Great Depression

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Great Depression

Great Depression (/ɡreɪt dɪˈprɛʃən/) refers to a severe worldwide economic depression that took place during the 1930s. The timing of the Great Depression varied across the world; in most countries, it started in 1929 and lasted until the late 1930s. It was the longest, deepest, and most widespread depression of the 20th century.

Etymology

The term "Great Depression" is most frequently attributed to British economist Lionel Robbins, whose 1934 book The Great Depression is credited with formalizing the phrase, though Hoover is often credited with popularizing the term, as he used it in a 1931 speech.

Definition

The Great Depression was a severe worldwide economic depression that occurred during the 1930s. The timing of the Great Depression varied across nations, but in most countries, it started in 1929 and lasted until the late 1930s. It was the longest, most widespread, and deepest depression of the 20th century.

Causes

The causes of the Great Depression are widely debated. They are often associated with various events, including the stock market crash of 1929, a decline in consumer spending and investment, a series of downturns in the economies of individual countries, and the international gold standard.

Effects

The effects of the Great Depression were significant and had a lasting impact on society. Unemployment rose dramatically, and many businesses and farms went bankrupt. The depression also led to significant changes in economic policy and the growth of labor unions.

Related Terms

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