HIST 103 Lecture Notes - Lecture 9: U.S. Bancorp, Capitalism, Business Cycle

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2 Nov 2014
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Wwii gave sustained global economic expansion, and unprecedented prosperity throughout most advanced capitalist world. First major economic recession after wwi didn"t occur until 1972 when opec imposed oil embargo that brought advanced capitalist countries to a halt. Capitalist economies run in cycles - apparently recessions are normal part of the rhythm of business cycle, sometimes caused by a sudden external shock like the opec thing. In a recession: unemployment rises, consumption drops. Burst of confidence improves economy, through an investment or consumer confidence in purchasing something. Depression, in contrast, occurs when all economic indicators (prices, wages, investment rates, etc. ) continue to decrease for a long period of time. So depressions are more deeply rooted structural problems, which was the case with the. Related to structural changes caused by wwi. Also due to stock market crash on wall street in oct. 29, 1929. Post-war glut of manufactured goods on the market.

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