The Great Deprresion if the Inter war Period
The Great Depression of the Inter-war years (1929-1933) was the most profound shock ever to strike the world economy. Economists all around the world were looking for answers why and for how long the Depression will go on, they began to ask themselves questions about the capitalism -was it the right choice of the economic and political system, which enhance the wealth of the nation, and promote technological progress or Karl Marx was right about the self- destruction element of the capitalism. It is easier for us make conclusions on what happened and why because we can look at event from retrospective analysis of that period of time. To outline the origins of the Great Slump we have to examine the situation in the world -economical and political, which was established after the World War I.There was a post -war boom ,in the countries whose economies were not disrupted by revolutions and civil war ,and future somehow even looked promising but huge overspending during the war brought inflation and unemployment all over Europe .Anglo-Saxon world tried to keep situation under control by sound finance and the gold standard ,and as Hobsbawm mentions in his book ,they partly succeeded in doing this between 1922 and1926.From Germany , A
Reparations and war debt were a recipe for economic stagnation. They all were struggling to deal with global economical crises. The widespread borrowing of money to make debt payments only served to worsen the situation. The Federal Reserve tightened monetary policy: through the gold standard mechanism this attracted capital inflows into the US, which exported the deflation to the rest of the world. For countries who," had control over or access to the means of production"* Great Depression brought enormous unemployment . ustria to Soviet Russia, thing were much worse , they went through hyper inflation ,their money value was reduced to basically zero, People lost there savings and this created complete vacuum for of working capital for business. The collapse of world trade became irreversible. American financial experts favoured massive international loans as a means of increasing American exports, increasing employment, and strengthening the already mighty dollar.
Common topics in this essay:
Europe French,
JM Keynes,
Britain American,
Soviet Russia,
World War,
North America,
Britain Belgian,
Depression Agriculture,
Depression Inter-war,
Indochina Sian,
world trade,
gold standard,
international trade,
international monetary system,
international monetary,
monetary system,
economy recession,
stock exchange,
war debts,
free trade,
policy stance,
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