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VOL. 10, ISSUE 1 (2024)
The Punjab peasant economy during the great economic depression (1929-1939)
Authors
Indu Mehta
Abstract
The Great Depression
of 1929 is known as the longest, deepest and most widespread economic recession
of 20th century in the world history. The Great Depression owes its
beginning to the US in 1929 but soon it became worldwide, affecting the human
lives, economy and societies. Depression reduced the employment rate from 3.2%
in 1929 to 24.9% in 1933. India being a colony of Britain suffered the most and
the direct effects can be seen on its states like Punjab, Bombay, Bengal etc.
Punjab because of its agricultural importance and advancement in every sector faced
the heat of depression on a high rate. The deflation increased debt burdens,
distorted economic decision-making, reduced consumption, increased
unemployment, and forced banks, firms, and individuals into bankruptcy.
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Pages:37-39
How to cite this article:
Indu Mehta "The Punjab peasant economy during the great economic depression (1929-1939)". International Journal of Humanities and Social Science Research, Vol 10, Issue 1, 2024, Pages 37-39
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