The 1929 Global Economic Crisis: Causes, Consequences, and Reforms

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The 1929 Global Economic Crisis: Causes, Consequences, and Reforms

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1929 Crisis, Wall Street Crash, stock market crash, global economic crisis, Great Depression, speculative bubble, protectionism, unemployment, bank failures, agricultural decline, raw materials prices, New Deal, Popular Front, Matignon Agreements, economic recovery, welfare state, public infrastructure, industrial production collapse, Latin America economic crisis, export decline, coffee prices, tin prices, sugar prices, nitrate prices, meat prices, Argentina economy, Brazil economy, Colombia economy, Bolivia economy, Chile economy, Cuba economy, farmers debt, agricultural prices drop, bank repatriation, European economy, US capital withdrawal, economic protectionism, authoritarian regime, dictatorship, Nazi party rise, economic instability, global trade decline, economic reform, social measures, labor laws, working hours, paid holidays, trade union delegates, economic planning, investment, public works, infrastructure projects, economic relaunch, purchasing power, debt reduction, land redistribution, raw materials reorganization

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Abstract

Discover the far-reaching impact of the 1929 Crisis on global economies and societies. This pivotal event triggered widespread economic downturn, massive unemployment, and social unrest, affecting regions from the United States to Latin America and Europe. Key responses included the establishment of welfare states, significant policy reforms like the New Deal in the US, and social agreements such as the Matignon Agreements in France. Explore how this crisis led to profound changes in economic policies, labor laws, and the rise of authoritarian regimes, shaping the course of modern history. Learn more about the causes, consequences, and lasting effects of this global economic crisis.

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[...] The 1929 Crisis and its Consequences On Thursday, October a major stock market crash occurs at Wall Street, the New York Stock Exchange. The stock market crash was caused by the bursting of the speculative bubble: millions of shares were sold in a few hours, causing the stock market to plummet. The ruin of shareholders, the drop in prices, the collapse of industrial and agricultural production, unemployment, the bankruptcy of companies and banks. Farmers are ruined due to the drop in agricultural prices and are unable to repay their debts. [...]

[...] The 40-hour week allows for a reduction in working hours and forces employers to hire to maintain production, thus reducing unemployment. The worker now has two days of rest, so he is more serene and motivated to go to work. He can spend more time with his family and no longer sees the factory as an exhausting and enslaving place. Two posters are art deco. On the first one: in the foreground, different red negative words on a black background including 'misery' written in large letters. Above, a worker crushed by a hydraulic press that symbolizes the 40-hour week. [...]

[...] 15) The consequence is an unstable and authoritarian regime in the form of a dictatorship. 16) 1931, the United Kingdom suspends the gold convertibility of the pound sterling; 1934, the United States launches the New Deal to relaunch the economy; 1936, in France, the Matignon Agreements are signed between the Popular Front, the employers and the workers to put an end to the economic and social crisis. 17) The two data show that unemployed people are dissatisfied voters. The more their number increases, the more it gives voters to the Nazi party. [...]

[...] For the employers, the 40-hour week is an illusion that hides the reality from the workers. It actually announces difficult tomorrows. The two posters commissioned by the right-wing respond to that of the CGT. Order and common sense represent the employers. For them, the consequences of the 40-hour week are an increase in unemployment and misery and a crisis for the employers (decline in productivity, bankruptcy). The worker will be disappointed and the SFIO, the CGT are responsible for his future misfortunes. [...]

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