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In which year did the Great Depression start?
[2011 (T-1)]
- a)1928
- b)1929
- c)1930
- d)1936
Correct answer is option 'B'. Can you explain this answer?
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In which year did the Great Depression start?[2011 (T-1)]a)1928b)1929c...
Great Depression: Start Year
The Great Depression, one of the most severe economic downturns in history, began in the year:
- 1929
Detailed Explanation:
The Great Depression was triggered by the stock market crash of 1929, also known as Black Tuesday, which occurred on October 29, 1929. This event marked the start of a decade-long economic crisis that affected countries worldwide. Here is a breakdown of the events leading up to and during the Great Depression:
- 1928: Prior to the crash, the United States experienced a period of economic boom known as the Roaring Twenties. Stock prices were soaring, and there was a general sense of optimism.
- 1929: On October 24, 1929, stock prices began to decline rapidly, leading to panic selling. This became known as Black Thursday. The following week, on October 29, stock prices plummeted further, causing widespread financial devastation.
- Consequences: The stock market crash had a domino effect on the economy. Banks failed, businesses collapsed, and millions of people lost their jobs. The unemployment rate soared, reaching approximately 25% in the United States.
- Global Impact: The Great Depression had a significant impact on countries around the world. International trade declined, and numerous nations faced economic hardships.
- Recovery: The Great Depression persisted throughout the 1930s, and it was not until the start of World War II in 1939 that the global economy began to recover.
Therefore, the Great Depression started in 1929 with the stock market crash, marking the beginning of a challenging economic period.
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In which year did the Great Depression start?[2011 (T-1)]a)1928b)1929c)1930d)1936Correct answer is option 'B'. Can you explain this answer?
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