الباحث
Volume 17, Numéro 1, Pages 180-198
2025-03-31
The Great Depression And The Great Recession In America: Socio-political Effects In A Comparative Perspective
Authors : Mahboub Oussama .
Abstract
The Great Depression and the Great Recession marked the two most severe socio-economic crises that hit the United States. The Depression was the deepest and longest economic collapse in the nation's history, lasting from 1929 until the break of WWII. Economists argue that it started as a recession that, due to insufficient efforts and inappropriate policies to overcome it, exacerbated to a long-lasting economic downturn. The Great Recession that began in late 2007, worsened in 2008, and continued through 2009; similarly, had far-reaching effects though lasting much shorter. In this respect, the weaknesses and imbalances that characterized capitalism, the remarkably severe collapse of the financial system during the Recession, and the widespread human miseries that affected American society generated a significant number of views comparing it with the 1930s situation. This qualitative-based case-study paper uses the comparative approach to demonstrate how both crises were closely intensive on the U.S. community as living standards fell dramatically, household income dropped quickly, unemployment rates rose distinctly and poverty levels went up considerably. Furthermore, the heated conservative-liberal debate over the economy revived, and radically-oriented movements remarkably emerged. Though there were remarkable similarities in the causes responsible for leading the American society of the two eras to a downward spiral, the duration, depth, and scope of the two crises had significant disparities in various socio-political sectors.
Keywords
Great Depression ; Great Recession ; Poverty ; Radicalisation ; Unemployment ; United States
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