USA HISTORY

Detailed explanation-1: -The Great Depression was a global catastrophe that affected the lives of billions and helped cause the Second World War. The old saying, “the bigger they are, the harder they fall", applies to economic systems.

Detailed explanation-2: -Causes of Great Depression The failure of banks, which was the impact of the stock market crash as more people withdrew their savings from the banks leading to closure. Reduction in purchases due to diminished savings. The passing of Smoot-Hawley Tariff or the Tariff Act of 1930, imposed high taxes on imported goods.

Detailed explanation-3: -The Great Depression was the worst economic downturn in the history of the industrialized world, lasting from 1929 to 1939. It began after the stock market crash of October 1929, which sent Wall Street into a panic and wiped out millions of investors.

Detailed explanation-4: -The contraction began in the United States and spread around the globe. The Depression was the longest and deepest downturn in the history of the United States and the modern industrial economy. The Great Depression began in August 1929, when the economic expansion of the Roaring Twenties came to an end.