INTER DISCIPLINARY PROJECT

[Virtual Presenter] Good morning everyone. Today we will be exploring the causes, effects, and implications of The Great Depression, a period of economic crisis in the U S that had a worldwide impact. We will be looking at this topic through an interdisciplinary lens, examining the impact of the Great Depression in terms of economics, sociology, and political science. So let's begin our journey and explore the depths of this significant event..

[Audio] During the 1930s, the world was struck by the great Depression, a severe economic crisis which had the most severe impact on North America, Europe, and countries in the Pacific region. This economic crisis resulted in a drastic change in the global economy, with increases in unemployment, poverty, and hunger. The causes of this financial crisis included changes in the economy, stock market speculation, and banking system issues. India was among one of the hardest hit countries, with its poverty lingering for many years after. In the following post-war era, the Indian economy grew exponentially due to its improved access to transportation. This included roadways, railways, waterways, and airways which allowed the country to become more connected to the rest of the world. In recent years, the rise of globalization has had a major impact on India's economy. With new methods of doing business, access to global markets, and growth of the digital space, India has been presented with a plethora of economic opportunities..

[Audio] The Great Depression was a period of economic and social crisis worldwide which occurred during the 1930s; it was the worst economic downturn ever seen, with 3% of the population unemployed. In India, the effects were particularly devastating, with farmers losing their crops due to drought and being forced to sell their possessions to clear debts. People even faced homelessness and a complete lack of livelihood. Although the Great Depression was devastating, it is a testament to human resilience that we have ultimately been able to recover from its effects..

[Audio] The Great Depression was a period of economic decline and hardship in the US in the 1930s, resulting in many families losing their livelihoods and children being put to work as farm hands or peddlers. This slide memorializes this reality, emphasizing the need to be ready for difficult times, both financially and emotionally..

[Audio] The Great Depression was a hugely challenging period for the United States, beginning in 1929 and concluding in 1941. The 1929 stock market crash had a huge destructive effect on the U S economy, causing nearly 30 billion dollars to be lost by Wall Street investors. As a result, thousands of banks closed across the nation. We must bear this period of history in mind as a key reminder of the need for responsible and fair economic processes..

[Audio] Due to the coronavirus pandemic, the United States has experienced a severe economic crisis. Unemployment has skyrocketed to 25%, causing consumer spending and investments to decrease significantly, resulting in a decrease in industrial output. To maintain their viability, many companies have been forced to let go of many employees. The GDP of the country has contracted by half which has caused deflation. To tackle this economic crisis, an interdisciplinary project has been initiated to foster innovation and stimulate economic development..

[Audio] The Great Depression was a period of global economic downturn and lasted from 1929 until the early 1940s. The worldwide economic crisis was caused by a number of factors, the most significant being the tight monetary policies in America and the stock market crash of October 1929. The stock market crash caused a crisis of confidence in the banking system as more and more people withdrew their savings from banks, leading to a wave of closures. This, in turn, led to a reduction in purchases due to diminished savings and depressed wages. To make matters worse, in 1930 President Herbert Hoover signed into law the Smoot-Hawley Tariff, also known as the Tariff Act of 1930, which imposed high taxes on imported goods and made the situation worse. This economic crisis had serious implications for citizens, businesses and governments around the world." The Great Depression was an extremely trying time for people around the world. The fallout of the stock market crash of 1929 and the Smoot-Hawley Tariff of 1930 had widespread, devastating effects. The Central Bank of America's tight monetary policies, along with the wave of bank closures, all hurt people’s ability to save money, reducing their capacity to purchase goods. This, in turn, sent a ripple effect of economic downturns around the world. The Great Depression had a major impact on the lives of citizens, businesses and governments alike, and its effects are still felt to this day..

[Audio] The Great Depression of 1929 had severe repercussions both in the US and globally. Unequal distribution of wealth, over production and retaliatory tariffs were the three main catalysts of the depression. The high employment and incomes of the prosperous 1920s spurred up consumption and investment, which was followed by a period of speculation that triggered an economic collapse. This crash lasted for more than 10 years and the deterioration of world trade was particularly devastating, leading to the closure of two thirds of businesses and subsequently high levels of unemployment and poverty..

[Audio] The Great Depression of the 1930s was one of the most devastating economic downturns in history. Many explanations have been proposed by historians, mostly focusing on monetary policy, unequal wealth distribution, trade tariffs, war debts, the stock market crash, financial panics, farm crises, the 1928 Presidential Election, overproduction, and agricultural problems. Due to the number of contributing factors, it is difficult to identify a single cause of the Great Depression..

[Audio] The Great Depression had a dramatic effect on India with its exports and imports taking a nose-dive. Wheat prices experienced a dramatic decrease of fifty percent between 1928 and 1934, leading to immense suffering for peasants and farmers, as well as those engaged in world market production. The colonial government's inaction in lowering revenue demands only compounded the already dire situation. This is a classic example of how various aspects of history are connected..

[Audio] In the 1930s, the financial crisis had a much less devastating impact on urban India. Lower prices allowed people with fixed incomes, for example landlords and middle-class salaried workers, to acquire more items with their wages. The Indian government's investment in domestic industry through tariffs also helped foster the economy. Despite the positive effects of the crisis, exports plummeted by 60%, leaving debt-ridden farmers with no other choice than to sell their gold and jewellery. This export activity would eventually prove advantageous for the nation, contributing to its faster recovery compared to the United Kingdom..

[Audio] India has the second largest road network in the world, with a road density of 142.68 kilometers per 100 square kilometers, making it the highest in the world. Roads are a crucial mode of transportation for both freight and passenger traffic, accounting for 65% and 85% of journeys respectively. Prior to its rail networks, India's roadways have been a key factor in the country's growth and economic success, providing an invaluable means of transporting goods and services on land..

[Audio] The Golden Quadrilaterial Super Highways have been proposed to enhance India's transportation infrastructure and catalyse economic growth. To bring the project to fruition, a complex interdisciplinary approach that includes engineering, architecture, sociology, and economics is required. The highway should facilitate trade and the mobility of goods and people between the four metropolitan cities, offering great economic benefit to the country..

[Audio] National highways play an important role in our country, connecting some of the most remote parts of India and creating a nationwide network. These roads have a significant historical value and serve to link us all together. The Central Public Works Department is responsible for laying and maintaining these roads, which run north-south and east-west, while state highways are maintained by the State Public Works Department and connect state capitals to smaller towns. Our national highways are essential in keeping India connected and form an important part of our identity that we can take pride in..

[Audio] The Border Roads Organization has been instrumental in increasing connectivity and access to remote areas of India. Their outstanding performance in the construction of roads and bridges has benefitted many communities living near the borders. By providing access to vital resources, the Border Road Organization has improved the quality of life of those who live in border areas." The Border Roads Organization is a vital part of India's infrastructure. They have been instrumental in connecting remote areas of the country with the rest of the nation. Through their hard work and dedication, they have provided access to essential resources for communities living near the borders. This interdisciplinary project has improved the quality of life in border areas, and has made it easier for local people to access vital resources..

[Audio] The Pradhan Mantri Grameen Sadak Yojana has enabled every village in the country to be linked to a major city through a motorable road. District Roads are essential for connecting different regions to the central area command, while Other Roads provide linkages between rural areas and their respective towns. The Zila Parishad is responsible for overseeing these roads and seeing to it that they are regularly maintained..

[Audio] Roadways are a crucial form of transportation. They are economical to construct and maintain, offer simple access, and are ideal for short distances. In addition, roadways provide a good link to other modes of transport with limited handling costs. These characteristics make roads a favorable choice for travel..

[Audio] The Indian Railways has a remarkable legacy, having one of the world's longest rail networks at 1,23,236 kilometers spanning across India for more than 167 years. It transports 23 million passengers and 3 million tonnes of freight daily, providing a vast social welfare organization. This engineering and human progress feat is indeed a marvel, being an important public service and a symbol of national pride..

[Audio] 1853 saw Lord Dalhousie open India's first passenger train service, linking Bombay's Bori Bunder station and Thane, with three steam locomotives, the Sahib, Sindh, and Sultan, pulling the 14-car train. Geographical features, high population density and agricultural resources of the Northern Plains heavily shaped the path of this construction. Additionally, railway routes were built through low hills, gaps and tunnels in the Peninsular region. The Desert of Rajasthan posed a more difficult terrain, but the Sahyadri (Western Ghats) could only be crossed through gaps or passes. Distribution of India's Railway network has been a great influence on its growth..

[Audio] Waterways are a great option for transporting people and goods across the world. Not only are they cost-effective, but their minimal environmental footprint makes them an attractive choice. Waterways are used for international trade through seaports, and for transportation within a nation, inland waterways can be used. By understanding the full potential for freight and passenger movement on waterways, better use of these transportation routes can be achieved in the future. It is clear that water transportation is an invaluable resource for travel and freight purposes and is essential for enabling efficient and environmentally friendly transportation on a global scale..

[Audio] Beginning with the Ganga River, which flows for roughly 1620 kilometers between Allahabad and Haldia, our country has several National Waterways and Sea Ports. The Brahmaputra river stretches for 891 kilometers between Sadiya and Dhubri, and Kerala has the West-Coast Canal spanning from Kottapurma to Komman, Udyogamandal and Champakkara Canals. Other noteworthy waterways are the Godavari, Krishna, Barak, Sunderbans, Buckingham Canal, Brahmani, East-west Canal, and Damodar Valley Corporation Canal. The deepest landlocked and well-protected port is found at Vishakhapatnam. Marmagao port in Goa is the premier iron ore exporting port, and Kandla in Kuch was the first port developed soon after Independence to manage the trade volumes of the Mumbai port..

[Audio] Air transport has had a major effect on India since its inception in 1953. Indian Airlines, Alliance Air, private scheduled airlines and non-scheduled operators provide domestic air services, with Air India providing international services. Pawanhans Helicopters Ltd. specializes in providing helicopter services to the Oil and Natural Gas Commission for offshore operations and to difficult terrains such as those found in the North-East and in Jammu and Kashmir, Himachal Pradesh and Uttaranchal. Indian Airlines connects India with neighbouring countries in South and South-East Asia, as well as in the Middle East, providing access to difficult-to-reach areas due to mountains, deserts and forests. It is clear that air transport in India has been an important factor in aiding the nation's development and changing the landscape..

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[Audio] Globalization is an undeniable phenomenon and India has experienced great success with it. Foreign investment across various sectors including corporate, retail and scientific has seen tremendous growth as well as effects on social, monetary, cultural and political aspects. Thanks to advancements in transportation and information technology, global trade, doctrines and culture has increased further. It is worth noting the decrease in unemployment that has come as a result of the creation of new jobs, all of which illustrate the success of globalization in India..