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Marxism became a way of interpreting the world. History is a struggle of antagonistic classes also influenced in art, education and literature. From generation to generation his political philosophy remains important, many seek his inspiration. There are still issues that Marx talked about such as globalization, inequality and the internationalization of markets. Marx claimed that the system would suffer periods of recurrent crises, what are now called recessions. He also affirmed that capital tends to concentrate on a few and this leads to unemployment and the depreciation of workers' wages, which is currently evident. Engels through his works allowed the emergence of trade unionist, communist and socialist movements around the world.
The legislative program established during the Great Depression helped consumer lending was "The New Deal."
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What was the great depression?</h3>
The 1929–1939 Great Depression was a global economic depression that affected all countries.
Some key features regarding the great depression are-
- That industrialised Western world had never before faced a depression of such length and severity, and as a result, economic structures, macroeconomic policy, including economic theory underwent significant changes.
- Despite having its roots in the United States, this Great Depression had a profound impact on nearly every nation in the world, leading to sharp drops in output, high levels of unemployment, and acute deflation.
- No less startling were its social and cultural repercussions, primarily in the United States, in which the Great Depression was the country's greatest period of hardship since the Civil War.
- In contrast to Japan and parts of Latin America, where it was milder, the Depression was notably prolonged and severe with in United States and Europe.
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