The Great Depression was a severe worldwide economic depression that took place mostly during the 1930s, beginning in the United States. The timing of the Great Depression varied across nations; in most countries it started in 1929 and lasted until the late 1930s.
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It was the longest, deepest, and most widespread depression of the 20th century. The timing of the recovery also varied across nations; in most countries it lasted until the late 1930s and in some countries until the mid-1940s.
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The Great 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).
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Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%. By comparison, worldwide GDP fell by 7% during the financial crisis of 2008–2009.
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In the 21st century, the Great Depression is commonly used as an example of how intensely the global economy can decline. The depression originated in the United States, but quickly spread to almost every country in the world.
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The depression had a devastating effect on the global economy. Industrial production, agricultural prices, and international trade all declined dramatically.
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This theory argues that the Great Depression was caused by the overproduction of goods and services. When businesses produce more goods than consumers can afford to buy, prices fall and businesses lose money.
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This theory argues that the Great Depression was caused by underconsumption, or a lack of consumer spending. When consumers have less money to spend, businesses sell fewer goods and services. This can lead to layoffs and a decrease in economic activity.
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8. Underconsumption
This theory argues that the Great Depression was caused by a financial crisis. In the early 1930s, many banks failed and the stock market crashed. This made it difficult for businesses to borrow money and invest, and it also made consumers less likely to spend money.
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9. Financial crisis
The Great Depression had a profound impact on American society. Millions of people lost their jobs and homes. The depression also led to a decline in social services and an increase in crime.
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