Depression: A time of low economic activity, distinguished from a recession by being prolonged and sustained, characterised by continuing falls in output, high and rising unemployment and companies burdened with unsold stocks because demand is low.
What caused the Great Depression?
The ultimate cause of the Great Depression is still the subject of debate by economists. Although the collapse of the New York Stock Exchange determined its timing there were several factors involved:
http://australia.gov.au/about-australia/australian-story/great-depression
What caused the Great Depression?
The ultimate cause of the Great Depression is still the subject of debate by economists. Although the collapse of the New York Stock Exchange determined its timing there were several factors involved:
- A fall in export prices and sales
- A fall in overseas loans leading to a reduction in government capital spending
- A fall in residential construction
http://australia.gov.au/about-australia/australian-story/great-depression