Question

why was the year 1929 important in history?

Answer 1

In December 1929, under the presidency of Jawaharlal Nehru, the Lahore Congress formalised the demand of ‘Purna Swaraj’ or full independence for India....

Answer 2

The most significant event or development of 1929, and the reason that year continues to be important, was the start of the Great Depression.

On October 28, 1929, the stock market crashed. Thousands of people lost everything. The Great Depression, as it came to be known, had a number of underlying causes, and those causes continue to be highly relevant today. Among the major causes for the market's crash was the extraordinarily high levels of debts sustained by individuals and businesses alike. Banks were providing credit at unrealistic and unsustainable levels, which lead to levels of debt that dragged down the nation's economy. Many people used the loans they took out to invest in stocks, thereby ensuring that markets would be built upon a foundation of debt.