What economic crisis occurred in the United States in 1929?

The Great Depression began in the United States in 1929 following the stock market crash that occurred in October of that year. This economic downturn was marked by a significant decline in industrial production, widespread unemployment, and a steep drop in consumer spending and investment. The crisis was rooted in various factors, including over-speculation in the stock market, high levels of debt, and a fragile banking system.

The stock market crash of 1929 was a catalyst for the Great Depression, leading to a ripple effect across the economy. Banks failed, businesses closed, and millions of people lost their jobs and savings. As a result, the Great Depression lasted throughout the 1930s, profoundly affecting American society and altering the role of government in the economy.

In contrast, the Panic of 1837 was a different economic crisis related to land speculation and bank failures, while the Dust Bowl was primarily an environmental disaster in the 1930s that exacerbated the economic conditions of the Great Depression. The Recession of 1973, arising from the oil crisis and economic stagflation, occurred many decades later and is not connected to the events of 1929.