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The Great Depression began in the United States of America and quickly spread worldwide. [42] It had severe effects in countries both rich and poor. Personal income, consumption, industrial output, tax revenue, profits and prices dropped, while international trade plunged by more than 50%.
The overall course of the Depression in the United States, as reflected in per-capita GDP (average income per person) shown in constant year 2000 dollars, plus some of the key events of the period. Dotted red line = long-term trend 1920–1970. [47] In most countries of the world, recovery from the Great Depression began in 1933. [8]
Money supply decreased significantly between Black Tuesday, October 24, 1929, and the Bank Holiday in March 1933 when there were massive bank runs across the United States. 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]
Until the start of the COVID-19 recession in 2020, no post-World War II era came anywhere near the depth of the Great Depression. In the Great Depression, GDP fell by 27% (the deepest after demobilization is the recession beginning in December 2007, during which GDP had fallen 5.1% by the second quarter of 2009) and the unemployment rate ...
The crash instigated widespread and long-lasting consequences for the United States. Historians still debate whether the 1929 crash sparked the Great Depression [52] or if it merely coincided with bursting a loose credit-inspired economic bubble. Only 16% of American households were invested in the stock market within the United States during ...
The bank had over $160 million in deposits and was the fourth largest bank in the United States at the time, and its failure is widely considered to be the moment when the banking collapse in the United States hit a critical mass, sparking a nationwide run on the banking system that was a major contributor to the deflationary spiral of 1931–1933.
The history of the United States from 1917 to 1945 was marked by World War I, the interwar period, the Great Depression, and World War II. The United States tried and failed to broker a peace settlement for World War I , then entered the war after Germany launched a submarine campaign against U.S. merchant ships that were supplying Germany's ...
The CIO Challenge to the AFL: A History of the American Labor Movement, 1935-1941 Harvard University Press, 1960; Robert Goldston. The Great Depression: The United States in the Thirties, Fawcett Publications, 1968; D. A. Hayes, "Business Confidence and Business Activity: A Case Study of the Recession of 1937," Michigan Business Studies v 10 #5 ...