Define Great Depression.
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Great Depression, worldwide economic downturn that began in 1929 and lasted until about 1939. It was the longest and most severe depression ever experienced by the industrialized Western world, sparking fundamental changes in economic institutions, macroeconomic policy, and economic theory.
Economists usually attribute the beginning of the Great Depression to the sudden devastating collapse of the US stock market prices on October 29, 1929, known as Black Tuesday. However, a few conflicts have arisen and checked the stock crash as a symptom rather than a cause, which is known as the Great Depression.