The economic impact of the Great Depression on world economies was profound and devastating. Starting in 1929, the Great Depression led to massive unemployment, a collapse of industrial production, and severe deflation. Countries around the globe faced financial crises, leading to widespread bank failures and poverty. Nations responded with varying degrees of government intervention, ultimately laying the groundwork for modern welfare states. The economic hardship and desperation also contributed to social unrest and political changes, influencing the rise of totalitarian regimes in some regions. Recovery took years, fundamentally shifting global economic policies and practices.