a) 1929

The Great Depression, one of the most severe economic downturns in history, began in the United States in 1929. This period was marked by the stock market crash of October 1929, which led to a dramatic decline in consumer spending and investment. The ensuing economic collapse saw widespread unemployment, bank failures, and deflation. The Great Depression had profound social, economic, and political impacts, both in the U.S. and globally. It led to significant changes in economic theory and policy, particularly the role of government in the economy, and was a key factor in the development of the New Deal policies under President Franklin D. Roosevelt.