The Great Depression had a profound impact on global economies, beginning in 1929 and lasting through the late 1930s. It caused widespread unemployment, poverty, and deflation, severely affecting economic growth and trade worldwide. Industrial output plummeted, and many banks failed, leading to a loss of savings and capital. Countries responded with protective measures, such as tariffs, which further exacerbated international economic downturns. The Depression prompted significant governmental interventions, including Franklin D. Roosevelt's New Deal in the U.S., aiming to revive the economy. This global economic crisis underscored the interconnectedness of national economies and led to changes in economic policy and theory.