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The causes of the Great Depression in the early 20th century in the United States have been extensively discussed by economists and remain a matter of active debate. [1] They are part of the larger debate about economic crises and recessions .
Examining the causes of the Great Depression raises multiple issues: what factors set off the first downturn in 1929; what structural weaknesses and specific events turned it into a major depression; how the downturn spread from country to country; and why the economic recovery was so prolonged.
Thus the unequal distribution of wealth throughout the 1920s caused the Great Depression. [126] [127] According to this view, the root cause of the Great Depression was a global over-investment in heavy industry capacity compared to wages and earnings from independent businesses, such as farms.
Golden Fetters: The gold standard and the Great Depression, 1919–1939. 1992. Feinstein. Charles H. The European Economy between the Wars (1997) Garraty, John A. The Great Depression: An Inquiry into the causes, course, and Consequences of the Worldwide Depression of the Nineteen-Thirties, as Seen by Contemporaries and in Light of History (1986)
From the depression of 1920–1921 until the Great Depression, an era dubbed the Roaring Twenties, the economy was generally expanding. Industrial production declined in 1923–24, but on the whole this was a mild recession. [26] [34] [35] [36] 1926–1927 recession October 1926 – November 1927 1 year 1 month
The lessons of the generation that weathered the Great Depression include self-sufficiency, frugality, and improvisation. See how to tap those notions today.
Crowd at New York's American Union Bank during a bank run early in the Great Depression. Together, the 1929 stock market crash and the Great Depression formed the largest financial crisis of the 20th century. [46] The panic of October 1929 has come to serve as a symbol of the economic contraction that gripped the world during the next decade. [47]
In the United States, the Panic was known as the "Great Depression" until the events of 1929 and the early 1930s set a new standard. [2] The Panic of 1873 and the subsequent depression had several underlying causes for which economic historians debate the relative importance.