The Great Depression was unusual because it was so deep and lasted so long. In fact, it was actually two separate recessions (Au
gust 1929 to March 1933, and May 1937 to June 1938). The Great Depression was also characterized by another striking condition: Prices across the economy declined throughout the course of the decade. In fact, at the end of the 1930s, the general price level, as measured by the GDP deflator, was 20% lower than it had been in 1929.
Great depression was started in 1929 and it's negative effect lasted till the beginning of 2nd World War. During this period global GDP fell by around 15 percent. It's intensity can be estimated from the fact that during Great recession of 2008-2009 the global GDP fell by around 1 percent only. Great depression was marked by steep in the industrial production and price deflation.
Major causes for the Great depression of 1929:
Fall of stock market led to loss of confidence in economy which hence reduced the investment and spending.
Banking panic caused many banks to fail which in result reduced money supply.
Imposition of steep tariffs on industrial and agricultural caused global trade to shrink.
Result of Great depression was that around 20 percent banks failed by 1933, unemployment rate reached more than 25 percent, Industrial production declined to around 50 percent and GDP fell near to 30 percent.
Recovery of United States economy was majorly led by government spending on social welfare program along with currency devaluation and spending during the 2nd World War.
Liberty Party was a political party created in 1840 by abolitionists who believed in antislavery. Liberty Party supports antislavery issue by pressuring legislators, put stop in extending slavery beyond the states, and destroy both the slave trade. Some of the famous people under the Liberty Party were William Lloyd Garrison, James G. Birney, and Henry Clay.
