What was "THE GREAT DEPRESSION?"
The greatest economic crisis the USA ever faced
The Great Depression started in 1929 and lasted ten years, it followed a period of relative prosperity called the " Roaring Twenties". It was marked by mass unemployment and countless business and bank failures. The unemployment rate rose to 25%. The National Wealth of the country (as measured by the GDP) shrank to 50% of its 1929 level in 1932 when FDR was elected president.
The vast majority of the population lived in poverty and had to endure terrrible conditions of living. The causes of this crisis are controversial and several expalnations have been put forward:
What were the causes of the Wall Street Crash in 1929?
The causes of the recovery are also controversial and the same school of thought disagree, some point out the New Deal introduced by FDR, some denounce it and claim the emergence of consumer society after WWII is what finally put an end to this horrendous period.