The Great Depression. 1929 To 1939 By: Michelle Randall.
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1929 To 1939
By: Michelle Randall
The Great Depression was a worldwide economic downturn which started in 1929 and lasted through most of the 1930’s. It centered in North America and Europe, but had damaging effects around the world. Cities based heavily on industry were hit hardest. Unemployment and homelessness soared as construction virtually halted and prices for crops fell 40-60%.
1933- A Big Year
Countries like China, Chile and Peru also suffered as the U.S. and Europe were forced to recall loans. These loans had been used to produce and stock pile goods, when the U.S. economy fell the U.S. consumption of said goods feel in some countries by 80% or more and the U.S. and Europe were demanding payment of the loans.