SocietyNorth America

The Great Depression

Oct 27, 1929 – Jan 1, 1939

A stock market crash becomes ten years of mass unemployment

In depth

The Depression changed economics: Keynes argued that the state must spend when no one else will, against the prevailing view of balanced budgets. Trade barriers such as the Smoot-Hawley tariff worsened the crisis as countries retaliated in kind. The lessons shaped both the postwar institutions and the response to the 2008 financial crisis.

For children

The New York stock market crashed in 1929, banks failed, and unemployment reached one in four in many countries. The crisis spread worldwide and contributed strongly to the rise of extremist movements in Europe.

Connects to

The Second World WarSep 1, 1939 – Sep 2, 1945
The Treaty of VersaillesJul 2, 1919
The assembly lineNov 25, 1913
The United Nations is foundedOct 24, 1945

Part of Terra Saga — the story of Earth on a timeline. terrasaga.org