, started with an unprecedented stock market crash in the United States in 1929.
On Thursday, October 24, the New York stock exchange went into free fall as the number of traders seeking to dump the dud shares was so great, and the day became known as"Black Thursday." "Black Thursday" had a domino effect in financial markets around the world, starting with London. Europe was badly hit, as American banks demanded the immediate repayment of loans given for post-World War I reconstruction.What had started with bad days on the stock markets quickly turned into an intense international economic crisis, the worst the capitalist world has ever seen.Industrial production dropped by half from 1929 to 1932 and the jobless rate shot up to 24% from 3.1%.
The plan had a dual objective: first to remedy the crisis by relaunching consumption and investment, then, in the longer term, reforming the American economic system.
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