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THE GREAT DEPRESSION: Cause & Effect
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Transcript
I. Causes of the Great Depression (cont.)
I. Causes of the Great Depression
B. International financial crisis centered around the crash of the U.S. stock market in October 1929
- most of the European prosperity of b/t 1924 and 1929 built on U.S. loans to Germany to pay war reparations
- Boom just before the crash of 1929
- When the U.S. Stock market crashed, investors pulled their money out of the U.S. market as well as European
- the withdrawal weakened bank powers around the world
A. Series of economic downturns during the second half of the 1920s
- Example: prices for farm products were falling rapidly because of overproduction
- Example: people losing jobs falling the war time economy boom
- Example: decline in industrial jobs
II. Responses to the Great Depression
IV. Write down your emotion reaction the picture below. How does it make you feel? What is this a picture of? Etc.
THE GREAT DEPRESSION
- During the Great Depression, the unemployed and homeless filled the streets in the U.S. and Europe
- Governments reacted with a traditional solution: cutting costs by lower wages and raising protective tariffs to exclude foreign goods from home markets
- Made the situation worse and created unpredictable political effects
III. EFECTS of the Great Depression
III. EFFECTS of the Great Depression (cont.)
A. Increased government activity in the economy
- this is stark contrast to the idea of laissez faire economics: a belief that government should not interfere in the economy
B. A renewed interest in Marxist doctrine
- Karl Marx predicted that capitalism would destroy itself through overproduction
- Communism becomes popular among working class and intellectuals
C. Democracy seemed to spend the 1930s on the defensive
- masses of people blindly followed political leaders with charisma and offered simple solutions to problems
- rise in dictatorships throughout the world
THE GREAT DEPRESSION: Cause & Effect
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