the economy|primary sector industries]] suffered the most.<ref>Mitchell, ''Depression Decade''</ref>
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The [[Smoot–Hawley Tariff Act]] was passed in the United States on 17 June 1930, having been proposed the year prior. Ostensibly aimed at protecting the American economy as the Depression began to take root, it backfired enormously and may have even caused the Depression. The consensus view among economists and economic historians (including Keynesians, Monetarists and Austrian economists) is that the passage of the Smoot–Hawley Tariff exacerbated the Great Depression,<ref>{{Cite journal |last=Whaples |first=Robert |author-link=Robert Whaples |date=March 1995 |title=Where Is There Consensus Among American Economic Historians? The Results of a Survey on Forty Propositions |journal=[[The Journal of Economic History]] |publisher=[[Cambridge University Press]] |volume=55 |issue=1 |page=144 |doi=10.1017/S0022050700040602 |jstor=2123771 |s2cid=145691938}}</ref> although there is disagreement as to how much. In the popular view, the Smoot–Hawley Tariff was a leading cause of the depression.<ref>[https://krugman.blogs.nytimes.com/2009/11/30/protectionism-and-the-great-depression/ "Protectionism and the Great Depression"] {{Webarchive|url=https://web.archive.org/web/20210225033620/https://krugman.blogs.nytimes.com/2009/11/30/protectionism-and-the-great-depression/|date=February 25, 2021}}, [[Paul Krugman]], ''[[New York Times]],'' November 30, 2009</ref><ref name="eichenirwin">Barry Eichengreen, Douglas Irwin (March 17, 2009). [https://voxeu.org/index.php?q=node/3280 "The protectionist temptation: Lessons from the Great Depression for today"] {{Webarchive|url=https://web.archive.org/web/20120524215509/http://voxeu.org/index.php?q=node%2F3280|date=May 24, 2012}}. VOX.</ref> In a 1995 survey of American economic historians, two-thirds agreed that the [[Smoot–Hawley Tariff Act]] at least worsened the Great Depression.<ref name="ReferenceB" /> According to the U.S. Senate website, the Smoot–Hawley Tariff Act is among the most catastrophic acts in congressional history.<ref name="Senate_On_Smoot-Hawley Act">{{cite web |title=The Senate Passes the Smoot-Hawley Tariff |url=https://www.senate.gov/artandhistory/history/minute/Senate_Passes_Smoot_Hawley_Tariff.htm |url-status=live |archive-url=https://web.archive.org/web/20211020163037/https://www.senate.gov/artandhistory/history/minute/Senate_Passes_Smoot_Hawley_Tariff.htm |archive-date=October 20, 2021 |access-date=May 3, 2020 |website=United States Senate }}</ref>
Many economists have argued that the sharp decline in international trade after 1930 helped to worsen the depression, especially for countries significantly dependent on foreign trade. Most historians and economists blame the Act for worsening the depression by seriously reducing international trade and causing retaliatory tariffs in other countries. While foreign trade was a small part of overall economic activity in the U.S. and was concentrated in a few businesses like farming, it was a much larger factor in many other countries.<ref>{{cite web |title=The World in Depression |url=https://www.mtholyoke.edu/acad/intrel/depress.htm |url-status=dead |archive-url=https://web.archive.org/web/20080310145946/https://www.mtholyoke.edu/acad/intrel/depress.htm |archive-date=March 10, 2008 |access-date=May 22, 2008 |publisher=[[Mount Holyoke College]]}}</ref> The average ''[[ad valorem]]'' (value based) rate of duties on dutiable imports for 1921–1925 was 25.9% but under the new tariff it jumped to 50% during 1931–1935. In dollar terms, American exports declined over the next four years from about $5.2 billion in 1929 to $1.7 billion in 1933; so, not only did the physical volume of exports fall, but also the prices fell by about {{frac|1|3}} as written. Hardest hit were farm commodities such as wheat, cotton, tobacco, and lumber.{{
Governments around the world took various steps into spending less money on foreign goods such as: "imposing tariffs, import quotas, and exchange controls". These restrictions triggered much tension among countries that had large amounts of bilateral trade, causing major export-import reductions during the depression. Not all governments enforced the same measures of protectionism. Some countries raised tariffs drastically and enforced severe restrictions on foreign exchange transactions, while other countries reduced "trade and exchange restrictions only marginally":<ref name="Eichengreen">{{cite journal |last1=Eichengreen |first1=B. |last2=Irwin |first2=D. A. |year=2010 |title=The Slide to Protectionism in the Great Depression: Who Succumbed and Why? |url=https://www.nber.org/papers/w15142.pdf |url-status=live |journal=Journal of Economic History |volume=70 |issue=4 |pages=871–897 |doi=10.1017/s0022050710000756 |archive-url=https://web.archive.org/web/20190514111715/https://www.nber.org/papers/w15142.pdf |archive-date=May 14, 2019 |access-date=February 18, 2022 |s2cid=18906612}}</ref>
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The American mobilization for [[World War II]] at the end of 1941 moved approximately ten million people out of the civilian labor force and into the war.<ref>Selective Service System. (May 27, 2003). ''[http://www.sss.gov/induct.htm Induction Statistics. In Inductions (by year) from World War I Through the End of the Draft (1973)] {{Webarchive|url=https://web.archive.org/web/20090507211238/http://www.sss.gov/induct.htm |date=May 7, 2009 }}''. Retrieved September 8, 2013.</ref>
This finally eliminated the last effects from the Great Depression and brought the U.S. unemployment rate down below 10%.<ref name="Depression & World War II">[https://www.americaslibrary.gov/cgi-bin/page.cgi/jb/wwii "Depression & WWII"] {{webarchive|url=https://web.archive.org/web/20090625204217/https://www.americaslibrary.gov/cgi-bin/page.cgi/jb/wwii|date=June 25, 2009}}. Americaslibrary.gov.</ref>
World War II had a dramatic effect on many parts of the American economy.<ref name="Bloomberg">{{cite news|url=http://www.bloombergview.com/articles/2011-12-16/how-did-world-war-ii-end-the-great-depression-echoes|publisher=Bloomberg|title=How Did World War II End the Great Depression?: Echoes|author=Hyman, Louis|author-link=Louis Hyman|date=December 16, 2011|access-date=August 25, 2015|archive-date=May 3, 2016|archive-url=https://web.archive.org/web/20160503051054/http://www.bloombergview.com/articles/2011-12-16/how-did-world-war-ii-end-the-great-depression-echoes|url-status=dead}}</ref> Government-financed capital spending accounted for only 5% of the annual U.S. investment in industrial capital in 1940; by 1943, the government accounted for 67% of U.S. capital investment.<ref name="Bloomberg"/> The massive war spending doubled economic growth rates, either masking the effects of the Depression or essentially ending the Depression. Businessmen ignored the mounting [[National debt of the United States|national debt]] and heavy new taxes, redoubling their efforts for greater output to take advantage of generous government contracts.<ref>Richard J. Jensen, [https://rjensen.people.uic.edu/causes-cures.pdf "The causes and cures of unemployment in the Great Depression"] {{Webarchive|url=https://web.archive.org/web/20211102124644/https://rjensen.people.uic.edu/causes-cures.pdf|date=November 2, 2021}}. ''Journal of Interdisciplinary History'' 19.4 (1989): 553–583.</ref>
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=== Middle East and North Africa ===
The Great Depression had severe impacts across the Middle East and North Africa, including economic decline which led to social unrest.<ref>{{Cite book|last=Anderson|first=Betty S.|url=https://www.worldcat.org/oclc/945376555|title=A history of the modern Middle East : rulers, rebels, and rogues|date=2016|isbn=978-0-8047-9875-4|location=Stanford, California|oclc=945376555|access-date=February 13, 2022|archive-date=February 18, 2022|archive-url=https://web.archive.org/web/20220218125354/https://www.worldcat.org/title/history-of-the-modern-middle-east-rulers-rebels-and-rogues/oclc/945376555|url-status=live}}</ref>
===Netherlands===
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[[File:evictbonusarmy.jpg|thumb|left|Burning shacks on the Anacostia flats, Washington, D.C., put up by the [[Bonus Army]] (World War I veterans) after the marchers with their wives and children were driven out by the regular Army by order of [[Herbert Hoover|President Hoover]], 1932<ref>[https://www.nps.gov/archive/elro/glossary/great-depression.htm The Great Depression (1929–1939)], The Eleanor Roosevelt Papers. {{webarchive |url=https://web.archive.org/web/20081223191011/https://www.nps.gov/archive/elro/glossary/great-depression.htm |date=December 23, 2008 }}</ref>]]
By 1932, unemployment had reached 23.6%, peaking in early 1933 at 25%.<ref>{{cite journal |last1= Swanson |first1= Joseph | last2 = Williamson |first2= Samuel |year= 1972 |title = Estimates of national product and income for the United States economy, 1919–1941 |journal= Explorations in Economic History |volume= 10 |pages= 53–73 |doi = 10.1016/0014-4983(72)90003-4 }}</ref> Those releasing from prison during this period had an especially difficult time finding employment given the stigma of their criminal records, which often led to recidivism out of economic desperation.<ref name="PDN2"/> Drought persisted in the agricultural heartland, businesses and families defaulted on record numbers of loans, and more than 5,000 banks had failed.<ref>[https://encarta.msn.com/encyclopedia_761584403/great_depression_in_the_united_states.html "Great Depression in the United States"] {{Webarchive|url=https://web.archive.org/web/20091028014002/http://encarta.msn.com/encyclopedia_761584403/Great_Depression_in_the_United_States.html |date=October 28, 2009 }}, ''Microsoft Encarta''. [https://web.archive.org/web/20091028014002/http://encarta.msn.com/encyclopedia_761584403/Great_Depression_in_the_United_States.html Archived] October 31, 2009.</ref> Hundreds of thousands of Americans found themselves homeless, and began congregating in [[shanty town]]s – dubbed "[[Hooverville]]s" – that began to appear across the country.<ref>Joyce Bryant, [https://www.yale.edu/ynhti/curriculum/units/1998/4/98.04.04.x.html "The Great Depression and New Deal"] {{Webarchive|url=https://web.archive.org/web/20160721191938/http://www.yale.edu/ynhti/curriculum/units/1998/4/98.04.04.x.html |date=July 21, 2016 }}, ''Yale-New Haven Teachers Institute''.</ref> In response, President Hoover and Congress approved the [[Federal Home Loan Bank Act]], to spur new home construction, and reduce foreclosures. The final attempt of the Hoover Administration to stimulate the economy was the passage of the [[Emergency Relief and Construction Act]] (ERA) which included funds for [[public works]] programs such as dams and the creation of the [[Reconstruction Finance Corporation]] (RFC) in 1932. The Reconstruction Finance Corporation was a Federal agency with the authority to lend up to $2 billion to rescue banks and restore confidence in financial institutions. But $2 billion was not enough to save all the banks, and [[bank run]]s and bank failures continued.<ref name="Peter Clemens 1954, p. 114"/> Quarter by quarter the economy went downhill, as prices, profits and employment fell, leading to the [[Realigning election|political realignment]] in 1932 that brought to power [[Franklin Delano Roosevelt]].
[[File:Dust Bowl - Dallas, South Dakota 1936.jpg|thumb|Buried machinery in a barn lot; [[South Dakota]], May 1936. The [[Dust Bowl]] on the Great Plains coincided with the Great Depression.<ref>[https://eh.net/encyclopedia/article/Cunfer.DustBowl The Dust Bowl], Geoff Cunfer, Southwest Minnesota State University. {{webarchive |url=https://web.archive.org/web/20081228070418/https://eh.net/encyclopedia/article/Cunfer.DustBowl |date=December 28, 2008 }}</ref>]]
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{{Quote box|quote=And the great owners, who must lose their land in an upheaval, the great owners with access to history, with eyes to read history and to know the great fact: when property accumulates in too few hands it is taken away. And that companion fact: when a majority of the people are hungry and cold they will take by force what they need. And the little screaming fact that sounds through all history: repression works only to strengthen and knit the repressed.|width=40%|source=–John Steinbeck, ''The Grapes of Wrath''<ref>''[[The Grapes of Wrath]]'', by [[John Steinbeck]], Penguin, 2006, 0143039431, p. 238</ref>}}
The Great Depression has been the subject of much writing, as authors have sought to evaluate an era that caused both financial and emotional trauma. Perhaps the most noteworthy and famous novel written on the subject is ''[[The Grapes of Wrath]]'', published in 1939 and written by [[John Steinbeck]], who was awarded the [[Pulitzer Prize]] for the work, and in 1962 was awarded the [[Nobel Prize]] for literature. The novel focuses on a poor family of sharecroppers who are forced from their home as drought, economic hardship, and changes in the [[Agriculture|agricultural industry]] occur during the Great Depression. Steinbeck's ''[[Of Mice and Men]]'' is another important novella about a journey during the Great Depression. Additionally, Harper Lee's ''[[To Kill a Mockingbird]]'' is set during the Great Depression. Margaret Atwood's Booker prize-winning ''[[The Blind Assassin]]'' is likewise set in the Great Depression, centering on a privileged socialite's love affair with a Marxist revolutionary. The era spurred the resurgence of social realism, practiced by many who started their writing careers on relief programs, especially the [[Federal Writers' Project]] in the U.S.<ref>David Taylor, ''Soul of a People: The WPA Writers' Project Uncovers Depression America'' (2009).</ref><ref>Jerre Mangione, ''The Dream and the Deal: The Federal Writers' Project, 1935–1943'' (1996)</ref><ref>Jerrold Hirsch, ''Portrait of America: A Cultural History of the Federal Writers' Project'' (2006)</ref><ref>Stacy I. Morgan, ''Rethinking Social Realism: African American art and literature, 1930–1953 '' (2004), p. 244.</ref> Nonfiction works from this time also capture important themes. The 1933 memoir ''Prison Days and Nights'' by [[Victor Folke Nelson]] provides insight into criminal justice ramifications of the Great Depression, especially in regard to patterns of recidivism due to lack of economic opportunity.<ref name="PDN2">
A number of works for younger audiences are also set during the Great Depression, among them the [[Kit Kittredge]] series of ''[[American Girl (book series)|American Girl]]'' books written by [[Valerie Tripp]] and illustrated by [[Walter Rane]], released to tie in with the dolls and playsets sold by the company. The stories, which take place during the early to mid 1930s in [[Cincinnati]], focuses on the changes brought by the Depression to the titular character's family and how the Kittredges dealt with it.<ref name="Communications2000">{{cite book|last=Harry|first=Lou|title=Cincinnati Magazine|url=https://books.google.com/books?id=2O0CAAAAMBAJ&pg=PA59|access-date=July 10, 2017|date=October 1, 2010|publisher=Emmis Communications|pages=59–63|archive-date=April 15, 2021|archive-url=https://web.archive.org/web/20210415123527/https://books.google.com/books?id=2O0CAAAAMBAJ&pg=PA59|url-status=live}}</ref> A theatrical adaptation of the series entitled ''[[Kit Kittredge: An American Girl]]'' was later released in 2008 to positive reviews.<ref name="Morency">{{cite book|last=Morency|first=Philip|title=On the Aisle, Volume 2: Film Reviews by Philip Morency|url=https://books.google.com/books?id=AGyM0Bhsr-QC&pg=PA133|publisher=Dorrance Publishing|isbn=978-1-4349-7709-0|pages=133–|access-date=August 22, 2017|archive-date=August 17, 2021|archive-url=https://web.archive.org/web/20210817050620/https://books.google.com/books?id=AGyM0Bhsr-QC&pg=PA133|url-status=live}}</ref><ref name="Pimpare2017">{{cite book|last=Pimpare|first=Stephen|title=Ghettos, Tramps, and Welfare Queens: Down and Out on the Silver Screen|url=https://books.google.com/books?id=SCrADgAAQBAJ&pg=PA216|access-date=July 10, 2017|year=2017|publisher=Oxford University Press|isbn=978-0-19-066072-7|pages=216–|archive-date=April 15, 2021|archive-url=https://web.archive.org/web/20210415123813/https://books.google.com/books?id=SCrADgAAQBAJ&pg=PA216|url-status=live}}</ref> Similarly, ''Christmas After All'', part of the ''[[Dear America]]'' series of books for older girls, take place in 1930s [[Indianapolis]]; while ''Kit Kittredge'' is told in a third-person viewpoint, ''Christmas After All'' is in the form of a fictional journal as told by the protagonist Minnie Swift as she recounts her experiences during the era, especially when her family takes in an orphan cousin from Texas.<ref name="Smith2006">{{cite book|last=Smith|first=Robert W.|title=Spotlight on America: The Great Depression|url=https://books.google.com/books?id=lZhrdFflrzEC|access-date=July 10, 2017|date=January 26, 2006|publisher=Teacher Created Resources|isbn=978-1-4206-3218-7|archive-date=April 15, 2021|archive-url=https://web.archive.org/web/20210415134347/https://books.google.com/books?id=lZhrdFflrzEC|url-status=live}}</ref>
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===Other "great depressions"===
The [[Dissolution of the Soviet Union|collapse of the Soviet Union]], and the breakdown of economic ties which followed, led to a severe economic crisis and catastrophic fall in the [[Standard of living|standards of living]] in the 1990s in [[post-Soviet states]] and the former [[Eastern Bloc]],<ref>[http://news.bbc.co.uk/1/hi/business/966616.stm "Child poverty soars in eastern Europe"], BBC News, October 11, 2000.</ref><ref>{{cite news |title=The wild decade: how the 1990s laid the foundations for Vladimir Putin's Russia |url=https://theconversation.com/the-wild-decade-how-the-1990s-laid-the-foundations-for-vladimir-putins-russia-141098 |work=The Convervation |date=2 July 2020}}</ref> which was even worse than the Great Depression.<ref>See "What Can Transition Economies Learn from the First Ten Years? A New World Bank Report," in ''Transition Newsletter'' [http://worldbank.org/transitionnewsletter/janfeb2002 Worldbank.org] {{Webarchive|url=https://archive.today/20120530044004/http://worldbank.org/transitionnewsletter/janfeb2002 |date=May 30, 2012 }}, [http://www.k-a.kg/?nid=5&value=6 K-A.kg]</ref><ref name=Russia>[https://query.nytimes.com/gst/fullpage.html?res=9B03E4D91E3AF93BA35753C1A9669C8B63 Who Lost Russia?], New York Times, October 8, 2000.</ref> Even before Russia's [[1998 Russian financial crisis|financial crisis]] of 1998, Russia's GDP was half of what it had been in the early 1990s.<ref name=Russia/>
==Comparison with the Great Recession==
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* Davis, Joseph S. ''The World Between the Wars, 1919–39: An Economist's View'' (1974)
* [[John A. Garraty|Garraty, John A.]] ''The Great Depression: An Inquiry into the causes, course, and Consequences of the Worldwide Depression of the Nineteen-Thirties, as Seen by Contemporaries and in Light of History'' (1986) [https://archive.org/details/greatdepressioni00garr online]
* Garside, W.R. ed. ''Capitalism in crisis: International responses to the Great Depression'' (1993), essays by experts
* Grossman, Mark. ''Encyclopedia of the Interwar Years: From 1919 to 1939'' (2000). 400 pp. worldwide coverage
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===Europe===
* Aldcroft, Derek H. "Economic Growth in Britain in the Inter-War Years: A Reassessment." Economic History Review, 20#2, 1967, pp.
* Ambrosius, G. and W. Hibbard, ''A Social and Economic History of Twentieth-Century Europe'' (1989)
* Broadberry, S. N. ''The British Economy between the Wars'' (Basil Blackwell 1986)
* Feinstein. Charles H. ''The European Economy between the Wars'' (1997)
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===United States and Canada===
* Dickstein, Morris. ''Dancing in the dark : a cultural history of the Great Depression'' (2009) [https://archive.org/details/dancingindarkcul0000dick online]
* [https://archiveswest.orbiscascade.org/ark:80444/xv96795 Helping the Homeless Man: Activities and Facilities of the Central Registry for Homeless Single Men]. ca. 1933–1934. 18 photographic prints (1 box). At the [http://www.lib.washington.edu/specialcoll/laws Labor Archives of Washington, University of Washington Libraries Special Collections].
* [[John Kenneth Galbraith|Galbraith, John Kenneth]], ''The Great Crash, 1929'' (1954), popular [[iarchive:
▲* [[John Kenneth Galbraith|Galbraith, John Kenneth]], ''The Great Crash, 1929'' (1954), popular [[iarchive:greatcrash19290000galb_y8k2|online]]
* Goldston, Robert, ''The Great Depression: The United States in the Thirties'' (1968)
* McNeese, Tim, and Richard Jensen. ''The Great Depression 1929–1938'' (Discovering U.S. History) (2010) [https://www.amazon.com/Great-Depression-1929-1938-Discovering-History/dp/1604133570/ online], for middle schools.
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* Reis, Ronald A. ''The Great Depression and the New Deal : America's economy in crisis'' (2011) for secondary schools. [[iarchive:greatdepressionn0000reis|online]]
* Safarian, A. E. ''The Canadian economy in the Great Depression'' (2009) [[iarchive:canadianeconomyi00safa|online]]
* [https://archiveswest.orbiscascade.org/ark:80444/xv43023 Washington Women’s Heritage Project Records: Ethel P. Storey Oral History Interview (13/20)]. 1985. 4 sound cassettes; papers. Storey discusses the Great Depression and hardships of early life, abortion, childbearing and motherhood. At the [http://www.lib.washington.edu/specialcoll/laws Labor Archives of Washington, University of Washington Libraries Special Collections].
* Young, William H. ''The Great Depression in America : a cultural encyclopedia'' (2007) [[iarchive:greatdepressioni0000youn|online]]
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* [[Donald Markwell|Markwell, Donald]]. ''John Maynard Keynes and International Relations: Economic Paths to War and Peace'' (Oxford University Press, 2006).
* Mundell, R.A. "A Reconsideration of the Twentieth Century", ''American Economic Review'' 90#3 (2000), pp. 327–40 [https://web.archive.org/web/20080909215904/https://www.robertmundell.net/NobelLecture/pdf/A%20RECONSIDERATION%20OF%20THE%20TWENTIETH%20CENTURY.pdf online version]
* Richardson, H. W. "The Basis of Economic Recovery in the Nineteen-Thirties: A Review and a New Interpretation." ''Economic History Review,'' 15#2 (1962), pp.
* Romer, Christina D. "The Nation in Depression", ''Journal of Economic Perspectives'' (1993) 7#2 pp. 19–39 [https://www.jstor.org/stable/2138198 in JSTOR] {{Webarchive|url=https://web.archive.org/web/20160703181514/http://www.jstor.org/stable/2138198 |date=July 3, 2016 }}, statistical comparison of U.S. and other countries
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