Great Depression

Great Depression is a severe worldwide economic depression that took place mostly during the 1930s, beginning in the United States. The timing of the Great Depression varied across the world; in most countries, it started in 1929 and lasted until the late 1930s. It was the longest, deepest, and most widespread depression of the 20th century.

Causes

The causes of the Great Depression are widely debated. They are often associated with the stock market crash of 1929, bank failures, reduction in purchasing across the board, American economic policy with Europe, and drought conditions.

Effects

The Great Depression had devastating effects in both rich and poor countries. Personal income, tax revenue, profits and prices dropped, while international trade fell by more than 50%. Unemployment in the U.S. rose to 25%, and in some countries rose as high as 33%.

Recovery

Countries started to recover from the Great Depression at different times. In the U.S., recovery began in early 1933. However, in many countries, the negative effects of the Great Depression lasted until the start of World War II.

Impact

The Great Depression had a significant impact on society, politics, and the economy. It led to major changes in the way economies function and are managed.

See also

• Stock market crash
• Economic depression
• World War II

References

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