The Great Depression, which began on October 29, 1929, had profound and devastating consequences for the world economy. It started with the stock market crash of 1929, known as Black Tuesday, when the Dow Jones Industrial Average lost about 25% of its value.
This collapse had ripple effects throughout the global financial system, shaking investor confidence and leading to massive losses for those who had invested heavily in the stock market.
The financial crisis of the Great Depression snowballed into a full-blown economic disaster.
Bank failures followed the stock market crash, as panicked depositors rushed to withdraw their savings.
The widespread loss of trust in the banking system led to the closure of numerous banks, eroding the savings of countless people.
In many countries, individuals who had once been comfortable were now facing unemployment, bankruptcy, and homelessness.
