Why was October 29, 1929, known as Black Tuesday?
1 Answer
This is when the Wall Street crash occurred
Explanation:
On Oct, 29 1929, the stock market crashed in Wall Street and this was the end of a ten-year long period of prosperity known as the "Roaring Twenties" during which the standards of living had risen and economic growth had been high. In three years national wealth halved and it took almost almost ten years to recover its 1929 level.
There is still some controversy about what really caused this crash, some blame the lack of redistribution in American society which led to overproduction, others use monetary arguments by claiming that the Federal Reserve is responsible for the crisis by boosting the economy artificially with massive credit in the early 1920s. The different schools of economics have their own interpretation.
The years 1930s became known as the "Great Depression" and remains one of the greatest traumatic period in all US History, some associate its end with the Second World War but the reality is that the emergence of consumer society after WWII is what put a definite end to it. Nevertheless this crisis put a definitive end to laissez faire economics since FDR became president in 1933 and through his ""New Deal" program introduced a tremendous amount of government intervention.
