The UK was already in a depression before the US Great Depression took hold

The Great Depression was an international depression felt far beyond the US

Many countries suffered through a depression in the 1930s that the First World War, the US stock market crash, and an economic downturn in Germany turned into an international crisis.

The US unemployment rate soared to over 24% during the Great Depression, the highest in recorded history.

The Great Depression is one of history's most notable periods of deflation

The stock market crash of 1929 helped trigger a period of deflation in the United States by creating a drastic decrease in the total money supply. Because of the United States' central role in the world economy, virtually every single country was impacted by the recession.

Markets have always recovered and hit new highs following crashes

The crash that preceded the Great Depression was the most severe the US has ever experienced. It was 28 times worse than the downturn that followed the Cuban Missile Crisis.

The US has been through 34 recessions since 1854

From 1855 to 2020, the average US recession lasted for an average of 17 months. But in the 20th and 21st centuries, the average recession length has shortened, decreasing to 14 months.

The story of the Wall Street Crash of 1929

The 1920s in the US "roared" with rapid economic growth after the conclusion of World War I. But in October 1929, the bubbly stock markets crashed dramatically, plunging the nation into the decadelong Great Depression.

The Smoot-Hawley Tariff Act—which was passed during the Great Depression with the goal of reviving domestic industry—is among the most famous pieces of economic legislation in US history.

One signal that a recession has become a depression? When GDP declines more than 10%

There’s no single definition for recessions or depressions, but both are marked by sustained periods of declining economic activity. Depressions are more severe than recessions.

Track how much the US government has spent on bailouts.

Central banking in the US has had a fraught political history

That history includes its doomed early efforts in the First and Second National Banks, as well as its failure to address the worst financial period in US history, the Great Depression.

In 2025, the US credit rating was downgraded over concerns about the debt-to-GDP ratio.

What was it like to live through the Great Depression?

Hear the personal accounts of four people who lived through the Great Depression, as told by NPR's Throughline. Listen to this 47-minute podcast episode to get a bit more insight into the countrywide economic crisis and what it meant it for everyday people.

Before World War II, the US was a Pacific power

Decades before Pearl Harbor, the US held major Pacific territories—Hawaii, the Philippines, Guam, American Samoa, and numerous island bases—giving it strategic reach across the western Pacific. This presence increasingly overlapped with Japan’s imperial ambitions in the region, contributing to rising tensions.

US depression rates at historic high among adults

More than 18% of US adults reported that they currently have or are being treated for depression in both 2024 and 2025. In the 2025 survey, more than 11,000 adults were surveyed. The numbers have ticked upward since 2015—by about 8 percentage points—with most of the increase occurring from the 2020 pandemic onward.

Japan's imperial expansion in Asia in the 1930s set the stage for war with the US.

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Japan's 1990s deflation followed the country's fastest growth period

The end of World War II ended Japan's isolation in the global economy, prompting what's now called the "Japanese Economic Miracle." From the 1940s to the 1980s, Japanese policy makers enacted ultra-loose monetary policies that pushed a ton of cash into the market and fueled rapid growth. But these policies ultimately helped create a bubble and sent the country into a deep period of deflation.

The world's most famous case of deflation happened after Black Thursday

While the details are not fully agreed upon, many economists point to the Federal Reserve's tightening of the money supply as a prime culprit, leading to a significant deflationary spiral.

There's no single definition of an economic recession, though recessions are commonly identified by two consecutive quarters of shrinking gross domestic product.

How the Great Depression still shapes the way Americans eat

From fortified foods to nutrition labels, the legacy of an early financial crisis lives on in kitchens across the United States. Ethnic foods with their (supposedly) hunger-triggering spices were vilified and considered “stimulants” along the lines of caffeine and so, in their stead came prune puddings, canned-meat stews, and dairy-heavy vegetable casseroles featuring America’s first fortified foods. Read more here.

Between 2016 and 2023, PE spent more than $200B buying British companies

Between the COVID-19 pandemic and the United Kingdom's official departure from the European Union, the UK's economy struggled to recover. This economic strife led to British companies receiving steadily lower valuations than American companies, prompting a huge increase in PE investment. However, interest rates began increasing in 2022, putting pressure on the numerous leveraged buyout deals that took place between 2020 and 2021.

A recession is commonly defined as two consecutive quarters of shrinking GDP, but in practice, these economic phenomena are more complex.

Some argue that the rising US national debt has become more important in recent months.

US inflation can generally be split into to two periods—before and after the Federal Reserve

A central bank itself does not mean significant inflation will occur, but economists generally point to factors like two world wars and the printing of money to finance the US federal deficit as primary drivers of price increases.

Stand-up became more popular during the Great Depression

The stock market crash of 1929 caused vaudeville theaters to shutter. Audiences were looking for lighthearted distractions from the country’s financial problems, though, and stand-up became more popular, albeit in very different venues.

Communism grew in appeal during the Great Depression

With at least a quarter of the country out of work, some Americans disenchanted with capitalism began looking at alternatives. Watch this five-minute video to learn about communism's growing allure during the Great Depression.

The global economy runs on US dollars, with nearly 90% of international trade in 2019 being processed in US dollars.

How the Great Depression and end of WWI paved the way for Hitler's rise to power

The end of WWI was triggered by an armistice that blamed the conflict on Germany and required the financially struggling country to pay reparations. This outraged nationalists and ignited conspiracies that Hitler was able to capitalize on, according to this six-minute video. It was during this financial strain that the Great Depression hit.

A trade war is an economic conflict where nations impose tariffs or other trade barriers on each other in retaliation for similar actions.

John Maynard Keynes was one of the most influential economists of the 20th century

Keynes influenced economic thought by arguing that governments should spend to stabilize economies during downturns. His ideas shaped the postwar international order and remain central to modern economic policy debates.

About 80% of US debt is held by domestic and foreign investors.

The failures of the interwar period made the case for a new international system

After World War I, countries devalued their currencies, raised tariffs to block imports, and seized territory unchecked, with the international community unable to organize effectively to stop them. The result was a global depression and, eventually, another world war.

The Federal Reserve fought the Great Recession primarily with quantitative easing and repurchasing agreements.

Who was impacted by the first world war, and how?

This interactive map from the National Archives in the UK details the global impact of World War I. Countries and territories from Aden to New Zealand were impacted by the Great War, which started in 1914 and lasted until 1918. By selecting various locations on the map, viewers can access articles and evidence on how the war's influence traveled far beyond the front lines.

In March 2008, Bear Stearns was the first major bank to collapse in the Great Recession—leading to panic across the entire global financial system.

How the US entered WWI in 1917

Originally taking a position of neutrality during the course of World War I, the United States of America eventually relented. Entering the war in 1917, support for the British and French had risen and Americans were incensed by Germany's overtures to Mexico and U-boat attacks that sank ships and ended American lives. See how and why the US entered WWI in this article.

The Bretton Woods economic order was built on Keynesian principles

Keynesian economics suggests that governments should actively manage economies to prevent downturns, promote employment, and regulate markets. The Bretton Woods institutions were created based on this belief that coordinated public intervention could prevent the economic crises of the 1930s.

The US has carried debt since 1791

After the Revolutionary War, the US owed $75M to nations like France. Debt builds when spending exceeds revenue, funding programs, wars, and economic recovery efforts. Most debt is domestic, like Social Security bonds, with foreign nations also holding a share.

The Social Security System was created to protect Americans from economic disasters like the Great Depression

President Franklin Delano Roosevelt’s New Deal created new government agencies and programs in the wake of the Great Depression.

The story of the first British royal visit to the US in 1939

Amid pre-World War II diplomatic efforts in June 1939, King George VI and Queen Elizabeth I (not her better-known daughter, Elizabeth II) became the first reigning British monarchs to visit the US—163 years after the colonies declared independence from Great Britain. The five-day meeting began with two formal days in Washington, DC, before concluding at FDR's estate in Hyde Park, where the monarchs reportedly enjoyed hot dogs for the first time.

See a breakdown of how each country contributes to the world's $126T economy.

The US asked Japan to leave China less than two weeks before Pearl Harbor

On Nov. 26, 1941, Secretary of State Cordell Hull issued a note calling on Japan to withdraw from China and Indochina—terms Tokyo saw as impossible. The note confirmed to Japanese leaders that diplomacy had collapsed, accelerating plans for the Pearl Harbor strike (which had been formally approved Nov. 5).

In 2023, the US money supply fell at its fastest rate since the 1930s

The money supply tracks how much cash, as well as electronic funds like savings accounts, is circulating through the economy. And a downward turn can be a bad sign.

Teen depression levels jumped during the pandemic

US government data published in 2025 but gathered from August 2021 through August 2023 indicated that depression prevalence among teens aged 12 to 19 was at 19.2%. It was even higher among females of that age group—26.5%

Some economists argue that the national debt is not a critical concern.

An estimated 91% of all Americans had used a coupon at least once as of 2022

Coupon use accelerated during the Great Depression, when the US unemployment rate reached nearly 25 percent. While coupons were invented in the late 1800s, they became more popular during the Depression as a way to stretch household budgets during the era’s economic hardships. Companies soon began distributing coupons via newspapers and women’s magazines.

British economist John Maynard Keynes originally proposed a global currency called the bancor.

Experts recommend preparing your finances accordingly if you're expecting to be laid off soon, taking actions such as looking into the cost of replacing employer-sponsored benefits like healthcare.

Investment banking giant Lehman Brothers filed for bankruptcy in September 2008 when it had $619B in debt, making it the largest bankruptcy ever in the US

Nearly all of its 26,000 employees immediately lost their jobs. But in London, a few hundred remained tucked away, working for another decade to wind down the bank’s European business.

Read former Fed chair Ben Bernanke's 2002 speech about preventing deflation

Very low inflation rates in the early 2000s in the United States and a worsening recession in Japan sparked some domestic concern over the threat of deflation. While Bernanke wasn't Chair at the time of the speech, he emphasized the Fed's role in preventing deflation.

Before Pearl Harbor, the US was a nonbelligerent ally to the Allied powers

Between September 1940 and December 7, 1941, the United States remained officially neutral—yet President Roosevelt incrementally shifted policy from “cash‑and‑carry” to Lend‑Lease, funneling critical military aid to Britain and other allies without entering the war.