The Great Depression
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Because of Australia's extreme dependance on agricultural and industrial exports Australia was one of the hardest hit countries in the Western world. During the Great depression salaries decreased and people lost their jobs.
The Great Depression was a worldwide economic depression in the decade before World Wa II. The timing of the Great Depression varied with nations, but in most countries it started in about 1929 but lasted through the late 30s and early 40s. It was and still is the longest, most widespread and the deepest depression of the 20th century. Now the Great Depression is commonly used as an example of how far the world's economy can fall. The Great Depression started in the USA with the stock market crash that happened on the 29th of October 1929 (also known as Black Tuesday). From that day the devastation spread very fast to almost every country in the world.
The Great Depression had a horrible effect on nearly every country in the world whether they were at the time rich or poor. Everyone's personal income, tax revenue, profits and prices dropped while international trade dropped by up to 1/2 to 1/3. Unemployment in the U.S rose by 25% and in some countries raised by 33% incuding Australia. Cities around the world hit the hardest especially those dependent heavily on industry. All construction was stopped all over the world whether it was for a small home or a sky-scraper. Farmers all over the world suffered as crop prices fell by about 60%.
Some economies started to recover by the mid 193s0s but in many countries the negative effects of the Great Depression lasted until the start of World War II.
The Great Depression was a worldwide economic depression in the decade before World Wa II. The timing of the Great Depression varied with nations, but in most countries it started in about 1929 but lasted through the late 30s and early 40s. It was and still is the longest, most widespread and the deepest depression of the 20th century. Now the Great Depression is commonly used as an example of how far the world's economy can fall. The Great Depression started in the USA with the stock market crash that happened on the 29th of October 1929 (also known as Black Tuesday). From that day the devastation spread very fast to almost every country in the world.
The Great Depression had a horrible effect on nearly every country in the world whether they were at the time rich or poor. Everyone's personal income, tax revenue, profits and prices dropped while international trade dropped by up to 1/2 to 1/3. Unemployment in the U.S rose by 25% and in some countries raised by 33% incuding Australia. Cities around the world hit the hardest especially those dependent heavily on industry. All construction was stopped all over the world whether it was for a small home or a sky-scraper. Farmers all over the world suffered as crop prices fell by about 60%.
Some economies started to recover by the mid 193s0s but in many countries the negative effects of the Great Depression lasted until the start of World War II.
Black Tuesday
The starting point for the Great Depression was Black Tuesday or 'the wall street crash of 1929' which was the most devastating stock market crash in the history of the USA.
Richard M. Salsman said "Anyone who bought stocks in mid-1929 and held onto them saw most of his or her adult life pass by before getting back to even". That saying means when the stock market crashed if anyone had stocks they lost enormous amounts of money and it took them most of their life getting back the money they started with.In the decade leading up to the crash the stock market was going though a time of wealth and success, this was called the 'roaring 20's'.What happened on Black Tuesday is often used now as a guide as the lowest point that the stock market can fall.
Richard M. Salsman said "Anyone who bought stocks in mid-1929 and held onto them saw most of his or her adult life pass by before getting back to even". That saying means when the stock market crashed if anyone had stocks they lost enormous amounts of money and it took them most of their life getting back the money they started with.In the decade leading up to the crash the stock market was going though a time of wealth and success, this was called the 'roaring 20's'.What happened on Black Tuesday is often used now as a guide as the lowest point that the stock market can fall.