Why Did the Great Depression Spread Globally?

The Great Depression’s global spread stemmed from the tightly woven economic fabric of the 1920s: the gold standard linked currencies, interlocking war‑time debts and reparations tied nations together, and booming international trade created mutual dependencies. When the 1929 U.S. stock‑market crash triggered a credit squeeze, countries defending gold parities raised rates, choking off loans and investment. Protectionist tariffs further collapsed trade, while bank failures and debt defaults in Europe and beyond sent financial panic racing across borders. In the end, a crisis born in Wall Street became a worldwide catastrophe, as every financial tether snapped in succession.

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