The major economic event that began with the Wall Street Crash of 1929 was the Great Depression, a severe worldwide economic downturn. The crash, which occurred in late October 1929, marked the beginning of a decade-long period of economic hardship characterized by widespread unemployment, bank failures, and deflation. The stock market crash undermined consumer confidence and led to significant declines in industrial output. Consequently, governments worldwide implemented various economic policies to stabilize their economies, although recovery was slow and arduous. The Great Depression had profound impacts, shaping economic thought and policies for generations to come.