The Great Depression

Summary

The Great Depression, a profound economic downturn lasting from the late 1920s to the late 1930s, was a global crisis marked by factors such as the stock market collapse, reduced consumer spending, government policies, and bank failures. This crisis led to widespread unemployment, poverty, and a significant impact on the global economy. Government interventions, like the New Deal in the United States, played a crucial role in ending the Depression and reshaping economic policies.

Facts

The Great Depression occurred from the late 1920s to the late 1930s.

Causes included the stock market collapse, decreased consumer spending, government policies, and bank failures.

The decline in consumer spending resulted in reduced production and increased unemployment.

Millions of people lost their jobs during the Great Depression.

Many individuals faced challenges in affording basic necessities like food and housing.

The crisis had a global impact, leading to declining trade and economic growth.

Government actions and international organizations ultimately ended the Great Depression.

In the United States, President Franklin D. Roosevelt’s New Deal contributed to economic recovery and reduced unemployment.

The Great Depression is a subject of extensive study by economists and historians.

It is considered a turning point in modern economic history.

The event serves as a cautionary tale about economic instability and is seen as an example of the importance of government intervention in crises.