Great Depression Section #4 Flashcards
1
Q
Great Depression government change
A
replaced the liberal capitalist system to a new model with greater state intervention in the economy (as proposed by Keynes)
2
Q
Deflationary Policies (4)
A
- lowering of prices to balance the budget
- reducing public spending
- reducing credit and currency in circulation
- companies lowered wages (to increase their profitability)
they sucked and didn’t help
3
Q
Economic Protectionism (2)
A
- put in place to protect industries and agriculture
- damaged world trade and therefore their own economies
4
Q
World Economic Conference
A
- proposed a return to the gold standard and the reduction of tariff
- no agreement was reached and each country did their own thing
5
Q
New Deal (what was it) (2)
A
- program created by FDR in 1933 during the height of the Depression
- unsuccessful in recovering pre-Depression production but helped some of the worst parts of the crisis
6
Q
New Deal (what did it do) (6)
A
- Clean up the banking system
- Invest in public works
- Reduce agricultural production
- Help large companies
- Minimum wage/40 hour work week
- Old-age and widow’s pensions, disability insurance and unemployment benefits
7
Q
UK anti-Depression solutions (4)
A
- Reducing the interest rate
- Devaluing the pound sterling
- Reinforcing protectionism
- Established trade agreements with its colonies (Ottawa Conference of 1932) to help British exports
this policy worked :)
8
Q
France Political Groups’ Depression solutions (3)
A
- Increasing workers’ purchasing power
- Public works program and an increase in taxes
- Mitignon Agreements between the employers and the trade unions, which put an end to labor unrest
this policy failed :(
9
Q
Germany (2)
A
Hitler took over and state controlled the economy
Money went to the military industry and public works
10
Q
How did Germany help unemployment (3)
A
- Military service
- Public works
- Manufacture of armaments
