26.1.4

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DesLee26
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213614
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26.1.4
Updated:
2013-04-15 07:30:34
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HON 122
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FINAL
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  1. The Great Depression
    • a.      After WWI, Europeans hoped for return to market economy based on private enterprice and no state intervention
    •                                                               i.      war strengthened business cartels and labor unions, making some government regulation of these powerful organizations seem necessary
  2. economic integration
    • a.      the economic integration of Europe before 1914 that was based on free trade was undermined by protectionism and trade barriers, and reparations and war debts had further damaged the postwar international economy
    •                                                               i.      as a result, the prosperity that did occur was fragile,a dn dream of return was illutionà Great Depression
  3. Causes
    •                                                               i.      downturn in domestic economies
    • 1.      in mid-1920s, prices for agricultural goods were beginning to decline due to overproduction
    • 2.      during war, farmers in Americas expanded food production to meet war demands
    • a.      continued even after war to support the failing Europe, who eventually recovered, leading to decline in pricesà imposition of tariffs, closing markets to other countries’ goods
    • b.      increase in oil led to slump in coal industry
  4. International financial crisis
    •                                                               i.      international financial crisis caused by collapse of American stock market
    • 1.      Europe’s prosperity built on American bank loans to Germany
    • a.      in 1928-29, American investors began to pull money out of Germany to invest in NY stock market
    •                                                                                                                                       i.      crash of American stock market led panicky American investors to withdraw gnds from Germany and other marketsà weakned banks of Germany and other central European states
  5. Credit-Anstalt
    • 1.      The Credit-Anstalt, Vienna’s most prestigious bank, collapsed on May 31, 1931
    • a.      trade slowed, industrialists cut back, and unemployment increased as international bank failures devastated economies
  6. Unemployment
    •                                                               i.      depression wasn’t new, but the depth of it led to one in four workers being unemployed
    •                                                             ii.      industrial production plummeted almost 50% in US and almost same in germany
    •                                                           iii.      unemployed and homeless filled streets of cities throughout advanced industrial countries
  7. Social and Political Repercussions
    •                                                               i.      economic crisis had unexpected social repercussions
    • 1.      Women had low-paying jobs as servants, etc.
    • 2.      men remained unemployed and resented reversal of gender roles
    • a.      joined gangs 
  8. Governments couldnt deal with crisis
    • 1.      classical liberal remedy for depression, a deflation of balanced budgets and cutting of costs by lower wages and increased tariffs, worsened economic crisis and created discontent
    • 2.      this led to serious politica repercussions
    • a.      increased government activity
    • b.      renewed interest in Marxist doctrines, whcich became popular
  9. Increased attractiveness
                                                                  i.      increased attractiveness of simplistic dictatorial solutions, especially from new authoritarian movement called fascism

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