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The Great Depression (1929-1940) was a worldwide economic contraction which brought about economic hardship and in some nations, political instability. In the United States a general banking failure brought about increased government regulation of the financial sector along with the broadening of the social safety net through the introduction of Social Security. Unemployment, which reached 25%, was relieved partially by Public Works (The WPA). A general failure of the Agricultural sector which began well before the Great Depression was mitigated somewhat by Agricultural subsidies and by soil and land conservation projects (CCC). Other nations followed suit. The economic crisis caused the fall of the Weimer Republic in Germany with the rise of Adolf Hitler and National Socialism, and is seen as a major cause of the Second World War. The Great Depression also saw a rise on import duties throughout the world, which caused the Japanese Empire to militarily expand and which was also a reason for World War II. The failure of capitalism on the world stage also saw the growth of the influence of Communism throughout the world with the growth of Communist parties in Europe, North and South America and China, supported by the Soviet Union.

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16y ago

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