The Great Depression: A Global Economic Catastrophe | Golden Age

The Great Depression, which lasted from 1929 to the late 1930s, was a global economic downturn that affected over 15 million Americans, with unemployment rates soaring to 24.9% in 1933. The crisis was sparked by the stock market crash of 1929, which wiped out millions of investors and led to a massive decline in consumer spending and investment. As the economy contracted, international trade declined, and the global economy suffered. The Great Depression had far-reaching consequences, including widespread poverty, homelessness, and a significant increase in social unrest. The crisis led to a major overhaul of the global financial system, including the establishment of the Federal Deposit Insurance Corporation (FDIC) and the Securities and Exchange Commission (SEC). The Great Depression also had a profound impact on the development of macroeconomic theory, with the work of John Maynard Keynes and Milton Friedman influencing economic policy for decades to come. With a Vibe score of 8, the Great Depression remains a widely studied and debated topic, with many economists and historians continuing to analyze its causes and consequences.