- Took place between 1929 and 1940
- Stock markets dropped ~80% from 1929 to 1932
- Some viewed it as a "Crisis of Confidence"
- Federal Government & Private Actions were coordinated to restore investor confidence
- Nonetheless, banks failed, markets stayed depressed, etc. (suggested these efforts may not have worked)
- Countries reacted by becoming increasingly protectionist
- Also lead to a rise in populism (Hitler & Mussolini)
- Tariffs enacted ended up making the depression worse