The catastrophic event that occurred in 1929, which severely affected economies worldwide, was the Stock Market Crash, often referred to as the Great Crash. On October 29, known as Black Tuesday, stock prices plummeted, leading to widespread financial panic. Investors lost confidence, leading to massive sell-offs that decimated individual fortunes and bankrupted many businesses. The effects were global, triggering severe economic downturns known as the Great Depression, which lasted throughout the 1930s. It led to skyrocketing unemployment rates, widespread poverty, and significant changes in economic policies and government interventions aimed at economic recovery.