World War I and the Great Depression Timeline

League of Nations

What did it do? Established the mandate system Mandates – former colonies/territories of

defeated Central Powers administered by mainly France and Great Britain.

Iraq, Palestine, Lebanon, and Syria are examples of mandate territories

Mandate System

League of Nations

Why did it fail? United States did not become a

member – US wants to “isolate” itself from Europe (isolationism)

L of N did not have the power to enforce its decisions

United States Wanted isolation from the rest of

the world. Dominant world economy after

WWI Led to economic “boom” =

immense prosperity. People borrowed money on credit

for goods and stocks.

Great Britain

Horrors of war deeply impacted British society and economy. Lost factory jobs to USA and Japan Labour Party (worker’s party) won

general elections in the 1920’s.

France

Devastated by WWI Economic hardship

High unemployment, gov’t nearly bankrupt

Political chaos No party could get a majority

Horrors of War 50% of men ages 18-32 killed in war

Italy

Resented Treaty of Versailles Did not give enough rewards to

Italy High unemployment and inflation Political and economic chaos led to

the election of Mussolini and his Fascist government in 1924.

Between the Wars: Global Depression & Dictatorships

Fasces Benito Mussolini

Germany Anger and Resentment over the Treaty of

Versailles. Weimar Republic - democratic gov’t

elected in 1919. Reparations caused economic hardships in

Germany Loans from the US led to a period of

relative prosperity in the 1920’s. But…Political unrest still occurs…

Rise of Adolf Hitler

Between the Wars: Global Depression & Dictatorships

Adolf Hitler Hitler - Parade

Russia

Lenin’s NEW ECONOMIC POLICY Changes name – now U.S.S.R Lenin Dies » Stalin in power 1st FIVE YEAR PLAN Industrialization Collectivization

Japan

After WWI – felt West did not treat it as an equal. Industrialization – need for raw

materials Wanted more control in China Increasingly nationalistic and

militaristic

The Stock Market Crash

Causes Overproduction in USA – prices go

down sharply Excessive dependence on credit to

buy goods and stocks – people cannot pay debts

High protective tariffs stifle world trade

The Stock Market Crash OCTOBER 1929

Banks call in loans People unable to pay off their credit

bills Stock prices tumble Businesses start to fail, laying off

workers RESULTS IN…

Run on the Bank

The GREAT DEPRESSION

WORLDWIDE effects Production of goods cut around the

world Prices, Salaries, and Wages fell

(Deflation) Many workers lost their jobs

13 million in the USA alone

United States Franklin D. Roosevelt elected Pres.

in 1932 NEW DEAL –Fed gov’t would spend

money, put workers back to work. Regulated banks, stock market Social security and unemployment

insurance

France

Fascists and Communists constantly battled for influence among workers 1934 – Socialist-led gov’t comes to

power Passed many laws that benefited

workers and farmers

Germany

1929 – Hitler appeals to German workers - He can bring back economic prosperity/German national pride (nationalism). 1930’s – NAZI’s win big in elections 1933 – Hitler is appointed

“Chancellor” or leader of the German gov’t

Russia

Results of the FIVE YEAR PLAN Rapid Industrialization Workers work for little, no pay Food is scarce Famine

1930’s - Great Purge – Stalin tries to “eliminate” his “enemies”

Japan

Japan dependent on US market – Great Depression in USA carried to Japan Millions unemployed, starving Military leaders promised stable

leadership and national pride (nationalism) Eyed imperial expansion in Asia