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

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

The US Great Depression was felt globally, but the severity and length of different countries’ economic downturns varied. For instance, Japan was the first country to exit its depression.

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.

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

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.

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 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.

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.

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.

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.

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

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.

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.

The Concert of Europe's collapse contributed to World War I

The 19th-century great power system gradually unraveled due to rising nationalism, imperial rivalry, and shifting alliances—leading to its collapse in 1914 and the outbreak of the deadliest war the world had yet seen.

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.

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.

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.

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.

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.

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.

Was WWI really the first world war?

Was World War I the first true international conflict? This article thoroughly explores the meaning of the term world war. It also suggests a few previous conflicts, some of which involved battles in the Americas as well as Europe, that might have been more accurately described as a "world wars."

Track how much the US government has spent on bailouts.

World War I brought attention to US reliance on mineral imports

Domestic stockpiles were inadequate for the extended trade disruptions caused by the four-year war. In response, the US Geological Survey increased its geological mapping to help search for important metals alongside new oil fields for fuel.

The treaty that ended the First World War laid the groundwork for the Second.

The New Deal shifted economic and social authority to the federal government

Franklin D. Roosevelt's response to the Great Depression expanded federal power through economic regulation and social welfare programs, permanently reshaping federalism by shifting responsibility for financial security to Washington while leaving states to administer many of these programs.

100 ways the Great War changed the world

What was the point of WWI? What impacts did it have? How has it influenced life today? Click through this Wall Street Journal photo gallery to find out.

World War I causes

World War I was, as the name says, truly war on the global scale. Fought between the French, Russian, British, Austria-Hungary, Ottoman, and Russian Empires, it was in part, a battle for territory. And after the war ended, several of these empires collapsed. Explore the different causes of World War II in this article.

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

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

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How failures at Versailles Conference led to more racial inequality

Suffering a pandemic and the aftermath of a war that killed 50 million, the world in 1920 faced a turning point as it negotiated a new political order. As today, the key issue was racial inequality.

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 1929 stock market crash is a defining example of a financial bubble burst

Fueled by margin speculation and intense optimism, stock prices soared to unsustainable levels before collapsing in late October—erasing billions in market value within days.

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

The 20th-century rise of fascism affected the World Cup

Spain, in the midst of a civil war, did not participate, and Japan, after invading China, pulled out of the competition. An additional six Central and North American teams scratched by the time that year's World Cup began.

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.

See what it was like to live in the United States during World War II

In America, life was transformed by total war: sixteen million service members left civilian life, while massive industrial production demanded labor. Women, minorities, and teens filled factories, fueling boomtown growth and breaking social barriers. Simultaneously, rationing, recycling drives, Victory Gardens, ration stamps, blackout drills, and war bond campaigns permeated daily routines.

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.

The 1997 Asian financial crisis tested the limits of the rules-based order's financial architecture

When a currency crisis hit Thailand, Indonesia, and South Korea, the IMF allocated $118B in emergency loans. However, the attached conditions were widely criticized for worsening the economic downturn and increasing distrust of Western-led institutions across the Global South.

The IMF was created to prevent the currency crises that destabilized the 1930s global economy

Founded in 1945, the IMF monitors exchange rates, promotes financial stability, and provides emergency funding to countries that cannot pay for their imports. It currently has 191 member countries and acts as a lender of last resort for struggling economies.

During the Great Depression, the US government used photography to document rural poverty.

The Bretton Woods conference in 1944 created the foundations of the modern global economy

In July 1944, 44 nations gathered in Bretton Woods, New Hampshire, to create a new postwar economic order. The conference led to the creation of the IMF and the International Bank for Reconstruction and Development—now known as the World Bank.

Illustrating the beginning and end of WWI through maps

In August of 1914, Germany invaded an ostensibly neutral Belgium, kick-starting World War I. The war became one of the deadliest conflicts in human history, decimating Europe and reshaping global politics for the next century. It also brought forward sweeping and terrifying new military technologies, a product of the Industrial Revolution. Explore 40 maps explaining the Great War in detail.

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.

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

The G20 emerged from the 1997 Asian financial crisis as a forum for managing the global economy

Established in 1999 and elevated to a leaders' summit during the 2008 financial crisis, the G20 now unites the world's largest economies to address issues that the Bretton Woods institutions were not designed to manage.

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

In the 1970s, the US experienced a period of stagflation

It was characterized by high inflation, slow economic growth, and high unemployment. The crisis was triggered by a combination of factors, including loose monetary policy that spurred excess demand and spiraling oil prices caused by an OPEC embargo in 1973.

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

How World War I ended in 2010

Germany made its final reparations-related payment for the Great War on Oct. 3, nearly 92 years after the country’s defeat by the Allies. What took Germany so long to pay for the war?

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.

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