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John Maynard Keynes
- The Economic Consequences of the Peace
- a British economist who accompanied Prime Minister Lloyd George to the peace conference at Versailles, was infuriated by the terms of the peace.
- He noted the failure of the victorious powers to develop an adequate economic rehabilitation plan for Europe after the war
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The Economic Consequences of the Peace (1920)
- John Keynes discusses the dangers of govs not dealing more directly with the economic recovery in Europe
- Internal productivity in Europe had fallen off dramatically during WWI and continued to do so after the war.
- Internal transport and exchange had broken down so that markets could not function effectively (in other words, the war had destroyed the possibility for the market forces of supply and demand to work efficiently).
- Europe had not been able to purchase what it wanted from overseas during the war.
- -last phase and after war
- Governments responded incorrectly to inflation by printing more paper money and at the same time, failed to take appropriate measures to regulate supply of essential commodities
- If conditions persisted only rich can get goods
- Consequence (1920) inefficient, unemployed, disorganized Europe, torn by internal and international hate, fighting, starving, pillaging, and lying
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Joseph Stalin
- emerged victorious in 1928 (after Lenin's death in '24) and all agreed that the New Economic Policy (NEP) had to come to an end
- Rapid industrialization under state guidance and control was needed to catch up to the West
- Became the man of steel, and had his political opponents rounded up and executed or sent to labor camps
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Downward spiral of spending
- (Early 1925) Decline in income resulted in a decline in demand (and spending)
- Responding in decline of production=decline in employment
- Income furthered depressed
- This lead to affecting investors' confidence
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Herbert Hoover
- President during the start of the Great Depression
- Advocated 'market self-correction' (no gov intervention)
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Franklin Delano Roosevelt (FDR)
- Elected president in 1932 (USA), campaigned the New Deal: essential idea-U.S. federal government would intervene to stop the Depression by a series of acts
- 1. create jobs
- 2. raising income taxes on the richest segments
- -Significance: Introduced stimulation to the American economy after the crash of the stock market. Much of the acts he enacted during his presidency still remain today with some alternations.
- Believed in government intervention in economics of the country (Keynesian economics)
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The New Deal
- Gov intervention a must: create jobs to stimulate demand and a raise on income taxes of the richer
- Works Progress administration (WPA) providing 2-3 million new jobs
- Social Security Act (unemployment) and National Labor Relations Act (right to unions and negotiations) enacted in 1935
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Fascism 1900s
- Gov glorifies the state and nation and assigns control over every aspect of national life to the states
- Came from: dismal conditions in Europe, Govs troubled in controlling workers' demands & apparent spread of socialism
- -A philosophy of government that glorifies the state and nation and assigns to the state control over every aspect of national life
- -(came from) Neither socialism nor liberalism
- -Political street gangs (fascio) were the first manifestation of an 'answer' to the problems facing Europe
- -Significance: A new from of government that affects the country economically and socially
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Benito Mussolini (1883-1945)
- Europe's first Facist strongman
- Founded Fascio de Combattimento in 1919 a street combat group dedicated to fighting socialist & striking workers, Appointed Prime Minister by Italian king in 1922
- Italians as descendents of Romans, part of a 'master race' (Great once can be great again)
- 1926-he dissolved all opposition parties and unions. Groups rather than individual
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Adolf Hitler (1889-1945)
- After the war he was hired to infiltrate the National Socialist German Workers Party took it over and began his political career
- Key principles of Nazi Party (National socialist party) developed
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National Socialist Party (Nazi Party)
- All Germans of Europe should be united in one nation= ultranationalist goal
- Jews were German's worst enemies in the struggle for survival (Jewish businessmen especially dangerous)
- Liberalism didn't make a strong gov. Parlis and legis' wasted time in getting to one's goals
- Strong Leader embodies the will of the people=only answer to Euro social and political problems
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Aryan race
- Germans were the true descendants, purest race of all
- National superiority based on racial superiority
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