Depression, Great

The Great Depression is a dramatic, worldwide economic downturn beginning in some countries as early as 1928.

The beginning of the Great Depression in the United States is associated with the stock market crash on October 29, 1929, known as Black Tuesday and the end is associated with the onset of the war economy of the Second World War, beginning around 1939.The depression has devastating effects in both the industrialized countries and those which export raw materials.

International trade declines sharply, as do personal incomes, tax revenues, prices, and profits.

Cities all around the world are hit hard, especially those dependent on heavy industry.

Construction is virtually halted in many countries.

Farming and rural areas suffer as crop prices fall by 40 to 60 percent.

Facing plummeting demand with few alternate sources of jobs, areas dependent on primary sector industries such as farming, mining and logging suffer the most.

At this time, Herbert Hoover is President of the United States.

Even shortly after the Wall Street Crash of 1929, optimism persists.

John D. Rockefeller says that "These are days when many are discouraged.

In the 93 years of my life, depressions have come and gone.

Prosperity has always returned and will again.” The Great Depression ends at different times in different countries.

The majority of countries set up relief programs, and most undergo some sort of political upheaval, pushing them to the left or right.

In some states, the desperate citizens turn toward nationalist demagogues - the most infamous being Adolf Hitler - setting the stage for the Second World War in 1939.

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