Government debt and Great Depression

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Difference between Government debt and Great Depression

Government debt vs. Great Depression

Government debt (also known as public interest, public debt, national debt and sovereign debt) is the debt owed by a government. The Great Depression was a severe worldwide economic depression that took place mostly during the 1930s, beginning in the United States.

Austerity

Austerity is a political-economic term referring to policies that aim to reduce government budget deficits through spending cuts, tax increases, or a combination of both.

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Balance of payments

The balance of payments, also known as balance of international payments and abbreviated B.O.P. or BoP, of a country is the record of all economic transactions between the residents of the country and of the world in a particular period (over a quarter of a year or more commonly over a year).

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Bank of England

The Bank of England, formally the Governor and Company of the Bank of England, is the central bank of the United Kingdom of Great Britain and Northern Ireland and the model on which most modern central banks have been based.

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Central bank

A central bank, reserve bank, or monetary authority is an institution that manages a state's currency, money supply, and interest rates.

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Government bond

A government bond or sovereign bond is a bond issued by a national government, generally with a promise to pay periodic interest payments and to repay the face value on the maturity date.

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Government spending

Government spending or expenditure includes all government consumption, investment, and transfer payments.

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Gross domestic product

Gross domestic product (GDP) is a monetary measure of the market value of all final goods and services produced in a period (quarterly or yearly) of time.

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Hyperinflation

In economics, hyperinflation is very high and typically accelerating inflation.

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John Kenneth Galbraith

John Kenneth Galbraith (October 15, 1908 - April 29, 2006), also known as Ken Galbraith, was a Canadian-born economist, public official, and diplomat, and a leading proponent of 20th-century American liberalism.

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John Maynard Keynes

John Maynard Keynes, 1st Baron Keynes (5 June 1883 – 21 April 1946), was a British economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments.

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Keynesian economics

Keynesian economics (sometimes called Keynesianism) are the various macroeconomic theories about how in the short run – and especially during recessions – economic output is strongly influenced by aggregate demand (total demand in the economy).

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Pound sterling

The pound sterling (symbol: £; ISO code: GBP), commonly known as the pound and less commonly referred to as Sterling, is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, South Georgia and the South Sandwich Islands, the British Antarctic Territory, and Tristan da Cunha.

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United Kingdom

The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain,Usage is mixed with some organisations, including the and preferring to use Britain as shorthand for Great Britain is a sovereign country in western Europe.

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United States Department of the Treasury

The Department of the Treasury (USDT) is an executive department and the treasury of the United States federal government.

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Virtuous circle and vicious circle

The terms virtuous circle and vicious circle (also referred to as virtuous cycle and vicious cycle) refer to complex chains of events that reinforce themselves through a feedback loop.

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Weimar Republic

The Weimar Republic (Weimarer Republik) is an unofficial, historical designation for the German state during the years 1919 to 1933.

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World War II

World War II (often abbreviated to WWII or WW2), also known as the Second World War, was a global war that lasted from 1939 to 1945, although conflicts reflecting the ideological clash between what would become the Allied and Axis blocs began earlier.

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1998 Russian financial crisis

The Russian financial crisis (also called Ruble crisis or the Russian Flu) hit Russia on 17 August 1998.

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