Great Depression
Definition
The Great Depression was a severe worldwide economic depression that took place mostly during the 1930s. It began in the United States after a major fall in stock prices around September 29, 1929 (known as Black Tuesday), and became worldwide news with the stock market crash.
Analogy
Imagine if you saved up all your money to buy an expensive gadget but then suddenly lost all your savings. Now imagine this happening to almost everyone around you at once - that's what it felt like during the Great Depression.
Related terms
Stock Market Crash of 1929: A major stock market crash that occurred in late October 1929 which started the Great Depression.
New Deal: A series of programs and projects instituted during the Great Depression by President Franklin D. Roosevelt aimed at restoring prosperity to Americans through relief (government jobs for unemployed), recovery (economic growth) and reform (regulating Wall Street).
Dust Bowl: A period of severe dust storms causing major ecological and agricultural damage to American prairie lands from 1930 to 1936; it intensified the hardships of the Great Depression.
"Great Depression" appears in:
Study guides (4)
Practice Questions (14)
Which leader used the Great Depression to consolidate power and rebuild the German military?
Which leader used the Great Depression to consolidate power and rebuild the German military?
What event in 1929 marked the beginning of the Great Depression in the United States?
Which European country saw the rise of authoritarian leaders who promised to fix their nations' problems during the Great Depression?
What was one of the consequences of the extreme poverty in Europe during the Great Depression?
Which country fared relatively well economically during most of the Great Depression?
Which country's economy recovered first from the Great Depression?
What was the primary impetus behind John Maynard Keynes's advocacy for state intervention in his economic treatise "The General Theory of Employment, Interest, and Money" written during the Great Depression?
What event marked the start of the Great Depression in Europe?
Which economic system was negatively impacted by the Great Depression in Europe during the interwar years?
What was a main consequence of the Great Depression in Europe during the Interwar Period?
Which country best exemplifies how Great Depression influenced political extremism in Europe?
What action did the United States take to protect its economy during the Great Depression?
Which year marked the onset of Great Depression globally that also affected many European nations?
Resources
© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.