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Tuesday, May 7, 2013
United Kingdom effected
United Kingdom's great depression began shortly after WWI. They had not yet recovered from their depression once America's Great Depression started. This is largely due to the fact that they relied on mostly exporting and other countries' economies went down and couldn't purchase as much from them. So, when the Great Depression in the 1920's hit, it was even harder for the United Kingdom. During the depression, the unemployment rate more than doubled from one million to two and a half million. The employment rate for this country started to increase and get back to normal around 1935. Then, when the second World War came about, it increased the employment rate because men were needed as soldiers. Also, when the Gold Policy was set back into place, banks reduced their rate from six to four percent. After recovering, there was a twenty-five percent increase in their GDP. Their unemployment rate was finally back to normal and hoping to improve.
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