The Great Depression, which lasted from 1929 to the late 1930s or early 1940s depending on the country, was primarily caused by a combination of economic factors and events. The consequences of the Great Depression were severe and had lasting impacts on societies and economies around the world. First there was the stock market crash of October 1929, known as "Black Tuesday." This crash led to a frenzy of selling, causing stock prices to plummet and investors to suffer huge losses. As a result of the stock market crash, many people panicked and rushed to withdraw their money from banks. However, banks didn't have enough cash on hand to meet the demand for withdrawals. This led to widespread bank failures, as banks closed their doors and were …show more content…
This caused extra products to pile up, and companies had to lay off workers because they weren't selling enough. Countries started putting taxes on imports and limiting how much they could buy from other countries to help their own businesses. This made it harder for countries to trade with each other, which made the economic situation worse. Banks made it harder to get money by making the rules stricter. This made it tougher for people and businesses to borrow money and spend, which made the economy slow down even more. And finally, there's the consequences of the Great Depression, where a lot of people lost their jobs, and in some places, more than 20% of people were out of work. Many banks closed down, and people lost their money. This made it hard for people to buy things and caused a lot of financial problems. Because so many people lost their jobs and couldn't afford to pay rent, many ended up without homes and had to live in makeshift settlements called "Hoovervilles." Poverty levels went up, and millions struggled to afford even the basics like food and clothing. With fewer people buying things, factories slowed down or closed, leading to a big drop in the amount of stuff they