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Great Depression of the 1930’s The Great Depression of the 1930’s was a worldwide phenomenon composed an infinite number of separate but related events. The Great Depression was a time of poverty and despair caused by many different events. There were a variety of things wrong with the economy going into 1929, and they had been deteriorating throughout the decade. Over 25% of the work force was unemployed. Over half of the population was living in poverty. On October 24, 1929 the stock market crashed which led to Black Thursday. The events that triggered a worldwide depression that led to deflation and a great increase in unemployment. America was able to withstand the war because of the New De