Quick Definition

The Great Depression was a severe worldwide economic downturn that lasted from 1929 until the late 1930s, marked by widespread unemployment, deflation, and financial distress.

Examples

• 1The stock market crash of 1929, which marked the beginning of the Great Depression, led to a 90% loss in the Dow Jones Industrial Average by 1932.
• 2During the Great Depression, unemployment in the United States soared to 25%, causing widespread poverty and economic hardship.
• 3The implementation of the New Deal by President Franklin D. Roosevelt in response to the economic crisis brought about significant government intervention in the economy.
• 4Bank failures during the Great Depression led to the creation of the Federal Deposit Insurance Corporation (FDIC) to protect depositors' funds.

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