Family Research – English, Scottish and Irish Genealogy

1/8/2007

Great Depression

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The Great Depression was the result of the economic downturn that started with the Stock Market crash on October 29, 1929, known as Black Tuesday. It began in the United States and quickly spread to Europe and every part of the world, with devastating effects in both the industrialized countries and those which exported raw materials. International trade declined sharply, as did personal incomes, tax revenues, prices and profits. Cities all around the world were hit hard, especially those dependent on heavy industry. Construction was virtually halted in many countries. Farming and rural areas suffered as crop prices fell by 40 to 60 percent.[1] Mining and logging areas had perhaps the most striking blow because the demand fell sharply and there were few employment alternatives. for more click here

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