Great Depression

What event on October 24th, 1929 is known as 'Black Thursday'?

It marks the beginning of a stock market crash that lasted four days.

What was the Great Depression?

An unprecedented worldwide economic collapse that followed the stock market crash of 1929.

How were European markets connected to the U.S. economy during the Great Depression?

European countries depended on American financing to recover from World War I, which made them susceptible to the American economic crash.

What was the unemployment rate in the United States in 1933?

25 percent of American workers were unemployed.

What were tariffs, and how did they affect the Great Depression?

Tariffs are taxes on foreign goods intended to protect domestic industries, but during the Great Depression, they worsened the economic crisis.

What impact did the Great Depression have on cash crop economies in colonies?

Colonized economies faced severe declines as the demand for cash crops like rubber and coffee dropped.

What was Joseph Stalin's response to the Great Depression?

He initiated a Five Year Plan to take control of land and build Soviet industry.

How did the U.S. government change its role in the economy during the Great Depression?

The government began to actively direct the economy and provide social safety nets through initiatives like the New Deal.

What phrase describes the idea that destructive actions can lead to constructive outcomes?

'You have to break a few eggs to make an omelet.'

What ultimately ended the Great Depression?

The onset of World War II and the increased military production associated with it.

What role did the Great Depression play in the rise of decolonization movements?

It prompted colonized people to question the legitimacy of colonial rule as they faced economic collapse.