Great Depression in the United States

Great Depression In The United States

Great Depression in the United States

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The Great Depression began with the Wall Street Crash of October, 1929 and rapidly spread worldwide. The market crash marked the beginning of a decade of high unemployment, poverty, low profits, deflation, plunging farm incomes, and lost opportunities for economic growth and personal advancement. Although its causes are still uncertain and controversial, the net effect was a sudden and general loss of confidence in the economic future. "10 Moments That Made American Business," American Heritage, February/March 2007. and growing wealth inequality, all interacting to create a downward economic spiral of reduced spending, falling confidence, and lowered production.

Industries that suffered the most included construction, agriculture as dust-bowl conditions persisted in the agricultural heartland, shipping, mining, and logging as well as durable goods like automobiles and appliances that could be postponed. The economy reached bottom in the winter of 1932–33; then came four years of very...
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