The Great Depression


The Great Depression refers to the period between 1929 and the early 1940s, during which most of the world suffered severe economic crisis. Black Tuesday, the infamous US stock market crash of 1929, is often cited as the beginning of what would become the most severe depression in the modern history.
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[1]The depression hit the US less severely than some other nations but that made the suffering of the people who lived through it no less appalling. In 1933, a quarter of the labor force was unemployed. Industrial production shrank nearly fifty percent. Agriculture in the Midwest had been decimated as the Dust Bowl swept through the North American prairie lands.
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[1] (n.d.). Retrieved October 10, 2010, from Billion Dollar News Blog: http://million-dollar-club.tripod.com/sitebuildercontent/sitebuilderpictures/cartoon-stock-mkt.gif [2] Reed, L. W. (2009). Author Profile: Lawrence W.Reed. Retrieved October 4, 2010, from Foundation for Economic Education: http://fee.org/author/lreed/