Which event is widely considered the trigger for the Great Depression?

The stock market crash of 1929 is regarded as the trigger for the Great Depression due to its profound immediate impact on the economy and public confidence. On October 29, 1929, known as Black Tuesday, the U.S. stock market experienced a dramatic decline that erased millions of dollars in wealth, leading to panic selling and a significant loss of investment. This event shattered the optimism of the Roaring Twenties and marked the beginning of a severe economic downturn.

Following the crash, many individuals lost their life savings, which severely reduced consumer spending. This decline in spending further exacerbated the economic situation, leading to a contraction in business activities, increased unemployment, and a sharp fall in international trade. The interconnectedness of the global economy meant that problems in the U.S. quickly spread to other countries, deepening the economic crisis worldwide.

While factors such as international trade collapse, bank failures, and shifts in consumer behavior contributed to the ongoing hardships of the Great Depression, the immediate and powerful shock of the stock market crash is what set the entire sequence of events in motion, making it the pivotal event that is widely accepted as the trigger.