POLS 155 Lecture 8: Great Depression
Document Summary
The great depression was a severe worldwide economic depression that took place during the 1930s. The timing of the great depression varied across nations; in most countries it started in 1929 and lasted until the late 1930s. It was the longest, deepest, and most widespread depression of the 20th century. In the 21st century, the great depression is commonly used as an example of how far the world"s economy can decline. The depression originated in the united states, after a major 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. Some economies started to recover by the mid-1930s. However, in many countries, the negative effects of the.
