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The Great Depression was a severe worldwide economic depression that lasted from 1929 to the late 1930s. It began with the stock market crash of October 1929, which caused a dramatic decline in stock prices and led to widespread panic selling. This crash marked the beginning of a decade-long economic downturn that affected countries around the world. The causes of the Great Depression are complex and multifaceted. One major factor was the overproduction and underconsumption of goods, particularly in the agricultural and industrial sectors. This led to a decrease in demand and a subsequent decline in prices, which in turn caused businesses to cut production and lay off workers. This created a cycle of reduced consumer spending and further economic decline. <img src="https://images.unsplash.com/photo-1605674075608-32ec5f70ad0a?ixid=M3wxMjA3fDB8MXxzZWFyY2h8MTV8fGhvdyUyMHRvJTIwcGljayUyMG91dCUyMGhvbmV5ZGV3JTIwbWVsb258ZW58MHx8fHwxNzAzOTU2NzMxfDAu0026ixlib=rb-4.0.3" alt="sex art fingering melon" style="max-width:440px;float:right;padding:10px 0px 10px 10px;border:0px;">Another major cause was the collapse of the banking system. Many banks had invested heavily in the stock market, and when the market crashed, they suffered significant losses. This led to a wave of bank failures and a loss of confidence in the banking system, which further exacerbated the economic crisis. Government policies also played a role in the Great Depression. The Smoot-Hawley Tariff Act, passed in 1930, raised tariffs on imported goods, which led to retaliatory tariffs from other countries and a decrease in international trade. This protectionist policy further restricted economic growth and worsened the global economic downturn. The Great Depression had profound social and political consequences. Unemployment rates soared, reaching as high as 25% in some countries. Many people lost their homes, and poverty and homelessness became widespread. Governments around the world implemented various relief programs to try to alleviate the suffering, but these efforts were often insufficient. The Great Depression also had long-term effects on the economy and society. It led to a reevaluation of economic theories and the development of new economic policies, such as the Keynesian theory of government intervention in the economy. It also contributed to the rise of extremist political movements, such as fascism and communism, as people sought alternative solutions to the economic crisis. Overall, the Great Depression was a devastating period in global history. It highlighted the vulnerabilities of the global economy and the need for effective government intervention during times of economic crisis If you adored this article and you also would like to collect more info concerning <a href="https://acessy.wiki/index.php/User:JoanneBednall">what is yellow watermelon called</a> please visit our page. .

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