Effects of the Recession on Germany
Effects of the Recession on Germany
The post-World War I recession was an economic recession that hit much of the world in the aftermath of World War I. In many nations, especially in North America, economic growth continued and even accelerated during World War I as nations mobilized their economies to fight the war in Europe. After the war ended, the global economy began to decline. In the United States, 1918–1919 saw a modest economic retreat, but the second part of 1919 saw a mild recovery. A more severe recession hit the United States in 1920 and 1921, when the global economy fell very sharply.
Germany : In Germany, the economic recession and inflation was harder due to the imposition of the Treaty of Versailles. A period of hyperinflation severely devalued the Mark and nearly crippled the German economy.
Effects of the Recession on Germany: Over the next three years, i.e. between 1929 and 1932, the national income of the USA fell by half. The effects of this recession in the US economy were felt all over the world. The German economy was severely hit by the economic crisis. By 1932, industrial production was reduced to 40 per cent of the 1929 level.The main effects of recession on Germany were:• Workers lost their jobs or were paid reduced wages.• The number of unemployed increased to 6 million.• On the streets of Germany, men started moving with placards around their necks saying, ‘Willing to do any work’• Unemployed youths played cards or simply sat at street corners, or desperately queued up at the local employment exchange.• As jobs disappeared, the youth took to criminal activities and total despair became common.• The economic crisis created deep anxieties and fears in people.• The middle classes, especially salaried employees and pensioners, saw their savings diminish when the currency lost its value.• Every member of the society, middle classes, small businessmen, the self-employed retailers, big business, organised workers and the large mass of peasantry were affected by this economic crisis. Sometimes, they were filled with the fear of proletarianisation, an anxiety of being reduced to the ranks of the working class or worse still, the unemployed.
Main effects of recession on Germany was/were : | |||
| Right Option : D | |||
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