The Great Depression was a severe worldwide economic depression in the decade preceding World War II.The timing of the Great Depression varied across nations, but in most countriesit started in 1930 and lasted until the late 1930s or middle 1940s. It was thelongest, deepest, and most widespread depression of the 20th century.
In the 21st century, the GreatDepression is commonly used as an example of how far the world's economy candecline. The depression originated in the United States,after the fall in stock prices that began around September 4, 1929, and becameworldwide news with the stock market crash of October 29, 1929 (known as BlackTuesday).
The Great Depression haddevastating effects in countries rich and poor. Personalincome, tax revenue, profits and prices dropped, while internationaltrade plunged by more than 50%. Unemployment in the U.S. rose to 25%, and insome countries rose as high as 33%.
Cities all around the world were hit hard, especially thosedependent on heavyindustry. Construction was virtually halted in many countries. Farming and rural areas suffered as cropprices fell by approximately 60%. Facing plummeting demand with few alternatesources of jobs, areas dependent on primary sector industries such as cash cropping, mining and logging suffered the most.
Some economies started to recoverby the mid-1930s. In many countries, the negative effects of the GreatDepression lasted until after the end of World War II.
Unemployment Reached 25% During the Great Depression:
By 1933, the height of the Depression, unemployment hadrisen from 3% to 25% of the nation’s workforce. Wages for those who still hadjobs fell 42%. GDP wascut in half, from $103 to $55 billion. This was partly because of deflation, where prices fell 10% per year.Panicked government leaders passed the Smoot-Hawley tariffs to protect domestic industries andjobs. As a result, world trade plummeted 65% as measured in dollars and 25% intotal number of units.
Life During The Great Depression:
The Depression caused many farmers to lose theirfarms. At the same time, years of erosion and a drought created the “Dust Bowl” in the Midwest, where no crops couldgrow. Thousands of these farmers and other unemployed workers traveled toCalifornia to find work. Many ended up living as homeless “hobos” or inshantytowns called “Hoovervilles," named after then-PresidentHerbert Hoover.
What Caused the GreatDepression of 1929?
According to Ben Bernanke, the current Chairman of the Federal Reserve, the stock market crash and the subsequent Depression wereactually caused by tight monetary policies that the Federal Reserve instituted atthat time.
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追答The Stock Market Crash
After nearly a decade of optimism and prosperity, the United States was thrown into despair on Black Tuesday, October 29, 1929, the day the stock market crashed and the official beginning of the Great Depression. As stock prices plummeted with no hope of recovery, panic struck.Masses and masses of people tried to sell their stock, but no one was buying.The stock market, which had appeared to be the surest way to become rich, quickly became the path to bankruptcy.
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