• Entry
  • Reader's guide
  • Entries A-Z
  • Subject index

Great Depression

The Great Depression was a worldwide economic collapse that struck the United States particularly hard. American economic output and prices fell dramatically from 1929 to 1933 while the unemployment rate reached an all-time high and stayed high for over a decade. Economic historians have concluded that the Depression was caused mainly by the flawed policies of central banks, including the Federal Reserve, in response to a malfunctioning international gold standard, although additional economic weaknesses and policy mistakes were involved. The response to the crisis was a permanently enlarged national government. If you body slam a physically fit economy, will it break? The answer from the Great Depression seems to be: Almost.

The U.S. economy grew strongly during most of the 1920s, spurred by robust productivity growth ...

    • Loading...
    locked icon

    Sign in to access this content

    Get a 30 day FREE TRIAL

    • Watch videos from a variety of sources bringing classroom topics to life
    • Read modern, diverse business cases
    • Explore hundreds of books and reference titles