page_title: 1930s
section_title: Economics
hierarchical_section_title: 1930s / Economics
caption_attribution_description: Unemployed men hop train. Canada.
context_page_description: The 1930s was a decade of the Gregorian calendar that began on January 1, 1930, and ended on December 31, 1939.
  The decade was defined by a global economic and political crisis that culminated in the Second World War. It saw the international financial system collapse, beginning with the Wall Street Crash of 1929, the largest stock market crash in American history, and an economic downfall called the Great Depression that had a traumatic effect worldwide, leading to widespread unemployment and poverty, especially in the United States, an economic superpower, and Germany, who had to deal with the reparations regarding World War I. The Dust Bowl in the United States further emphasised the scarcity of wealth. Herbert Hoover worsened the situation with his failed attempt to balance the budget by taxes. Franklin D. Roosevelt was elected, as a response, in 1933, and introduced the New Deal. The founding of the Civilian Conservation Corps and the funding of numerous projects helped restore prosperity in the US.
context_section_description: The Great Depression is considered to have begun with the fall of stock prices on September 4, 1929 and then the stock market crash known as Black Tuesday on October 29, 1929, and lasted through much of the 1930s.
  The entire decade is marked by widespread unemployment and poverty, although deflation (i.e. falling prices) was limited to 1930-32 and 1938-39. Prices fell 7.02% in 1930, 10.06% in 1931, 9.79% in 1932, 1.41% in 1938 and 0.71% in 1939.
  Economic interventionist policies increase in popularity as a result of the Great Depression in both authoritarian and democratic countries. In the Western world, Keynesianism replaces classical economic theory.
  In an effort to reduce unemployment, the United States government created work projects such as the Civilian Conservation Corps (CCC) which was a public work relief program that operated from 1933 to 1942 to maintain National Parks and build roads. Other major U.S. government work projects included Hoover Dam which was constructed between 1931 and 1936.
  Rapid industrialization takes place in the Soviet Union.
  Prohibition in the United States ended in 1933. On December 5, 1933, the ratification of the Twenty-first Amendment repealed the Eighteenth Amendment to the United States Constitution.
  Drought conditions in Oklahoma and Texas caused the Dust Bowl which forced tens of thousands of families to abandon their farms and seek employment elsewhere.
caption: In the United States the significantly high unemployment rate lead many unemployed people to use freight trains in order to seek employment in various cities across the country
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