Great Depression

From Wikipedia, the free encyclopedia

This article is about the severe worldwide economic downturn in the 1930s. For other uses, see The Great Depression (disambiguation) and The Great Slump (disambiguation).

Dorothea Lange's Migrant Mother depicts destitute pea pickers in California, centering onFlorence Owens Thompson, age 32, a mother of seven children, in Nipomo, California, March 1936

USA annual real GDP from 1910 to 1960, with the years of the Great Depression (1929–1939) highlighted.

The unemployment rate in the US during 1910–60, with the years of the Great Depression (1929–39) highlighted.

The Great Depression was a severe worldwide economic depression that took place during the 1930s. The timing of the Great Depression varied across nations; however, in most countries it started in 1929 and lasted until the late 1930s.^[1] It was the longest, deepest, and most widespread depression of the 20th century.^[2] In the 21st century, the Great Depression is commonly used as an example of how far the world's economy can decline.^[3]

The depression originated in the United States, after a fall in stock prices that began around September 4, 1929, and became worldwide news with the stock market crash of October 29, 1929 (known as Black Tuesday). Between 1929 and 1932, worldwide GDP fell by an estimated 15%. By comparison, worldwide GDP fell by less than 1% from 2008 to 2009 during the Great Recession.^[4] Some economies started to recover by the mid-1930s. However, in many countries, the negative effects of the Great Depression lasted until the beginning of World War II.^[5]

The Great Depression had devastating effects in countries both rich and poor. Personal income, tax revenue, profits and prices dropped, while international trade plunged by more than 50%. Unemployment in the U.S. rose to 25% and in some countries rose as high as 33%.^[6]

Cities all around the world were hit hard, especially those dependent on heavy industry. Construction was virtually halted in many countries. Farming communities and rural areas suffered as crop prices fell by approximately 60%.^[7][8][9] Facing plummeting demand with few alternate sources of jobs, areas dependent on primary sector industries such as mining and logging suffered the most.^[10]Note: by Linda Hudson

In our era we are doing good with the economy due to our 44th President Barack Obama. I am very grateful that he have supplied us with all of his knowledge, tactic and competent to follow through on task that he faced. Thank you for your service and I know your next journey in life will be most prosper.