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A major effect of the Great Depression on industrialized countries was widespread unemployment, as factories and businesses faced significant declines in demand, leading to mass layoffs. This economic downturn resulted in reduced consumer spending, further exacerbating the cycle of decline. Additionally, many governments implemented austerity measures, which often worsened social unrest and led to political instability in various regions. The economic hardships also prompted shifts towards protectionist policies and a reevaluation of economic theories and practices.

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