oct 29, 1929 - The Stock Market Crash of 1929

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Also known as the Wall Street Crash of 1929, stock market prices fell drastically in the United States, leading to a global stock market crash. The crash had both nationwide and international consequences – unemployment in the United States reached a whopping 25% by 1933 (compared to only 3.2% in the Roaring Twenties) and international trade dropped by over 50%. In addition, personal income also decreased significantly, leading to a plummet in consumerism and tax revenue. The crash had a long-lasting impact: the stock market only retained 10% of its original value between the years 1929 - 1932 – and did not recover for 25 years. In contrast to previously glorified individual rights and freedoms, the stock market crash suggested that some government intervention in the economy was necessary, causing a shift to the left side of the economic spectrum from where limited government involvement was preferred on the right wing perspective.

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