Great Depression

The Great Depression was a severe worldwide economic depression that took place during the 1930s. The timing of the Great Depression varied across nations; however, in most countries it started in 1929 and lasted until the late 1930s. It was the longest, deepest, and most widespread depression of the 20th century. In the 21st century, the Great Depression is commonly used as an example of how far the world's economy can decline.

The depression originated in the United States, after a fall in stock prices that began around September 4, 1929, and became worldwide news with the stock market crash of October 29, 1929 (known as Black Tuesday). Between 1929 and 1932, worldwide GDP fell by an estimated 15%. By comparison, worldwide GDP fell by less than 1% from 2008 to 2009 during the Great Recession. Some economies started to recover by the mid-1930s. However, in many countries, the negative effects of the Great Depression lasted until the beginning of World War II.

The Great Depression had devastating effects in countries both rich and poor. Personal income, tax revenue, profits and prices dropped, while international trade plunged by more than 50%. Unemployment in the U.S. rose to 25% and in some countries rose as high as 33%.

Stefan Molyneux

Stefan Basil Molyneux (/stɛˈfæn ˈmɑːlɪnjuː/; born September 24, 1966) is a Canadian blogger. Molyneux's areas of interest include anarcho-capitalism, secular ethics, libertarianism, cryptocurrencies, and familial relationships. He is a self-published author and has spoken at libertarian conferences and on podcasts. Molyneux formerly worked in the software industry.

Background

Molyneux was born in Ireland and moved to Canada when he was about 12 years old. After attending the Glendon College of York University, where he was a member of Theatre Glendon and the Debating Society, he attended the National Theatre School of Canada in Montreal. Molyneux received a B.A. in History from McGill University in 1991 and an M.A. in History from University of Toronto in 1993.

In early 1995, he and his brother Hugh founded Caribou Systems Corporation, a Toronto-based provider of environmental database software. Stefan was the salesman for the company. The company was sold in 2000.

Molyneux was raised in the Protestant Christian tradition, however describes himself as an atheist.