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The Great Depression

The Great Depression began around 1929 and lasted till the mid-1930s. During this period there was a steep decline in production, employment, income and trade. A major cause for the ‘Depression’ was the glut of agricultural products, causing prices to fall, thus causing great hardship and loss to farmers.


Hungry Homeless Farmers Abounded during the Great Depression


The second major cause for the ‘Depression’ was the withdrawal of loans by the US overseas lenders who panicked at the first sign of trouble. Unemployment soared and people had neither work nor money. The US banking system itself collapsed and many banks went bankrupt.

By 1935, a modest economic recovery was underway in most industrialized countries.

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