Great Depression

The Great Depression was a severe worldwide economic downturn that began in 1929 and lasted throughout the 1930s. It started with the Stock Market Crash in October 1929, leading to massive unemployment, widespread business failures, and significant declines in consumer spending. Banks collapsed, savings were wiped out, and many people faced poverty. Governments struggled to respond effectively. The Great Depression had profound impacts on economies and societies, influencing economic policies and leading to social reforms in many countries. It reshaped the global economic landscape and highlighted the need for government intervention in financial markets.