CBSE Class 9 Answered

The time period between 1929 to 1932 is called the 'years of depression' as many countries suffered from economic slowdown. The Wall Street Exchange crashed in 1929. Fearing further fall in prices of shares, people began to sell their shares. On October 24, 1913, 13 million shares were sold alone. This marked the beginning of the Great Depression. In next three years, the income of USA fell by 50%. The effect in the the US economy were felt worldwide. In many countries, factories were closed down and unemployment increased. The currencies in many countries lost its value and the prices of commodities soared. As a result, poverty increased.