The Great Depression was a severe worldwide economic depression that began in the United States in the 1930s. The global gross domestic product (GDP) decreased by an estimated 15% between 1929 and 1932. During the Great Recession, global GDP decreased by less than 1% from 2008 to 2009.
The Great Depression was the longest, deepest, and most widespread depression of the 20th century. The consequences of the Great Depression were felt by all nations, rich and poor. The Great Depression began in the United States, with the stock market crash on October 29, 1929 (known as Black Tuesday). The global gross domestic product (GDP) decreased by an estimated 15% from 1929 and 1932. During the Great Recession, global GDP decreased by less than 1% from 2008 to 2009.
The Great Depression had many causes, both domestic and international. Domestically, the unregulated financial system allowed for excessive risk-taking and speculation, which led to the stock market crash. Internationally, the global economy was interconnected and interdependent, so the economic problems in the United States quickly spread to other countries.
The Great Depression had a profound impact on the United States and the world. In the United States, unemployment reached 25%, and millions of people lost their jobs, homes, and savings. The Great Depression also led to a decline in output, investment, and trade. In other countries, the Great Depression caused widespread poverty, hunger, and political instability.
The Great Depression ended in the United States in the late 1930s, with the implementation of Franklin D. Roosevelt's New Deal policies. The New Deal policies included public works projects, financial reforms, and social programs, which helped to stimulate the economy and create jobs. In other countries, the Great Depression ended with the outbreak of World War II.
The Great Depression was a traumatic event that had a profound impact on the world. It led to the development of new economic policies and institutions, and it shaped the political and economic landscape of the 20th century.