Great Depression

The Great Depression was a massive global economic recession (or "depression") that ran from 1929 to approximately 1939. It led to numerous bank failures, high unemployment, as well as dramatic drops in Gross Domestic Product (GDP), industrial production, stock market share prices and virtually every other measure of economic growth. It is generally considered to have bottomed out in 1933, but it was not until well after the end of World War II before such indicators as industrial production, share prices and global GDP surpassed their 1929 levels.

International

Many nations experienced an economic decline, though the severity and timing differed from country to country. For example, Britain hit its trough in the third quarter of 1932, while France did not reach its low point until April of 1937. Charles P. Kindleberger has provided the best international account of the Depression so far in his book The World in Depression.

Related Topics:
Britain - France - Charles P. Kindleberger

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Asia

Asia was also hit by the Great Depression due to its dependence on the export of raw materials with Europe and America, predominantly rubber and tin for the automotive industry. Asian trade fell sharply as America and Europe were gripped by the depression. Firms in Asia responded by cutting their workforce and reducing wages.

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In Japan, unemployment and poverty rose, disproportionately affecting the lower classes; these hardships were a factor in the rise of Japanese nationalism.

Related Topics:
Japan - Japanese nationalism

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