The major financial crisis that occurred in 1929 was the Great Depression. Triggered by the stock market crash in October, this economic downturn led to widespread unemployment, bank failures, and business closures. The crash was preceded by a decade of economic growth, speculation, and overvaluation of stocks. As confidence plummeted, consumer spending and investment retreated, resulting in a significant contraction of the economy. The ramifications were global, leading to severe hardships and contributing to political changes in many countries. The Great Depression reshaped economic policies and established social safety nets, profoundly impacting generations.