A Student’s Guide to the Great Depression
In the early 1900’s the world was enveloped in the “Great War”. The Great War which we know as World War I, was supposed to be the war to end all wars. Starting in 1914, World War I was the focus for most of the world, with dozens of countries becoming involved. The allied countries were victorious when the war ended in 1918. After the war ended, the world was feeling good and led to what became known as the Roaring Twenties.
The Roaring Twenties was a decade where people wanted to have fun and unwind after the tensions of war from the previous decade. The Roaring Twenties was a time when music, art and creativity thrived. It was also a time where dancing, drinking, and partying was at a high point. It was a decade where people felt good about life, and it showed. However, it would come to an end very quickly with the Great Depression.
- Culture, Life and Economy of the Roaring Twenties
- Overview of the Roaring Twenties
- America in the 1920’s
The beginning of the Great Depression can be traced to October 1929, when it started with the Stock Market Crash of 1929. Starting on October 24, 1929, which is known as Black Thursday, the crash quickly ripped through the financial markets and by October 29th stock value had fallen drastically. The financial crisis also prompted banks to call in loans to ensure they have enough money on hand. The crisis became so critical that by mid-November 1929, stocks had lost approximately $30 billion in value.
The fallout from the Stock Market Crash of 1929 was felt throughout the world. The crash caused businesses to close, millions of workers became unemployed, banks found themselves with a run on money and many closed, and millions of people lost all the money that they had saved. These factors created hardships for people around the world.
The impact of the Great Depression lasted throughout the 1930’s. The economy was still very bad, and the government came up with several programs to help people and businesses. However, the recovery was very slow and didn’t recover until the end of the decade. The Great Depression came to an end with the beginning of World War II. The war effort in producing materials needed for military action helped get people and businesses back to work and provided the spark needed to get the United States out of the economic problems.
- Great Depression Relief and Recovery
- The New Deal and Recovery
- New Deal Programs
- President Franklin Delano Roosevelt and the New Deal
- Great Depression Facts
- Facts About the Great Depression
- What Ended the Great Depression?
- The End of the Great Depression
- Great Expression – Historical and Primary Resources
- Resources About the Great Depression
More Educational Resources
Frequently Asked Questions (FAQs)
The Great Depression was a severe worldwide economic downturn that took place mostly during the 1930s.
The economic downturn began around September 1929, with the most significant stock market crash occurring on October 24, 1929, known as Black Thursday.
The Great Depression lasted about a decade, from 1929 to the early 1940s in some countries.
The Great Depression was caused by a combination of factors, including the stock market crash of 1929, bank failures, high unemployment, reduction in purchasing, and widespread panic.
The Great Depression affected countries worldwide, not just the United States.
Unemployment in the U.S. rose to 23%, and in some countries, it rose as high as 33%.
The Great Depression ended at different times in different countries, generally with the start of World War II, which spurred economic activity and employment.
The effects included plummeting personal income, tax revenues, profits, and international trade. Many people lost their jobs, and there was widespread poverty and hardship.
The Great Depression led to the implementation of new policies and government programs, such as the New Deal in the United States, which aimed to prevent future economic crises.