Podcast
Questions and Answers
What event marked the beginning of the Great Economic Depression?
What event marked the beginning of the Great Economic Depression?
By 1932, industrial production in Germany was above the 1929 level.
By 1932, industrial production in Germany was above the 1929 level.
False
What did unemployed individuals display on placards in the streets?
What did unemployed individuals display on placards in the streets?
Willing to do any work
The national income of the USA decreased by _____ within three years from 1929 to 1932.
The national income of the USA decreased by _____ within three years from 1929 to 1932.
Signup and view all the answers
Match the following demographics with their experiences during the depression:
Match the following demographics with their experiences during the depression:
Signup and view all the answers
Study Notes
The Years of Depression
- The period between 1924 and 1928 saw some stability in the German economy, but this was unsustainable.
- German investments and industrial recovery relied heavily on short-term loans from the US.
- The Wall Street Exchange crashed in 1929, triggering a dramatic decline in the US and global economies.
- On a single day, 24 October 1929, 13 million shares were sold in response to fears of a market crash.
- The Great Depression lasted roughly from 1929 to 1932, causing a 50% decrease in the national income of the USA.
- Factories shut down, exports fell sharply, and farmers experienced significant hardship.
- Speculators withdrew their money from the market, exacerbating the crisis.
- The economic crisis spread globally, affecting various countries.
The German Economy
- The German economy was profoundly affected by the economic crisis.
- By 1932, its industrial production decreased to 40% of its 1929 levels.
- Unemployment skyrocketed to an unprecedented 6 million.
- Many workers lost their jobs or saw reduced wages.
- Desperation and unemployment resulted in criminal activity and despair.
- Unemployed young people frequently resorted to street corners, seeking work or queued up in employment agencies.
- People demonstrated their desperation by carrying placards that advertised their willingness to work.
Impact of the Crisis
- The economic downturn led to widespread anxiety and fear, impacting various segments of society.
- Middle-class citizens, particularly salaried workers and pensioners, saw their savings decrease due to currency devaluation.
- Small business owners, self-employed individuals, and retailers faced considerable losses.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Explore the critical years of the Great Depression, focusing on its impact on Germany's economy. Understand the factors leading to the 1929 market crash and the subsequent economic decline worldwide. This quiz will test your knowledge on key events and statistics from this tumultuous period.
