America Compared: The Great Depression

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America Compared: The Great Depression

  1. 1. America Compared: The Great Depression<br />Summer Clark<br />
  2. 2. Economic Abyss<br />On &quot;Black Tuesday&quot;, October 29, 1929, the New York stock market began a tumble that lowered stock prices by almost half within three weeks. Western Europe&apos;s crushing debt from World War I, agricultural overproduction in the 1920&apos;s, the reluctance of the United States to take over Britain&apos;s role as the world&apos;s banker, and the wrong-headed nationalistic economic policies that many countries pursued helped contribute to a world catastrophe in the making. Between 1929 and 1933, over eleven thousand American banks failed; national production was cut in half; and thirteen million people were put out of work.<br />
  3. 3. Roosevelt and Hitler<br />Franklin Roosevelt and Adolf Hitler came to power at almost precisely the same time, following inept and unpopular predecessors. Both leaders combined deficit spending on modern improvements with an old-fashioned idealization of rural life. They began by advocating a form of &quot;corporatism&quot;, or government-supervised cooperation between business and labor. In the end, neither Roosevelt nor Hitler solved the riddle of the Great Depression, although Hitler was more successful at restoring full employment. <br />

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