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* Started with collapse of the US stock market in Oct 1929 and lasted until the world war started in 1939. Worst time was winter of 1932-1933; 1932 was worst year)* Ended Republican domination of the government, resulting in landslide victory of Democrat FDR over Republican Hoover in the election of 1932 (Hoover was blamed for it)* Countries raised tariffs to protect their industries. America stopped investing in Europe. Lead to loss of confidence that economies were self-adjusting.* Heavy borrowing by European nations from USA during WW1 contributed to instability in European economies. * Sharp declines in income and production as buying and selling slowed down and there was widespread unemployment

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