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Great Depression - Wikipedia The Great Depression was a severe worldwide economic depression that took place during the 1930s. The timing of the Great Depression varied across nations; in most ...
Great Depression - Wikipedia This article is about the severe worldwide economic downturn in the 1930s Great Railroad Adventures Great Britain And Ireland For other uses see The Great Depression disambiguation and The Great Slump disambiguation Dorothea Langes Migrant Mother depicts destitute pea pickers in California centering on Florence Owens Thompson age 32 a mother of seven children in Nipomo California March 1936 USA annual real GDP from 1910 to 1960 with the years of the Great Depression 1929–1939 highlighted The unemployment rate in the U S during 1910–60 with the years of the Great Depression 1929–39 highlighted The Great Depression was a severe worldwide economic depression that took place mostly during the 1930s originating in the United States The timing of the Great Depression varied across nations in most countries it started in 1929 and lasted until 1941 1 It was the longest deepest and most widespread depression of the 20th century 2 In the 21st century the Great Depression is commonly used as an example of how far the worlds economy can decline 3 The depression started in the United States after a major fall 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 Between 1929 and 1932 worldwide gross domestic product GDP fell by an estimated 15 By comparison worldwide GDP fell by less than 1 from 2008 to 2009 during the Great Recession 4 Some economies started to recover by the mid1930s However in many countries the negative effects of the Great Depression lasted until the beginning of World War II 5 The Great Depression had devastating effects in countries both rich and poor Personal income tax revenue profits and prices dropped while international trade plunged by more than 50 Unemployment in the U S rose to 25 and in some countries rose as high as 33 6 Cities all 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 about 60 789 Facing plummeting demand with few alternative sources of jobs areas dependent on primary sector industries such as mining and logging suffered the most 10 Contents 1 Start 1 1 Economic indicators 2 Causes 2 1 Mainstream explanations 2 1 1 Keynesian 2 1 2 Monetarist 2 1 3 Common position 2 1 4 Additional modern nonmonetary explanations 2 1 4 1 Debt deflation 2 1 4 2 Expectations hypothesis 2 2 Heterodox theories 2 2 1 Austrian School 2 2 2 Marxist 2 2 3 Inequality 2 2 4 Productivity shock 3 Worsening of global depression 3 1 Gold standard 3 2 Breakdown of international trade 3 3 Effect of tariffs 3 4 Effect of tariffs 3 5 German banking crisis of 1931 and British crisis 4 Turning point and recovery 4 1 Role of women and household economics 4 2 World War II and recovery 5 Effects 5 1 Australia 5 2 Canada 5 3 Chile 5 4 China 5 5 France 5 6 Germany 5 7 Greece 5 8 Iceland 5 9 Ireland 5 10 Italy 5 11 Japan 5 12 Latin America 5 13 Netherlands 5 14 New Zealand 5 15 Portugal 5 16 Puerto Rico 5 17 South Africa 5 18 Soviet Union 5 19 Spain 5 20 Sweden 5 21 Thailand 5 22 United Kingdom 5 23 United States 6 Literature 7 Naming 7 1 Other great depressions 8 Comparison with the Great Recession 9 See also 10 References 11 Further reading 11 1 Contemporary 12 External links Start See also Timeline of the Great Depression The Dow Jones Industrial 1928–30 Economic historians usually attribute the start of the Great Depression to the sudden devastating collapse of U S stock market prices on October 29 1929 known as Black Tuesday However11 some dispute this conclusion and see the stock crash as a symptom rather than a cause of the Great Depression 612 Even after the Wall Street Crash of 1929 optimism persisted for some time John D Rockefeller said These are days when many are discouraged In the 93 years of my life depressions have come and gone Prosperity has always returned and will again 13 The stock market turned upward in early 1930 returning to early 1929 levels by April This was still almost 30 below the peak of September 1929 14 Together government and business spent more in the first half of 1930 than in the corresponding period of the previous year On the other hand consumers many of whom had suffered severe losses in the stock market the previous year cut back their expenditures by 10 In addition beginning in the mid1930s a severe drought ravaged the agricultural heartland of the U S 15 Unemployed men outside a soup kitchen opened by Al Capone in Depressionera Chicago Illinois the US 1931 By mid1930 interest rates had dropped to low levels but expected deflation and the continuing reluctance of people to borrow meant that consumer spending and investment were depressed 16 By May 1930 automobile sales had declined to below the levels of 1928 Prices in general began to decline although wages held steady in 1930 Then a deflationary spiral started in 1931 Conditions were worse in farming areas where commodity prices plunged and in mining and logging areas where unemployment was high and there were few other jobs citation needed The decline in the U S economy was the factor that pulled down most other countries at first then internal weaknesses or strengths in each country made conditions worse or better Frantic attempts to shore up the economies of individual nations through protectionist policies such as the 1930 U S Smoot–Hawley Tariff Act and retaliatory tariffs in other countries exacerbated the collapse in global trade 17 By late 1930 a steady decline in the world economy had set in which did not reach bottom until 1933 citation needed Economic indicators Change in economic indicators 1929–3218 United States Great Britain France Germany Industrial production −46 −23 −24 −41 Wholesale prices −32 −33 −34 −29 Foreign trade −70 −60 −54 −61 Unemployment 607 129 214 232 Causes Main article Causes of the Great Depression Money supply decreased a lot between Black Tuesday and the Bank Holiday in March 1933 when there were massive bank runs across the United States Crowd gathering at the intersection of Wall Street and Broad Street after the 1929 crash U S industrial production 1928–39 The two classical competing theories of the Great Depression are the Keynesian demanddriven and the monetarist explanation There are also various heterodox theories that downplay or reject the explanations of the Keynesians and monetarists The consensus among demanddriven theories is that a largescale loss of confidence led to a sudden reduction in consumption and investment spending Once panic and deflation set in many people believed they could avoid further losses by keeping clear of the markets Ho