which circumstances caused the great depression ( 1929 - 32 )
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ɪᴛ ʙᴇɢᴀɴ ᴀғᴛᴇʀ ᴛʜᴇ sᴛᴏᴄᴋ ᴍᴀʀᴋᴇᴛ ᴄʀᴀsʜ ᴏғ ᴏᴄᴛᴏʙᴇʀ , ᴡʜɪᴄʜ sᴇɴᴛ ᴡᴀʟʟ sᴛʀᴇᴇᴛ ɪɴᴛᴏ ᴀ ᴘᴀɴɪᴄ ᴀɴᴅ ᴡɪᴘᴇᴅ ᴏᴜᴛ ᴍɪʟʟɪᴏɴs ᴏғ ɪɴᴠᴇsᴛᴏʀs. ᴏᴠᴇʀ ᴛʜᴇ ɴᴇxᴛ sᴇᴠᴇʀᴀʟ ʏᴇᴀʀs, ᴄᴏɴsᴜᴍᴇʀ sᴘᴇɴᴅɪɴɢ ᴀɴᴅ ɪɴᴠᴇsᴛᴍᴇɴᴛ ᴅʀᴏᴘᴘᴇᴅ, ᴄᴀᴜsɪɴɢ sᴛᴇᴇᴘ ᴅᴇᴄʟɪɴᴇs ɪɴ ɪɴᴅᴜsᴛʀɪᴀʟ ᴏᴜᴛᴘᴜᴛ ᴀɴᴅ ᴇᴍᴘʟᴏʏᴍᴇɴᴛ ᴀs ғᴀɪʟɪɴɢ ᴄᴏᴍᴘᴀɴɪᴇs ʟᴀɪᴅ ᴏғғ ᴡᴏʀᴋᴇʀs.
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It began after the stock market crash of October 1929, which sent Wall Street into a panic and wiped out millions of investors. Over the next several years, consumer spending and investment dropped, causing steep declines in industrial output and employment as failing companies laid off workers.
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