What is the Great Depression?
During the 1930s much of the world faced harsh economic conditions. Many people were out of work, hungry, or homeless. This period is called the Great Depression. It started in the United States, but it quickly spread throughout the world.
Facts about the Great Depression:
- Many people lost all the money they had in the bank
- Banks failed because so many people tried to withdraw money at once
- When a bank failed people lost their savings
- Businesses closed because not enough people were able to buy the goods they produced
- in 1932 12 to 13 million people were out of work
- People were paid only half of what they earned before
- The land were crops were, were so dry that the crops were called Dust Bowl
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