The Great Depression began in the United States in 1929. It spread to the rest of the world through the reduction of trade and international capital flows and the investment of migratory flows. Spain was no exception and was hit, although with less intensity than other more developed European economies. The adverse international situation intensified the deceleration of Spanish economic activity, already visible in 1928, and aggravated structural imbalances.
The economic crisis triggered political changes and social instability. The economic problems contributed to the fall of the dictatorship of Primo de Rivera, who dragged the monarchy with him. This cleared the way for the peaceful establishment of the Second Republic.