HUMA 1770 Lecture Notes - Lecture 16: Wholesale Price Index, Central Powers, Deflation
11 Apr 2018
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Document Summary
Fervent and uncompromising nationalism: unresolved previous disputes. Intricate system of alliances: arms races of the previous decades, colonial rivalry (imperialism) Economic rivalry: victory for the entente powers, collapse of numerous empires, rise in class consciousness, rise in revolutionary sentiment. Excessive punishment of the losing side leads to world war ii. The league of nations: world-wide economic downturn that last for 10 years, characterized by drastic declines in output, severe unemployment and acute deflation, huge war debts for both the winners and the losers leads to economic instability. The united states holds most of these debts: collapse in industrial output. Fall in gdp (30% decline in the us: deflation - wholesale price index falls, united states. 46. 8% (47% decline in the us) (33% in the us: poland, canada. 7. 0: renamed the work projects administration in 1939. The us government spent 11 billion dollars and gave employment to 8. 5 million people.
