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Transcript of Global Depression
Unstable gov'ts after WWI- weak democracies.
GY= Weimar Republic- democratic gov't set up by Allies after WWI. Signed the Treaty of Versailles. German people blamed gov't for loss in the war.
Europe nearly bankrupt from WWI.
Depended on foreign aid from US.
GY hit especially hard b/c had to pay reparations.
No loans, just printed more and more money. Led to hyperinflation- money worthless.
Dawes Plan- give $ to GY, who pays off reparations to FR, who then pays off US loans.
Brings GY out of inflation hole.
Helps stabilize Europe.
Kellogg-Briand Pact- international agreement to never fight in a war.
US Great Depression- Causes
Overproduction of agricultural crops. Prices fall, lose $$, can't pay loans, lose farm.
Speculation- people would pay "on margin" which meant would pay a small % of stock worth and get the rest on loan from bank.
Stock Market Crash- 1929, people can't pay loans, banks fail, people lose everything.
US Great Depression
US raises import tax.
Other countries raise import taxes.
Leads to a global depression.
Elect Pres. Franklin Roosevelt (my fave!)
New Deal programs- public works projects to give people jobs.
GY went towards extreme views of Hitler.
Rise of Nazi party with promise to bring GY back to glory days.
Reaction- Soviet Union
Europe after WWI
US helps out
Stalin was leader of SU.
Economic Revolution- catching up on Industrialization though force.
Becomes major world power.
Other nations look to Communism to fix economy.
How did this current 2008 recession affect your life?