now became communists and tried for a communist evolution in their countries.
Many Indian leaders like MN Roy, RabindranathTagore and Jawaharlal Nehru were also
inspired by it even though they did not agree with many aspects of communism like
suppression of opposition political parties.,
Many people were also horrified by the violence used by USSR to suppress
opposition and denial of multiparty democracy and freedom in the USSR. George Orwell
wrote his famous satiric novel ‘Animal Farm’ to highlight how the ideals of Russian
Revolution were suffering in USSR.
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The Economic Depression began around the end of 1929 and lasted almost till
1939 when the Second World War started. During this decade, the economy declined
worldwide because of a decline in demand and fall in prices. Factories were closed
because the demand was low. Since the goods were manufactured in limited quantity,
the prices increased. Because of expensive goods, people’s purchasing power reduced.
So the demand for goods further went down. This cyclical effect caused massive
unemployment. The real incomes of ordinary people as well as governments across the
world also declined. Initially a stock market collapsed in the US, but very soon it
affected almost every country.
In America, as many as 25% people and nearly 33% people in many other
countries were unemployed. As factories closed down and trade declined, cities
became centers of decline. This led to reduced prices (up to 60%) for agricultural
produce causing pauperisation of millions of farmers and stopping of cultivation.
This was the longest and worst economic decline faced by modern economy till