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贡献者回答The Great Depression was a severe worldwide economic depression that lasted from 1929 to 1939. It was the longest, deepest, and most widespread depression of the 20th century. The Great Depression was triggered by the stock market crash of October 1929, which sent shockwaves throughout the global economy.During the Great Depression, millions of people lost their jobs, businesses collapsed, and poverty and homelessness increased dramatically. The depression was characterized by a sharp decline in industrial production, a severe contraction in international trade, and a widespread deflationary spiral.The causes of the Great Depression are complex and multifaceted. Some of the key factors include:1. Stock market crash: The stock market crash of 1929, also known as Black Tuesday, was a major trigger for the Great Depression. The crash wiped out billions of dollars in stock values and led to a loss of confidence in the economy.2. Overproduction and underconsumption: The 1920s were a period of rapid industrialization and technological advancements, leading to increased production. However, wages did not keep pace with productivity gains, resulting in a situation where there was more supply than demand.3. Banking crisis: The collapse of numerous banks and financial institutions further exacerbated the economic downturn. Many banks had invested heavily in the stock market and were unable to meet the demands of depositors when the market crashed.4. Protectionist trade policies: The Smoot-Hawley Tariff Act, passed in 1930, raised tariffs on imported goods, leading to a decrease in international trade. This protectionist policy worsened the global economic downturn by reducing export opportunities and increasing trade barriers.5. Monetary policy mistakes: The Federal Reserve, the central bank of the United States, made several mistakes in its monetary policy during the 1920s. It kept interest rates low, which encouraged excessive borrowing and speculative investments. When the market crashed, the Federal Reserve tightened monetary policy, further exacerbating the economic downturn.The Great Depression had profound and lasting effects on the global economy and society. It led to widespread unemployment, poverty, and social unrest. It also resulted in a loss of confidence in the capitalist system and led to the rise of socialist and communist movements in many countries.The Great Depression eventually came to an end with the onset of World War II, which stimulated economic growth through increased government spending and the mobilization of resources for the war effort. However, the effects of the Great Depression were felt for many years, and it remains one of the most significant economic crises in history.
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