The great depression is known as the worst economic event in the Western industrial due to its length, depth, and severity. The great depression lasted a decade, beginning in October 29, 1929 and ending in 1939, in which the world output and standard of living dropped dramatically. Due to the depression industrial production plummeted, unemployment rose to its highest ever recorded and families suffering spread all over the country. In order words, the Great Depression was indeed the “deepest and long-lasting economic downturn in the history of the Western Industrialized World” (History.Com).
The Great Depression began in the United States in 1929 when the economic boom of the 1920s came to an end. At the time a series of financial crises began such as the crash of the stock market, the overwhelming banking panics, and the international financial crisis. When the Great Depression began in October 1929 it was not as severe as the year to come. However as time passed ...
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...solvency bank cause people to starting saving the money at home and that in return causes many banks to close and at this time the Great Depression was at full swing.
In addition, as mention early although the Great Depression originated in the United States, it cause a decline in output, and severe unemployment all over the world some worse than the other. To begin, the Great Depression of 1929 was a global phenomenon that affects almost every country in the world. Great depression cause “International trade fell 30 percent as nations tried to protect their industries by raising tariffs on imported goods. By 1932, an estimated 30 million people were unemployed around the world” (The Great Depression in Global Perspective). The great depression is nothing that world has ever seen because it affect everybody not just first world country but also third world country.
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