Glossary: Great Depression
DEFINITION:
The 1929-34 economic slump in North America and other industrialized areas of the world. It was precipitated by the collapse of the United States stock market in October 1929. The term ""depression"" denotes, in its economic sense, a cyclical phase of the economy with high unemployment of labor and capital, business and consumer pessimism, accumulated inventories, minimal investment, and, in some sectors, falling prices.