The UK was already in a depression before the US Great Depression took hold

The Great Depression was an international depression felt far beyond the US

Many countries suffered through a depression in the 1930s that the First World War, the US stock market crash, and an economic downturn in Germany turned into an international crisis.

The US unemployment rate soared to over 24% during the Great Depression

The Great Depression was a devastating and prolonged economic recession that followed the crash of the US stock market in 1929.

The Great Depression is one of history's most notable periods of deflation

The stock market crash of 1929 helped trigger a period of deflation in the United States by creating a drastic decrease in the total money supply. Because of the United States' central role in the world economy, virtually every single country was impacted by the recession.

Markets have always recovered and hit new highs following crashes

The crash that preceded the Great Depression was the most severe the US has ever experienced. It was 28 times worse than the downturn that followed the Cuban Missile Crisis.

The US has been through 34 recessions since 1854

From 1855 to 2020, the average US recession lasted for an average of 17 months. But in the 20th and 21st centuries, the average recession length has shortened, decreasing to 14 months.

One signal that a recession has become a depression? When GDP declines more than 10%

There’s no single definition for recessions or depressions, but both are marked by sustained periods of declining economic activity. Depressions are more severe than recessions.

Central banking in the US has had a fraught political history

That history includes its doomed early efforts in the First and Second National Banks, as well as its failure to address the worst financial period in US history, the Great Depression.

The Smoot-Hawley Tariff Act is among the most famous pieces of economic legislation in the US

In a desperate move to save the economy from the deepening global depression, the US placed tariffs on thousands of goods from abroad. This approach backfired, as many of America’s trade partners took retaliatory measures.

How the Great Depression still shapes the way Americans eat

From fortified foods to nutrition labels, the legacy of an early financial crisis lives on in kitchens across the United States. Ethnic foods with their (supposedly) hunger-triggering spices were vilified and considered “stimulants” along the lines of caffeine and so, in their stead came prune puddings, canned-meat stews, and dairy-heavy vegetable casseroles featuring America’s first fortified foods. Read more here.

Between 2016 and 2023, PE spent more than $200B buying British companies

Between the COVID-19 pandemic and the United Kingdom's official departure from the European Union, the UK's economy struggled to recover. This economic strife led to British companies receiving steadily lower valuations than American companies, prompting a huge increase in PE investment. However, interest rates began increasing in 2022, putting pressure on the numerous leveraged buyout deals that took place between 2020 and 2021.

Many years ago, the US dollar became the world's primary reserve currency

In 1944, 44 nations gathered in Bretton Woods, New Hampshire, to rebuild the global economy. The result? The US dollar became the world’s reserve currency, backed by gold.

John Maynard Keynes was one of the most influential economists of the 20th century

Keynes influenced economic thought by arguing that governments should spend to stabilize economies during downturns. His ideas shaped the postwar international order and remain central to modern economic policy debates.

How the US entered WWI in 1917

Originally taking a position of neutrality during the course of World War I, the United States of America eventually relented. Entering the war in 1917, support for the British and French had risen and Americans were incensed by Germany's overtures to Mexico and U-boat attacks that sank ships and ended American lives. See how and why the US entered WWI in this article.

The story of the first British royal visit to the US in 1939

Amid pre-World War II diplomatic efforts in June 1939, King George VI and Queen Elizabeth I (not her better-known daughter, Elizabeth II) became the first reigning British monarchs to visit the US—163 years after the colonies declared independence from Great Britain. The five-day meeting began with two formal days in Washington, DC, before concluding at FDR's estate in Hyde Park, where the monarchs reportedly enjoyed hot dogs for the first time.

The US asked Japan to leave China less than two weeks before Pearl Harbor

On Nov. 26, 1941, Secretary of State Cordell Hull issued a note calling on Japan to withdraw from China and Indochina—terms Tokyo saw as impossible. The note confirmed to Japanese leaders that diplomacy had collapsed, accelerating plans for the Pearl Harbor strike (which had been formally approved Nov. 5).

Japan has one of the largest debt-to-GDP ratios among developed countries

On the face of it, this appears to be a bad sign. But a closer look at Japan’s investment strategies reveals that its relatively high debt might be more sustainable than meets the eye.

Investment banking giant Lehman Brothers filed for bankruptcy in September 2008 when it had $619B in debt, making it the largest bankruptcy ever in the US

Nearly all of its 26,000 employees immediately lost their jobs. But in London, a few hundred remained tucked away, working for another decade to wind down the bank’s European business.

Read former Fed chair Ben Bernanke's 2002 speech about preventing deflation

Very low inflation rates in the early 2000s in the United States and a worsening recession in Japan sparked some domestic concern over the threat of deflation. While Bernanke wasn't Chair at the time of the speech, he emphasized the Fed's role in preventing deflation.

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

US state economies compared to entire countries

This map compares US state economies by their gross domestic product to that of a similarly sized country. For instance, California has the largest state economy in the US, with a GDP nearly equal to that of India, the fifth-largest economy in the world. Click here to see how the rest of the states compare.

Andrew Jackson was the first and only president to eliminate the national debt

After Jackson slashed spending and began selling federal land, the government was accumulating more money than it was spending. The situation was unprecedented, but it didn’t last. Too much money was being printed and land prices rose to unsustainable levels. Within a year, the economy tumbled into a depression.

The first US stock exchange dates back to the 1790s in Philadelphia

Only two years after that stock exchange in Philadelphia started, the largest stock exchange in the US to date was created: the New York Stock Exchange.

Both British and American pop art took inspiration from US culture

Pop art emerged in the mid-1950s in Britain and the late 1950s in America. American pop art focused on representational art and was directly inspired by living within American popular culture, using hard edges and distinct forms. Its British sibling, on the other hand, took a more academic approach, viewing American culture from a distance and employing irony and parody.

Student debt has a widespread economic impact

Student debt is no different than the big rent or car payment that comes out of someone’s paycheck every month: Its presence affects that household’s purchasing power. Multiply that household by the 43 million Americans who had outstanding federal loan debt in September 2023, and student debt’s impact becomes considerable.

1 in 10 US adults are taking medication for depression

A US government report indicates that about 10% of US adults took prescription medication for this disorder in 2023. Women, at 15.3%, were more than twice as likely to take one of these medications than the 7.4% of men.

Roughly 43 million US borrowers owe roughly $1.7T in student debt, the second-largest source of consumer debt behind mortgages.

The Beatles' US label rejected the band's first two singles, 'Please Please Me' and 'From Me to You,' with one executive calling the band 'dead in the water.'

Collaterized by crypto, BitUSD is considered the first stablecoin

It was created in 2014 with the intention of making cryptocurrency less volatile. While BitUSD lost its peg to the US dollar in 2018 and never recovered, Tether was created soon after it in 2014 and has had more longevity and success.

While the first exchange-traded fund (a 'basket' of different assets that can be bought and sold on a stock exchange) in the US only launched in 1993, the global ETF market has grown to more than $10T in the short time since.

The United States is one of only around two dozen countries with a fully federal system of government, in which power is divided between national and state governments.

'Shogun,' a 1980s TV series, helped popularize sushi in the US by stimulating an American interest in Japanese culture.

The United States has had a tumultuous relationship with Cuba since its 1959 revolution, highlighted by a nuclear crisis and a decades-long trade embargo.

See a ranking of the best (and worst) Federal Reserve Chairs since 1914 out of the 16 men and women who have held the office since.

View the ten deadliest tornadoes in US history.

Volcanic activity may have triggered the Black Death by spewing gases that led to crop failures in Europe, thus forcing the import of grain ships with plague-infested fleas.

In 2026, Finland was named the world's happiest country for the ninth consecutive year based on its wealth, social safety network, and high life expectancy, among other factors.

Mark Twain spent decades feuding with the US Postal Service, convinced its costs and regulations were bureaucratic overreach.

The US first hosted the World Cup in 1994, a tournament that lives in soccer infamy for its poor planning and the murder of Colombian player Andres Escobar, who'd accidentally scored on his own net.

About 12.5% of US adults experience a phobia in their lifetime, a diagnosis that hinges on the intense fear interfering with daily life and persisting for at least six months.

The first image of a black hole was captured by creating an Earth-sized virtual observatory from a network of eight radio telescopes.

Dorothy's famous entrance into Oz in 'The Wizard of Oz' relied on analog tricks, including a body double and sepia-toned paint, as much as it did on technology

The Russia-Ukraine conflict is the largest ground war in Europe since World War II in casualties, forces mobilized, and displacement of civilians.

A researcher recently discovered an interview from 1967 between groundbreaking journalist Joan Didion and the Grateful Dead, years before the band became an institution.

The word 'jazz' evolved from 'jasm,' 19th-century American slang for 'energy'

Trace how the Bill of Rights, inspired by centuries of political theory, took shape between 1774 and 1789.

While El Niño moves warm Pacific Ocean waters east along the equator, La Niña moves them west, shifting where rainfall will become more common for months.

For centuries, it was common to sleep in two shifts: a few hours at the beginning of the night, and a longer period beginning around midnight

Before humans, the Soviet Union and the United States sent animals—including apes, dogs, and cats—to space during the Space Race.

Existentialist writer Jean-Paul Sartre coined the famous phrase 'Hell is—other people' in his play 'No Exit'

Explore the history, structure, and species of Australia's Great Barrier Reef with this interactive journey narrated by Sir David Attenborough.