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Good afternoon,
today's lecture is the first one of a series of lectures on Great Depression.
We will first talk about the definition of Great Depression
and then its causes.
First,
the Great Depression was a severe worldwide economic depression
in the decade preceding World War II.
The timing of the Great Depression varied across nations,
but in most countries
it started in about 1929
and lasted until the late 1930s or early 1940s.
It was the longest, most widespread and deepest depression of the 20th century,
and is used in the 21st century
as an example of how far the world's economy can decline.
The depression originated in the United States,
triggered by the stock market crash of October 29, 1929 (known as Black Tuesday),
but quickly spread to almost every country in the world.
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