On this day, 24th October: The Great Depression - 1929

The Stock Market Crash of 1929, which began on October 24 (Black Thursday), marked the onset of the Great Depression, one of the darkest periods in global economic history. On this day, a massive sell-off on the New York Stock Exchange caused stock prices to plummet, with around 13 million shares traded—a record at the time. The panic continued into Black Monday (October 28) and Black Tuesday (October 29), resulting in devastating losses. Banks failed, businesses collapsed, and unemployment skyrocketed, plunging the world into a decade-long economic depression.

The crash didn't happen in isolation—it was the result of a combination of speculative investments, excessive use of credit, and economic weaknesses in the U.S. and worldwide. The lack of financial regulation and overvaluation of stocks created a fragile bubble that burst spectacularly, shaking investor confidence.

In the aftermath, millions of people lost their savings, jobs, and homes. Industrial production plummeted, and international trade suffered. The Great Depression led to profound political, social, and economic changes, particularly in the United States, where it prompted President Franklin D. Roosevelt to launch the New Deal, a series of government programs aimed at economic recovery.

The crash had global repercussions, worsening economic conditions in Europe and leading to political instability in several countries. The depression lasted throughout most of the 1930s and is often cited as a contributing factor to the rise of extremism and the lead-up to World War II.