8. The Great Depression
The Great Depression was a significant global economic downturn during the 1930s, triggered by various factors such as overproduction, stock market collapse, and banking failures. Its devastating impact was felt widely, causing mass unemployment, poverty, and social unrest in many countries. Governments attempted to mitigate these effects through various reforms and economic programs, notably Roosevelt's New Deal in the United States.
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What we have learnt
- The Great Depression was caused by a combination of overproduction, a stock market crash, and banking failures.
- The economic, social, and political effects of the Great Depression were profound, influencing international relations and domestic policies.
- Government responses varied, with significant reforms implemented to address economic challenges.
Key Concepts
- -- Great Depression
- A severe worldwide economic crisis that occurred during the 1930s, marked by significant declines in industrial output and employment.
- -- Stock Market Crash of 1929
- A sudden and dramatic decline of stock prices in the United States that triggered widespread financial panic.
- -- New Deal
- A series of programs and reforms implemented by President Franklin D. Roosevelt aimed at providing relief and recovery from the Great Depression.
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