Financial measured by the Gross Domestic Product. It

Financial crisis has been a wretched fragment of the industry
since its emergence. Bankers and financiers have readily admitted that in an industry
or business, it is childish to think such events can be avoided. A look at a
number of financial crises over the last 80 years suggests various factors
which have been common such as excessive exhilaration, indigent regulatory
oversight and substandard accounting.1  Economic
Depression refers to the state of the economy occurring due to an extended
period of negative economic activity as measured by the Gross Domestic Product.
It is often described as a more severe form of recession that leads to
prolonged period of unemployment, a hike in credit defaults, extensive declines
in income and a deflationary economy.2 The Great Depression is
one such crises which occurred during the period 1930s and caused a substantial
havoc in the economy. The Great Depression owes
its beginning to the U.S. stock market crash on October 24, 1929, also known as
Black Thursday. Indian Economy was no exception to this crisis and also
suffered. However various the explanations for the Great Depression have
grown, they share an understanding that the world wracked by the crisis of the
late 1920s differed significantly from the world in which most people had grown
up. In as much as the world had a single, integrated economy, it had recently
undergone profound changes as a result of World War I.3

1 Rothbard,M. N. (n.d). America’s
Great Depression. Mises Institute

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2
Anderson S. (2013, August
05). A history of the past 40 years in financial crises. Retrieved December 28,
2017, from < http://www.ifre.com/a-history-of-the-past-40-years-in-financial-crises/21102949.fullarticle> 

3 Rauchway, E. (n.d). The Great
Depression & The New Deal. Oxford.Financial crisis has been a wretched fragment of the industry
since its emergence. Bankers and financiers have readily admitted that in an industry
or business, it is childish to think such events can be avoided. A look at a
number of financial crises over the last 80 years suggests various factors
which have been common such as excessive exhilaration, indigent regulatory
oversight and substandard accounting.1  Economic
Depression refers to the state of the economy occurring due to an extended
period of negative economic activity as measured by the Gross Domestic Product.
It is often described as a more severe form of recession that leads to
prolonged period of unemployment, a hike in credit defaults, extensive declines
in income and a deflationary economy.2 The Great Depression is
one such crises which occurred during the period 1930s and caused a substantial
havoc in the economy. The Great Depression owes
its beginning to the U.S. stock market crash on October 24, 1929, also known as
Black Thursday. Indian Economy was no exception to this crisis and also
suffered. However various the explanations for the Great Depression have
grown, they share an understanding that the world wracked by the crisis of the
late 1920s differed significantly from the world in which most people had grown
up. In as much as the world had a single, integrated economy, it had recently
undergone profound changes as a result of World War I.3

1 Rothbard,M. N. (n.d). America’s
Great Depression. Mises Institute

2
Anderson S. (2013, August
05). A history of the past 40 years in financial crises. Retrieved December 28,
2017, from < http://www.ifre.com/a-history-of-the-past-40-years-in-financial-crises/21102949.fullarticle> 

3 Rauchway, E. (n.d). The Great
Depression & The New Deal. Oxford.