The Great Depression (aug 1, 1929 – jun 1, 1938)
Description:
The Great Depression was a global economic crisis that is described as the worst of its kind in the 20th century. It originated in the United States after the Stock Market Crash however it resulted in consumer spending and investing dropping, output rates dropping and unemployment rates rising. When the Great Depression hit its lowest point in 1933, almost half of the nation’s banks had failed.
Causes
1. The main cause of the Great Depression was the 1929 Stock Market Crash in America.
2. With the Stock Market Crash and the fears of further economic woes, individuals from all classes stopped purchasing items. This worsened the economy.
Effects
1. Unemployment rate rose rapidly during the Great Depression. There was no money circulating so employers and companys had to lose workers because they couldn’t pay them. When the Great Depression hit its lowest point in 1933, 15 million Americans were unemployed.
2. By 1933, half of the United States’ banks had failed because there was no money flowing through the economy.
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