The Great Depression Overview

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Questions and Answers

What was the estimated percentage drop in worldwide GDP during the Great Depression?

15%

How high did unemployment rise in the U.S. during the Great Depression?

23%

What was the impact of the Great Depression on international trade?

International trade decreased by more than 50%.

By what percentage did crop prices decrease during the Great Depression?

<p>About 60%.</p> Signup and view all the answers

Which sectors were particularly hard hit by the Great Depression?

<p>Heavy industry and primary sector industries.</p> Signup and view all the answers

Flashcards

Great Depression GDP drop

Worldwide GDP fell by about 15% between 1929 and 1932 during the Great Depression, contrasting with the less than 1% drop during the 2008-2009 Great Recession.

Global economic effects (Great Depression)

Both rich and poor countries experienced significant economic hardship during the Great Depression, including lowered personal income, prices, and tax revenues. International trade plummeted by over 50% and unemployment soared, reaching 33% in some nations.

Depression's impact on cities

Cities, especially those reliant on heavy industry, suffered greatly during the Great Depression. Construction nearly stopped in many places.

Farming communities in the Great Depression

Rural regions and farming communities were severely impacted by the Great Depression. Crop prices decreased by about 60%.

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Primary Sector industries and the Depression

Areas reliant on primary sector industries, like agriculture or mining, were hardest hit by low job availability and decreased demand for their products during the Great Depression.

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Great Depression recovery timeline

Some economies started to recover by the mid-1930s, but the negative impacts of the Great Depression continued until World War II.

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Study Notes

The Great Depression (1929-1932)

Worldwide GDP fell by an estimated 15% between 1929 and 1932.
In contrast, worldwide GDP fell by less than 1% from 2008 to 2009 during the Great Recession.

Economic Impacts

Some economies started recovering by the mid-1930s.
However, negative effects of the Great Depression lingered until the start of World War II in many countries.
Devastating effects were seen in both rich and poor countries.
Personal income, prices, tax revenues, profits, and prices fell.
International trade decreased by more than 50%.
Unemployment in the US rose to 23%, and in some countries hit as high as 33%.

Societal Impacts

Cities heavily reliant on heavy industry were particularly hard hit.
Construction almost ceased in many countries.
Rural communities and farming areas suffered significantly as crop prices fell by about 60%.
Areas dependent on primary sector industries experienced the most severe impacts due to plummeting demand and a lack of alternative job opportunities.

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Description

Explore the economic and societal impacts of the Great Depression from 1929 to 1932. Understand how worldwide GDP plummeted and the severe consequences faced by various countries. This quiz delves into the hardships experienced in industries, trade, and communities during this critical period.