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1) The Great Depression describes the period from late 1929 to 1941, when the US economy contracted. The Depression was characterized by massive unemployment, falling demand, low capital investment, business failures,and generally poor economic performance.

2) Although the Depression may be said to encompass the whole period from 1929 until American entry in WW2, in popular consciousness it mainly refers to 1931-37. There was a market and business rally in 1930, and this was popularly expected to be the end of the business "slump" that had begun with the Stock Market crash of October 1929. By 1932 the Depression was seen as a long-term, serious emergency. The New Deal programs began in 1933-34; there was a modest recovery till 1937, when another serious business contraction set in. There was a gradual rise in employment and production 1938-41, but investors and managers were now very risk-averse, so production and investment remained below 1929 levels until America was well into the War.

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12y ago

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