What caused the Great Depression, and what were its consequences?

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Louisville Flood Victims, 1937During the Great Depression, Louisville, Kentucky, was hit by the worst flood in its history. The famous documentary photographer Margaret Bourke-White captured this image of African American flood victims lining up for food. Not only does the billboard message mock the Depression-era conditions, but the smiling white family appears to be driving its car through the line of people, drawing attention to America’s race and class differences. (Margaret Bourke-White/Time-Life Pictures/Getty Images)

LLIKE THE GREAT WAR , the Great Depression must be spelled with capital letters. Beginning in 1929 an exceptionally long and severe economic depression struck the entire world with ever-greater intensity, and recovery was uneven and slow. The social and political consequences of prolonged economic collapse were enormous and were felt worldwide.