STOCK market in 1929(The Great Depression)🥺🤭😳😲🌝🤬 (BLACK TUESDAY) #stockmarket #history #documentary💰

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The Financial Crisis of the 1930s

The Great Depression was the longest, deepest, and most widespread depression of the 20th century, put into motion after the devastating stock market crash in 1929 in the United States known as Black Tuesday.

-The Great Depression was a global economic depression, the worst by far in the 20th century.
-It began in October 1929 after a decade of massive spending and increased production throughout much of the world after the end of World War I. The American stock market crashed on October 29, which became known as "Black Tuesday."
-The market lost over $30 billion in two days.
-When stocks plummeted on Black Tuesday, the world noticed immediately, creating a ripple effect on the global economy.
-The gold standard was the primary transmission mechanism of the Great Depression, driving down the currency of even nations with no banking crisis.
-The sooner nations got off the gold standard, the sooner they recovered from the depression.
-In many countries, the negative effects of the Great Depression lasted until the beginning of World War II.

Decline in International Trade
Many economists have argued that the sharp decline in international trade after 1930 helped to worsen the Great Depression, and many historians partly blame this on the American Smoot-Hawley Tariff Act (enacted June 17, 1930) for reducing international trade and causing retaliatory tariffs in other countries.

--The Great Depression and international trade are deeply linked, with the decline in the stock markets affecting consumption and production in various countries. This slowed international trade, which in turn exacerbated the depression.
--The situation was made worse by the rise of protectionism throughout the globe, which is the economic policy of restraining trade between countries through methods such as tariffs on imported goods, restrictive quotas, and other government regulations. 
--Protectionist policies protect the producers, businesses, and workers of the import-competing sector in a country from foreign competitors.
--This attitude was put into effect most forcibly by the 1930 Smoot–Hawley Tariff Act, passed by the U.S. Congress.
--The Smoot–Hawley Tariff Act aimed to protect American jobs and farmers from foreign competition by encouraging the purchase of American-made products by increasing the cost of imported goods.
--Other nations increased tariffs on American-made goods in retaliation, reducing international trade and worsening the Depression.

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