The Great Depression of 1930
The Great Depression was a severe economic downturn of the modern world started in 1929 in the United State of America. It lasted till the late 1930s and affected many countries in the world. "Those who do not remember the past are condemned to repeat it." - George Santayana Today as we stand on the edge of an economic recession induced by Coronavirus (COVID-19) pandemic, it is worth looking back on the causes and effects of the longest, deepest and most widespread depression of the industrial world. What Caused the Great Depression? The great depression started with the stock market crash of October 1929. The 1920s, after the end of the first World War, was a period of prosperity for America. The economy expanded rapidly and the nation's total wealth almost doubled. This induced a great optimism in the outlook of investors and the stock prices soared. Wall Street saw one of the greatest bull runs in history, S&P 500 saw a 500% rise from the low at 6.4