In Germany, even those with large bank accounts no longer had enough money to buy carrots or a pound of flour.
6 million Germans were out of work by the early 1930s
Transcript of "The great depression part 1"
The Great Depression(1929-1939)<br />
What was the Great Depression?<br />The Great Depression: a period of very low economic activity and high unemployment that spread throughout the world during the 1930s<br />
Economic Boom in the United States<br />The Roaring 20’s<br />American factories produced most of the world’s manufactured goods<br />American workers made more money than workers in other countries<br />Banks in the U.S. loaned other countries large amounts of money<br />
Economic Struggles in Europe<br />Most nations were deep in debt after World War I<br />Many countries printed too much money and experienced inflation (money loses value and prices go up)<br />Many European nations relied too much on the U.S. economy<br />
Causes of the Great Depression<br />Too much confidence in the economy<br />Americans borrowed and spent too much<br />People made careless investments<br />Factories produced more goods than they could sell<br />
The Stock Market Crash of 1929<br />The economy slowed down<br />Stock values began to fall<br />Investors panicked and too <br /> many people wanted to sell <br /> their stocks<br />
The Stock Market Crash of 1929<br />Stockbrokers demanded <br /> that borrowers pay off loans<br />People withdrew money from banks to pay off loans<br />Many banks did not have enough money and had to close<br />
The Stock Market Crash of 1929<br />Prices dropped further<br />On October 29, 1929, Black Tuesday, values of stocks “crashed” to record lows<br />
Many banks and factories closed<br />People lost faith in the economy<br />People bought less and invested less<br />Many people became homeless<br />Unemployment was at an all time high<br />1/4 Americans and British jobless<br />2/5 Germans jobless<br />
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