Map of Crayford on The NEW YORK STOCK EXCHANGE crash in the fall of 1929 marked the beginning of the share collapse and was followed by series of financial disasters in Austria, Germany, Great Britain, and the United States. The fall in INTEREST RATES and profits was accompanied by unprecedented unemployment and decline in output and real national income. The unemployment affected 1530 percent of the population in many countries; from 192933 the GROSS DOMESTIC PRODUCT (GDP) in the United States dropped by 30 percent and in Germany by 16 percent. The drastic oil price rises by the ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES (OPEC) in 197374 and in 1979, and the floating of the dollar marked the beginning of the depression of the 1970s. This depression was characterized by the stagnation in economic activity and increase in the overall price level, or so called stagflation, an entirely new economic phenomenon. BIBLIOGRAPHY. Graham Bannock, R. Map of Crayford 2016.
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