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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]
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]
The World in Depression, 1929–1939 (3rd ed. 2013) Konrad, Helmut and Wolfgang Maderthaner, eds. Routes Into the Abyss: Coping With Crises in the 1930s (Berghahn Books, 2013), 224 pp. Compares political crises in Germany, Italy, Austria, and Spain with those in Sweden, Japan, China, India, Turkey, Brazil, and the United States.
By 1929 GDP per capita was 12 per cent higher than in 1913 and between 1924 and 1929 exports doubled. [79] Net investment reached a high average figure of nearly 12 per cent. [80] However, unemployment was over two millions by the winter of 1928–29. [80] The Great Depression struck Germany hard, starting already in the last months of 1927. [81]
From 1923 to 1929, there was a period of economic recovery, but the Great Depression of the 1930s led to a worldwide recession. Germany was particularly affected because it depended heavily on American loans. The Weimar Republic was severely affected by the Great Depression.
Like many other nations at the time, Germany suffered the economic effects of the Great Depression, with unemployment soaring after the Wall Street Crash of 1929. [1] When Adolf Hitler became Chancellor of Germany in 1933, he introduced policies aimed at improving the economy.
The government faced the Great Depression. At the same time, the 1929 Young Plan had greatly reduced war reparations owed by Germany, but paying the remainder required severe austerity measures. Brüning disclosed to his associates in the German Labour Federation that his chief aim as chancellor would be to liberate the German economy from the ...
Essays on the Great Depression (2000) Bernstein, Michael A. The Great Depression: Delayed Recovery and Economic Change in America, 1929–1939 (1989) focus on low-growth and high-growth industries; Bordo, Michael D., Claudia Goldin, and Eugene N. White, eds. The Defining Moment: The Great Depression and the American Economy in the Twentieth ...