A stock market crash is a financial phenomenon that sends shockwaves through the world of investments, leaving investors and experts alike grappling with its far-reaching consequences.

While there's no universally accepted definition for a stock market crash, it is commonly recognized as a moment when major stock market indexes experience a sudden and substantial decline, often exceeding 10% in value within a short period.

These dramatic events typically unfold unexpectedly, often following extended periods of bullish optimism during which stock prices steadily climb.

The defining characteristic of a stock market crash is the widespread panic-selling among investors, who rush to offload their holdings in a frantic attempt to limit losses or meet margin calls.

Let's take a closer look at some of the most infamous crashes throughout history:

1637: Tulip mania

The 17th-century tulip mania in the Netherlands stands as the first recorded speculative bubble. Prices for prized tulip varieties soared before abruptly crashing in 1637, resulting in a staggering loss of nine-tenths of their previous value.

1720: South sea bubble

In the early 18th century, England was gripped by the South Sea Bubble, fueled by the allure of trading shares in the South Sea Company, which was involved in the slave trade and public debt restructuring.

When the bubble burst, it left many investors financially ruined.

1882: French Crash

The collapse of Union Generale bank's share price in January 1882 sent shockwaves through the French economy, leading to the crash of the Paris and Lyon stock exchanges.

It marked one of the worst crises of the 19th century.

1929: Wall street collapse

"Black Thursday" on October 24, 1929, marked the implosion of a bull market, causing the Dow Jones to lose over 22 percent of its value at the opening of trade.

This event set the stage for the Great Depression, with October 28 and 29 witnessing further massive losses.

1987: Black monday

A memorable date in financial history, Black Monday saw the Dow Jones index plummet by 22.6 percent, inducing panic in markets worldwide.

1998: Russian crash

In August 1998, the ruble's collapse, coupled with the fallout from the 1997 Asian economic crisis, resulted in Moscow declaring a 90-day moratorium on foreign debt payments, crippling Russia's ability to borrow internationally for over a decade.

2000: Dot-com bubble

The turn of the millennium saw the bursting of the dot-com bubble, with the Nasdaq index losing 39.3 percent of its value over the year.

This period saw many internet startups going out of business.

2008: Subprime crisis

The 2008 global financial crisis was triggered by the sale of subprime mortgages by U.S. bankers, ultimately causing a housing market collapse.

Lehman Brothers' bankruptcy became emblematic of this crisis, leading to millions losing their homes.

2015: Chinese Boom-Bust

China's stock market bubble burst in the summer of 2015, with the Shanghai index plummeting by over 40 percent, despite government efforts to halt the crash.

2020: Pandemic

The COVID-19 pandemic declared by the World Health Organization in March 2020 sent global stocks into a tailspin, with the Dow Jones losing 26 percent of its value in just four days. However, swift government responses helped most markets rebound within months.

As Lehman Brothers' bankruptcy anniversary serves as a somber reminder of the past, it also underscores the resilience of economies and markets in the face of adversity.

History has shown that while financial crises are painful, they often lead to lessons learned and reforms aimed at preventing future catastrophes