The Great Depression Of The 20th Century - 1523 Words

The great depression was the most important event in the 20th century because it was the deepest, longest, and most widespread depression of the 20th century. It lasted from 1929 to the late 1930’s. It’s a great example of how far the world can decline. The great depression originated in the united states after a fall in stock prices. It all started in 1929 when consumer spending dropped and unsold goods weren’t sold which slowed production down. At the same time stock prices kept rising and eventually reached levels that could not be justified by future earnings. In later October in 1929 the stock market finally burst, 12.9 million shares were traded that day which were know back then as â€Å"black Thursday†, which was later known as â€Å"black Tuesday†. Millions of shares ended up being worthless and tons of investors were completely wiped out. The stock market crash was the downturn in spending and investment which led businesses to slow down p roduction and began firing their workers. For the people who still had their jobs wages fell and their power decreased. A lot of Americans were forced to buy in credit which then climbed the numbers of foreclosures and repossessions. The attachment to gold spread the depression from the United States to throughout the world. Worldwide GDP fell about 15%. The great depression had terrible effects to both rich and poor countries. Unemployment in the US rose to about 25% and in other countries approximately 33%, also the number of homelessShow MoreRelatedThe Great Depression of the 20th century and the Great Recession of the 21st century were both600 Words   |  3 Pages The Great Depression of the 20th century and the Great Recession of the 21st century were both important economic crises in U.S. history. 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