The Great Depression
On 24 October 1929- 'Black Thursday'- the onset of the greatest stock market crash in U.S. history heralded a 10-year worldwide economic depression.
The protracted slide of the U.S. stock market lasted from 'Black Thursday' to 8 July 1932, with the Dow Jones Industrial Index plummeting from 305.85 to 41.22.
Prior to 'Black Thursday,' most Americans believed that they lived in an era of unprecedented prosperity amid a booming economy. This set the stage for stock market speculators to inflate stock prices to euphoric heights before the bubble burst.
The effects of the Great Depression reverberated throughout the world as the advent of the industrial revolution in the 18th century increased the economic interconnection among countries through widespread trading of manufactured goods. At its worst, international trade fell by an alarming 60% from levels prior to this massive economic downturn.
The unemployment rate in the U.S. hit a staggering 25 percent at the trough of the Great Depression, and the American economy only began to recover in the first half of 1933. The economies of some countries only began to commence recovery in 1938.
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