global depression between the wars. destruction wwi destroyed homes, factories, and roads from...
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![Page 1: Global Depression Between the Wars. Destruction WWI destroyed homes, factories, and roads from France to Russia – Many people became refugees – Reconstruction](https://reader036.vdocuments.site/reader036/viewer/2022062717/56649e415503460f94b33e4f/html5/thumbnails/1.jpg)
Global Depression Between the Wars
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Destruction
• WWI destroyed homes, factories, and roads from France to Russia– Many people
became refugees
– Reconstruction was slow & expensive
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WWI caused governments to collapse
• Russia became the communist Soviet Union
• Italy became fascist• Germany, Austria-Hungary
and Ottomans lost empires• Great Britain & France
developed coalition governments– Ex. France’s government
changed 40 times from 1919-1939
• Many colonial lands freed
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WWI drained Europe’s resources
• France’s coal/iron industries flooded by Germany
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WWI left every major European nation bankrupt
• Germany, Great Britain, and France had most debt
• Only 2 nations remained creditor nations: U.S. and Japan– Why? Both expanded trade to supply
the Allies & WWI wasn’t fought on their land
• European nations could not repay loans to US (over $10 billion owed) so they tried to raise revenue– Ex. Germany printed more money– Ex. Great Britain created protective
tariffs and offered low interest loans to restart industry
• Inflation (1921: 64 marks = $1; 1923: 4.2 trillion marks = $1)
• Big Four nations went on gold standard to raise value
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WWI left the world skeptical & disillusioned
• Modern warfare caused many to lose enthusiasm and add doubt
• France build Maginot Line to prevent German invasion
• 65 million served in WWI with 9 million battle deaths and 38 million casualities (dead and wounded)- 3x population of NC- change in your notes!
• US experienced Roaring Twenties (escapism) and Red Scare (fear of communism)- tried to choose isolation but center of power had shifted from Europe to the US
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Peace Attempts
• League of Nations (1920)– What? Peacekeeping
organization of 40 nations (US did not join- although it was Wilson’s idea)
– Purpose? Aimed to settle conflicts without violence and to protect smaller nations against attack by stronger ones
– Why failed? No power to stop attacks or prevent war (no military to back up claims)
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Peace Attempts
• Locarno Treaties (1925)– What? Agreement signed by 7 European nations
that settled German borders with France, Belgium, Czechoslovakia, & Poland
– Purpose? Promised to respect borders and avoid war
– Why failed? Didn’t permanently end German attacks
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Peace Attempts
• Kellog-Briand Pact (1928)– What? Agreement signed
by most nations (including US) to outlaw war
– Purpose? To solve problems by peaceful means & limit size of many navies
– Why failed? No agreements about limiting armies and no enforcement
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Role of the United States• World depended on US economy• Dawes Plan allowed US investors
to lend money to foreign nations to help economies grow; US investors lent $7.8 billion ($4 billion to Germany)
• Great Depression caused by:– Unequal distribution of wealth– Overproduction (farms & factories)– War debt– Stock Market Crash of 1929
• To keep money in the US, the government called in loans & passed protective tariffs
• US economy collapsed• 25% unemployment until WWII
begins
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Results of the Great Depression
• US- creditor until depression; FDR’s New Deal took in public $ to use for welfare/relief, create jobs
• Great Britain- dependent on exports so left gold standard & exports increase; unemployment cut in half by 1937
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Results of the Global Depression• France- kept going with $33
billion in German reparations until prices rose & wages dropped
• Italy- angry over Treaty of Versailles; highest unemployment until Mussolini built military and industry
• USSR- Lenin used NEP (New Economic Policy) to restore economy then Stalin replaced with Five Year Plans to collectivize farming and factories
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Results of the Global Depression• Japan- creditor until crop
failures; urban unemployment & rural poverty; militarize & industrialize while looking for more resources
• Germany- 30% unemployment; hyperinflation; people blamed Weimar Republic for accepting Treaty of Versailles; Hitler built military & industry