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Europe and The Great Depressions

Europe and The Great Depressions. Economic Hardship and Political Change. America: Causes of European Economic Crisis. Black Tuesday, October 29, 1929 Stock Market Crashes Panic follows Run on the Banks Banks Fail US investment in Europe stops 1/3 of Americans unemployed

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Europe and The Great Depressions

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  1. Europe and The Great Depressions Economic Hardship and Political Change

  2. America: Causes of European Economic Crisis • Black Tuesday, October 29, 1929 • Stock Market Crashes • Panic follows • Run on the Banks • Banks Fail • US investment in Europe stops • 1/3 of Americans unemployed • Global Consequences

  3. Great Britain • Struggles to Recover from WWI • Merchant fleet was devastated • Sale of oversees investments to finance war • Production falls to 80% of prewar levels • New industries require renovation and capital investment, little to be found. • Return to gold standard makes pound to expensive, sales drop in foreign markets

  4. Ramsey McDonald, Labour Party, Inexperienced Economic Advisors American trade and credit dries up Unemployment Doubled, Labour splits Conservative Landslide – The National Economy Cut unemployment, balanced the budget, raised taxes Regional differences, based on industries Abandoned the Gold Standard, Pound Fell Leads to a Gradual Recovery Rise of the Welfare State Great Britain: A Nation Divided

  5. France • Generally had recovered from WWI • Maintained high tariffs • Plunged France into the Depression • Conservative Government Fails • Radical Government replaces them • Stavisky Scandal almost leads to civil war • New Coalition of Middle Class and Working Class unite to combat Fascism • The Popular Front (Leom Blum) • Raised Taxes, Cut Spending, Recognized Unions, • 40 hour work week, raised wages

  6. Italy: Fascist Economics • Began in 1920’s “Battle of Wheat” • Corporatism • Industrial Syndicates • Planned Economy • Government Arbitrators • Corporations • Unified common industries • 22 Corporations • Corruption, increased oversight • Shift to War Economy 1935

  7. Stalin’s Soviet Union • Central Economic Planning • Rapid industrialization • Five Year Plans • Gosplan (State Planning Commission) • Massive investment in infrastructure • Supported by widespread propaganda • Collectivization, assault on the Kulaks • Cost- Millions of innocent lives

  8. Urban Struggles and Growth • Peasant flight to the cities • 12 Million migrate to the cities • Housing Shortages • Lack of consumer products • The Great Purge • The Soviet Holocaust • Stalin’s Paranoia, targets all enemies • Achieves rapid economic and industrial growth

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