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The Smoot-Hawley Tariff Act passed in June 1930. The act interrupted trade and created an environment of high unemployment (reaching its peak at 25% in 1933). After the crash in October 1929, unemployment peaked at about 9% and returned to about 6% before the tariffs were implemented. While the Stock Market crash was significant, it was not the beginning of the Great Depression.
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SteveThe Smoot-Hawley Tariff Act passed in June 1930. The act interrupted trade and created an environment of high unemployment (reaching its peak at 25% in 1933). After the crash in October 1929, unemployment peaked at about 9% and returned to about 6% before the tariffs were implemented. While the Stock Market crash was significant, it was not the beginning of the Great Depression.
This whole economic nightmare was like a line of falling dominoes.
On October 24, 1929, the stock market crashed as investors began dumping shares as fast as possible. A record 12.9 million shares were traded that day, known as Black Thursday. Five days later, on Black Tuesday some 16 million shares were traded after another wave of panic swept Wall Street.
Bank runs swept the United States in the spring and fall of 1931 and the fall of 1932, and by early 1933 thousands of banks had closed their doors.
One thing lead to another as consumer confidence fell in the wake of the stock market crash, the downturn in spending and investment led factories and other businesses to slow down production and construction and begin firing their workers.
Those who had jobs saw their wages fall. On top of everything else, farmers who had been struggling with their own economic depression for much of the 1920s due to drought and falling food prices couldn't afford to harvest their crops, and were forced to leave them rotting in the fields while people elsewhere starved.
The economy would not turn around until after 1939, when World War II kicked American industry into high gear.
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