The Great Depression of 1929

📋 Course Outline

1. Structural Imbalances of the 1920s
2. The Wall Street Crash
3. Globalization of the Depression
4. Social Consequences of the Crisis
5. Political Responses in the 1930s
6. The Rise of Keynesian Economics
7. A New Role for the State

📅 Key Dates

1. 24 October 1929the “Black Thursday” panic began on Wall Street when nearly 13 million shares were sold
2. 29 October 1929“Black Tuesday” intensified the crash with 16 million shares sold
3. September 1931The United Kingdom devalued the pound sterling, followed by the United States abandoning the gold standard in 1933 under Roosevelt’s New Deal
4. 1932Franklin D. Roosevelt was elected, marking a turning point before the New Deal was implemented from 1933 to 1938
5. 1936John Maynard Keynes published the General Theory of Employment, Interest and Money, providing a major expression of the new economic approach
6. 1944The Bretton Woods agreements provided a later solution to monetary instability

📖 1. Structural Imbalances of the 1920s

🔑 Key Concepts & Definitions

• Overproduction : Occurs when production exceeds consumers’ purchasing power, creating a gap between supply and demand.