Great Depression

Definition

The Great Depression was a severe worldwide economic depression that took place during the 1930s. It began in the United States after a major fall in stock prices around September 29, 1929, and became worldwide news with the stock market crash of October 29, 1929.

Related terms

Stock Market Crash of 1929: This event marked the beginning of the Great Depression as millions of shares became worthless and investors lost billions of dollars.

New Deal: A series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in response to alleviate suffering caused by the Great Depression.

Unemployment Rate: The percentage of unemployed workers in relation to all individuals currently in the labor force. During the Great Depression it reached an unprecedented level at about 25%.