The stock market crash of October 1929 brought the economic prosperity of the 1920s to a symbolic end. For the next ten years, the United States was mired in a deep economic depression. By 1933, unemployment had soared to 25 percent, up from 3.2 percent in 1929.
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The Great Depression (1929-39) was the deepest and longest-lasting economic downturn in the history of the Western industrialized world. In the United States, the Great Depression began soon after the stock market crash of October 1929, which sent Wall Street into a panic and wiped out millions of investors.
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New York City in the Great Depression: Sheltering the Homeless by Dorothy Laager Miller. Following the stock market crash of 1929, the rising unemployment rate and widespread depression made it necessary for the city of New York to provide... The 1939-1940 New York World's Fair by Bill Cotter.
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In 1932, however, with the country mired in the depths of the Great Depression and some 13-15 million people (or more than 20 percent of the U.S. population at the time) unemployed, Democrat Franklin D. Roosevelt won an overwhelming victory in the presidential election.
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The depression ended completely soon after the United States' entry into World War II in 1941. In Europe, the Great Depression strengthened extremist forces and lowered the prestige of liberal democracy. In Germany, economic distress directly contributed to Adolf Hitler's rise to power in 1933.
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Overview of the Great Depression. Digital History ID 2921. The Great Depression was steeper and more protracted in the United States than in other industrialized countries. The unemployment rate rose higher and remained higher longer than in any other western country. As it deepened, the Depression had far-reaching political consequences.
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About the Great Depression. The Great Depression was an economic slump in North America, Europe, and other industrialized areas of the world that began in 1929 and lasted until about 1939. It was the longest and most severe depression ever experienced by the industrialized Western world. Though the U.S. economy had gone into depression six months earlier, the Great Depression may be said to have begun with a catastrophic collapse of stock-market prices on the New York Stock Exchange in October 1929.
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When the Great Depression began, the United States was the only industrialized country in the world without some form of unemployment insurance or social security. In 1935, Congress passed the Social Security Act, which for the first time provided Americans with unemployment, disability and pensions for old age.
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His personal qualifications and penchant for efficient planning made Hoover appear to be the right man to head the executive branch. However, the seeds of a great depression had been planted in an era of prosperity that was unevenly distributed. In particular, the depression had already sprouted on the American farm and in certain industries. The Hoover term was just months old when the nation sustained the most ruinous business collapse in its history. The stock market crashed in the fall of 1929. On just one day, October 29, frantic traders sold off 16,400,000 shares of stock. At year`s end, the government determined that investors in the market had lost some $40 billion. Previous to the 1929 collapse, business had begun to falter.
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The Great Depression began in the United States but quickly turned into a worldwide economic slump owing to the special and intimate relationships that had been forged between the United States and European economies after World War I.
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how was the great depression
The stock market crashed in the fall of 1929. On just one day, October 29, frantic traders sold off 16,400,000 shares of stock. At year`s end, the government determined that investors in the market had lost some $40 billion.