Explain the causes of the Great Depression.

The main causes of the Great Depression were as follows:
(i) Agricultural over-production: As the agricultural prices were failing and there was decline in agricultural income, the farmers tried to increase their income by more production. However, this resulted in further fall in prices. Farm products rotted in the market for lack of buyers. This created more hardships of the farmers.
(ii) Financial dependence of many countries on US and crisis: Many countries of the world were dependent on US. They had taken loans from that country. It was easy to raise loans in US if everything was fine.
(iii) By the year 1929 US overseas lenders panicked at the first sign of trouble. They stopped loans to the European countries thus halting ai1 production there.
(iv) The financial problems such as failure of banks, collapse of currencies (the British pound-sterling), slump in agricultural and raw material prices. The US government doubled import duties to protect its economy and it proved to be another severe blow to world trade.

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