The Great Depression was a severe worldwideeconomic depression in the decade preceding
World
War II.The timing of the Great Depression varied across nations, but in most countriesit started in about 1929 and lasted until the late 1930s or early 1940s.[1] Itwas the longest, most widespread, and deepest depression of the 20th century,and is used in the 21st century as an example of how far the world's economy can decline.[2] Thedepression originated in the U.S., starting with the stock market crash ofOctober 29, 1929 (known as Black Tuesday), but quickly spread to almost everycountry in the world.[1]
The Great Depression haddevastating effects in virtually every country, rich and poor. Personal income,tax revenue, profits and prices dropped, and international trade plunged by
1/2 to 2/3.Unemployment in the U.S. roseto 25%, and in some countries rose as high as 33%.[3] Cities all around theworld were hit hard, especially those dependent on heavy industry. Constructionwas virtually halted in manycountries. Farming and rural areas suffered as crop prices fell byapproximately 60%.[4][5][6] Facing plummeting demand with few alternate sources of jobs, areas dependent on primary sectorindustries such as cash cropping, mining and logging suffered the most.[7]
Countries started to recover by the mid-1930s, butin many countries the negative effects of the Great Depression lasted until thestart of World War II.[8]