The Great Depression (oct 29, 1929 – sep 1, 1939)

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Following the Wall Street Crash, the United States, along with the rest of the world, suffered drastic, long-term consequences. Known as the worst and longest economic recession to hit the industrialized Western world, the Great Depression peaked in 1933, with over 15 million Americans unemployed and over half of all banks failed. In addition, the Great Depression also affected countries indebted to the United States, such as Germany and Great Britain – Germany’s unemployment rate rose up to 25% in early 1932. Many nations tried to protect domestic production by introducing or increasing tariffs, which resulted in reduced international trade. Due to the severity and magnitude of impact of the Great Depression, it is very historically significant. In addition, the Great Depression led to relief and reform measures by President Franklin D. Roosevelt, who developed a government interventionist policy in order to help soften the consequences of the recession.

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