The worst financial crisis in the 20th century
The Great Depression was a severe worldwide economic depression that lasted from 1929 to 1939. It was the longest, deepest, and most widespread depression of the 20th century. The Great Depression originated in the United States and quickly spread to other parts of the world, including Europe, Asia, and Latin America.
The main cause of the Great Depression was the stock market crash of 1929, which marked the end of the Roaring Twenties, a period of economic prosperity and growth in the United States. The crash triggered a widespread collapse of the American economy, leading to massive unemployment, bank failures, and a decline in consumer spending.
The depression had far-reaching social, economic, and political consequences. It led to significant changes in the role of government in the economy, with many countries adopting new policies aimed at increasing public spending, regulating markets, and protecting workers' rights. The depression also contributed to the rise of authoritarian regimes in Europe, such as Nazi Germany and fascist Italy, and fueled political instability and social unrest in many parts of the world.
The Great Depression finally came to an end in the late 1930s, thanks in large part to the massive public spending programs and infrastructure projects initiated by President Franklin D. Roosevelt's New Deal in the United States. The Second World War, which began in 1939, also played a significant role in ending the depression, as it led to increased government spending and stimulated economic growth.