Moreover, the Great Depression in the United States began at the end of the 1920’s with a backdrop of a flourishing economy. The 1920’s were a remarkable …show more content…
According to Rothbard, “in October the stock market crash made everyone realize that depression has truly arrived” (163). The crash of the stock market was attributed to a series of events that cumulated to what is known as ‘Black Tuesday’. The stock market had soured throughout most of the decade and the more the market improved its performance the more people became eager to invest their money. The market reached its peak in August 1929 and then the prices began to decline. On Thursday, October 24, 1929, panic ensued and about 12 million stocks were traded. On Tuesday, October 29, 1929, further panic led to about 16 million stocks being traded, which lead to the crumbling of prices and the collapse of the stock market. This marked the beginning of about a decade of depression in America (The Library of Congress; The History of the Stock