HIST 122 Lecture Notes - Lecture 5: Great Depression, Overproduction, Atlantic Charter
Document Summary
Great depression as a consequence of wwi: u. s. economy prospered as did mass production, europeans borrowed from u. s. to revive economies, over production slowed accelerated growth/recovery, sinking prices consumer goods, with defaults on loan repayments and u. s. increase in interest rates, banks started to collapse; lenders called back their funds worsening the situation, countries returned to aggressive protectionism, global trade shrunk of 1/3 of its pre depression size, employers shutdown and unemployment surged, in the u. s. , farming shrunk by 2/3, at the height of it, president hoover called for austerity, 1933, newly elected fdr expanded the role of government in offering protections, depression led to reconsideration of prevailing laissez faire economy in favour of state interventionism: American intervention helped germany: the german national socialist workers party (nazi) of adolf hitler became popular after the collapse of u. s. economy, hitler became chancellor in 1993, burning of reichstag feb. 1933, 1935 rearmament and extreme national pride, kristallnacht nov. 1938 anti jewish pogroms.
