what was the great depression

The Great Depression was a severe 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 Great Depression began with the Wall Street Crash of October 1929 in the United States and then spread worldwide. 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 caused drastic declines in output, severe unemployment, and acute deflation in almost every country of the world. The usual explanations for the Great Depression include numerous factors, especially high consumer debt. The Great Depression was the longest and deepest downturn in the history of the United States and the world. The impact of the Great Depression was visible across the country, with factories shut down, farms and homes lost to foreclosure, mills and mines abandoned, and people going hungry. The resulting lower incomes meant the further inability of the people to spend or to save their way out of the crisis, thus perpetuating the economic slowdown in a seemingly never-ending cycle.