Abstract
GDP, employment, trade and other Chilean economic variables suffered spectacular contractions as a result of worldwide depression in early 1930's. The Great Depression, as it is known, thus became an unforgettable experience for those generations who had to live under those conditions. So much so, that it is now regarded as a plausible landmark in many respects. Among other, it is seen as a fundamental element influencing a great number of significant institutional changes, including policy ones, which took place all over World in 1930's and following decades. In particular, many perceived it as phenomena responsible for remarkable worldwide change in relative scope of state and market activities of those years. In this view, the defining moment hypothesis refers to Great Depression as a natural and practical dividing line between very different periods in evolution of social organization in Western world.
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