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Great Depression
The Great Depression
Great Depression
was a severe worldwide economic depression that took place mostly during the 1930s, beginning in the United States. The timing of the Great Depression
Great Depression
varied across nations; in most countries it started in 1929 and lasted until the late-1930s.[1] It was the longest, deepest, and most widespread depression of the 20th century.[2] In the 21st century, the Great Depression
Great Depression
is commonly used as an example of how far the world's economy can decline.[3] The Great Depression
Great Depression
started in the United States
United States
after a major fall in stock prices that began around September 4, 1929, and became worldwide news with the stock market crash of October 29, 1929 (known as Black Tuesday). Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%
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Public Works
Public works
Public works
(or internal improvements historically in the United States)[1][2][3] are a broad category of infrastructure projects, financed and constructed by the government, for recreational, employment, and health and safety uses in the greater community. They include public buildings (municipal buildings, schools, hospitals), transport infrastructure (roads, railroads, bridges, pipelines, canals, ports, airports), public spaces (public squares, parks, beaches), public services (water supply, sewage, electrical grid, dams), and other, usually long-term, physical assets and facilities. Though often interchangeable with public infrastructure and public capital, public works does not necessarily carry an economic component, thereby being a broader term. Public works
Public works
has been encouraged since antiquity
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Government Spending
Government spending
Government spending
or expenditure includes all government consumption, investment, and transfer payments.[1][2] In national income accounting the acquisition by governments of goods and services for current use, to directly satisfy the individual or collective needs of the community, is classed as government final consumption expenditure. Government acquisition of goods and services intended to create future benefits, such as infrastructure investment or research spending, is classed as government investment (government gross capital formation). These two types of government spending, on final consumption and on gross capital formation, together constitute one of the major components of gross domestic product. Government spending
Government spending
can be financed by government borrowing, seigniorage, or taxes
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Illinois
Illinois
Illinois
(/ˌɪlɪˈnɔɪ/ ( listen) IL-ih-NOY) is a state in the Midwestern region of the United States. It is the 6th most populous state and 25th largest state in terms of land area, and is often noted as a microcosm of the entire country.[7] With Chicago
Chicago
in the northeast, small industrial cities and great agricultural productivity in central and northern Illinois, and natural resources like coal, timber, and petroleum in the south, Illinois
Illinois
has a diverse economic base and is a major transportation hub. The Port of Chicago connects the state to other global ports from the Great Lakes, via the Saint Lawrence Seaway, to the Atlantic Ocean, as well as the Great Lakes to the Mississippi
Mississippi
River, via the Illinois Waterway
Illinois Waterway
on the Illinois
Illinois
River
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John D. Rockefeller
Founding the University of Chicago, Rockefeller University, Central Philippine University, General Education Board and Rockefeller FoundationNet worth US$400 billion (in 2017 dollars; inflation-adjusted) in 1913,[a] according to Forbes[1][2] (1.5% to 2% of the United States
United States
economy; or approximately 1/65th to 1/50th of its GDP)[b]Political party RepublicanSpouse(s) Laura Celestia Spelman (m. 1864–1915; her death)Children Elizabeth, Alice, Alta, Edith, and John Jr.Parent(s)William Avery Rockefeller Eliza DavisonRelatives Rockefeller familyJohn Davison Rockefeller Sr. (July 8, 1839 – May 23, 1937) was an American oil industry business magnate, industrialist, and philanthropist. He is widely considered the wealthiest American of all time,[4][5] and the richest person in modern history.[6][7] Rockefeller was born into a large family in upstate New York and was shaped by his con man father and religious mother
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Aggregate Expenditure
In economics, aggregate expenditure (AE) is a measure of national income.[1] Aggregate expenditure
Aggregate expenditure
is defined as the current value of all the finished goods and services in the economy.[2] The aggregate expenditure is thus the sum total of all the expenditures undertaken in the economy by the factors during a given time period. It refers to the expenditure incurred on consumer goods, planned investment and the expenditure made by the government in the economy
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Heavy Industry
Heavy industry
Heavy industry
is industry that involves one or more characteristics such as large and heavy products; large and heavy equipment and facilities (such as heavy equipment, large machine tools, and huge buildings); or complex or numerous processes. Because of those factors, heavy industry involves higher capital intensity than light industry does, and it is also often more heavily cyclical in investment and employment. Transportation and construction along with their upstream manufacturing supply businesses have been the bulk of heavy industry throughout the industrial age, along with some capital-intensive manufacturing. Traditional examples from the mid-19th century through the early 20th included steelmaking, artillery production, locomotive erection, machine tool building, and the heavier types of mining
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Crisis (economic)
Crisis theory, concerning the causes and consequences of the tendency for the rate of profit to fall in a capitalist system, is now generally associated with Marxian economics. Earlier analysis was provided by Jean Charles Léonard de Sismondi
Jean Charles Léonard de Sismondi
who provided the first suggestions of its systemic roots.[1][2][3] John Stuart Mill in his "Of the Tendency of Profits to a Minimum" which forms Chapter IV of Book IV of his
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Developing Country
A developing country, also called a less developed country or an underdeveloped country, is a nation with a less developed industrial base and a low Human Development Index
Human Development Index
(HDI) relative to other countries.[1] However, this definition is not universally agreed upon. There is also no clear agreement on which countries fit this category.[2] A nation's GDP per capita
GDP per capita
compared with other nations can also be a reference point. The term "developing" describes a currently observed situation and not a changing dynamic or expected direction of progress. Since the late 1990s developing countries tended to demonstrate higher growth rates than developed countries.[3] There is criticism for using the term developing country. The term implies inferiority of a developing country or undeveloped country compared with a developed country, which many countries dislike
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Developed Country
A developed country, industrialized country, more developed country, or "more economically developed country" (MEDC), is a sovereign state that has a highly developed economy and advanced technological infrastructure relative to other less industrialized nations. Most commonly, the criteria for evaluating the degree of economic development are gross domestic product (GDP), gross national product (GNP), the per capita income, level of industrialization, amount of widespread infrastructure and general standard of living.[1] Which criteria are to be used and which countries can be classified as being developed are subjects of debate. Developed countries have post-industrial economies, meaning the service sector provides more wealth than the industrial sector. They are contrasted with developing countries, which are in the process of industrialization, or undeveloped countries, which are pre-industrial and almost entirely agrarian
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Primary Sector Of The Economy
An industry involved in the extraction and collection of natural resources, such as copper and timber, as well as by activities such as farming and fishing. A company in a primary industry can also be involved in turning natural resources into products. Primary industry tends to make up a larger portion of the economy of developing countries than they do for developed countries. See also service industry, secondary industry. The primary sector is concerned with the extraction of raw materials
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California
Native languages as of 2007English 57.4%[2] Spanish 28.5%[3] Chinese 2.8%[3] Filipino 2.2%[3]Demonym CalifornianCapital SacramentoLargest city Los AngelesLargest metro Greater Los Angeles
Los Angeles
AreaArea Ranked 3rd • Total 163,696 sq mi (423,970 km2) • Width 250 miles (400 km) • Length 770 miles (1,240 km) • % water 4.7 • Latitude 32°32′ N to 42° N • Longitude 114°8′ W to 124°26′ W
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Al Capone
Alphonse Gabriel Capone (/ˈæl kəˈpoʊn/;[2] Italian: [kaˈpone]; January 17, 1899 – January 25, 1947), sometimes known by the nickname "Scarface", was an American mobster, crime boss, and businessman who attained notoriety during the Prohibition
Prohibition
era as the co-founder and boss of the Chicago
Chicago
Outfit. His seven-year reign as crime boss ended when he was 33. Capone was born in Brooklyn, New York City, to Italian immigrants. He was a Five Points Gang
Five Points Gang
member who became a bouncer in organized crime premises such as brothels. In his early twenties, he moved to Chicago and became a bodyguard and trusted factotum for Johnny Torrio, head of a criminal syndicate that illegally supplied alcohol—the forerunner of the Outfit—and was politically protected through the Unione Siciliana. A conflict with the North Side Gang was instrumental in Capone's rise and fall
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Monetarism
Monetarism
Monetarism
is a school of thought in monetary economics that emphasizes the role of governments in controlling the amount of money in circulation. Monetarist theory asserts that variations in the money supply have major influences on national output in the short run and on price levels over longer periods. Monetarists assert that the objectives of monetary policy are best met by targeting the growth rate of the money supply rather than by engaging in discretionary monetary policy.[1] Monetarism
Monetarism
today is mainly associated with the work of Milton Friedman, who was among the generation of economists to accept Keynesian economics
Keynesian economics
and then criticise Keynes's theory of fighting economic downturns using fiscal policy (government spending)
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Personal Income
In economics, personal income refers to an individual's total earnings from wages, investment enterprises, and other ventures. It is the sum of all the incomes received by all the individuals or household during a given period
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Protectionism
Protectionism
Protectionism
is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations. Proponents claim that protectionist policies shield the producers, businesses, and workers of the import-competing sector in the country from foreign competitors
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