The Big Crash: After the extravagance and excesses of the Roaring Twenties, the American stock market - up fivefold in five years - was getting shaky on speculative fears.
Black Thursday came on October 24, 1929, when the stock market began to drop for real after a month of volatility. The market fell 40% betwen September 1 and October 31 and was down by 90% by July 1932.
Widespread misery and unemployment followed, with a quarter of the American workforce out of a job by 1933. The world was plunged into a global depression which lasted 12 years until World War II.
Recovery: War was declared in 1941, and the preparations helped bring the economy back on track.
Why it's Important: The worst depression the world has ever seen, the Great Depression, is still used as a benchmark for how far the economy can fall.
Black Thursday came on October 24, 1929, when the stock market began to drop for real after a month of volatility. The market fell 40% betwen September 1 and October 31 and was down by 90% by July 1932.
Widespread misery and unemployment followed, with a quarter of the American workforce out of a job by 1933. The world was plunged into a global depression which lasted 12 years until World War II.
Recovery: War was declared in 1941, and the preparations helped bring the economy back on track.
Why it's Important: The worst depression the world has ever seen, the Great Depression, is still used as a benchmark for how far the economy can fall.
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