History 7: The Great Depression, the New Deal and how it changed our economy
Planet Money Summer School
The Great Depression and the Gold Standard Crisis
This chapter examines the widespread suffering caused by the Great Depression, focusing on economic hardships in communities such as Harlem and the global implications of the crisis. It highlights the failure of the gold standard as a means of economic recovery, illustrating the decisions made by central banking leaders, particularly Montague Norman, during this tumultuous period. The narrative culminates in the pivotal moment when England abandoned the gold standard, triggering a ripple effect that intensified fears and financial instability worldwide.
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