The Great Depression

The Great Depression - the process of the greatest decline of the world economy, which dates from 1929 to 1933, the consequences of this event were reflected in humanity until 1945.

The term itself "The Great Depression." was most common in the United States, and today it is most commonly used to refer to the United States. However, in addition to America, the global economic crisis has also affected other developed countries, such as Canada, Great Britain, Germany and France, among others.

During this period of global crisis, manufacturing, the real estate market and labor suffered most of all - industrial cities died out, and construction in a number of countries almost ceased. Because of the decline in effective demand, prices for agricultural products fell by 40-60%%.

The Great Depression began with the financial sector - there was a collapse in the price of stock marketsThe "Black Thursday" of October 24, 1929, which took a disastrous turn on "Black Monday" (October 28) and "Black Tuesday" (October 29).

The consequences of this crisis were devastating for the manufacturing sector, the labor market, and national economies in general. Thus, industrial production was pushed back to the level of the early 20th century, there were about 30 million unemployed in developed market economies, the situation of farmers, small traders and the middle class deteriorated, many of them fell below the poverty line, and the number of supporters of communist and fascist parties increased.

The process of recovery from The Great Depression lasted more than ten years. It was a very severe crisis, which is often remembered even today.