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The economic collapse of 1929–34 was unprecedented in its depth and breadth. There had been cyclical crises before, but never like this. The economies of the industrialized world disintegrated for five years and more, as output dropped by one-fifth and unemployment went above one-quarter of the labor force almost everywhere. Financial and currency crises ricocheted around the world in the space of weeks, binding economies together as they plummeted downward. No major nation was spared. —Jeffry A. Frieden, Global Capitalism part one Great Depression, 1929–34 This page intentionally left blank ...

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