LESSONS FROM THE GREAT DEPRESSION OF THE UNITED STATES IN OVERCOMING THE CRISIS OF CORONAVIRUS INFECTION COVID-19

Abstract

The article, based on the methodology of public administration, conducted a theoretical and methodological analysis of the impact of the Great Depression on employment and national security. A retrospective analysis compares the Great Depression with the current economic crisis in the United States in terms of productive employment and its impact on national security, making it possible to establish links between historical lessons and the present. It is noted that the consequences of the coronavirus pandemic have a negative impact not only on the US economy, but also on the economic growth of other countries and the world economy as a whole. It is noted that according to IMF experts, the losses of the world economy due to the coronavirus pandemic can be equated with the consequences of the Great Depression. It is emphasized that the unfolding of historical events of the Great Depression can be traced similar to modern realities in the United States to the asymmetric enrichment of a small cohort of large capitalists (oligarchs) against the background of total impoverishment of the vast majority of middle and poor Americans. The theoretical and practical significance of the results of the study was updated, in particular, on the basis of the analysis, it was emphasized that the unemployment rate is the most acceptable indicator from which to draw conclusions about the country’s depression. The differences between the current crises (panic and collapse of the US stock market; the spread of coronavirus infection COVID-19. Simultaneously) and the Great Depression (the “gold standard” – what real anti-crisis fiscal or monetary policy, etc.). It is concluded that the views of modern American scholars on the analogies and differences in employment and unemployment in the United States during the Great Depression and the current economic crisis, the assessments of experts and experts on their impact on the economy, other areas of American public life are ambiguous. The vast majority of them argue that the current economic crisis is the greatest in the postwar period of US history, arguing its unprecedented rise in unemployment, deteriorating basic indicators of economic and social development.