A severe worldwide economic depression that lasted from 1929 to 1939.
Wall Street Crash of 1929: This was a major stock market crash that marked the beginning of the Great Depression. It caused widespread panic and led to many investors losing their savings.
Bank Failures: During the Great Depression, many banks failed due to the widespread panic caused by the stock market crash. This led to a loss of confidence in the banking system and contributed to the economic crisis.
Unemployment: The Great Depression resulted in high levels of unemployment as businesses closed down and people lost their jobs. This created immense hardship for millions of Americans.
Government Response: The US government responded to the Great Depression with various policies and programs, including the New Deal. These efforts helped to mitigate the effects of the economic crisis and pave the way for recovery.
Dust Bowl: The Dust Bowl was a severe environmental disaster that affected the Great Plains region during the 1930s. It led to widespread crop failures and forced many farmers to abandon their land.
International Impact: The Great Depression had a global impact, affecting countries around the world. It contributed to political instability, social unrest, and ultimately, World War II.
Social Impact: The Great Depression had a profound social impact on American society. It led to increased poverty and hardship for many families, as well as social and cultural changes in the years that followed.
Economic Theory: The Great Depression had a major impact on economic theory and the study of macroeconomics. It led to the development of new models and theories that sought to explain the causes and consequences of economic crises.
Banking Regulation: The Great Depression highlighted the need for better banking regulation and oversight, leading to the creation of new regulatory bodies and policies that aimed to prevent future economic crises.
International Trade: The Great Depression led to a decline in international trade and economic isolationism, as countries sought to protect their own economies from the effects of the crisis.