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Summer School 7: The Great Depression, the New Deal and how it changed our economy
Planet Money
In Crisis, Money's Foundation Crumbles
The Great Depression unveiled devastating challenges in urban areas like Harlem, where families faced eviction and homelessness due to inability to pay rent. The widespread impact included a staggering 25% unemployment rate and global economic turmoil, leaving leaders unsure of how to respond. The crisis revealed a deeper issue with the economic foundation, namely the reliance on the gold standard, which some experts argued exacerbated the effects of the Depression. As businesses failed and banks collapsed, the world grappled with unprecedented economic hardship.
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