The Great Depression was caused by an overproduction of agricultural goods which led to an increase on imports and falling prices in the Chinese market. It also included widespread fighting among warlords. A quote that represents how hard the Great Depression was for industrial business owners is, “but it was the time of widespread fighting among warlords, who all levied heavy taxes. This, combined with the effects of the Great Depression, made it an extremely difficult time to run a textile factory” (Chang 104). Also, prior to the establishment of the Renminbi becoming the national currency in 1935, there were many different forms of payment.
For example, Mexico has been attributed as a depression to the economy because it was facing a major decline in mining and a shortage in labor during the time when urban population and demand were growing. Uncertainties caused by the rich countries cause losses for the poor countries. Essentially, the poor countries should solve this problem by specializing in production. It can open markets in poor countries, strengthen their method of production and kickoff local businesses. Vincent Ferraro addresses the possible issues which make this policy difficult to follow.
Also, “The Smoot-Hawley tariff compelled other countries to retaliate with their own tariffs. That forced global trade down by 65 percent.” That means, the world-trade turned in dangerous, cooperation and income have declined in all capitalism countries. It also, contributed the start of the World War
For example, major regions in Latin America, which are labeled as being underdeveloped today, provided the life blood of mercantile and industrial capitalist development to the world metropolis. These regions became a typical structure of underdevelopment of a capitalist export economy. Ultimately, when the market for sugar and mines disappeared, the metropolis abandoned them. Thus, these regions were left to themselves and degenerated into an ultra-underdevelopment. For example, Mexico has been attributed as a depression to the economy because it was facing a major decline in mining and a shortage in labor during the time when urban population and demand were growing.
Kerensky’s abusive team had failed; the Germans gained more land by each day. This in addition might of had disintegrated the followers the Provisional Government had obtained. The Government came out clear that they were powerless in overseas and domestic issues. When the Provisional Government was engaged with winning the War, the nation's financial and social issues started to deteriorate. In two domestic territories specifically the administration's reaction was discovered needing: the agriculture emergency, and mechanical relations.
International trade plunged by half to two-thirds, as did personal income, tax revenue, prices and profits. Cities all around the world were hit hard, especially those dependent on heavy industry. Construction was virtually halted in many countries. Farming and rural areas suffered as crop prices fell by roughly 60 percent. Facing plummeting demand with few alternate sources of jobs, areas dependent on primary sector industries such as farming, mining and logging suffered the most.
(Keynes, 1920) Moreover, Mussolini based the economic development of Italy on agricultural production instead of industrial production like Germany, with the policy of ‘Battle of the Grain’. However, when Italy was led into the WW2, the agricultural economy collapsed in a relatively shorter time since the industrial output remained low under Mussolini’s policy, which was essential in fighting WW2. Mussolini also inflated the value of the lira in his ‘Battle for the lira’, making exports more expensive. (Robert, 2003) This created unemployment at home as many industries and firms could not sell their goods. Furthermore, the Italian officials were very corrupted and serious crippled the corporation system.
Literature Review Great Depression and Americans After the Wall Street Crash in 1929, affected by the direct influences of the stock market and the entangled relations between European countries, Americans were facing a severe economic broke down in their country. People were living a hard time, for instance high unemployment, which led to lack of money, furthermore starvation and illnesses and so on. On the other hand, arts or literature were always the media that people used to express their views, feelings, comments and hope towards issues, therefore, during the Depression, arts and literature ironically "blossomed". This essay reviews two sources, Dancing in the Dark by Morris Dickstein, a book with fruitful examples of how literature
One of the direct causes of the French Revolution was the incapability of the Royal Treasury in resolving its problems. The fiscal crisis of 1786 worsened the situation since France had been living beyond its means since seventeenth century. The unique features and hostile reactions provoked by the fiscal system of the state during the Ancien Regime were also responsible for the French Revolution. Another major reason for the French Revolution was bankruptcy of the state due to conflicts between the Monarchy and nobility to rule out the tax reforms, which were detrimental to the progress of the state. Furthermore, there had been an increase in social antagonism between the bourgeoisie and the aristocracy.
Because of this and the reparations to pay, the German money system had broken down. Relying on foreign loans from America (known as the 'Dawes Plan) to benefit and help Germany recover from its financial losses. In addition to this, the 1929 Wall Street Crash left German people in a poorer state, leaving 6 million people unemployed. Hitler used the sensitive turmoil of the people, recalling the memory of their devastation in his favor, going against the republic and democracy. This can be agreed on as the continual disappointment of the people from the republic, increased the population's desire of a better and stronger