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What was the Great Depression?

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Quick answer

The Great Depression was the most severe worldwide economic downturn of the 20th century, lasting from 1929 to the late 1930s. It began with the US stock market crash and led to mass unemployment, poverty, and bank failures. Triggered by the 1929 Wall Street crash.

Key things to understand

  1. Triggered by the 1929 Wall Street crash.
  2. Banks failed, businesses closed, and unemployment soared (~25% in the US).
  3. It spread globally, deepening hardship for a decade.
  4. It reshaped economic policy and eased with WWII-era spending.

People also ask

What caused the Great Depression?
The 1929 stock market crash, bank failures, falling demand, and poor policy responses combined to deepen it.
How long did the Great Depression last?
From 1929 until the late 1930s, easing as wartime spending ramped up.
How did it end?
Recovery came through major government programs and the economic mobilization of World War II.