oct 29, 1929 - Great Depression (1929-1941)
Description:
Blamed on Hoover, overproduction, lack of government involvement and regulation
Brought on in the 1920s when the government had a laissez faire policy
Affected European nations as well (in debt from the war)
Started when the stock market plummeted
Americans had spent too much by purchasing stocks with loans
Overproduction of goods led to less income profits to businesses, who cut back on workers to not lose money
Farmers kept up with technological advancements by buying new equipment with loans, falling into debt as well
Worst economic downfall in the history of the industrialized world
Only was able to break its grip once the US entered WWII
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