Great Depression

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Great Depression[edit]

The Great Depression was a period of severe economic turmoil in the 1930s and 40s, resulting in the worst depression of the 20th century. It originated in the US with the stock market crash of 1929 and quickly spread to rich and poor nations all over the world. It led to widespread and deep problems including a reduction in international trade, a rise in unemployment, a severe decrease in standards of living and the spread of poverty and famine. It is generally accepted that the Great Depression ended with WWII, as government spending on the war accelerated growth and created jobs. The effects of the Great Depression were devastating, and led to many deaths due to hunger and poverty. Politically, the Depression resulted in a general abandonment of economic liberal policies in favor of an increase in the prominence of federal governments in economics.

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