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The Great Depression, starting in 1929, was a severe worldwide economic downturn marked by the stock market crash, high unemployment, and poverty. It led to a significant drop in global GDP, widespread hardship in urban and rural areas, and a decline in international trade. Recovery varied by country, with some nations only rebounding with the onset of World War II. The period was characterized by deflation, reduced tax revenues, and protectionist policies that further hindered economic growth.
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The catastrophic collapse in stock prices in the United States in 1929 triggered the Great Depression
Overproduction
The overproduction of goods and declining exports were underlying economic imbalances that contributed to the Great Depression
Income Disparities
Vast income disparities also played a role in the onset of the Great Depression
The Dust Bowl in the United States and severe drought conditions in the Great Plains worsened the economic situation for farmers
The Great Depression had a profound and widespread impact on the global economy, with GDP falling by as much as 15% and international trade decreasing by more than 50%
Unemployment rates soared, reaching 25% in the United States and higher levels in other countries
Governments and businesses attempted to stimulate the economy through increased spending, but consumer confidence and deflationary pressures hindered these efforts
Both industrial cities and agricultural communities faced significant challenges, with massive unemployment and falling commodity prices
Protectionist trade policies, such as the Smoot-Hawley Tariff Act, further reduced international trade and worsened the global economic crisis
The economic downturn in the United States had far-reaching effects, influencing the economic stability of countries around the world
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Duration of the Great Depression
Began in 1929, lasted until late 1930s.
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Economic impacts during the Great Depression
High unemployment, poverty, low profits, deflation, falling farm incomes.
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Social consequences of the Great Depression
Lost opportunities for growth and personal advancement.
