The Great Depression was the worst economic downturn in the history of the industrialized world, lasting from 1929 to the late 1930s.

While triggered by the U.S. stock market crash of 1929, its causes were global.

These causes included underlying weaknesses from World War I, such as war debts and reparations, and overproduction in agriculture and industry.

The crisis spread from the United States as American banks recalled international loans and American demand for foreign goods collapsed.

The collapse of international trade was made worse by a wave of protectionism, such as the U.S. Smoot-Hawley Tariff.

The crisis led to the failure of major banks across Europe, particularly in Austria and Germany.

Mass unemployment and poverty became a global phenomenon.

The economic hardship led to major political instability and was a key factor in the rise of extremist movements, including Nazism in Germany.

Governments around the world responded in different ways, from the New Deal in the U.S. to austerity measures in others.

The Great Depression fundamentally challenged the belief in laissez-faire capitalism and led to a greater role for government in the economy.