Ghosts of the Great Depression.
The Great Depression took place from 1929 to 1940. It was a dramatic, worldwide economic downturn associated with the stock market crash on October 29, 1929, known as Black Tuesday. By the end of October, the total value of stocks listed on the New York Exchange had declined by 37%. That, it turned out, was only the beginning. By the time the bottom was finally reached in March, 1933, stocks had declined in price by more than 80%. By 1932 commodity prices had fallen by 30 to 40%. World manufacuring production was down by 30 to 50%. World trade declined by two thirds. The International Labor Office in 1933 said that approximately 33 million persons were out of work. 9,000 banks went out of business and 9 million savings accounts were wiped out. 86,00 businesses failed, and wages were decreased by an average of 60%.
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Contact - Thierry Tinacci - LightMediation Photo Agency - +33 (0)6 61 80 57 21 thierry[AT]lightmediation.com
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