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1、Unit9EconomicCrisisTextNotesWords&ExpressionsExercisesSupplementaryReadingTipsTextATheGreatDepression导读：大萧条（TheGreatDepression），是指1929年至1933年之间全球性的经济大衰退。在分析大萧条的原因时，经济学界有各种各样的商业循环理论，众说纷纭，莫衷一是。凯恩斯主义者坚持需求驱动理论，认为过低消费与过多投资是造成这次大萧条的主要原因。而货币主义者则坚持这次经济衰退的起因是货币当局的政策失误。Whati
2、sGreatDepression?TheGreatDepressionwasasevereworldwideeconomicdepressioninthedecadeprecedingWorldWarII.Itwasthelongest,mostwidespread,anddeepestdepressionofthe20thcentury.TheGreatDepressionhaddevastatingeffectsinvirtuallyeverycountry,richandpoor.Personalincome,taxr
3、evenue,profitsandpricesdroppedSomeeconomiesstartedtorecoverbythemid-1930s.However,inmanycountriesthenegativeeffectsoftheGreatDepressionlasteduntilthestartofWorldWarII.EconomichistoriansusuallyattributethestartoftheGreatDepressiontothesuddendevastatingcollapseofUSst
4、ockmarketpricesonOctober29,1929,knownasBlackTuesday.However,somedisputethisconclusion,andseethestockcrashasasymptom,ratherthanacauseoftheGreatDepression.CausesoftheGreatDepressionThereweremultiplecausesforthefirstdownturnin1929.Theseincludethestructuralweaknessesan
5、dspecificeventsthatturneditintoamajordepressionandthemannerinwhichthedownturnspreadfromcountrytocountry.Currenttheoriesmaybebroadlyclassifiedintotwomainpointsofviewandseveralheterodoxpointsofview.First,therearedemand-driventheories.Theconsensusviewpointisthattherew
6、asalarge-scalelossofconfidencethatledtoasuddenreductioninconsumptionandinvestmentspending.Oncepanicanddeflationsetin,manypeoplebelievedtheycouldmakemoremoneybykeepingclearofthemarketsaspricesdroppedlowerandagivenamountofmoneyboughtevermoregoods,exacerbatingthedropi
7、ndemand.Second,therearethemonetarists,whobelievethattheGreatDepressionstartedasanordinaryrecession,butthatsignificantpolicymistakesbymonetaryauthorities(especiallytheFederalReserve),causedashrinkingofthemoneysupplywhichgreatlyexacerbatedtheeconomicsituation,causing
8、arecessiontodescendintotheGreatDepression.Lastly,therearevariousheterodoxtheoriesthatdownplayorrejecttheexplanationsoftheKeynesiansandmonetarists
