Following the sudden losses in value on the New York Stock Exchange, banks went bankrupt, unemployment rose rapidly, and production declined to a great extent. By contracting international trade, the crisis produced severe social and political consequences in many countries. The depression, which continued to have an effect throughout the 1930s, led to important changes in states' understanding of intervention in the economy and in social policies.
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Frequently asked questions
- What was The Great Depression?
- The Great Depression is a period of deep economic crisis that began with the stock market crash in the United States in 1929 and quickly spread throughout the world.
- When did The Great Depression happen?
- 1929 CE
- Where did The Great Depression take place?
- New York