What prolonged economic downturn followed the 1929 U.S. stock-market crash?

The Great Depression was the prolonged economic downturn that followed the 1929 U.S. stock-market crash.

The crash helped destroy wealth and confidence, but it was not the sole cause of the depression. Bank failures, falling prices, reduced consumer spending, high unemployment, international debt problems, and restrictive monetary policies deepened the downturn. Economic contraction spread from the United States to countries connected through trade and finance.

In the United States, industrial production and employment fell dramatically during the early 1930s. The banking crisis also wiped out deposits for many households and businesses. The depression is generally dated from 1929 until the late 1930s, although recovery happened at different times in different countries.

The stock-market crash and the Great Depression are related but not identical terms. The crash describes a rapid collapse in share prices, while the Great Depression describes the much longer worldwide economic crisis that followed and expanded beyond financial markets.