Topic: events from 18th century such as industrial revolution, world wars, redrawing of national boundaries, colonization, decolonization, political philosophies like communism, capitalism, socialism etc.)
1. “The answers to the questions of present are hidden in the experiences of the past”, in this context discuss the impacts of coronavirus pandemic in comparison to the great depression of 1929.(250 words)
Reference: Indian Express
Why this question:
With the novel coronavirus pandemic severely affecting the global economy, some experts have begun comparing the current crisis with the Great Depression; the devastating economic decline of the 1930s that went on to shape countless world events. The article captures a detailed narration of the same.
Key demand of the question:
One has to present a detailed analysis of the current economic distress that will be of great concern in the coming future with that of the great depression of 1929.
Discuss – This is an all-encompassing directive – you have to debate on paper by going through the details of the issues concerned by examining each one of them. You have to give reasons for both for and against arguments.
Structure of the answer:
Briefly explain the context of the question with relevant facts.
To start with, narrate the details of great depression; The Great Depression was a major economic crisis that began in the United States in 1929, and went to have a worldwide impact until 1939. While the Wall Street crash was triggered by minor events, the extent of the decline was due to more deep-rooted factors such as a fall in aggregate demand, misplaced monetary policies, and an unintended rise in inventory levels. The havoc caused in the US spread to other countries mainly due to the gold standard, which linked most of the world’s currencies by fixed exchange rates. Etc. Discuss the impact of it on India, comment on the aspects of Corona crisis and draw a comparison on the impact of it on economy.
Conclude with way forward.