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The Great Depression was an economic slump in North America, Europe, and other industrialized areas of the world that began in Black Tuesday, October 29, 1929, the day the stock market crashed and the official beginning of the Great Depression. It was the longest and most severe depression ever experienced by the industrialized world. The great depression had important consequences in the political sphere, among which was the abandonment of classic economic liberal approaches, which Roosevelt replaced in the U.S. with Keynesian policies, main factor in the implementation of social democracy and planned economies in European countries, and more.
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