What economic crisis severely impacted Europe during the late 1920s and early 1930s? 🔊
The economic crisis that severely impacted Europe during the late 1920s and early 1930s was the Great Depression. Beginning with the stock market crash in 1929, this period of economic downturn led to widespread unemployment, decline in industrial production, and significant distress across multiple sectors. The effects were felt globally, as economies contracted and trade diminished. In Europe, many nations faced social and political upheaval, contributing to the rise of extremist movements. The Great Depression prompted major governmental shifts in economic policy, resulting in programs focused on recovery, which led to the implementation of welfare states and significant socio-economic reforms in various countries.
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