At the worst depths of the great depression, approximately 25% of workers were unemployed.
What was the great depression?
It referred to the economic downturn that began in 1929 and lasted until about 1939, which was the longest and most severe depression ever experienced by the industrialized Western world. It sparked a fundamental changes in economic institutions, macroeconomic policy, and economic theory.
The Great Depression caused a drastic declines in output, severe unemployment, and acute deflation in almost every country of the world. Its social and cultural effects were no less staggering, especially in the United States and represented the harshest adversity faced by Americans since the Civil War.
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