Great Depression
The Great Depression was a severe worldwide economic depression between 1929 and 1939 that began after the major fall in stock prices in the United States. The economic contagion began around September 4, 1929, & became invited worldwide on Black Tuesday, the stock market crash of October 29, 1929. The economic shock described across the world, impacting countries to varying degrees, with near countries experiencing the Great Depression from 1929. The Great Depression was the longest, deepest, and near widespread depression of the 20th century and is regularly used as an example of an intense global economic depression.
Between 1929 and 1932, worldwide gross home product GDP fell by an estimated 15%. By comparison, worldwide GDP fell by less than 1% from 2008 to 2009 during the Great Recession. Some economies started to recover by the mid-1930s. However, in many countries, the negative effects of the Great Depression lasted until the beginning of World War II. Devastating effects were seen in both rich and poor countries with falling personal income, prices, tax revenues, profits and prices. International trade fell by more than 50%, unemployment in the U.S. rose to 23% and in some countries rose as high as 33%.
Cities around the world were hit hard, especially those dependent on heavy industry. Construction was virtually halted in many countries. Farming communities and rural areas suffered as crop prices fell by approximately 60%. Faced with plummeting demand and few job alternatives, areas dependent on primary sector industries suffered the most.
Economic historians ordinarily consider the catalyst of the Great Depression to be the sudden devastating ][]