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USC IR 369 - Lecture 4 - Another War and its Legacy

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Time between world warsRussia Hardliners took control, and it became the USSRWestern/central Europe—rise of fascismHitler-NazismRuins in France/Germany disrupted normal patterns of trade1920s—radio, movies, credit, phones, vacations; people began to enjoy themselves for the first time because of end of Great Warillusion was easy to keep up until stock market crashGreat DepressionBlack Thursday, Oct 24, 1929By oct 29, 1929 all of 1929s profits had vanishedBy end of November, 1928s profits were goneBy summer of 1930, 1927s profits were goneMarket hit bottom on June 8, 1932 50%Not able to understand fully why or predict downturns in econCAUSES of Great DepressionVery uneven distribution of income in 1920, with workers and farmers sharing less in the prosperityThereby reducing consumer purchasing power, forcing industries like auto and construction to reduce productionImbalances in monetary, tariff, and federal tax policies, little consumer protectionTariff-increase foreign good prices to make domestic products more competitiveFederal reserve tightened rather than loosened creditHigh tariff barriersSome signs of improvement in 1931 but by then consumers and investors were refusing to spend; as size of econ declined 50%, size of private investment declined 95%Banking collapses followedHappened again todayInept response from white housePrices were rising throughout the day; bread more $ at night then in morningFranklin Delano Roosevelt (32nd president of US, 1933-45, elected to 4 terms)Had polio—in wheel chair as president but concealed it from American publicFirst lady Eleanor Roosevelt# of bank failures on day of his inaugurationstarted bank holiday immediately and it prevented further bank faulires bc during that day he infused money from federal funds into bankssigned social securityGlass steagall actprotect banks, banks had to separate personal deposits and speculative investing so you wouldn’t lose personal savings upon bank failuresRepealed under Clinton adminWhat if figure like Lennon or Hitler rose through democratic systm?Resumption of ConflictSept 1931, Japan invaded ManchuriaMay 1936, Italy annexed EthiopiaRome-Berlin axis formed same yearOn-going civil war in SpainTotalitarianism and FascismLenin, leader of Bolshevik Rev in Russia, dies in 1924Succeeded by Josef Vissarionivich Dzhugashvili who takes on name of Josef Stalin (Man of Steel)Adolph Hitler begins organizing national socialists (abbreviated Nazis)Rise of Nazism in GermanyWeimar GermanyAfter collapse of monarchy and militart, social dem party stepped up to the challenge of leading post war germanyNew legal basis: Weimar Constitution, 1919Irony: one of the most liberal constitution anyone ever createdNo vote was lostFringe parties that didn’t actually win still got representation in parliament..GREAT for HitlerNew electoral system, but helped fringe parties, included an emperor-in-waiting (Hindenburg)Debate: what happened in 1919?Rise of Adolf HitlerBorn in AustriaUnited Austria with Nazi germany in first chanceWhat if subtract Hitler from history..notion of single individualIn terrible car accident in 1931saw himself as messiahexplained accident as of course I didn’t die I have not yet done what I am meant to dowould have been different germany with out radical, anti-semite in chargestill would have been conflict over Poland/otherhard to imagine holocaust without HitlerWho voted for Hitler; question of religionGreatest support form protestants; in countryLeast support from catholics and workers, particularly in citiesHindenburg after 1930 ruled germany as an emperor, so he was able to pick Chancellor (due to a clause in the Weimar constituionHindenburg didn’t like Hitler but was convinced to make him chancellor bc they thought he was insignificant and that they could control himHitler never actually ELECTED chancellor or leaderTen factors in Hitlers rise to power1. Ongoing militarism of german society2. birth defects of Weimar consitution3. weakness of the ruling social dem party while in pffice4. Party cooperation lacking5. “vernunftsrepublikaner”=lack of real respect for govt6. Enemies of the republic: civil service, army, extremists, intellectuals, young7. Suicide of a democracy8. Fear of bolshevism9. Effects of great depressionecon downturns can result in poltical extremists10. Short term nazi electoral successanother world war and its legacy← Time between world wars- Russia Hardliners took control, and it became the USSR- Western/central Europe—rise of fascismoHitler-Nazism- Ruins in France/Germany disrupted normal patterns of trade- 1920s—radio, movies, credit, phones, vacations; people began to enjoy themselves for the first time because of end of Great Waroillusion was easy to keep up until stock market crash← Great Depression- Black Thursday, Oct 24, 1929- By oct 29, 1929 all of 1929s profits had vanished- By end of November, 1928s profits were gone- By summer of 1930, 1927s profits were gone- Market hit bottom on June 8, 1932 50%- Not able to understand fully why or predict downturns in econ- CAUSES of Great DepressionoVery uneven distribution of income in 1920, with workers and farmers sharing less in the prosperityoThereby reducing consumer purchasing power, forcing industries like auto and construction to reduce productionoImbalances in monetary, tariff, and federal tax policies, little consumer protectionTariff-increase foreign good prices to make domestic products more competitiveoFederal reserve tightened rather than loosened creditoHigh tariff barriersoSome signs of improvement in 1931 but by then consumers and investors were refusing to spend; as size of econ declined50%, size of private investment declined 95%oBanking collapses followedHappened again todayoInept response from white houseoPrices were rising throughout the day; bread more $ at night then in morning← Franklin Delano Roosevelt (32nd president of US, 1933-45, elected to 4 terms)- Had polio—in wheel chair as president but concealed it from American public- First lady Eleanor Roosevelt- # of bank failures on day of his inaugurationostarted bank holiday immediately and it prevented further bank faulires bc during that day he infused money from federal funds into banks- signed social security- Glass steagall actoprotect banks, banks had to separate personal deposits and speculative investing so you wouldn’t lose personal savings upon bank failuresoRepealed under


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