The year often marked as the start of the Great Depression is 1929, specifically following the stock market crash in October of that year. This catastrophic event was a significant turning point that triggered an economic downturn characterized by massive unemployment, bank failures, and a plummet in consumer spending. The crash led to a loss of faith in the financial system and resulted in widespread hardship for millions. In the years that followed, the global economy faced severe deflation and economic instability, necessitating an extensive response from governments, including the New Deal in the United States to address the crisis.