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Poverty, Development and Globalization I (L08)

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University of Toronto St. George
Leslie Jermyn

Poverty, Development and Globalization I - Germany and US, 1920s, 30s - 1st World War, 1918, treaty of Versailles o Treaty created to punish Germany for being an oppressive state Lost its colonial holding in Africa (Rwanda >> Belgium) Expected to pay reparation to France for damages Cede territory to France (Alsace-Lorraine) o Impose such conditions to humiliate Germany and force them to spend their finances on the reparations to leave them with no spare cash for militarization >> lead to economy crashing, deflation of currency Resentment built up Rise of the National Socialist Party (Hitler) promises of re- establishing German pride, fix economy - Roaring 20s time of wealth and excess o Crazy stock market, had nothing to do but go up o Lots of moneyprofits for stock market people o Deregulation of market, penny stocks (stocks on companies that own stocks) o Many invested with borrowed money o Stock market is a faith enterprise. In stock trading, if lots of people believe that the stock value will increase, it will go up. If the stocks are believed to be overvalued, then people sell them and their prices go down (self-fulfilling prophecy) - Stock Market Crash, 1929 o Key investors looked at the stock trade and saw that the stocks are overvalued (huge difference between the actual value of the stock and the worth of the company) so they started selling >> stocks became less valued - Most of the money used to invest were borrowed money >> lead to contraction in money-lending - Decreased availability of money - No money to buy, less products are manufactured, companies contract and people laid off - Govt decided that to protect local enterprises, they must eliminate competition o Established tariff barriers to allow domestic industries to grow without foreign competition - Countries that relied on export to US found that they cant sell their stuff because of the high tariff barriers resulted in less production, laying off, less buying power (cycle) o Tariff barriers made sure that Depression is exported to other countries trading with US - Back then, there were no social safety nets o Later established them to stop civil unrest o Some turn to fascism (achieved in part with militarization)
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