The Great Depression was a global economic crisis triggered by the 1929 stock market crash. It led to a banking crisis, international trade collapse due to the Smoot-Hawley Tariff, and the gold standard's role in worsening the situation. Recovery efforts varied, with the New Deal in the U.S. and the abandonment of the gold standard in some countries playing key roles.
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The decade of prosperity before the Great Depression, characterized by economic growth and cultural changes
Black Thursday, Black Monday, and Black Tuesday
The catastrophic sell-off in the stock market in October 1929, leading to significant losses and a decline in public confidence
The stock market crash resulted in a banking crisis, loss of confidence in the economy, and a sharp decline in economic activity
The collapse of the stock market led to a banking crisis, causing widespread bank runs and failures, and a contraction in spending and investment
The banking crisis had a global impact, disrupting international trade and investment flows and contributing to a decline in economic activity
In an attempt to protect domestic industries, the United States passed the Smoot-Hawley Tariff Act, which increased tariffs and led to a reduction in international trade
The act resulted in a trade war and exacerbated the global economic downturn, particularly affecting industries dependent on international markets
Countries on the gold standard were forced to maintain high interest rates, leading to deflation and contributing to the severity of the Great Depression
Countries that left the gold standard were able to devalue their currencies and implement expansionary monetary policies, aiding in their economic recovery
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Roaring Twenties economic condition
Decade of prosperity and economic growth in the US before the Great Depression.
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Black Thursday significance
Start of stock market crash in 1929, leading to the Great Depression.
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Impact of stock market crash on investors
Many investors lost fortunes, public confidence in the economy was shaken.
