Enumerate the events which led to the Great Economic Depression
Enumerate the events which led to the
Great Economic Depression.
Answer: Following events led to Great Economic Depression which made huge economic crisis in USA, Europe (including Germany):
1. Wall Street Exchange crashed in 1929. Fearing a fall in prices, people made frantic efforts to sell their shares. On one single day, 24 October, 13 million
shares were sold. This was the start of the Great Economic Depression.
2. Over the next three years, between 1929 and 1932, the national income of the USA fell by half. Factories shut down, exports fell, farmers were badly hit and speculators withdrew their money from
3. The German economy was the worst hit by the economic crisis. By 1932, industrial production was reduced to
40 per cent of the 1929 level. Workers
lost their jobs or were paid reduced wages. The number of unemployed touched an unprecedented 6 million.