Beginning in the United States, The Great Depression was a severe worldwide economic depression that began in 1929 and lasted throughout the 1930's. Poor farming techniques, tariffs, over-production of goods, the stock market crash, and unregulated banks are some of the many factors that led to this situation. It was the longest and most severe depression ever experienced by the industrialized Western world, sparking fundamental changes in economic institutions, macroeconomic policy, and economic theory. The Great Depression caused drastic declines in output, severe unemployment, and acute deflation in almost every country of the world.
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