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1929 - c. 1939
Europe, United States
Herbert Hoover, Franklin D. Roosevelt
The Great Depression was the worst worldwide economic downturn that began in the United States in 1929 and lasted until about 1939.
The U.S. economy expanded rapidly between 1920 and 1929, a period dubbed “the Roaring Twenties.” The Great Depression began with a major fall in stock prices around September 4, 1929 in the United States, and became worldwide news with the stock market crash of October 29, 1929, known as “Black Thursday.”
Between 1929 and 1932, worldwide gross domestic product (GDP) fell by 15%. In many countries, the negative effects lasted until the beginning of World War II. The Great Depression had devastating effects in both rich and poor countries. By 1933, 11,000 of 25,000 U.S.’s banks had failed. The U.S. financial breakdown exacerbated economic failures around the world especially in Britain and Germany.
The New Deal was a series of programs and projects instituted during the Great Depression by President Franklin D. Roosevelt that aimed to restore prosperity to Americans. 8.5 million people from 1935 to 1943 got a permanent jobs.
The Great Depression also advanced Adolf Hitler’s rise to power in Germany in 1933 and fomented political extremism in other countries. After Roosevelt’s decision to support Britain and France in the struggle against Germany, defense manufacturing geared up, producing more and more private sector jobs.