Interwar

Stock Market Crash (1929)

Triggered financial panic; banks and businesses failed.

Overproduction

Factories and farms produced more than people could buy.

Bank Failures

Many banks collapsed due to bad loans and panic withdrawals.

Unemployment

Businesses shut down; millions lost jobs.

Tariffs and Trade Barriers

U.S. introduced the Smoot-Hawley Tariff; reduced global trade.

Drought & Dust Bowl

Farming regions were hit hard, making poverty worse.

Buying on Margin

People borrowed money to buy stocks; when prices fell, they couldn’t repay.

Dependence on Exports

Canada's economy relied heavily on wheat and timber exports—both collapsed.

Gross Domestic Product (GDP)

Total value of goods/services produced in a country.

Inflation

General rise in prices over time.

Deflation

General fall in prices; money gains value.

Tariff

Tax on imported goods to protect domestic industries.

Recession

Period of economic decline; less severe than a depression.

Depression

Severe and prolonged downturn in economic activity.

Prohibition

Ban on the production, sale, and transportation of alcohol.

Speakeasies

Secret bars where alcohol was illegally sold.

March on Rome (1922)

Fascists marched to demand power; King appointed Mussolini as Prime Minister.

Kristallnacht (1938)

'Night of Broken Glass': Jewish homes, businesses, and synagogues were attacked.

Enabling Act (1933)

Gave Hitler full dictatorial powers; ended democracy in Germany.

Night of the Long Knives (1934)

Purge of Hitler’s political rivals, especially in the SA (Brownshirts).

5-Year Plans

Rapid industrialization goals; focused on heavy industry over consumer goods.

Collectivization

Took land from peasants and formed collective farms; led to famine.

Massacre of the Kulaks

Wealthier peasants who resisted collectivization were executed or exiled.