Screw Crisis 1929

The sharp fall in the New York Stock Exchange on 24 October 1929 (this day entered the history of Black Thursday) was the beginning of the Great Depression, the largest global economic crisis.

The continued decline in the economy has been most acutely felt by the United States of America.

The value of securities fell by 60 to 70 per cent, business activity declined sharply, and the gold standard for major world currencies was abolished. Over $15 billion had been lost by the end of the month. By the end of 1929, the fall in securities rates had reached a fantastic $40 billion. Companies and factories closed, millions of people became unemployed.

In the first three years of depression, 4,835 banks have been bankrupt. And the panic population of the United States was trying to clean up its savings from the abandoned banks at the earliest opportunity.

President Franklin Roosevelt ' s new course included price management, the initiation of the consolidation of producers into large enterprises, the social programme, the establishment of a minimum wage, a maximum working week, the introduction of pensions for workers aged 65, etc. Public-monopoly economic regulation has gradually normalized the situation in the country.