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1、Unit13 EconomicCrisisCONTENTSTextBSupplementaryReadingTextATeachingAimsTEACHINGAIMSAfterstudyingthisunit,youarerequiredto:HaveageneralideaoftheGreatDepressionandtheEconomicCrisis.2.UnderstandthecausesoftheGreatDepression.3.DiscussthereasonsfortheEconomicCrisisbegin
2、ningin2007.4.Masterthedifficultwordsandexpressions.TextATheGreatDepressionQuestions:HowmuchinformationdoyouknowabouttheGreatDepression?DoyouknowthecausesoftheGreatDepression?DoyouknowthegreatpeopleoreventsduringtheGreatDepression?BackgroundoftheGreatDepressionWhent
3、heUSenteredWorldWarIinApril1917,laborandcapitalwerequicklymobilizedonanimpressivescalebythefederalgovernment.AfterWorldWarI,theUSeconomymovedintoalongexpansion.Theprevalentbeliefwasthattheeconomyhadenteredaneweraofcontinuousgrowthandprosperitywhichwouldeventuallyel
4、iminatepoverty.Duringthe50yearsbeforethe20thcentury,thechangesweretheshiftfromanagriculturaltoanindustrialeconomy,theincreaseofproductivity,technologicaldevelopment,discoveryofnewenergysources,investmentsinhumancapital,andeconomiesofscale.StartoftheGreatDepressionT
5、heGreatDepression(1929-1933)dashedallthesehopestopiecesandturnedtheoptimistsintopessimists.TheGreatDepressionwasasevereworldwideeconomicdepressioninthedecadeprecedingWorldWarII.The*timingoftheGreatDepressionvariedacrossnations,butinmostcountriesitstartedinabout1929
6、andlasteduntilthelate1930sorearly1940s.EconomichistoriansusuallyattributethestartoftheGreatDepressiontothesuddendevastatingcollapseofUSstockmarketpricesonOctober29,1929,knownasBlackTuesday.However,somedisputethisconclusion,andseethestockcrashasasymptom,ratherthanac
7、auseoftheGreatDepression.CausesoftheGreatDepressionThereweremultiplecausesforthefirstdownturnin1929.Theseincludethestructuralweaknessesandspecificeventsthatturneditintoamajordepressionandthemannerinwhichthedownturnspreadfromcountrytocountry.Cause1,therearedemand-dr
8、iventheories.KeynesianBritisheconomistJohnMaynardKeynesarguedinGeneralTheoryofEmploymentInterestandMoneythatloweraggregateexpendituresintheeconom
