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The Great Depression. Essential Question. What caused the Great Depression, and why did it spread?. The World in Prosperity & Depression. Europe changed drastically after WWI Imperial governments were gone

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The Great Depression

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essential question
Essential Question
  • What caused the Great Depression, and why did it spread?
the world in prosperity depression
The World in Prosperity & Depression
  • Europe changed drastically after WWI
  • Imperial governments were gone
  • New countries emerged: Poland, Czechoslovakia, Hungary, Yugoslavia, & the Baltic States
  • Russia was in the middle of a civil war
reconstruction prosperity
Reconstruction & Prosperity
  • In Europe, first years after war were tough
  • Central Europe – Famine caused by wartime blockade of food
  • Soldiers returning home from war faced unemployment
  • Next 5 years spent rebuilding & recovering from the war
the german economy
The German Economy
  • The Treaty of Versailles forced Germany to pay huge amounts in reparations to France & Britain
  • This slowed the recovery of their economy
  • Printed extra money to pay the debt, which resulted in hyperinflation
  • Hyperinflation – A decrease in the value of currency resulting from printing too much money. Prices increase in the affected area, so it takes more money to purchase things.
the u s economy
The U.S. Economy
  • America emerged as world’s greatest economic power
  • Britain & France owed the U.S. a large amount of money – Bought war supplies on credit
  • Americans bought mass produced goods made in American factories
  • Automobile was most important factor in prosperity– Sold to Americans & Europeans
  • Americans invested overseas, especially in Germany
  • Women had more freedom (Voting, College) because they worked in place of men during the war
the great depression1
The Great Depression
  • Stock market crash in New York sent world economy into a Great Depression
  • Depression – Economic downturn in which a large number of businesses fail & workers are unemployed
  • Prices of stocks started falling, & people scrambled to sell before they lost too much
the great depression2
The Great Depression
  • People who lost money quit buying goods
  • Banks & investors recalled loans from Europe – Caused depression to spread worldwide
  • 40,000,000 workers became unemployed
  • Farmers could no longer sell cash crops
causes of the great depression
Causes of the Great Depression
  • Prosperity was due to stock market & real estate over speculation
  • Over Speculation – People spend money they don’t have yet, assuming they will earn the money from what they are buying
  • Overproduction – More goods were produced than consumers could buy
  • Relationship of loans & debts between Europe & America ensured the recession would spread
causes of the great depression1
Causes of the Great Depression
  • Government leaders quit spending, tightened credit, & cut off international trade
  • This made the recession worse
  • People had no security net, like unemployment insurance & social security, if they lost their job & savings
  • Franklin Roosevelt elected President in 1932 – Created New Deal to try to provide jobs for unemployed citizens