Today In Labor History: October 29 -- The Failure of Laissez-faire Economics Brings on the Great Depression

1929: The stock market crashes, signaling the start of the Great Depression.


For many, laissez-faire theories fell into disrepute because of their failure to allow governments to deal with managing the economy during and after World War I, and their role in creating the Great Depression.

The Great Depression was a massive global economic recession (or "depression") that ran from 1929 to approximately 1939. Its primary impact was in the United States of America and led therein to numerous bank failures, high unemployment, as well as dramatic drops in Gross Domestic Product (GDP), industrial production, stock market share prices and virtually every other measure of economic growth.

More on the Great Depression.

More on the failure of Laizze faire economics.