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علوم اجتماعی و جامعه شناسی::
سقوط بازار سهام
Whatever the particular alternative favored by particular individuals, what was widely believed then and later was that the stock market crash of 1929 was not only a failure of the free market but the cause of the massive unemployment that persisted for years during the 1930s.
Given the two most striking events of that era- the huge stock market crash and a widespread government intervention in the economy- it is not immediately obvious which of these was more responsible for the dire economic conditions that followed.
Unemployment never reached double digits during any of the 12 months that followed the stock market crash of 1929.
When the first major federal government intervention was made in June 1930, the unemployment rate was 6.3 percent- down from a peak of 9 percent two months after the stock market crash of October 1929.29 It was only after this intervention- the Smoot-Hawley tariffs of 1930- that the downward movement in unemployment reversed and rose within six months to double digits.
In short, the brief (one-month) 9 percent unemployment rate in the wake of the stock market crash of 1929 was dwarfed by later unemployment rates that soared after government interventions under both Hoover and FDR.
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