What major event in the United States started the "Great Depression" of 1929?
Have you ever heard of Black Tuesday? It was the Wall Street Crash happened on the 29th of October, 1929. Everything began on the 24th of October, 1929 and finally resulted in the most destructive stock market crash in the history of the US.
That's how the Great Depression, the deepest and longest-lasting economic downturn in the history of the Western industrialized world began. The market crash of the 24th of October sent Wall Street into a panic and wiped out millions of investors. Over the next several years, consumer spending and investment dropped, causing steep declines in industrial output and rising levels of unemployment as failing companies laid off workers.
The timing of the Great Depression is different for every Western country involved. However, for most of the nations it lasted for about a decade. Both rich and poor population experienced a lot of differences during that period.
The Great Depression was a good lesson for the world's economy. It's still remembered and often referred to as a great example of a large economic disaster.