1. The Great Depression (1929)
The Great Depression stands as one of the most devastating economic downturns in modern history. Originating in the United States after the stock market crash of October 1929, this economic disaster quickly spread across the globe. The resultant financial chaos led to the collapse of banks, mass unemployment, and severe deflation. With industrial production plummeting and international trade grinding to a halt, countless families were plunged into poverty. The far-reaching impacts of this depression reshaped economic policies and prompted significant reforms to prevent future economic calamities of such magnitude.
