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US annual real GDP from 1910 to 1960, with the years of the Great Depression (1929–1939) highlighted Unemployment rate in the US 1910–60, with the years of the Great Depression (1929–39) highlighted; accurate data begins in 1939, represented by a blue line.
The causes of the Great Depression in the early 20th century in the United States have been extensively discussed by economists and remain a matter of active debate. [1] They are part of the larger debate about economic crises and recessions. The specific economic events that took place during the Great Depression are well established.
In the Great Depression, GDP fell by 27% (the deepest after demobilization is the recession beginning in December 2007, during which GDP had fallen 5.1% by the second quarter of 2009) and the unemployment rate reached 24.9% (the highest since was the 10.8% rate reached during the 1981–1982 recession).
The third economic downturn was the depression of the late 1830s to 1843, following the Panic of 1837, when the money supply in the United States contracted by about 34 percent with prices falling by 33 percent. The magnitude of this contraction is matched only by the Great Depression.
Decreased tax revenues and spending on social programs during the Great Depression increased the debt and by 1936, the public debt had increased to $33.7 billion (~$582 billion in 2023), approximately 40% of GDP. [21]
The recession of 1937–1938 was an economic downturn that occurred during the Great Depression in the United States. By the spring of 1937, production, profits, and wages had regained their early 1929 levels. Unemployment remained high, but it was substantially lower than the 25% rate seen in 1933.
The term was reportedly coined by Claudia Goldin and Robert Margo [1] in a 1992 paper, [2] and is a takeoff on the Great Depression, an event during which the Great Compression started. Share of pre-tax household income received by the top 1%, top 0.1%, and top 0.01%, between 1917 and 2005 [3] [4]
Golden Fetters: The gold standard and the Great Depression, 1919–1939. 1992. Feinstein. Charles H. The European Economy between the Wars (1997) Garraty, John A. The Great Depression: An Inquiry into the causes, course, and Consequences of the Worldwide Depression of the Nineteen-Thirties, as Seen by Contemporaries and in Light of History (1986)