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From Wikipedia, the free encyclopedia
"The Great Depression" redirects here. For other uses, see The Great Depression (disambiguation).
Dorothea Lange's Migrant Mother depicts destitute pea pickers in California, centering on Florence Owens Thompson, a mother of seven children, age 32, in Nipomo, California, March 1936.
The Great Depression was a worldwide economic downturnstarting in most places in 1929 and ending at different times in the1930s or early 1940s for different countries. It was the largest andmost important economic depression in modern history, and is used inthe 21st century as a benchmark on how far the world's economy canfall. The Great Depression originated in the United States; historiansmost often use as a starting date the stock market crash on October 29, 1929, known as Black Tuesday. The end of the depression in the U.S. is associated with the onset of the war economy of World War II, beginning around 1939.[1]
The depression had devastating effects both in the developed and developing, largely still-colonized world. International trade was deeply affected, as were personal incomes, tax revenues, prices, and profits. Cities all around the world were hit hard, especially those dependent on heavy industry. Construction was virtually halted in many countries. Farming and rural areas suffered as crop prices fell by 40 to 60 percent.[2][3] Facing plummeting demand with few alternate sources of jobs, areas dependent on primary sector industries such as farming, mining and logging suffered the most.[4] Even shortly after the Wall Street Crash of 1929, optimism persisted. John D. Rockefellersaid that "These are days when many are discouraged. In the 93 years ofmy life, depressions have come and gone. Prosperity has always returnedand will again."[5]
The Great Depression ended at different times in different countries; for subsequent history see Home front during World War II.The majority of countries set up relief programs, and most underwentsome sort of political upheaval, pushing them to the left or right. Insome states, the desperate citizens turned toward nationalist demagogues - the most infamous being Adolf Hitler - setting the stage for World War II in 1939. |
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