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Wall Street Crash, 1929
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Wall Street Crash, 1929
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, over US$30 billion disappeared from the US economy. The greatest financial crisis in US history, the collapse of the stock market ended a period of prosperity and ushered in the Great Depression.', copy:'(Image © Getty Images)'});)
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Panic selling on the New York Stock Exchange following an artificial boom from 1927 to 1929 fed by speculation. On 24 October 1929, 13 million shares changed hands, with further heavy selling on 28 October and the disposal of 16 million shares on 29 October. Many shareholders were ruined, banks and businesses failed, and unemployment rose to approximately 17 million during the Great Depression that followed.
The repercussions of the crash, experienced throughout the USA, were also felt in Europe, worsened by the reduction of US loans. A world economic crisis followed, bringing an era of depression and unemployment.
© Research Machines plc 2008. All rights reserved. Helicon Publishing is a division of Research Machines plc.
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