What type of economic crisis was experienced in most parts of the world in 1920s and 1930s? Give examples.
The following points state that the economic crisis was
experienced in most parts of the world in 1920s and 1930s . (i) Great fall in the industrial production as the
demand for goods also fell.
(ii) Deterioration of the economic conditions of the industrialists.
(iii) Unemployment soared very high.
(iv) There was a great fall in the living standard of the people.
(v) Economic depression resulted in poverty.
(vi) The price of agricultural products fell disastrously in many countries.
(vii) US banking system collapsed. By 1933, over 4000 banks had closed and between 1929 and 1932, about 110000 companies had collapsed.