The Great Depression was a period of economic contraction that occurred between 1929 and 1939 all around the world. People experienced tremendous hardship as unemployment, poverty and other socioeconomic issues became widespread. One of the most striking features of the time was the fact that it affected the entire globe—not just one country or region. The term “Great Depression” is used to describe this severe economic downturn and its effects, which included rapid declines in industrial production, increases in unemployment and deflation. This was a period when governments took drastic measures to try and rectify the situation, such as cutting wages and introducing new credit systems, but ultimately nothing could bring the global economy out of its slump until the outbreak of World War II.