What was the main cause of the economic crisis in 1929? 🔊
The main cause of the economic crisis in 1929, known as the Great Depression, was the stock market crash that occurred on October 29, 1929, known as Black Tuesday. The speculative bubble in the stock market had been building for years, with rampant buying on margin and unsustainable investments driving prices to unrealistic heights. When confidence faltered, panic selling ensued, leading to a collapse in stock prices. This crash severely undermined consumer and business confidence, resulting in plummeting demand, massive unemployment, and widespread bankruptcies. It marked the beginning of a decade-long economic downturn that affected economies worldwide.
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