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http://en.wikipedia.org/wiki/Economic_collapse

/* The Great Depression of the 1930s

The decade of the 1930s was the most traumatic case of economic collapse in the Western world in modern times. The US economy made a full recovery in the 1940s when the country became absorbed in the World War II effort. In the USA, this crisis started with the stock market crash in late October 1929. While there were periodic recoveries in share prices, they were short lived and the stock market reached a trough in 1933, when the banking system broke down. By that time, asset prices had collpsed, bank lending halted, economic activity slowed to a trickle and unemployment absorbed a quarter of the work force. While the nadir of the US depression is considered to have been around 1937, a full recovery was only made after World War II. */