Great Depression

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The Great Depression began in 1929 in the U.S. and was a worldwide economic downturn. It started with an overwhelming collapse of stock-market prices on the New York Stock Exchange. Perpetuated by policy errors, the Great Depression lasted until about 1939.^[1]

Enacted by Congress to address some of the problems of the Great Depression, the Smoot-Hawley Act hiked tariffs on more than 20,000 imported goods and other countries quickly reciprocated. Some contend that Smoot-Hawley actually significantly compounded the impact of the crash. ^[2]

Resources

Photographs of the Great Depression - Library of Congress

References

1. ↑ About the Great Depression. UIUC. Retrieved on September 23, 2008.
2. ↑ Financial crisis: Don't panic this is not the Great Depression. The Telegraph. Retrieved on September 23, 2008.