What term describes the prolonged economic downturn that began in 1929 and persisted until World War II?

The term that describes the prolonged economic downturn that began in 1929 and persisted until World War II is the Great Depression. This period was characterized by widespread unemployment, significant declines in industrial production, and severe contraction in economic activity across numerous countries. It had profound and far-reaching effects on societies, economies, and political landscapes globally.

The Great Depression was marked by the stock market crash of 1929, which initiated a cascade of economic failures including bank closures and defaults, dramatic declines in consumer spending, and global trade disruptions. Understanding this terminology is essential as it encompasses the severity and lasting nature of the economic challenges faced during that time, differentiating it from a standard recession, which is typically shorter and less severe, or terms like economic stagnation and market collapse, which do not capture the full scope and international impact of this specific historical event.