The Great DepressionThe World plunged into a depression from 1929 to 1930s. During this time, the world experienced decline in production, employment, incomes and trade. The worst affected was agriculture across the countries.
The causes for the Great Depression were as follows;
- There was an over production of agriculture and falling prices of agricultural commodities. The farm produce rotted for lack of buyers.
- The withdrawal of the US loans affected the world in different ways such as failure of major banks and collapse of currencies. The US doubled its import duties to protect its economy from depression. This gave a severe blow to world trade.