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The 24% unemployment reached at the depths of the Great Depression was no picnic.
Consider trade protectionism. It's been tried - and found wanting - since the Great Depression.
In the Great Depression, employment and investment were low because labor market institutions and industrial polices changed.
The downturn following the collapse of Japan's so-called bubble economy of the 1980s was not as severe as the Great Depression.
By 1929, 5 percent of the population received one-third of the nation's income. The structural weaknesses of this economy plunged the nation into the Great Depression.
America had been a boom-and-bust economy going into the Great Depression - just over and over and over, fortunes were wiped out, ordinary families were crushed under it.
The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy.
I think what happened during the Great Depression was that African Americans understood that Republicans championed citizenship and voting rights but they became impatient for economic emancipation.