Obviously technology has changed, but has anything changed in terms of recessions/depressions that happened in one country will occur in another? In 1929, a depression hit us and affected every nation, but in that respect have things really changed all that much, since if the same thing happened now it would be the same result as during the Great Depression (affecting every country out there).
Is our world really that much more global than it was during the Great Depression?
Yea exactly. Our econmy is directly tied to many other economies in the world. If we had another great depression on the same scale it would kill a ton of financial markets along with our own. In the late 20's this wasn't the case. Each county was for the most part indipendent of other countries. However with globalization foreign investment contributes to the entire world. Thus we are all conected. Even though everybody thinks the U.S. is a nothing economy a vast amount of the world has investment with the U.S.
Is our world really that much more global than it was during the Great Depression?
But in 1929 we were not AS global as we are now. For example our import export relationship with China was not nearly the huge industry it is now.
On China's end for example their GDP is much more heavily connected to us than it was then.
Not to mention the fact that the net has allowed people to do business transactions all over the world like never before. For example, in 1929 if one wanted to order a special perfume sold only in Europe, this involved a little more than a few clicks on the computer.
Keeping these things in mind one can see how a depression today would affect countries like no other time. in history.
Absolutely... this is a global economy... during the depression, the countries were not dependent on each other like the are today
