The economic crisis in 1929 that had worldwide repercussions was the Great Depression, which began with the sudden stock market crash in October. This catastrophic event wiped out millions of investors and triggered a severe contraction in economic activity. Banks failed, unemployment skyrocketed, and international trade plummeted as nations adopted protectionist policies. The depression spread globally, affecting countries relying on American economic ties. The widespread poverty and despair prompted changes in government policies, leading to increased intervention and the establishment of social safety nets, reshaping economies and societies for decades to come.