Weimar and the Great Depression (1929-32) Flashcards
when was the Wall Street Crash?
October 1929
what did US banks do in response to the Wall Street Crash?
stop short-term foreign loans
call in loans from abroad
how was trade affected by the WSC?
foreign countries reduced their imports
this meant that the demand for German exports declined massively
by how much did German exports drop by after the WSC?
55%
how was employment affected by the WSC?
with companies unable to generate profit, they either shut down or laid workers off
either way, employment levels shot up
what had unemployment hit in 1932?
5.6 million
how was industry affected by the WSC?
a massive decline in production with foreign imports unavailable and the loss of workers creating a lack of a workforce
how much had industrial production dropped by 1932?
42%
how was agriculture affected by the WSC?
many farmers sold their land as income sharply dropped
how was the finance sector affected by the WSC?
the banking sector was obliterated with many banks shutting down due to not being able to repay the American loans
how many banks collapsed due to the WSC?
5
why was the German economy so susceptible to a financial disaster?
- it was heavily in debt
- 1.9 million unemployed
- most farmers were already in debt
was the WSC the reason for the Great Depression?
the WSC was more of a push in terms of pushing Germany to a state of economic depression
Germany’s economic situation was already quite dire
why were unemployment figures not entirely accurate?
did not take into account workers who did not register
OR
those that worked part-time
what affect did the Great Depression have on the working class?
most industrial workers were left unemployed
therefore there was no family income
they had to survive on the limited social security benefits provided
wives struggled to feed family
