Several events contributed to the Great Depression in the United States, which began in 1929. Key factors included the stock market crash of October 1929, which led to significant financial losses and bank failures. Over-speculation in the stock market and a lack of regulatory oversight exacerbated the crisis. Additionally, agricultural overproduction and falling prices led to widespread farm foreclosures, affecting rural economies. The ensuing contraction of consumer spending and investment, coupled with high unemployment rates, created a downward economic spiral. Global trade imbalances and the effects of prior economic policies also played significant roles in deepening the recession.