Bell-work 3/7 • At the top of your Cornell Notes “notes” box, predict what you think the condition of Germany will be after WWI. How will it be a different country than it was before the war? What struggles does will it face? Write at least 3-4 sentences.
A Worldwide Depression Topic/Objective: Describing postwar conditions in the U.S. and Europe Essential Question: What were the effects of the Great Depression on different countries?
New Democracies • Many countries have formed new democracies • Coalition government • No more absolute rulers
Postwar Economy • Late 1920s – Europe was rebuilding its war-torn countries • WWI left many countries bankrupt • US helped by giving out loans
What’s up with Germany? • Became a democracy- Weimar Republic • Lacked democratic tradition • Many political parties • Germans blamed the Weimar government for the loss in WW1
What’s up with Germany? • Still humiliated and bitter • Didn’t pay for war by raising taxes – just printed more money • To pay back reparations to Allies – printed more money • Money lost value • Loaf of bread in 1918 = less than a mark • In 1923 = 200,000,000,000 marks • America loans Germany $200 million • Dawes plan • Kellogg-Briand Pact
U.S. Financial Collapse • Overproduction of goods – no one buying them • Factories lay off workers = unemployment • October 29, 1929 – Black Tuesday • Stock market crash! • Banks close, people lose their savings • Great Depression • 1933 – 25% of Americans unemployed
Effects • Global depression • Americans demand to have their loans paid back – ASAP! • World trade stopped- Import taxes • Every country hurt • Franklin Delano Roosevelt – New Deal • Creates jobs for the unemployed
On your own • How did the world try to solve the economic crisis? Use page 474 and take notes on the following: • Britain • France • Socialist Countries • USA