The Arc of the Depression

The Great Depression was the prolonged period of economic contraction and slow growth, high unemployment, low investment, dormant lending, decreasing farm and home prices, and overall deflation dating from the stock market crash on Black Thursday, October 24, 1929, until about 1940. Many people think of the end of the Depression as the entry of the United States into World War II after the Japanese bombing of Pearl Harbor in Hawaii on December 7, 1941, but that is a bit late because recovery had started the previous year.
The Crash of 1929 was precipitated by a mass exodus of investors (and speculators) from an overheated stock market. During the six years from 1923 to 1929, the Dow Jones Industrial Average quintupled. ...

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