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Post-War Impact:
Destruction and Anxiety: World War I brought massive destruction and anxiety. The Allied nations, though victorious, lost millions of citizens and spent tremendous amounts of money. The defeated Central Powers, especially Germany and Austria-Hungary, suffered even greater losses.
Treaty of Versailles: Forced Germany to pay billions in reparations, leading to economic instability. Germany printed more money, causing inflation and further economic issues.
Global Downturn:
Great Depression: The 1920s brought modest gains, but the Great Depression, caused by agricultural overproduction and the U.S. stock market crash in 1929, ended this stability. American investors pulled money from German banks, worsening Germany's economic crisis.
Global Impact: The economies of Africa, Asia, and Latin America suffered due to their dependence on imperial nations. Japan's exports were halved between 1929 and 1931, causing economic strain.
Keynesian Economics:
John Maynard Keynes: Rejected laissez-faire ideals, advocating for government intervention. He suggested deficit spending to stimulate economic activity, cut taxes, and increase spending to spur growth.
New Deal:
Franklin Delano Roosevelt: Used Keynes's ideas to address the Great Depression in the U.S. The New Deal aimed to provide relief, recovery, and reform through various policies and programs.
Economic Improvement: By 1937, unemployment declined, and production rose. However, Roosevelt's fear of growing deficits led to reversed policies, causing unemployment to rise again. The Depression ended with U.S. entry into World War II in 1941.
Impact on Trade:
Global Event: The Depression spread from the U.S. and Europe to Latin America, Africa, and Asia. Unemployment increased, and international trade declined due to strict tariffs.
Japan's Recovery: Japan quickly recovered by devaluing its currency, making exports cheaper. Expansionism also boosted its economy.
Political Revolutions in Russia and Mexico
Continuing Revolution in Russia:
Post-War Struggles: Lenin's Bolshevik Party faced starvation and civil unrest during the Russian Civil War (1918-1921). Lenin's New Economic Plan (NEP) reintroduced private trade, leading to modest success.
Joseph Stalin: Took control after Lenin's death in 1924. Stalin's Five-Year Plans aimed to industrialize the USSR, but collectivization led to widespread starvation. His regime was brutal, with many political opponents executed or sent to labor camps.
Party Rule in Mexico:
Institutional Revolutionary Party (PRI): Dominated Mexican politics for most of the 20th century. Under PRI, land reforms and nationalization of the oil industry improved the economy. However, the social hierarchy saw little change.
Rise of Fascism
Fascism in Italy:
Benito Mussolini: Coined the term fascism, glorifying militarism and national strength. The fascist state imposed total control over society.
Mussolini's Rule: Took control of the parliament, becoming a dictator. Militaristic propaganda was widespread, and Mussolini sought to conquer Abyssinia (Ethiopia), defying international sanctions.
Fascism and Civil War in Spain:
Spanish Civil War: Began in 1936 between the Nationalists (led by Francisco Franco) and the Republicans. The war became a global conflict, with Germany, Italy, and Portugal supporting the Nationalists, while the Soviet Union and international volunteers supported the Republicans.
Guernica: German and Italian bombing of Guernica targeted civilians, showcasing the brutality of modern warfare. Pablo Picasso's painting "Guernica" immortalized this tragedy.
Franco's Victory: Franco's forces defeated the Republicans, and he ruled Spain as a dictator until 1975.
Depressive Regime in Brazil:
Getulio Vargas: Came to power in a bloodless coup in 1930, supporting industrial growth but restricting political freedoms. His Estado Novo program censored the press and abolished political parties.
World War II: Brazil sided with the Allies, leading to a push for a more democratic nation post-war.
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