On October 29, 1929, the U.S. experienced the most devastating stock market crash in it's history. The Wall Street Crash of 1929 set in motion the Great Depression, which lasted for twelve years and affected virtually all industrialized countries. In the United States, GDP fell to it's lowest recorded level of just 57 billion U.S dollars in 1933, before rising again shortly before the Second World War. After the war, GDP fluctuated, but it increased gradually until the Great Recession in 2008. Real GDP Real GDP allows us to compare GDP over time, by adjusting all figures for inflation. In this case, all numbers have been adjusted to the value of the US dollar in FY2012. While GDP rose every year between 1946 and 2008, when this is adjusted for inflation it can see that the real GDP dropped at least once in every decade except the 1960s and 2010s. The Great Recession Apart from the Great Depression, and immediately after WWII, there have been two times where both GDP and real GDP dropped together. The first was during the Great Recession, which lasted from December 2007 until June 2009 in the US, although its impact was felt for years after this. After the collapse of the financial sector in the US, the government famously bailed out some of the country's largest banking and lending institutions. Since recovery began in late 2009, US GDP has grown year-on-year, and reached 21.4 trillion dollars in 2019. The coronavirus pandemic and the associated lockdowns then saw GDP fall again, for the first time in a decade. As economic recovery from the pandemic has been compounded by supply chain issues, inflation, and rising global geopolitical instability, it remains to be seen what the future holds for the U.S. economy.
When converted to the value of one US dollar in 2020, goods and services that cost one dollar in 1700 would cost just over 63 dollars in 2020, this means that one dollar in 1700 was worth approximately 63 times more than it is today. This data can be used to calculate how much goods and services from the years shown would cost today, by multiplying the price from then by the number shown in the graph. For example, an item that cost 50 dollars in 1970 would theoretically cost 335.5 US dollars in 2020 (50 x 6.71 = 335.5), although it is important to remember that the prices of individual goods and services inflate at different rates than currency, therefore this graph must only be used as a guide.
Gemessen an der Kaufkraft eines britischen Pfund Sterling (GBP) im Jahr 2019 lag die Kaufkraft in den vergangenen Jahrhunderten erheblich höher: Ein GBP im Jahr 1209 war mehr als zweitausendmal so viel Wert wie ein GBP im Jahr 2019.
Much of Argentina's modern society and culture is rooted in the Spanish Empire's colonization of the region in the 16th century, along with the influx of European migration to the country around the turn of the twentieth century. There are records of human presence in the region dating back to the paleolithic period (3.3 million to 9,650 BCE) and the Incan Empire is known to have extended into the region before Columbus' arrival in the Americas in 1492; however most of this culture and civilization was wiped out by Europeans in the 1500s. During Spanish colonization, the majority of Argentina was a part of the Viceroyalty of the Río de la Plata (which also included territories in modern-day Chile, Bolivia, Paraguay and Uruguay) and was still economically bound to the Spanish crown. With a population of just 0.5 million in 1800, a combination of mass migration (particularly from Southern Europe) and high birth rates have helped Argentina's population grow above 45 million over the past two centuries.
Independence, Immigration and the Gold rush The age of enlightenment and revolutions in Europe inspired a longing in the region for independence, and Napoleon's invasion of Spain in 1808 was the catalyst for the Spanish Empire's downfall in the Americas, with Argentinian independence declared in 1816. The Spanish military was then defeated in mid 1800s, but for the majority of the next century there was little political or economic stability in the region, with several small-scale civil wars between the different Argentinian states. Starting with the government of Julio Argentino Roca in 1880, ten consecutive federal governments actively pursued a liberal economic policy which led to a massive wave of state-promoted European immigration; so much so that the number of migrants received by Argentina in that period was second only to the United States worldwide. This immigration led to the rejuvenation and reinvention of Argentinian society and economy to such an extent, that by 1908 the country had the seventh largest economy in the world. This in turn led to further immigration and higher standards of living. It is also worth noting that the Tierra del Fuego gold rush that started around 1883 and lasted to around 1906 also contributed greatly to immigration. Unfortunately, Argentina was unable to retain it's acquired economic might; it failed to develop industrially at the same speed as the rest of the world, and the Great Depression of 1929 set in motion an economic decline that contributed to much civil and political unrest.
The impact of Perón, and modern Argentina
The election of Juan Perón in 1946 proved to be a defining point in Argentina's history; Perón was a demagogue who imprisoned (and reportedly tortured) his rivals and critics, and whose isolationist policies and radical spending contributed to severe inflation. With the death of Perón's extremely popular wife, Eva Duarte, in 1952, his popularity declined and he was eventually exiled following a coup in 1955. Despite this exile, Perón returned in 1973 and re-assumed the presidency, until his death in 1974, where he was the succeeded by his third wife. Peron's political philosophy, known as "Peronism", is a mixture of right wing nationalist and left wing populist theories; although Peronism has developed greatly over time, its core belief system is the foundation of Argentina's largest party, the Justicialist Party (although they have become increasingly left wing since the Kirchner administrations).
With the expulsion of Perón in 1955, Argentina's trend of military coups and failed governments continued, and the country faced further economic instability. Despite all of this, medical advancements and improvements to quality of life across the globe helped Argentina's mortality rate to decline, and the population grew at a faster rate than ever before. In April 1982, Argentine forces invaded the British territory of the Falkland Islands, leading to a ten week war between the nations, that ended with Argentina's surrender in June. The war had a relatively small death toll, but contributed to riots in Buenos Aires, which helped to topple the military dictatorship and established the current democratic system. Following a severe recession that began in 2001, President Néstor Kirchner assumed office in 2003, and his wife took over from 2007 to 2015; during the Kirchner administrations, more than eleven million people were lifted out of poverty, and Argentina's economy grew in stature to become one of the Group of Twenty.
The Covid-19 pandemic saw growth fall by 2.2 percent, compared with an increase of 2.5 percent the year before. The last time the real GDP growth rates fell by a similar level was during the Great Recession in 2009, and the only other time since the Second World War where real GDP fell by more than one percent was in the early 1980s recession. The given records began following the Wall Street Crash in 1929, and GDP growth fluctuated greatly between the Great Depression and the 1950s, before growth became more consistent.
Between 1688 and 1968, Britain was arguably involved in more wars than any other nation or empire on the planet. During this 280 year period, the British government's investment into it's military strength increased greatly, and this level of investment allowed Britain to become the most powerful nation in the world for the majority of this period. Inflation rates and fluctuation of the pound Sterling's value make it difficult to compare military spending over extended periods of time, however, if we look at when the largest increases occur over short periods of time, then we can see a correlation between Britain's involvement in major wars and also times of great empirical expansion. Rule Britannia Before the twentieth century, Britain was able to become the world's hegemonic power (or the closest thing to it) because of it's military and naval might. In the past, some historians argued that Britain rose to this status accidentally, however it was their investment in military and naval capabilities that allowed them to colonize other civilizations, protect trade routes, and eliminate competition or threats. For example, Britain lost one of it's largest sources of income when the US gained independence in the late 1700s, therefore the government invested five times more money into it's navy than into the army (in 1785), in order to protect it's other colonies and trade routes, and to expand into other parts of the world. In the nineteenth century, the largest influx of cash into the military came in 1815, the same year that Britain and it's allies finally defeated Napoleon. The end of the Napoleonic Wars marked the beginning of the 'Pax Britannica', (1815-1914) which was a century of relative peace between the major European powers, and further expansion of the British Empire. Twentieth Century There was a large increase in military expenditure at the turn of the twentieth century, as the British Empire pushed further into new territories, particularly in Africa (in what is now known as the 'Scramble for Africa'). However, the largest increases came directly after both World Wars. It is also important to note that new budgets were introduced for the Air Force in the First World War, and then for Central Defense following the Second World War. Unfortunately there is no correlating data for the years during the World Wars, as the country was in a state of national emergency during these times, and parliament's system for budget allocation was different than in traditional years. Following the Second World War, Britain's investment in all military branches has increased exponentially, and today, Britain has the seventh highest military budget in the world.
In 2010, the adjusted-inflation cost of land-based wind projects in Germany amounted to more than 2,300 U.S. dollars per kilowatt. Since 2015, the costs have remained under 1,800 U.S. dollars per kilowatt, amounting to 1,679 U.S. dollars per kilowatt in 2022.
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On October 29, 1929, the U.S. experienced the most devastating stock market crash in it's history. The Wall Street Crash of 1929 set in motion the Great Depression, which lasted for twelve years and affected virtually all industrialized countries. In the United States, GDP fell to it's lowest recorded level of just 57 billion U.S dollars in 1933, before rising again shortly before the Second World War. After the war, GDP fluctuated, but it increased gradually until the Great Recession in 2008. Real GDP Real GDP allows us to compare GDP over time, by adjusting all figures for inflation. In this case, all numbers have been adjusted to the value of the US dollar in FY2012. While GDP rose every year between 1946 and 2008, when this is adjusted for inflation it can see that the real GDP dropped at least once in every decade except the 1960s and 2010s. The Great Recession Apart from the Great Depression, and immediately after WWII, there have been two times where both GDP and real GDP dropped together. The first was during the Great Recession, which lasted from December 2007 until June 2009 in the US, although its impact was felt for years after this. After the collapse of the financial sector in the US, the government famously bailed out some of the country's largest banking and lending institutions. Since recovery began in late 2009, US GDP has grown year-on-year, and reached 21.4 trillion dollars in 2019. The coronavirus pandemic and the associated lockdowns then saw GDP fall again, for the first time in a decade. As economic recovery from the pandemic has been compounded by supply chain issues, inflation, and rising global geopolitical instability, it remains to be seen what the future holds for the U.S. economy.