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This is the story of the financial cataclysm that started with the Wall Street stock market crash of 1929 and set in motion a series of economic, political and social events that affected many millions of people in the United States, Britain, Europe, and much of the Empire. It came to be called the Depression or Great Depression or the Slump, but it was much more than that. The Crash rolled across the world like a tidal wave, toppling governments and transforming policies, speeding the rise of dictatorships in Italy and Germany, wrecking entire industries and plunging millions into unemployment and poverty. Along the way it ruined the reputations of a generation of politicians, economists and central bankers. The Crash also knocked thirty per cent off the value of the British pound with devastating consequences for the pound in the people’s pocket for the next half century. Of the major economies, only Japan and the Soviet Union escaped the cataclysm. By the time it lifted between 1933-35, the lives of people in a score of countries had changed forever.
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