The Great Depression was a severe worldwide economic depression that began in the United States in the 1930s. The global gross domestic product (GDP) decreased by an estimated 15% from 1929 and 1932. During the Great Recession, global GDP decreased by less than 1% from 2008 to 2009.
The Great Depression was the longest, deepest, and most widespread depression of the 20th century. The consequences of the Great Depression were felt by all Americans, but the poor and working class were hit the hardest. Millions of Americans lost their jobs, their homes, and their savings. The Great Depression also led to a decline in the birth rate, an increase in crime, and a rise in political extremism.
The Great Depression had a profound impact on the United States. It changed the way Americans thought about the economy, the government, and themselves. The Great Depression also led to the rise of the New Deal, a series of programs that were designed to help the country recover from the Depression.
The Great Depression is often used as a symbol of economic hardship. It is a reminder that even the most prosperous countries can be vulnerable to economic collapse. The Great Depression is also a lesson in the importance of government intervention in the economy. The New Deal helped to lift the United States out of the Depression and it proved that the government could play a positive role in the economy.