
Great Depression
The Great Depression began with the October 1929 Wall Street crash and, over the following years, produced a roughly 46 per cent drop in American industrial production, unemployment reaching a quarter of the workforce, and a worldwide contraction in trade and output that lasted until the outbreak of the Second World War. Economists have proposed several overlapping explanations, monetary contraction, insufficient aggregate demand, and a debt-deflation spiral among them, and continue to debate how much credit each deserves alongside factors including the Smoot-Hawley Tariff and the rigidity of the gold standard.





