What was the first global crisis?

Answer 1

The first global crisis is often considered to be the Great Depression, which began in 1929 and had widespread economic impacts across the world. Triggered by the U.S. Stock Market crash, it led to massive unemployment, bank failures, and a significant decline in global trade. The interconnectedness of economies at the time meant that the effects were felt internationally, highlighting vulnerabilities in the global financial system. This crisis prompted changes in economic policy and international cooperation in subsequent decades.