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During the Great Depression, the unemployed queued for food in breadlines. [Visual Studies Workshop/Getty Images]

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Imagine this , you woke up in an Economy where food , employment , clothing or simply any other necessities humans need are just so scarce... you tend to struggle as well. You go outside seeing poverty happening everywhere , things are unbelievably expensive , employments are almost impossible yet even if you did get one , you're not going to be paid much either.

Children , Parents , Elders... struggling to make ends meet.

This... is The Great Depression. Remarking the greatest decline in our Global Economy ever known.

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The Great Depression , a worldwide economic decline that began in 1929 and lasted until around late 1939. It was considered the longest and most severe depression ever happened mainly in Industrialized Western world where several new changes for Economic Institutions , Macroeconomic Policies as well as Economic Theories have to be made.

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Times were good in the roaring 20s. [ILLUSTRATION: Everett Collection]

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After the ending of the First World War , United States of America had a period where industrial growth and social development rising , this was also known as the "Roaring Twenties". Everyone were so happy about it that they had so much money to the point they are interested to invest in speculations (Purchasing of an asset to grow it's value) and the stock market.

But as we all might not know already , when majority of people in a society become too happy and mindlessly spend on things expecting something in return... Things won't end well.

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Crowds outside the Bank of United States in New York after its failure in 1931 [World Telegram staff photographer - Library of Congress. New York World-Telegram & Sun Collection]

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As more people mindlessly spend such wealth into these "Investments" without any further knowledge about it , 'Buy' shares sky-rocketed the charts which in the end causes the market to crash.

These market crashes worsened after the three following days which started from 24 October 1929 , Black Thursday with a market crash at 11% , followed by Black Monday with an additional market crash at 12% more , then finally reaching it's peak market crash on a Black Tuesday with another 11% drop.

Thousands of investors are wiped out , Billions of dollars are lost and most of the stocks could not be sold at any given price.

Actions to stabilize the market often failed. Despite recovering 12% of the market on a Wednesday , efforts are merely ineffective since significant damages had been done.

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Even though the market has made efforts and made it into a recovery period from 14 November until 17 April 1930 , the situation generally remains a prolonged slump instead.

From September 1929 to 8 July 1932 , the market lost 85% of it's market value.

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Crowds of people gather outside the New York Stock Exchange following the crash of 1929. [Library of Congress]

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Despite such market crash , the disaster of the following crisis didn't actually reverberate around the world until it was after 1929. Beyond that , it gradually worsens up to the point around December 1930 , this is where the crisis starts to hit panic levels again where a private bank run on the Bank of United States failed to pay out all of its creditors.

Among all the 608 banks that closed down during the crisis , the Bank of United States is accountable for a third of the total $550 million deposits lost , with its closure , banks that fail reached a critical mass.

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The Depression in an international perspective.

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The Great Depression didn't only take place in the United States of America alone , considering the fact that the United States is one of the largest economy , it's fall will surely affect other countries that associate with their market. This can be seen through the Gold Standard.

Many major currency start to leave the gold standard when The Great Depression took place. United Kingdom was the first one to do so. Japan and Scandinavian countries (Denmark , Norway & Sweden) followed through this trend in 1931 as well.

Although , countries like Italy and the United States remained on the Gold Standard regardless.

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According to further analysis , the earliness which a country left the gold standard for example United Kingdom and Scandinavian countries could reliably predict their economic recovery. Due to them leaving the gold standard early in 1931 , they actually recovered faster than France and Belgium which hold onto the following standard much longer.

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The overall course of the Depression in the United States, as reflected in per-capita GDP (average income per person) shown in constant year 2000 dollars, plus some of the key events of the period. Dotted red line = long-term trend 1920–1970.

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In the United States as well as other countries in the world , the recovery from The Great Depression start to take place in 1933. For the United States , it began in the early 1933 but the United States did not return to it's 1929 Gross National Product (GNP) for over a decade while also still having an unemployment rate of 15% in 1940 , thought it was quite higher in 1933 with 25% unemployment rate.

Economists had a common view that Roosevelt's New Deal policy either caused or accelerated the recovery , even so , his policies were never aggressive enough to pull the economy out of recession.

Some economists also came to the attention of the positive effects from reflation (a fiscal or monetary policy designed to expand output) and rising nominal interests that Roosevelt has warned about.

Despite such efforts during his presidency , John Maynard Kaynes did not think that he single-handedly ended The Great Depression because it seemed politically impossible to him for a capitalistic democracy.

Instead , According to Christina Romer , the money supply growth caused by huge international gold inflows played a big role in the United States recovery from the Depression. The recovery was attributed to monetary factors (circulation of money within an economy) according to a book written by Milton Friedman and Anna J. Schwartz , "A Monetary History of the United States".

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The Great Depression was one of the largest economic decline in history that was generally influenced by the nature of greed in humans believing that money could just be invested without a specific knowledge.

The Depression had also caused other economies in different countries worldwide to be affected as well since most of their market lies in the United States market.

Desperate measures were taken to ensure a way to escape the crisis such as leaving markets in order for predictions in recovery to be more reliable.

The United States on the other hand , started to recover when Roosevelt Years start to take place , with Franklin D. Roosevelt's being in the office , his policies slowly worked their way out to regain economic growth , being free from The Great Depression.

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I personally think that this economic history was quite interesting and has more depth to it. The Great Depression definitely more than just the following points I mentioned.

It is truly fascinating to see how human actions especially as a whole society , influenced with greed , can significantly destroy a whole economy!

And lastly , it amazed me how they still managed to regain control and recover from such tragedies , thanks to economists who worked hard understanding market trends.

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The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty, drastic reductions in industrial production and international trade, and widespread bank and business failures around the world. The economic contagion began in 1929 in the United States, the largest economy in the world, with the devastating Wall Street stock market crash of October 1929 often considered the beginning of the Depression. Among the countries with the most unemployed were the U.S., the United Kingdom, and Germany.