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The Great Depression was a period of ____.
A. Political crisis
B. Social crisis
C. Environmental crisis
D. Economic crisis
E. None of these

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Last updated date: 21st Jun 2024
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Answer
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Hint: The great depression was the worst crisis of the industrialized world lasting from 1929 to 1939. It happened after the crash of the stock market in 1929 resulted in wiping out millions of investors around 15 million Americans had lost their jobs and nearly half the country's banks had failed.

Complete answer: The great depression was a period of the economic crisis beginning in the United States of America after the crash of the stock market which sent Wall Street into a panic and resulted in wiping out millions of investors. Soon over the next years the investment and spending of consumers dropped and there was a steep decline in industrial output unemployment as companies failed to generate.
-The environmental crisis began in 1970 with major conventions and awareness for the environmental disasters such as the Sahelian droughts of 1970, the nuclear accident at Chernobyl in 1986 and the issues of global warming and climate change. It resulted in the formation of various green parties and movements for the protection of the environment.
-Social crises included the rapid unemployment that resulted in increased vulnerability, especially in developing countries without any social protection. It resulted in pushing around 47 to 84 million people into extreme poverty because of the global crisis.
-According to the economic forums the domestic political crisis such as the collapse of Soviet Union in 1999, which ended the era of the cold war and emergence of newly independent Soviet States such as Russia impacted the relations and politics of the entire world system.

Note: It was the severe and the longest depression ever in the Western world, led to changes in macro and microeconomic policies, institutions and theories. Although the depression originated in the United States but felt in almost every country of the world with drastic declines in output, acute deflation and severe unemployment. Was also followed by the drastic steep social and cultural changes in the United States.