The Great Depression was a severe economic crisis that began in 1929, following the stock market crash on October 29, known as Black Tuesday.

This catastrophic event led to a dramatic decline in consumer spending, massive unemployment, and widespread bank failures. The effects were felt globally, as economies collapsed and trade diminished. Many families lost their savings and homes, leading to widespread poverty and despair. The Great Depression prompted significant government intervention, including President Franklin D. Roosevelt's New Deal programs, aimed at economic recovery, job creation, and social welfare, fundamentally reshaping the role of government in the economy.