WORLD HISTORY

Detailed explanation-1: -The Great Depression was a worldwide phenome-non, and the collapse of international trade was even greater than the collapse of world output of goods and services. Still, like the stock market crash, protectionist trade policies alone did not cause the Great Depression. Money makes the economy function.

Detailed explanation-2: -Among the suggested causes of the Great Depression are: the stock market crash of 1929; the collapse of world trade due to the Smoot-Hawley Tariff; government policies; bank failures and panics; and the collapse of the money supply.

Detailed explanation-3: -Many eventually stopped making payments on their loans, which helped to cause the banks to fail. Thus, household debt and debt deflation, according to Fisher, pushed a recession into a depression.

Detailed explanation-4: -Complete answer: USSR was the only communist state at that time and it had minimal trade contact with the rest of the world. Due to this the Soviet economy did not take a hit like the capitalist countries.