HIST 11051 Lecture Notes - Lecture 36: Planned Economy, John Maynard Keynes
28 Apr 2019
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Russia not invited as allies were at war with bolshevism. Collapse of four empires: the great depression, the great depression represented the most influential postwar change. Contracting stock prices wiped out paper fortunes. World trade dropped 62 percent within a few years; businesses contracted. Unemployment soared; reached 30 percent in germany and the united states by. The debacle: the economic collapse first occurred in the united states in 1929. Europe, which remained dependent on american credit, drawn into the crisis. Investment funds were withdrawn when creditors went bankrupt. Without capitalization, industrial production, demand for labor fell. Massive unemployment meant less money to consume goods produced: the social devastation of the depression was evident at all levels. This slump was deeper and more prolonged than previous ones. It brought widespread unemployment and increased suicide rates. The depression confounded 19th century optimism: depression led to extreme experiments and paralysis in government around world.
