On October 24, 1929, the New York stock market price fell by 12.8% in one day, and the most serious, longest-lasting and most influential global economic crisis in the history of the world economy began. The crisis quickly spread from the United States to the entire capitalist world, from the financial market to the real economy, with banks closing down, factories going bankrupt and workers losing their jobs. Although there was no war damage, everything was like hell on earth.