Fact Check: The Great Depression began in 1929.

Fact Check: "The Great Depression began in 1929."

What We Know

The Great Depression is widely recognized as a significant global economic downturn that began in 1929 and lasted throughout the 1930s. The most commonly cited event marking the start of the Great Depression is the stock market crash that occurred in October 1929. According to the Library of Congress, the prosperity of the 1920s ended abruptly with this crash, leading to a great economic depression. The U.S. State Department notes that the origins of the Great Depression were complex, but the stock market crash was a pivotal moment that triggered widespread financial turmoil.

The Wikipedia entry on the Great Depression states that it began on October 24, 1929, known as Black Thursday, when stock prices plummeted, leading to a loss of billions of dollars and significant economic distress. This sentiment is echoed in the Britannica article, which confirms that the Great Depression was a worldwide economic downturn that began in 1929.

Analysis

The claim that "The Great Depression began in 1929" is supported by multiple reputable sources. The Federal Reserve History describes the Great Depression as the longest and deepest economic downturn in U.S. history, beginning in 1929 and lasting until the early 1940s. This aligns with the perspective of historians and economists who emphasize the stock market crash as the catalyst for the ensuing economic crisis.

However, while the stock market crash is often cited as the starting point, it is essential to recognize that the economic conditions leading to the Great Depression were influenced by a variety of factors, including post-World War I economic adjustments and the rigidity of the gold standard, as discussed in the U.S. State Department's overview. The complexity of these factors does not negate the assertion that 1929 marks the beginning of the Great Depression; rather, it contextualizes the event within a broader economic framework.

The reliability of these sources is high, as they are published by established institutions such as the Library of Congress, the U.S. State Department, and reputable encyclopedias like Britannica and Wikipedia. These sources are generally considered authoritative in historical and economic contexts, providing a solid foundation for the claim.

Conclusion

The verdict is True. The Great Depression indeed began in 1929, marked by the catastrophic stock market crash in October of that year. This event catalyzed a series of economic failures that characterized the decade, confirming the accuracy of the claim.