The Great Depression

Zachary Corcoran

Summary

The Great Depression was the worst economic crisis of the modern era. It began in 1929 and affected many countries. It lasted until World War II (1939–45).

From 1929 to 1933, industrial production in the United States went down nearly 50 percent. Unemployment rose to at least 25 percent. Farm prices fell more than 50 percent. Stock prices crashed 80 percent. One in every three of the nation's banks failed. Many people lost their life savings.


Key Person

President Franklin Delano Roosevelt, President Roosevelt developed programs to regulate the economy, provide jobs, and offer citizens some economic protection. His famous saying was“The only thing we haft to fear is fear itself”. He set out to create new programs to help the poor and get the economy moving again. This effort was known as the New Deal.


Events

Citation

"Depression, Great." The New Book of Knowledge. Grolier Online, 2014. Web. 16 Jan. 2014.