The economic slump known as the Great Depression began in the USA but
ended up effecting Europe, and other industrialized parts of the world from 1929
to about 1939. It was the longest and most severe depression ever
experienced by the industrialized Western world. The US economy was
already in depression before the Stock Market collapse of October 1929, but the
precipitous decline in values put great strain on individual investors and
financial institutions (by 1933 11,000 of the US's 25,000 banks had been
declared insolvent). By 1932 stock prices were at just 20% of their 1929
value and manufacturing output was down 54% due to a drastic reduction of
demand; about 12 to 15 million workers were unemployed (about 25-30% of the work
Interesting Link: A wealth of information about the Dust Bowl period, including interviews with those who lived through this period, and a timeline from 1930-1939, courtesy of PBS.
Did you know?
- Because of the...