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Great Depression
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in mostcountries it started in 1930 after the passage of the United States' Smoot-Hawley Tariff bill (June 17), and lasted until the late 1930s or middle 1940s. It was the longest, most widespread, and deepestdepression of the 20th century.
In the 21st century, the Great Depression is commonly used as an example of how far the world's economy can decline. The depression originated in the U.S., after thefall in stock prices that began around September 4, 1929 and became worldwide news with the stock market crash of October 29, 1929 (known as Black Tuesday).
The Great Depression had devastating effectsin countries rich and poor. Personal income, tax revenue, profits and prices dropped, while international trade plunged by more than 50%, due in large part to the Smoot-Hawley Tariff. Unemployment inthe U.S. rose to 25%, and in some countries rose as high as 33%.
Cities all around the world were hit hard, especially those dependent on heavy industry. Construction was virtually halted in manycountries. Farming and rural areas suffered as crop prices fell by approximately 60%. Facing plummeting demand with few alternate sources of jobs, areas dependent on primary sector industries suchas cash cropping, mining and logging suffered the most.
Some economies started to recover by the mid-1930s. In many countries, the negative effects of the Great Depression lasted until the end of WorldWar II.
Causes
There were multiple causes for the first downturn in 1929. These include the structural weaknesses and specific events that turned it into a major depression and the manner in which thedownturn spread from country to country. In relation to the 1929 downturn, historians emphasize structural factors like major bank failures and the stock market crash. In contrast, monetarist...
The Great Depression was a severe worldwide economic depression in the decade preceding World War II. The timing of the Great Depression varied across nations, but in mostcountries it started in 1930 after the passage of the United States' Smoot-Hawley Tariff bill (June 17), and lasted until the late 1930s or middle 1940s. It was the longest, most widespread, and deepestdepression of the 20th century.
In the 21st century, the Great Depression is commonly used as an example of how far the world's economy can decline. The depression originated in the U.S., after thefall in stock prices that began around September 4, 1929 and became worldwide news with the stock market crash of October 29, 1929 (known as Black Tuesday).
The Great Depression had devastating effectsin countries rich and poor. Personal income, tax revenue, profits and prices dropped, while international trade plunged by more than 50%, due in large part to the Smoot-Hawley Tariff. Unemployment inthe U.S. rose to 25%, and in some countries rose as high as 33%.
Cities all around the world were hit hard, especially those dependent on heavy industry. Construction was virtually halted in manycountries. Farming and rural areas suffered as crop prices fell by approximately 60%. Facing plummeting demand with few alternate sources of jobs, areas dependent on primary sector industries suchas cash cropping, mining and logging suffered the most.
Some economies started to recover by the mid-1930s. In many countries, the negative effects of the Great Depression lasted until the end of WorldWar II.
Causes
There were multiple causes for the first downturn in 1929. These include the structural weaknesses and specific events that turned it into a major depression and the manner in which thedownturn spread from country to country. In relation to the 1929 downturn, historians emphasize structural factors like major bank failures and the stock market crash. In contrast, monetarist...
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