The Great Depression was a worldwide economic downturn that began in 1929 and lasted until about 1939. It was the longest, deepest, and most widespread depression of the 20th century. The economic contagion began around September 1929 and led to the Wall Street stock market crash of October 24 (Black Thursday) . The contraction began in the United States and spread around the globe. The Great Depression was characterized by a major fall in stock prices in the United States, which led to a period of economic depression. The causes of the Great Depression were many and varied, but the impact was visible across the country. Some of the key features of the Great Depression include:
-
Length and severity: The Depression lasted a decade, beginning in 1929 and ending during World War II. Industrial production plummeted, unemployment soared, and families suffered. Marriage rates fell.
-
Global impact: The Great Depression caused drastic declines in output, severe unemployment, and acute deflation in almost every country of the world. International trade fell by more than 50%, and unemployment in the U.S. rose to 23% .
-
Causes: The Great Depression was caused by a number of factors, including investing in the speculative market in the 1920s, which led to the stock market crash of 1929. Most historians and economists agree that the stock market crash of 1929 wasnt the only cause of the Great Depression.
-
Consequences: The Great Depression sparked fundamental changes in economic institutions, macroeconomic policy, and economic theory. Its social and cultural effects were no less staggering, especially in the United States, where it represented the harshest adversity faced by Americans since the Civil War.
The Great Depression was a catastrophic economic event that had a profound impact on the world.
