1. The impact of the Depression

2. • Why did it happen?
- Triggered by collapse of US financial markets
- Flow of money to Europe stopped
- Already weakened by WW1:
• What was the Impact?
- ‘Bomb shelter mentality’ e.g. tariffs, nationalism
- Rise in Political extremism
- Aggressive states: war & conquest= solution
- Hitler: Versailles destruction, Lebensraum
- Optimism gone: Locarno, Kellogg-Briand
- So was the commitment to Collective security