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02 THE CRISIS OF 1929 AND THE GREAT DEPRESSION, image, image, image, image…
02 THE CRISIS OF 1929 AND THE GREAT DEPRESSION
1 AN ABRUPT END TO PROSPERITY
Much of the boom in the US economy was based on massive financial growth
They hoped to get rich in a short period of time by buying and reselling stocks
Black Thursday and Tuesday, the share price fell sharply
Their priority was to get rid ->crash of the New York Stock Exchange.
Most banks went bankrupt ->many companies had to close down and fire their workers
This was the end of the period of prosperity
Thank for the crisis that generalisation was known as the Great Depression
2 MEASURES TO OVERCOME THE GREAT DEPRESSION
The Great Depression especially affected industrialised countries
Countries and colonies that exported raw materials also suffered the effects of the Great Depression
Saw a drastic reduction in their exports.
Brazil
Argentina
Chile
India
Malasya
Australia
Economic nationalism and state intervention
In the United States, in 1933, President Roosevelt proposed a shock plan, known as the ‘New Deal
In Great Britain, despite having more than 3 million unemployed workers
Free trade and protectionism
