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Unit 1 Ch 3 : The Making of a Global World — Social Studies STD 10 — Question

CBSE BoardEnglish MediumSTD 10Social StudiesUnit 1 Ch 3 : The Making of a Global World5 Marks
Question
Explain the effects of the Great Depression on the world.
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Answer

The following are the effects of the Great Depression:
  1. Production, employment, incomes and trade declined disastrously in most parts of the world.
  2. Agricultural regions and communities got affected badly because the fall in agricultural prices was greater and more prolonged than that of the prices of industrial goods.
  3. Agricultural overproduction led to the fall in agricultural prices which further led to the decline of agricultural incomes. When the farmers tried to expand production to maintain their income, it worsened the surplus in the market and led to more downfall in the prices.
  4. The farm produce decayed due to lack of buyers. Households were ruined and businesses got collapsed.
  5. When the crisis started US withdrew the loans which affected the rest of the world. Many major banks and currencies collapsed such as the British pound sterling.
  6. In Latin America, the agricultural and raw material prices declined.
  7. The US was also the industrial country most severely affected by the depression.
  8. US banks cut the domestic lending and called back loans.
  9. Those who failed to repay what they had borrowed were forced to give up their homes, cars and other consumer durables.
  10. Unemployment soared and the US banking system collapsed. Thus, the Great Depression badly affected the society, politics and international relations.

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