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October 29, 1929 - Stock Market Crash (Black Tuesday)

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October 29, 1929 - Stock Market Crash (Black Tuesday)

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The Wall Street stock market crashes, marking the beginning of the Great Depression. Stock prices collapse, leading to panic selling and widespread economic turmoil.

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The United States passes the Smoot-Hawley Tariff Act, raising tariffs on imported goods. This triggers retaliatory tariffs from other countries, leading to a decline in international trade and worsening the global economic downturn.

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Bank failures spread across Europe, starting with Austria’s Creditanstalt bank collapse. This financial instability amplifies the economic crisis, causing widespread unemployment and social unrest.

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Unemployment rates soar globally, reaching unprecedented levels. Millions of people lose their jobs, leading to poverty, homelessness, and social unrest in many countries.

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President Franklin D. Roosevelt introduces the New Deal, a series of economic programs aimed at providing relief, recovery, and reform during the Great Depression. These programs include public works projects, financial reforms, and social welfare initiatives.

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The economic crisis fuels the rise of totalitarian regimes in Europe, including Adolf Hitler’s Nazi Party in Germany and Benito Mussolini’s Fascist Party in Italy. These regimes promise stability and economic recovery, but also promote militarism and nationalism, laying the groundwork for World War II.

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The Spanish Civil War erupts, pitting the Republican government against nationalist rebels led by General Francisco Franco. The conflict becomes a proxy war between fascist and anti-fascist forces, foreshadowing the larger ideological conflicts of World War II.

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European powers sign the Munich Agreement, allowing Nazi Germany to annex the Sudetenland region of Czechoslovakia. This appeasement policy fails to prevent further aggression by Hitler and emboldens his expansionist ambitions, leading to the outbreak of World War II the following year.