A truly depressing depression

Situation in Europe Pre 1929 Germany slowly recovering France and Britain recovering from war,

enjoying new empireFrench goal: keep Germans weakBritish goal: imperium!Both pursue deflationist policies, to combat inflation

of the war – restrain wages… Russia now USSR, now under Stalin West and Central Europe increasingly

dependant on U.S. economyLoans investment

Cultural Shifts Art: Surrealism,

Cubism Architecture:

Bauhaus Music: Jazz

Improvement in Germany Dawes plan allows

repayments Money stabilizes Municipal spending

projectsSchoolsHospitalsAffordable housing

France leaves the Ruhr Valley 1925

NY Crash

Young Plan…Fails 1929/1930 plan for

more U.S. loans to Germany

Falls apart due to Crash

American banks have little to lend

That which they have is lent to Americans

Hawley-Smoot Tariff Tariff: protective tax on

imports to protect native industry

Hawley-Smoot: tax imposed on imports to U.S.

Reaction: Protective tariffs worldwide on U.S. goodsU.S. can’t export/import as

muchEach decrease by at least

60%World wide economy craters

The Greatest Depression No more loans Unemployment in

Germany triples from 2 million to 6 million – 30% - by 1932

Farmers have not fully recovered, squeezed again

Reparations halted Street Warfare

Reaction in the West Britain

ends gold standard in 1931 Ends free trade 1932 – tariffs

up to 100% Reluctant to spend past

income France

Socialists vs action francaise Violence Socialist government 1936-

1938○ 40 hour week○ Nationalize certain

industries○ Leader, Leon Blum, was

Jewish○ Antisemitism and

antisocialism

Depressed Europe

Five year plan and Industrialization in the USSR

Collectivization and Kulaks

“The Centre Cannot Hold”“Second Coming”

by William B Yeats

Turning and turning in the widening gyre     The falcon cannot hear the falconer;     Things fall apart; the centre cannot hold;     Mere anarchy is loosed upon the world,     The blood-dimmed tide is loosed, and everywhere     The ceremony of innocence is drowned;     The best lack all conviction, while the worst     Are full of passionate intensity.