Great Depression
Definition
The Great Depression was a severe worldwide economic depression that took place during the 1930s. It began in the United States after a major fall in stock prices around September 29, 1929, and became worldwide news with the stock market crash of October 29, 1929 (known as Black Tuesday).
Analogy
Think of the economy like a game of Jenga. During the Roaring Twenties, we were building up higher and higher with risky investments and overproduction. But when some key pieces (like stock speculation and bank failures) were pulled out in 1929, everything came crashing down into what we call the Great Depression.
Related terms
Stock Market Crash of 1929: This event marked the beginning of the Great Depression as millions of shares became worthless, and investors lost billions of dollars.
New Deal: A series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in response to combat the effects of the Great Depression.
Dust Bowl: A period of severe dust storms causing major ecological and agricultural damage to American prairie lands during the 1930s; exacerbated by drought conditions but primarily caused by years of poor farming practices.
"Great Depression" appears in:
Study guides (5)
Additional resources (1)
Practice Questions (20+)
What was the main cause of the Great Depression?
What was the main cause of the Great Depression?
Which of the following was a significant cause of the Great Depression?
Which of the following was a significant impact of the Great Depression on American society?
Who was the President of the United States during the Great Depression?
What was the goal of FDR's New Deal legislation during the Great Depression?
How did President Hoover initially respond to Great Depression?
How did the Great Depression impact American politics in the 1930s?
Which president implemented the New Deal in response to the Great Depression?
What was a major cause of the Great Depression in the United States?
What was a key cause of the Great Depression?
How did The Great Depression shape Americans' perceptions about government involvement in economic affairs?
What major changes did the New Deal programs bring in the USA during the Great Depression?
Which law, enacted as part of FDR’s New Deal programs during the Great Depression, helped secured labor rights that benefited America's working class?
How was labor activism similar in both the Gilded Age and Great Depression?
Who was the president during the New Deal era, implementing policies to combat the Great Depression?
Which event is often marked as the start of Great Depression in United States?
What was responsible for an increase in consumer debt and speculative investing leading up to the Great Depression?
How does FDR’s New Deal response to the Great Depression contrast with Hoover’s approach during early years of economic downturn?
What was the purpose of the Agricultural Adjustment Administration established during the Great Depression?
Resources
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