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The Great Depression was a worldwide economic downturn starting in most places in 1929 and ending at different times in the 1930s or early 1940s for different countries.[1] It was the largest and most important economic depression in the 20th century, and is used in the 21st century as an example of how far the world's economy can fall.[2] The Great Depression originated in the United States; historians most often use as a starting date the stock market crash on October 29, 1929, known as Black Tuesday.
The depression had devastating effects in virtually every country, rich or poor. International trade plunged by half to two-thirds, as did personal income, tax revenue, prices and profits. Cities all around the world were hit hard, especially those dependent on heavy industry. Construction was virtually halted in many countries. Farming and rural areas suffered as crop prices fell by roughly 60 percent.[3][4][5] Facing plummeting demand with few alternate sources of jobs, areas dependent on primary sector industries such as farming, mining and logging suffered the most.[6] However, even shortly after the Wall Street Crash of 1929, optimism persisted; John D. Rockefeller said that "These are days when many are discouraged. In the 93 years of my life, depressions have come and gone. Prosperity has always returned and will again."[7]
- ^ Great Depression, Encyclopaedia Britannica
- ^ Charles Duhigg, "Depression, You Say? Check Those Safety Nets," New York Times, March 23, 2008
- ^ "Commodity Data". US Bureau of Labor Statistics. Retrieved 2008-11-30.
- ^ Cochrane, Willard W. (1958). "Farm Prices, Myth and Reality": 15.
{{cite journal}}: Cite journal requires|journal=(help) - ^ "World Economic Survey 1932–33". League of Nations: 43.
- ^ Mitchell, Depression Decade
- ^ Schultz, Stanley K. (1999). "Crashing Hopes: The Great Depression". American History 102: Civil War to the Present. University of Wisconsin-Madison. Retrieved 2008-03-13..