How long did the great depression last in the USA? How did it all start and what were the consequences? What were the effects it had in the United States and the rest of the world? We have all heard the expression “The Great Depression”, but what does it really mean? Here is the answer!
The Great Depression
The Great Depression is commonly used name for the economic crisis that occurred before the World War II. Generally speaking, it started in 1929 and it prolonged to the beginning of 1940s. This depression was the worst economic crisis ever. It started in the U.S.A. Stock prices began to decrease in the fall of 1929. The official start of the Great Depression was the crash of the Wall Street in 1929. The exact date when this happened was the 29 of October, also known as “the Black Tuesday”. The stock crisis soon started to spread onto all other foreign stock markets world wide. It was the result of closely related economies of different countries.
The entire world has felt the consequences of this crisis. It affected every country, regardless of its economic strength or weakness. All economy branches were devastated. Some countries recovered during the 1930s, but most of them were unable to recover until the beginning of the World War II. The recovery was difficult for all countries and it was rather slow. Some countries managed to recover faster than others; however, the Great Depression was a hard period for all.
The Great Depression in the USA
U. S.A. stock market was collapsed. Some of the wealthy Americans have been trying to be optimistic, like J.D. Rockefeller, who stated that he believed the prosperity would come back again. Nevertheless, the depression continued. At that time, the President of the United States was H. Hoover. In 1930, he was optimistic enough to say that the worst days had passed. But it was quite the opposite – the worst nightmare for the American economy was in its beginning and prolonged to last until the Second World War. President Hoover had been trying to comfort his citizens, but the crisis was serious and people were desperate.
An interesting fact is that during that period, everything in the U.S. had to do with the crisis – and the President Hoover. Poor towns were called Hooverwilles; soup kitchen foods were called Hoover Stew and mule-pulled cars were called Hoover Wagons. One of the soup kitchens during this time was opened by Al Capone.