the great depression had the effect of high unemployment on the unemployment rate.
the great depression had the effect of high unemployment on the unemployment rate.
what effect did the great depression have on the unemployment rate?
high unemployment
unemployment in poland appeared in the 19th century during industrialization, and was particularly severe during the great depression. under communist rule poland officially had close to full employment, although hidden unemployment existed. after poland's transition to a market economy the unemployment rate sharply increased, peaking at above 16% in 1993, then dropped afterwards, but remained well above pre-1993 levels. another period of high unemployment occurred in the early 2000s when the rate reached 20%. as poland entered the european union (eu) and its job market in 2004, the high unemployment set off a wave of emigration, and as a result domestic unemployment started a downward trend that continued until the onset of the 2008 great recession. recent years have seen an increase in the unemployment rate from below 8% to above 10% (eurostat) or from below 10% to 13% (gus). the rate began dropping again in late 2013. polish government (gus) reported 9.6% registered unemployment in november 2015, while european union's eurostat gave 7.2%. according to eurostat data, since 2008, unemployment in poland has been constantly below the eu average. significant regional differences in the unemployment rate exist across poland.
unemployment in poland
differences explicitly pointed out between the recession and the great depression include the facts that over the 79 years between 1929 and 2008, great changes occurred in economic philosophy and policy, the stock market had not fallen as far as it did in 1932 or 1982, the 10-year price-to-earnings ratio of stocks was not as low as in the 1930s or 1980s, inflation-adjusted u.s. housing prices in march 2009 were higher than any time since 1890 (including the housing booms of the 1970s and 1980s), the recession of the early 1930s lasted over three-and-a-half years, and during the 1930s the supply of money (currency plus demand deposits) fell by 25% (where as in 2008 and 2009 the fed "has taken an ultraloose credit stance"). furthermore, the unemployment rate in 2008 and early 2009 and the rate at which it rose was comparable to most of the recessions occurring after world war ii, and was dwarfed by the 25% unemployment rate peak of the great depression. however, syndicated columnist and former assistant secretary of the treasury paul craig roberts claimed in a 2012 column that if all discouraged workers were included in u.s. unemployment statistics, the actual unemployment rate would be 22%, comparable to rates during the great depression.
comparisons between the great recession and the great depression