The main causes of the Great Depression include the stock market crash of 1929, where prices plummeted and investors panicked, leading to significant loss of confidence in the economy and decreased consumer spending[2][4]. Additionally, banking panics caused widespread bank failures, reducing available credit and further diminishing spending power[2][4].
Other factors included misguided government policies, such as the Smoot-Hawley Tariff that raised import taxes, triggering retaliatory tariffs from other countries and reducing trade[4][5]. The reliance on the gold standard limited monetary flexibility, exacerbating economic contract and deflation across nations[2][5].
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