The Great Depression was an international economic slump lasting approximately from 1929 until 1939. It was the longest and most severe depression ever experienced by the industrialized Western world. In the United States, the Great Depression began with the catastrophic collapse of the stock market on October 29, 1929, known as “Black Tuesday.” The collapse of the market led to the failure of more than 10,000 banks, the nationwide loss of confidence in the economy, and therefore reduced spending and output. The result was widespread unemployment (an estimated 12 to 15 million workers were unemployed at one time) and U. S. manufacturing falling 54%.
