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Stock Market Crash of 1929
Workers flood the streets in a panic following the Black Tuesday stock market crash on Wall Street, New York City, 1929
Hulton Archive/Archive Photos/Getty Images
Remembered today as "Black Tuesday," the stock market crash of October 29, 1929, was neither the sole cause of the Great Depression nor the first crash that month. The market, which had reached record highs that very summer, had begun to decline in September.
On Thursday, October 24, the market plunged at the opening bell, causing a panic. Though investors managed to halt the slide, just five days later on "Black Tuesday" the market crashed, losing 12 percent of its value and wiping out $14 billion of investments. Two months later, stockholders had lost more than $40 billion dollars. Even though the stock market regained some of its losses by the end of 1930, the economy was devastated. America truly entered what is called the Great Depression.
The main way in which the organization of the US government reflect the ideas of Enlightenment philosopher Baron de Montesquieu is that it operates solely on the principle of popular sovereignty--meaning that people elect other people to make choices for them. The state serves them, not the other way around.
Advocating independence from Great Britain to people in the Thirteen Colonies.
The popular referendum is similar to the initiative in that both are triggered by petitions, but there are important differences. ... Legislative referenda may appear on the ballot in all 50 states. The popular referendum is a device which allows voters to approve or repeal an act of the Legislature.
