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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]
Differences explicitly pointed out between the recession and the Great Depression include the facts that over the 79 years between 1929 and 2008, great changes occurred in economic philosophy and policy, [9] the stock market had not fallen as far as it did in 1932 or 1982, the 10-year price-to-earnings ratio of stocks was not as low as in the ...
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.
Blutmai (English: Bloody May, lit. ' Blood May ') was an outbreak of political violence that occurred in Berlin from 1 to 3 May 1929. It occurred when the Communist Party of Germany (KPD) held May Day marches in defiance of a ban on public gatherings in Berlin ordered by the city's police chief Karl Zörgiebel of the Social Democratic Party (SPD).
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 ...