Arca Unit 19

[The economic crisis of 1929 and the right-wing dictatorships of the interwar period]{.c9}


  1. [the Peace Treaties and the Debt Cycle]{.c7} {#h.hm6cp2nd37qc style=”display:inline”}

[the UK and France were indebt with the USA and germany had to carry the burden of the fall of the great empires]{.c0}


[the peace treaties put all blame on Germany and determined that it had to repay for the damages, but these condition were extremely heavy ]{.c0}

  • [one of the critics: John Maynard Kaynes in the early 1920s published the “economic consequences of the peace”, which criticized the mechanism that were determined by the treaties and that would bring instabilities to european countries]{.c0}
  • [Corrado Gini criticized the lack of supernationals institution that could regulated the situation, which would lead to autarchy policies]{.c0}


[in the early 20s the German currency was weak so they made an agreement with american banks that would issue loans in Germany: “Dawes Plan”]{.c0}

  • [Germany would take part of this money to pay France and Britain according to the peace treaties, which would use the money to repay America (financial flow of debt/debt cycle)]{.c0}


  1. [the financial crisis of 1929 ]{.c7} {#h.tbhy0wk1a62n style=”display:inline”}

[the stock market crash of 1929:]{.c0}

  • [black thursday: stockholder started dumping stocks en masse (12 million stocks)]{.c0}
  • [black tuesday: 16 million stock were traded in a second wave]{.c0}


[one of the main causes of the Great Depression of the 1930s]{.c0}


[consequences in other sectors and counties:]{.c0}

  • [many business failed, which resulted in a industrial crisis plus the financial one]{.c0}
  • [UK: crash of the London Stock Exchange]{.c0}
  • [the USA adopted a protectionist policy, which caused even more crisis in Europe]{.c0}
  • [rise of unemployment in both Europe and America]{.c0}
  • [many banks went bankrupt in Italy, Germany, Austria and Hungary, which forced the State to intervene by buying businesses]{.c0}
  1. [the Great Depression of the 1930s ]{.c7} {#h.jg89cand04ma style=”display:inline”}


[1933: apex of the Great Depression]{.c0}


[Roosevelt proposed his new policy: the “New Deal”, welfare measures for the population and public spending to ease unemployment (projects for hydroelectric industries, structures, agriculture etc.) ]{.c0}

  • [critics: ideological prejudices, state intervention in the economy and economic interest]{.c0}



[high unemployment: political factor for the rise of the nazi party (1933)]{.c0}


[the nazi party adopted a new economic policy, whih introduced a “Keynesian public work program” to attenuate the social effect of unemployment (trade union and left wing opponents origin)]{.c0}


[1935: reach fo full employment]{.c0}

  1. [authoritarian and dictatorial régimes in the 1920s and 1930s]{.c7} {#h.pwqh3v7sshrz style=”display:inline”}

[right-wing dictatorial or authoritarian regimes in Europe:]{.c0}

  • [Poland 1918–35 Józef Piłsudski ("First Marshal of Poland") ]{.c0}
  • [Bulgaria 1918–43 Boris III ("Czar" monarchy dictatorship)]{.c0}
  • [Hungary 1920–44 Miklós Horthy ("Regent of the Kingdom") ]{.c0}
  • [Italy 1922–43 Benito Mussolini ("Leader") ]{.c0}
  • [Turkey 1923–38 Mustafa Kemal ("Father of the Turks")]{.c0}
  • [Spain 1923–30 Miguel Primo de Rivera ("Prime Minister") ]{.c0}
  • [Romania 1930–40 Carol II ("King" monarchy dictatorship) ]{.c0}
  • [Austria 1932–34 Engelbert Dollfuss ("Chancellor") ]{.c0}
  • [Portugal 1932–68 António de Oliveira Salazar ("Prime Minister") ]{.c0}
  • [Germany 1933–45 Adolf Hitler ("Leader")]{.c0}
  • [Greece 1936–41 Ioannis Metaxas ("Prime Minister") ]{.c0}
  • [Spain 1936–75 Francisco Franco ("Leader")]{.c0}


[under German influence/occupation: ]{.c0}

  • [Slovakia 1939–45 Jozef Tiso ("Leader") ]{.c0}
  • [Romania 1940–44 Ion Victor Antonescu ("Leader") ]{.c0}
  • [France 1940–45 Philippe Pétain ("Head of State") ]{.c0}
  • [Italy 1943–45 Benito Mussolini ("Leader") ]{.c0}
  • [Norway 1942–45 Vidkun Quisling ("Minister President")]{.c0}


[reasons: social struggle, fear of communism, fear of economic decline, loss of social ]{.c0}

[               distinction, fear of mass society, nationalism, anti-semitism, desire for revanche ]{.c0}

[               after WWI]{.c0}



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