The Great Depression (also known in the
U.K. as the Great Slump) was a dramatic, worldwide economic downturn beginning in some countries as early as 1928. The beginning of the Great Depression in the United States is associated with the stock market crash on
October 29, 1929, known as
Black Tuesday. The depression had devastating effects in both the
industrialized countries and those which exported raw materials.
International trade declined sharply, as did personal incomes,
tax revenues, prices and profits.
Cities all around the world were hit hard, especially those dependent on
heavy industry. Construction was virtually halted in many countries. Farming and rural areas suffered as crop prices fell by 40 to 60 percent. Mining and logging areas had perhaps the most striking blow because the demand fell sharply and there were few employment alternatives.
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