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The Great Depression had a highly unfavorable effect on farmers, it should be noticed that for U. farmers, the downturn started after World War I and ended only after two decades.
The hardest influence was experienced by the American and European economies. Big enterprises, small companies, farmers, families around the countries suffered from the crisis which caused banking panic, the decline in the consumer demand.
Improper policies of the government led the fall of the output in the United States, while the so-called gold standard, which gave fixed currency exchange rates to almost all countries transmitted downturn from the USA to other countries and made the crises international.
All industries and companies were affected by the crisis.
It is the reason for their mutual work, cooperation with the stock market, they depended on stocks.
The companies lost their capital, savings which allowed them to do business in the country, in fact, it started their bankruptcy, the industrial collapse.
The companies didn’t have any money to save the workforce and had to fire workers, reduce wages, all other costs.
At one moment they were not capable to pay the debts, some of them had loans, the issues that occurred in the economy made them go bankrupt.
As a result, they lost their lost business, all means of subsistence on a large scale. The unemployment rate was rising unquestionably in big industrialized cities, in those areas where people were working in one particular industry.
The unemployment rate rose to 25% in the USA at it was the highest rate during the time of Depression. It means that a quarter of all population didn’t have any means of subsistence even though plants and factories were doing their best to save their workforce.
Losing a job was leading to the inability to buy food and provide other basic needs, unemployed people could not live like this for a long time.