Great depression History Timeline and Biographies

1929

Stock Market Crash of 1929

The Great Depression began with the stock market crash on October 29, 1929, known as Black Tuesday. Billions of dollars were lost, wiping out thousands of investors, and triggering a chain reaction that led to widespread economic collapse.

1930

Bank Failures Begin

As the effects of the Great Depression deepened, thousands of banks began to fail in 1930. With people withdrawing their savings, banks could not sustain themselves, leading to a loss of savings for many and further economic decline.

1931

Global Economic Crisis

By 1931, the Great Depression had spread internationally, affecting economies worldwide. Countries like Germany and the United Kingdom faced severe economic challenges, leading to increased unemployment and social unrest.

1932

Unemployment Peaks

In 1932, unemployment rates in the United States reached around 25%, marking one of the highest levels during the Great Depression. Many families faced dire poverty, and breadlines became a common sight in cities across the nation.

1933

New Deal Initiatives Begin

In response to the Great Depression, President Franklin D. Roosevelt introduced the New Deal in 1933. This series of programs aimed to provide relief, recovery, and reform to the struggling economy, including job creation and financial reforms.

1934

Establishment of the Securities and Exchange Commission (SEC)

In 1934, the U.S. government established the SEC to regulate the stock market and protect investors. This was a direct response to the financial abuses that contributed to the Great Depression, aiming to restore public confidence in the financial system.

1935

Social Security Act Enacted

The Social Security Act was enacted in 1935, providing a safety net for the elderly and unemployed. This landmark legislation was a significant part of the New Deal and aimed to alleviate the suffering caused by the Great Depression.

1936

Economic Recovery Signs Emerge

By 1936, signs of economic recovery began to appear in the United States as the New Deal programs took effect. Industrial production increased, and unemployment rates started to decline, although the Great Depression was not yet over.

1937

Recession Within the Depression

A significant recession occurred in 1937, causing a setback in the recovery from the Great Depression. This downturn was attributed to reduced government spending and tighter monetary policy, leading to increased unemployment once again.

1938

The Fair Labor Standards Act Passed

In 1938, the Fair Labor Standards Act was passed, establishing minimum wage and maximum working hours, which aimed to improve working conditions during the Great Depression and provide workers with better compensation.

1939

World War II Begins

The onset of World War II in 1939 marked a turning point that significantly impacted the Great Depression. War production created jobs and stimulated economic growth, leading to a decline in unemployment rates as the economy shifted towards military production.

1941

U.S. Enters World War II

In 1941, following the attack on Pearl Harbor, the United States entered World War II. This involvement further accelerated economic recovery from the Great Depression, as wartime production created millions of jobs and revitalized industry.

1945

End of World War II and Economic Boom

By 1945, the end of World War II led to a post-war economic boom in the United States. The recovery from the Great Depression was complete, with increased consumer spending and industrial growth, shaping the modern American economy.

1950

Legacies of the Great Depression

The legacies of the Great Depression continued to influence economic policies and social programs in the United States and around the world. Lessons learned during this period shaped future financial regulations and social safety nets to prevent a similar crisis.