What significant economic event occurred in 1929 that led to a worldwide financial crisis?

The event that occurred in 1929, which led to a worldwide financial crisis, is known as the Wall Street Crash. This catastrophic collapse of the stock market on October 29, 1929, marked the beginning of the Great Depression. The crash resulted from a combination of speculative investments, overproduction, and a lack of regulation in the stock market.

When stock prices plummeted, it not only wiped out individual investors but also destabilized banks and businesses that had invested heavily in the stock market. This loss of confidence led to severe reductions in consumer spending and investment, which spiraled into widespread unemployment and poverty.

While the term “Great Depression” describes the overarching economic downturn that followed, the Wall Street Crash is the specific event that triggered this significant economic turmoil. The other options, such as the Dot-com Bubble Burst and the Oil Crisis, refer to events that occurred in different time periods and contexts, thus not being relevant to the 1929 financial crisis.