What will be the effects of economic depression of 1929-1932 on germany? Explain?
Answers
The Great Economic Depression of 1929-1934 had a devastating effect all over the world. It led to the economic crisis in Germany and crippled German economy.
i. German recovery to economic stability between 1924-1928 was built on short term loans largely from USA. This was withdrawn when the Wall Street Exchange crashed in USA in-1929.
ii. By 1932 industrial output fell to 40% of the 1929 level.
iii. Workers lost their jobs and were paid reduced wages. Number of unemployed touched an unprecedented figures.
iv. Lack of jobs forced youth to criminal activities.
v. The crisis led to deep anxieties among the middle class who feared destitution.
vi. Peasantry was affected by fall in agricultural prices.
vii. The depression contributed to the rise of Hitler and establishment of dictatorship in Germany.
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