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Lecture 3 - The Second World War Lecture 3 The Slump and...

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The Second World War: Lecture 3: The Slump and the Polarisation of Europe 1. The Slump and its Economic Impact -Optimism of President Calvin Coolidge, Dec. 1928; Wall Street crash, Oct. 1929 ("Black Tuesday", Oct. 29); credit and confidence destroyed; scramble for currency; US industrial production fell one-third, 1929-31 (Westinghouse lost 2/3 of sales, 1929-33; new car sales down from 4.5M. to 1M.); wage cuts and unemployment (1.5M. in 1929 to 13M., 1932); "Hoovervilles" (President Herbert Hoover); crisis of distribution. -US, 1929, more than 42% world's industrial output; world's greatest creditor; huge importer of raw materials/foodstuffs: therefore dramatic impact on countries dependent on a few primary exports (Latin America, Australia, Canada, India...; E. Europe's export income dropped by 60%). -European monetary crisis, 1931; collapse of Central European banking system. -Because of reparations/ war debt question, German dependence on US short-term loans (now recalled)-serious consequ11ences.
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