The Great Depression was the worst economic downturn in the history of the industrialized world. It began after the stock market crash of October 1929, which wiped out millions of investors and caused widespread panic. The crash triggered a global recession, as banks failed, trade collapsed, and unemployment soared. In the United States, President Herbert Hoover was blamed for his ineffective response to the crisis, and was defeated by Franklin D. Roosevelt in the 1932 election. Roosevelt introduced the New Deal, a series of programs and reforms that aimed to provide relief, recovery, and reform for the nation. The New Deal included public works projects, social security, banking regulations, and agricultural subsidies. However, the New Deal did not end the Great Depression, and the economy remained stagnant until the outbreak of World War II in 1939. The war boosted industrial production and created millions of jobs, effectively ending the Great Depression. The Great Depression had lasting effects on the economic, social, and political landscape of the world. It changed the role of the government in the economy, influenced the development of economic theories, and shaped the culture and arts of the era.
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