US History: The Great Depression (2024)

FAQs

What is Great Depression in US history? ›

The "Great Depression " was a severe, world -wide economic disintegration symbolized in the United States by the stock market crash on "Black Thursday", October 24, 1929 . The causes of the Great Depression were many and varied, but the impact was visible across the country.

Mobilizing the economy for world war finally cured the depression. Millions of men and women joined the armed forces, and even larger numbers went to work in well-paying defense jobs.

Great Depression Ends and World War II Begins

The Great Depression had ended at last, and the United States turned its attention to the global conflict of World War II.

Although the U.S. economy began to recover in the second quarter of 1933, the recovery largely stalled for most of 1934 and 1935. A more vigorous recovery commenced in late 1935 and continued into 1937, when a new depression occurred.

The problems of the Great Depression affected virtually every group of Americans. No group was harder hit than African Americans, however. By 1932, approximately half of African Americans were out of work.

Psychologists and sociologists have noted that the effects of depression-era hardships can shape the behavior of people for the rest of their lives, impacting activities ranging from saving money to job preferences, food conservation, and even birth rates.

Not everyone, however, lost money during the worst economic downturn in American history. Business titans such as William Boeing and Walter Chrysler actually grew their fortunes during the Great Depression.

Based on the assumption that the power of the federal government was needed to get the country out of the depression, the first days of Roosevelt's administration saw the passage of banking reform laws, emergency relief programs, work relief programs, and agricultural programs.

Many families sought to cope by planting gardens, canning food, buying used bread, and using cardboard and cotton for shoe soles. Despite a steep decline in food prices, many families did without milk or meat. In New York City, milk consumption declined a million gallons a day.

Assuming the Presidency at the depth of the Great Depression, Franklin D. Roosevelt helped the American people regain faith in themselves. He brought hope as he promised prompt, vigorous action, and asserted in his Inaugural Address, “the only thing we have to fear is fear itself.”

Who were the two presidents during the Great Depression? ›

In the midst of the Great Depression, Hoover was decisively defeated by Democratic nominee Franklin D. Roosevelt in the 1932 presidential election. Hoover's retirement was over 31 years long, one of the longest presidential retirements. He authored numerous works and became increasingly conservative in retirement.

The Great Depression was a worldwide event that started in the United States in 1929 and lasted through 1939. Historians believe that the Great Depression certainly was one of the reasons that caused World War II.

Overview Vocabulary. On October 29, 1929, the United States stock market crashed in an event known as Black Tuesday. This began a chain of events that led to the Great Depression, a 10-year economic slump that affected all industrialized countries in the world.

The next Great Depression will start in 2030 and likely last through 2036. After this six-year period of economic decline, it will take roughly four years to fully climb up from that low point and get to where we were before the Great Depression began.

'Recessions' vs. 'Depressions' in the Economy. A recession is a downtrend in the economy that can affect production and employment, and produce lower household income and spending. The effects of a depression are much more severe, characterized by widespread unemployment and major pauses in economic activity.

The Depression was the longest and deepest downturn in the history of the United States and the modern industrial economy. The Great Depression began in August 1929, when the economic expansion of the Roaring Twenties came to an end. A series of financial crises punctuated the contraction.

Great Depression. The economic crisis and period of low business activity in the U.S. and other countries, roughly beginning with the stock-market crash in October, 1929, and continuing through most of the 1930s.