Impact of the Great Depression on Europe and North America

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Impact of the Great Depression on Europe and North America
Introduction
The Great Depression was an international phenomenon, different from prior economic problems that affected few countries. International trade fell by 30% and more than 30 million people across the world lost their jobs. Banking systems collapsed, which led to inflation and the increase of import duties. Some countries such as Germany responded by increasing military spending while others such as the United States instituted unprecedented social changes. This paper addresses the impact of the Great Depression on North America and Europe.
Unemployment
The great depression caused a significant loss of jobs in North America and Europe. In the United States, the unemployment rate was at 4.2% in 1928, which is less than the natural rate of unemployment. However, jobs rapidly disappeared and 15 million people were out of work in 1933, which is the highest unemployment rate ever recorded in America. Similarly, in Poland, Austria, and Germany, the unemployment rate rose to 20% as production and many companies shut down ...