Historl120B lecture 6

Historl120B lecture 6 - Lecture 6 Week 3 April 16, 2008 The...

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Lecture 6 Week 3 April 16, 2008 The 1920’s and the 1930’s saw a large increase in the mechanization of the household as well as new technologies: refrigerator, radio, cars This caused a huge change to the economy because it created a huge new service sector in the economy (for example think service of cars); the western countries were the countries who had this technological development The Interwar period was a very hard period in Central and Eastern Europe because the countries were all new countries; it was a time for adjustments POLAND: interwar period there were 4 different currencies flowing around Poland; things such as currency and money was a big problem for these new countries The Great Depression also hit the world during the Interwar period; In 1929 the stock market collapsed in NY; it was known as Black Thursday; it sparked a WORLD WIDE DEPRESSION; it hit industry, banking, agriculture alike; it hit the most developed and the least developed alike; never had such a dramatic economic crisis hit the world US and Germany (most developed countries) were hit the most because the GDP of both countries declined by nearly 50% (half of the economy!) Coal mining declined by 60%; grain prices declined by 58%; meat prices declined by 60%; 50 million people remained unemployed in Europe (6 million in Germany) There is still no really good explanation of what happened during the Depression, and why it happened? There are various cycle theories in economics: economic development is not a linear plan; economic growth (development) takes a path of cycle (sometimes it gets better sometimes it gets worse creating a line with curves)
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Historl120B lecture 6 - Lecture 6 Week 3 April 16, 2008 The...

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