Notes 3 - 1918 A VENGEFUL PEACE Versailles Treaty only...

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1918: A VENGEFUL PEACE Versailles Treaty only negotiated among winners o France, Great Britain, Italy, U.S. Punish Germany o Article 231 “War Guilt Clause” o Demilitarize Germany o Reparations = ½ of Germany’s GNP Versailles Treaty has no “teeth” o How/who will enforce o League of Nations U.S. never joins UNCERTAINTY AND ANXIETY Is the war over? What will post-war society look like? How can you create stable societies in nations that have lost so much? U.S. POST-WAR ECONOMIC BOOM Europe bought everything from U.S. STAGES OF AN ECONOMIC CRISIS 1. enthusiastic post-war spending housing automobiles durable goods 2. investment in stock market 3. over production of durable goods 4. worker layoffs because there is no need no income market takes a hit 5. sell stocks to recoup money 6. total value of market plummets THE CRASH OF OCTOBER/NOVEMBER 1929 before Great Depression THE GREAT DEPRESSION U.S. takes biggest hit of any country Value of market drops from $87 million to $30 million 15 million workers unemployed 5,000 U.S. banks collapse Bread and Soup lines--stand in long lines for little amounts of food A GLOBAL ECONOMIC CRISIS
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Germany reparations to France and Great Britain War debt to U.S. U.S. loans to pay reparations (Dawes Plan, 1924) U.S. calls foreign debt to stabilize economy = CRISIS 6 million Germans unemployed, ½ of working class 1 million French unemployed
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This note was uploaded on 04/13/2008 for the course HIST 1020 taught by Professor Gorshkov during the Fall '08 term at Auburn University.

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Notes 3 - 1918 A VENGEFUL PEACE Versailles Treaty only...

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