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The world didn't burst into flames because most people were agrarian and largely self sufficient. Part of the reason the Great Depression was so devastating was
by Aunche 4y ago
The world didn't burst into flames because most people were agrarian and largely self sufficient. Part of the reason the Great Depression was so devastating was because the economy was more interdependent than ever before.
- yywwbbn 4y agoThat wasn’t true in the 19th century. There weren’t that many self sufficient farmers left back then and the economy was heavily interlinked, especially after the rise of railroads. The economy was in a permanent boom and bust cycle e.g. the Long Depression (or the first Great Depression) lasted close to a quarter of a century.