The Years of Depression
The Years of Depression
The Years of Depression: After the First World War, several countries of Europe were hit by economic depression. Demand for goods fell sharply after the war. Thus farmers, traders and industrialists were hit due to a steep fall in demand. Factories shut down, exports fell, investors withdrew their money from markets and farmers were badly hit. Even, America could not escape from this crisis. The Wall Street Exchange crashed in 1929. In Germany, investment and industrial recovery were totally dependent on the USA. Fearing a fall in prices, people made immediate efforts to sell their shares. On one single day, 24th October, 13 million shares were sold. This was the start of the Great Economic Depression.
In 1929 as the Wall Street Crash led to a worldwide depression. Germany suffered more than any other nation as a result of the recall of US loans, which caused its economy to collapse. Unemployment rocketed, poverty soared and Germans became desperate. This led to a chain of events that ended in the destruction of German democracy:
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 effect of this recession in the US 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 :
Unstability of Wiemar Republic: The Wiemar Constitution had some internal defects which made it unstable and vulnerable to dictatorship. People lost confidence in the Wiemar Republic.Due to proportional representation,it was impossible to get a majority for one single party. Moreover,Article 48 gave the President the power to impose emergency, suspend civil rights and ruled by decree.The Wiemar Republic faced twenty different cabinets in 14 years,each lasting on average 239 days and people lost confidence in the democratic parliamentary system,which hardly offered solutions.
Consider the following statements and identify the correct response from the options given thereafter : Statement I : By 1932 , industrial production was reduced to 40 % of the 1929 level . Statement II : The Great depression of 1920 in US economy affected the world trade. | |||
| Right Option : C | |||
| View Explanation |
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