Gescheideniswerkplaats - 3VWO - Chapter 2 Between the World Wars - summary - ENGLISH
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Course
Geschiedenis
Level
VWO / Gymnasium
Summary of history workshop chapter 2 between the world wars.
Suitable for 3vwo TTO students.
PLEASE NOTE THAT THIS SUMMARY IS IN ENGLISH.
The Dutch version is also available, see my other summaries.
2.1
Assembly line: production system in which employees work on products that pass by
Consumer society: society in which many consumer products are bought
Credit: loan
Economic crisis(depression): long period or economic decline and unemployment
Interbellum: period between the 2 world wars
Policy: way in which something is regulated
Stock market: building in which stocks are traded
Stoch market crash: strong and rapid decrease of the share values at the stock market
Subsidy: financial support of the government
Turning point: important rapid change
Prosperity US
- was richest country before world war I
- wealth increased during first ten years of the interbellum
Cause Prosperity US
- industrial capitalism was successful; bc of growing automobile and electrotechnical industries.
- production increased; bc work was organised more efficiently
- assembly line was used in many industries
Consequence Prosperity US
- production was faster and cheaper
- wages went up, prices went down.
- economy increased
Consequence increase economy
- higher demand new products
- start consumer society
- shares companies increased in value
The car US
- 60% Americans had a car
- cars reinforced economic growth; roads, bridges, garages, petrol stations, roadside restaurants were built.
Company shares
- Americans used savings, loaned money to buy shares
- shares were bought on the stock market
Black Thursday – stock market crash
- 24/October/1929
- share prices, main stock market wall street NYC, dropped
Consequence stock market crash
- was called the great depression
- caused economic crisis; decline and unemployment
- banks, industrial companies, farmers went bankrupt
- 1932 national income was halved,
- stock prices were worth 25% less then in 1929
- increase in poverty
Consequence global economy
- Economy Europe and colonies decreased, due to trade contacts in global economy
- banks, companies went bankrupt --> unemployment rate increased
- global trade reduced
Direct cause global economic crisis --> stock market crash Wall street, NYC
Indirect cause global economic crisis --> overproduction US
Over production
- industries increased production with machines --> there were surpluses (was product left over)
- market got saturated --> were too many products to be sold
Loaning money
- Americans loaned money to buy shares and consumer products
- Americans normalised buying products on credit
- when crisis hit, many were unable to pay their loans --> wages were lower, unemployment.
Solution economy crisis
- 1932 Franklin Delano Roosevelt became President of the US
- opted for another policy, the new deal.
- government would start interfering in economy
- government would spend more money for economy than it received
- government would start importing more products
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