What do you mean by the Great Economic Depression? When was it start and how?
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Answer:
Great Depression, worldwide economic downturn that began in 1929 and lasted until about 1939. It was the longest and most severe depression ever experienced by the industrialized Western world, sparking fundamental changes in economic institutions, macroeconomic policy, and economic theory.
Answer:
The Great Economic Depression was one of the worst hit economic downturns in history of the industrial world. It lasted from 1929 to 1939.It started with crash of world market in 1929 october which sent wall street into panic and wiped out millions of investors.
- It aggravated the economic crises in Germany and nearly crippled German economy.
- German investments and industrial recovery leading to economic stability between 1924 - 1928 was built on short term loans largely from USA. This support was withdrawn when the Wall Street Exchange crashed I'm USA in 1929 .
- In Germany by 1932 industrial output fell to 40% of the 1929 level.
- As jobs disappeared unemployed youth took to criminal activities.
- The crisis created deep anxieties among the middle class who feared destitution and proletarianisation.
- Women were severely affected and worried for their hungry children.
- It was during this period that Nazi party which was no more than a conspiratorial group became a mass movement.
- The depression contributed to the rise of Hitler and establishment of dictatorship in Germany.
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