The Great Depression

The Great Depression (sometime known in the U.K. as the Great Slump) was a dramatic, worldwide economic downturn beginning in some countries as early as 1928.

The beginning of the Great Depression in the United States (Hoover was president) is associated with the stock market crash on October 29, 1929, known as Black Tuesday.

The depression had devastating effects in both the industrialized countries and those which exported raw materials. International trade declined sharply, as did personal incomes, tax revenues, prices, and profits. Cities all around the world were hit hard, especially those dependent on heavy industry. Construction was virtually halted in many countries.

Farming and rural areas suffered as crop prices fell. Facing plummeting demand with few alternate sources of jobs, areas dependent on primary sector industries such as farming, mining and logging suffered the most.