The Great Depression of 1929 was a world wide economic depression that lasted, for 10 years. It began on "Black Thursday" October 24,1929 , when the traders sold 12.9 million of shares of stock in one day. It was triple of the usual amount garnered over the next four days. The stock prices fell 23 percent due to the effects of the Great depression. It can be explained as -
(i) The Great Depression of 1929 devasted the US economy. Half of the banks failed.
(ii) Employment rose up to 25 per cent and homelessness increased.

(iii) Global trade collapsed by 60 per cent.
(iv) Prices fell by 10 per cent per year.
(v) It took 25 years of the stock market to recover, economy shrank 50 percent in the first five years of depression.
OR
Cotton factories became an intimate part of the English landscape in the early 19 th century. In 19 th century, a series of inventions took place and it increased the efficiency of production at every step of the production process, especially in the field of cotton textiles.
The production of cotton involves many steps like (1) Carding, (2) Twisting, (3) Spinning, (4) Milling etc.
(i) Due to industrialisation, production output per worker increased and also the quality of thread and yarn improved.
(ii) Cotton mills were created by the Richard Arkwright. It increased the cloth production all over the world.
(iii) New machines were purchased by the factory owners and they setup these machines under one roof. The process became more centralised and was managed well.
(iv) Careful supervision was more needed then in the field of quality, regulation of labour etc.
(v) In the early 19th century, new mills and factories with advanced technology became visible.