2. Into the Economic Abyss
The Great Inter-war Depression: between the wars the
capitalist world economy appeared to collapse
Age of Catastrophe, 1913 - 1942: economic growth ceased to
continue developing
Black Tuesday: New York Stock Exchange crash of October
29, 1929
Economies all over the world are affected by the crisis
3. Into the Economic Abyss
WWI became the world’s greatest industrial
producer, but also the world’s greatest creditor
In 1929, the U.S. produced over 42% of total world
output…only to be affected by the Depression
Demand could not keep up with the supply: the
result was overproduction…
…a lagging expansion of demand had been “beefed
up” by means of an enormous expansion of
consumer credit.
Banks failed
4. Roosevelt and Hitler
Roosevelt: president through most of the Depression and creator of the
New Deal, aimed at reviving the economy
Hitler becomes chancellor of Germany – two of the world’s biggest
powers
Both worked towards bettering the lives of their desperate,
disillusioned people, perhaps elevating each to a too-high level (namely
Hitler)
The people, desperate, just wanted someone to lead them, which
Roosevelt and Hitler did
