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Germany's gross national product (GNP) and GNP deflator, year on year change in percentages, from 1926 to 1939 [19] Development of GDP per capita, from 1930 to 1950. The Nazis came to power in the midst of the Great Depression. The unemployment rate at that point in time was close to 30%. [20]
The Great Depression struck Germany hard, starting already in the last months of 1927. [81] Foreign lending, especially by New York banks, ceased around 1930. Unemployment soared, especially in larger cities, fueling extremism and violence on the far right and far left, as the center of the political spectrum weakened.
The Great Depression hit Germany hard. The impact of the Wall Street Crash forced American banks to end the new loans that had been funding the repayments under the Dawes Plan and the Young Plan. The financial crisis escalated out of control in mid-1931, starting with the collapse of the Credit Anstalt in Vienna in May. [41]
October - The Wall Street Crash of 1929 marks a major turning point in Germany: following prosperity under the government of the Weimar Republic, foreign investors withdraw their German interests, beginning the crumbling of the Republican government in favor of Nazism. [1] The number of unemployed reaches three million. [2]
According to one study, many Germans conflate hyperinflation in the Weimar Republic with the Great Depression, seeing the two separate events as one big economic crisis that encompassed both rapidly rising prices and mass unemployment. [40] The hyperinflated, worthless marks became widely collected abroad.
Since 1929, Germany had been suffering from the Great Depression; unemployment had risen from 8.5% to nearly 30% between 1929 and 1932, [2] while industrial production dropped by around 42%. [2] Over 6 million people were unemployed in 1932, and 40% of organized labour was unemployed or working reduced hours in summer 1932. [3]
The Long Depression was a worldwide price and economic recession, beginning in 1873 and running either through March 1879, or 1899, depending on the metrics used. [1] It was most severe in Europe and the United States, which had been experiencing strong economic growth fueled by the Second Industrial Revolution in the decade following the American Civil War.
By the 1930s, however, the Great Depression had caused mass unemployment in Germany, and it had become politically untenable for the Nazis to write off the destitute as not worth helping. [3]