15. The Great Depression (1929-1939)
The Great Depression, spanning from 1929 to 1939, was the most severe economic downturn in modern history. It began with the 1929 stock market crash, leading to widespread unemployment, poverty, and a significant decline in industrial production. Unemployment rates peaked at around 25%, and the economy contracted by nearly 30% between 1929 and 1933. The crisis prompted significant government intervention, including the New Deal programs aimed at economic recovery. The effects of the Great Depression were felt worldwide, leading to lasting changes in economic policies and financial systems (britannica.com).
