Great Depression and Other Downturns
The Great Depression was an economic recession that occurred worldwide during the 1930’s. To date, the great depression is considered the deepest and most widely experienced depression of the 20th century and serves as a reminder that economies can decline as well as grow. Most attribute the stock market crash of Oct 29, 1929 as the beginning of … Keep Reading → the worldwide decline. The Wall Street Crash of 1929 is also called Black Tuesday. To stimulate the economy US President Theodore Roosevelt put in the place the New Deal. The depression eased as industrial production worldwide increased and raised unemployment rates to below 10% to meet the threat of war in Europe. While not as severe as the Great Depression, lesser recessions have occurred in the collapse of communism in the Soviet Union and Eastern Bloc countries. The US experienced a smaller economic recession in 1981 precipitated by an overly tight-monetary policy. Learn more about the Great Depression and other economic downturns in this Hub.
