What was the Great Depression?

The Great Depression was the longest economic recession in modern history, occurring during the 1930s. It was marked by significant declines in consumer spending, investment, and industrial production, resulting in widespread unemployment and a severe contraction of the global economy. As a response to the stock market crash of 1929, which set off a chain of economic failures, millions of people faced poverty and hardship. During this time, many businesses failed, banks collapsed, and the economic downturn had profound social and political implications. Understanding this period is crucial, as it reshaped economic policies and social safety nets in many countries, including the United States, leading to reforms and government interventions aimed at preventing such a catastrophe in the future.