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Sameer Patel
Work and keep learni...ย โขย 1y
The Great Depression (1929-1939) The Great Depression (1929-1939) was a severe global economic crisis starting with the U.S. stock market crash on October 29, 1929, known as Black Tuesday. Over-speculation (risky investments) and excessive borrowing (large loans for stocks) led to inflated stock prices. When the market crashed, many couldn't repay their loans, causing widespread bank failures . This crash eroded consumer confidence , reducing spending and investment. The money supply contracted as banks failed, making credit scarce. The Smoot-Hawley Tariff Act (raised U.S. import taxes) worsened global trade, and severe droughts (prolonged dry periods) hit U.S. agriculture. Unemployment soared, and poverty spread. President Franklin D. Roosevelt's New Deal (government programs) aimed to provide relief (aid), recovery (economic revival), and reform (prevent future crises).
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