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In October 1929 a great economic crisis broke out in the United States as a result of the Wall Street stock market crash in New York. This economic crash caused a drop in the value of the shares of companies that were listed on the stock market and resulted in the bankruptcy of thousands of banks and companies. Since 1925, investment, production and employment have been declining, but gradually and without affecting the belief that the economy was growing.
However, in 1929 the crisis appeared suddenly and in a few months there was a chain bankruptcy that affected most of the American economic system. In the three years that followed 1929 the crisis deepened even more, to the point that a quarter of the workforce was unemployed, almost 50% of the banks had failed and its consequences were spreading throughout the world. The United States did not seem like a place where a crisis of this magnitude was going to originate, on the contrary, it was seen as a safe economy.
In the 1920s the United States had established itself as the first mass consumer society. This means that a very important sector of the population had access to goods such as electricity, radios and other devices, cars, etc. To address the issue, we have summarized the essentials of "UNITED STATES: CRISIS, DEPRESSION AND NEW DEAL", by Elena Scirica.