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12: The Great Depression Pt. 2 - The Depression

History of the Second World War

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The Effects of the Depression on the Economy

When Britain and the British Empire went off the gold standard in 1931, it would lose one third of its value within a year. When America devalued in 1933, most nations in Latin and South America would follow them. This created currency blocks around the world, within which trade flowed more freely. Some nations would not move towards devaluation as quickly, and some would stay on the gold standard for several more years. In many rural poor populations of agricultural workers, they were often stuck with crops that they could no longer sell.

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