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Great Depression

The Great Depression was a severe worldwide [economic depression] in the decade preceding [World War II] . The timing of the Great Depression varied across nations, but in most countries it started in about 1929 and lasted until the late 1930s or early 1940s. [Great Depression] , Encyclopaedia Britannica It was the longest, most widespread, and deepest depression of the 20th century, and is used in the 21st century as an example of how far the world's economy can decline. Charles Duhigg, "Depression, You Say? Check Those Safety Nets," New York Times, March 23, 2008 The depression originated in the [United States] , starting with the [stock market crash] of October 29, 1929 (known as [Black Tuesday] ), but quickly spread to almost every country in the world.

The Great Depression had devastating effects in virtually every country, rich and poor. [Personal income] , tax revenue, profits and prices dropped, and international trade plunged by a half to two-thirds. Unemployment in the [United States] rose to 25%, and in some countries rose as high as 33%.

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