HIST 302 Lecture Notes - Lecture 19: John Maynard Keynes, Calvin Coolidge, Occupation Of The Ruhr
16 Jun 2017
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Terms: herbert hoover, dawes, smoot-hawley, warren g. harding, calvin. Coolidge, monetarism, milton friedman, fiscalism, john maynard keynes, autarky. Themes: the world economic system, 1924-1929, problems in the us economy in the 1920s, the stock market crash, 1929 and consequences, national solutions to global economic problems. Great depression: world-wide phenomenon, not a single country left unaffected. Us congress made sure us president would have little to no power in foreign policy (why they had to turn to wall street banks) L-> if banks stop doing well, they wont renew loans, and whole system collapses. No guarantee for lending stability other problem: us also lent money to many other european countries, latin america + East asia => huuuge dependence from all the world on us financial health from 1924-1929: world economy booms. Uk provided reserve currency (international lead currency usd: used as stabilizer of countries" own currencies) (british pound had been the main one!
