What major economic event happened in 1929?

The major economic event that occurred in 1929 was the onset of the Great Depression. This pivotal moment in U.S. history began with the stock market crash on October 29, known as Black Tuesday, which marked a significant decline in the economy and led to widespread financial turmoil.

The Great Depression was characterized by unprecedented levels of unemployment, bank failures, and severe drops in consumer spending and investment. It continued throughout the 1930s, impacting the daily lives of millions of Americans and reshaping the economic landscape of the country. The societal effects prompted government intervention and reforms, which later led to the New Deal programs in the 1930s aimed at recovery and reform.

In contrast, World War I, which ended in 1918, set the stage for the economic boom of the 1920s but is distinct from the events of 1929. The Roaring Twenties refers to the period of economic prosperity and cultural change in the 1920s that preceded the Great Depression. While significant, the New Deal was a response to the Great Depression and was implemented after the economic decline began, not during the event itself.