the great depression chapter 28 (2 of 4). ww1 ends, but financial problems begin
TRANSCRIPT
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The Great DepressionChapter 28 (2 of 4)
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WW1 Ends, But Financial Problems Begin
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Hyper-Inflation
• Major inflation (rise in prices, decrease in money value) occurred in Europe after WWI, especially in Germany
• Inflation began largely because more money was printed to cover reparation payments
• Soon an inflationary mentality set in. • Merchants would raise prices
automatically. • People would hoard goods, figuring
the price would go up, thus causing shortages.
September, 1922
September, 1923
November, 1923
163 marks 1.5 million marks
200 billion marks
Price of a loaf of bread in Germany
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Britain relied on exports and was slow to recover due to new
competition
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Farmer Problems
• Overproduction from World War I
• Result = Prices go down
• Many give up farming and move to urban centers
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Colonies Suffering
• Relied on export crops, but prices down
• Less money to buy goods so Europe hurt too
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Governments React – Protective Tariffs
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Black Tuesday – October 29, 1929
U.S. Stock Market Crashed
Great Depression Begins
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Soviets Isolated From Depression
• State ran economy• Didn’t trade with others
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Japan Hit Hard• Relied on Exports• Luxury goods like silk not wanted• Grows more untrustworthy of West and
continued to expand
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Welfare States Rise in the West (example: New Deal in U.S.)