Embedded Files
Unemployment rate in the US 1910–60, with the years of the Great Depression (1929–39) highlighted; accurate data begins in 1939, represented by a blue line.
Fast forward after the day the Germans surrendered and WWI ended: November 11, 1918. The victorious alliance convened in France as part of the Treaty of Versailles, a postwar conference in which spoils were split and losers were penalized with reparations (war payments) and dissolution/reduction of territories. The immediate threat might be over, but Europe also became significantly weaker than ever before due to economic problems induced by wartime commitment: inflation, debts to lender countries like the US, and loss of investments overseas. Little did everyone at that time know that this was a foreboding sign to a larger problem known as the Great Depression that’ll engulf the globe for about 20 years. Each nation had to find a way out, and various strategies emerged. While some nations adopted economist John Maynard Keynes's ideas, other's moved towards radical Marxist communism, and, yet, a few other's opted for hardcore Fascism. All of this will be explored in 7.4, the Interwar Period.
Objective:
D. Explain how different governments responded to economic crises after 1900.
Theme:
D. ECN (Economics Systems)
Skills:
D. ECN
D Explain how different governments responded to economic crises after 1900.
HISTORICAL DEVELOPMENTS
Following World War I and the onset of the Great Depression, governments began to take a more active role in economic life. In the Soviet Union, the government controlled the national economy through the Five Year Plans, often implementing repressive policies, with negative repercussions for the population. In the Soviet Union, the government controlled the national economy through the Five Year Plans, often implementing repressive policies, with negative repercussions for the population.
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