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What brought about the worst economic downturn in modern history? Timing and severity The Great Depression began in the United States as an ordinary recession in the summer of The downturn became markedly worse, however, in late and continued until early Real output and prices fell precipitously.
Between the peak and the trough of the downturn, industrial production in the United States declined 47 percent and real gross domestic product GDP fell 30 percent.
The wholesale price index declined 33 percent such declines in the price level are referred to as deflation. Although there is some debate about the reliability of the statistics, it is widely agreed that the unemployment rate exceeded 20 percent at its highest point.
The Depression affected virtually every country of the world. However, the dates and magnitude of the downturn varied substantially across countries.
Table 1 shows the dates of the downturn and upturn in economic activity in a number of countries. Table 2 shows the peak-to-trough percentage decline in annual industrial production for countries for which such data are available.
Great Britain struggled with low growth and recession during most of the second half of the s. Britain did not slip into severe depression, however, until earlyand its peak-to-trough decline in industrial production was roughly one-third that of the United States.
France also experienced a relatively short downturn in the early s. The French recovery in andhowever, was short-lived. French industrial production and prices both fell substantially between and The decline in German industrial production was roughly equal to that in the United States.
A number of countries in Latin America fell into depression in late and earlyslightly before the U. While some less-developed countries experienced severe depressions, others, such as Argentina and Brazilexperienced comparatively mild downturns.
Japan also experienced a mild depression, which began relatively late and ended relatively early. Peak-to-trough decline in industrial production in various countries annual data country.This course will examine the theory and practice of cost accounting.
Topics covered include cost accounting system, responsibility accounting, job order costing, process costing, variable costing, budgeting, cost variance, cost behavior analysis and decision-making processes.
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