Great Depression in the United States
The Great Depression began in August 1929, when the United States economy first went into an economic recession. Although the country spent two months with declining GDP, it was not until the Wall Street Crash in October 1929 that the effects of a declining economy were felt, and a major worldwide economic downturn ensued. The stock market crash marked the beginning of a decade of high unemployment, poverty, low profits, deflation, plunging farm incomes, and lost opportunities for economic growth as well as for personal advancement. Altogether, there was a general loss of confidence in the economic future.
History of Western civilization
Europe was relatively unstable following World War I. Although many prospered in the 1920s, Germany was in a deep financial and economic crisis. Also, France and Britain owed the U.S. a great deal of money. When the United States went into Depression, so did Europe. There were perhaps 30 million people around the world unemployed following the Depression. Many governments helped to alleviate the suffering of their citizens and by 1937 the economy had improved although the lingering effects of the Depression remained. Also, the Depression led to the spread of radical left-wing and right-wing ideologies, like Communism and Fascism.