World War I & Economic Study Guide
Terms of the Treaty:
Germany accepted full blame for the war (War Guilt Clause, Article 231).
Germany had to pay reparations (132 billion gold marks, around $33 billion USD at the time).
German military was restricted to 100,000 troops; no tanks, submarines, or air force.
Lost territories: Alsace-Lorraine returned to France, land given to Poland, colonies lost.
League of Nations established (Germany initially excluded).
Countries and Leaders Involved:
United Kingdom – David Lloyd George (wanted to punish Germany but not too harshly).
France – Georges Clemenceau (wanted to weaken Germany severely).
United States – Woodrow Wilson (advocated for the League of Nations and fair peace).
Italy – Vittorio Orlando (wanted territorial gains but was largely ignored).
Germany – Friedrich Ebert (forced to accept the terms of the treaty).
Known as Armistice Day, marking the end of fighting on the Western Front.
Armistice signed in a railway carriage in Compiègne, France.
Fighting ceased at 11:00 AM on November 11, 1918.
Led to the Treaty of Versailles negotiations.
Who: Archduke Franz Ferdinand of Austria-Hungary.
When: June 28, 1914.
Where: Sarajevo, Bosnia.
By Whom: Gavrilo Princip, a member of the Serbian nationalist group Black Hand.
Impact: Sparked Austria-Hungary’s declaration of war on Serbia, leading to World War I.
Imperialism: Expansion of a nation’s power through territorial conquest and colonization.
Nationalism: Extreme pride and loyalty to one’s country, sometimes leading to conflicts.
Arms Race: Competition between nations to build the largest and most powerful military.
Militarism: The belief that a country’s military strength is essential to its success.
Triple Alliance: Germany, Austria-Hungary, Italy (Italy later switched sides in 1915).
Triple Entente: France, Russia, United Kingdom.
Central Powers: Germany, Austria-Hungary, Ottoman Empire, Bulgaria.
Carte Blanche/Blank Cheque: Germany’s unconditional support for Austria-Hungary against Serbia.
PTSD (Post-Traumatic Stress Disorder): Psychological disorder affecting many soldiers after traumatic wartime experiences; called "shell shock" in WWI.
No Man’s Land: The dangerous, barren area between opposing trenches, filled with barbed wire and land mines.
Causes:
Poor conditions in Russia due to food shortages and economic struggles.
Military failures and high casualties in WWI.
Widespread dissatisfaction with Tsar Nicholas II’s rule.
Key Events:
February/March 1917: Tsar Nicholas II abdicates; Provisional Government formed.
October/November 1917: Bolsheviks (led by Vladimir Lenin) take over in the October Revolution.
March 1918: Russia signs the Treaty of Brest-Litovsk, withdrawing from WWI and ceding land to Germany.
Key Terms:
Boom Period: Rapid economic expansion due to increased industrial production.
Consumerism: Increased demand for goods due to mass production and advertising.
Stock Market Speculation: Many people invested in stocks, expecting continuous growth.
Credit & Installment Buying: People bought goods on credit, leading to higher consumer spending.
Laissez-Faire Economics: Limited government intervention in business.
Assembly Line: Revolutionized production, especially in the automobile industry (e.g., Henry Ford’s Model T).
Reasons for Growth:
Advancements in technology (radio, automobiles, electricity).
Increase in mass production and efficiency.
Growth of the stock market and investments.
Increased consumer spending and urbanization.
Six Causes of the Great Depression:
Stock Market Crash (1929): Over-speculation led to a massive financial collapse.
Bank Failures: People lost their savings as banks collapsed.
Overproduction: Factories and farms produced more goods than consumers could buy.
Decline in World Trade: High tariffs (e.g., Smoot-Hawley Tariff) reduced international trade.
Drought & Dust Bowl: Agricultural crisis in North America worsened economic conditions.
Income Inequality: Wealth gap led to reduced consumer purchasing power.
Herbert Hoover (USA): Advocated limited government intervention, which was widely criticized.
Franklin D. Roosevelt (USA): Introduced The New Deal, a series of programs and policies to provide relief, recovery, and reform (e.g., Social Security, public works projects).
Richard Bennett (Canada): Implemented relief efforts but was unpopular for perceived inaction.
William Lyon Mackenzie King (Canada): Initially downplayed the crisis but later introduced social welfare reforms.
The New Deal (USA):
Introduced by Roosevelt in 1933 to combat the Great Depression.
Focused on public works, financial reforms, and social security.
Included programs like the Civilian Conservation Corps (CCC) and Works Progress Administration (WPA).
Keynesian Economics:
Developed by John Maynard Keynes.
Argued that government spending should increase during economic downturns to boost demand.
Advocated deficit spending to stimulate job creation and economic growth.
World War I & Economic Study Guide
Key Events and Concepts
Treaty of Versailles (1919)
Terms of the Treaty:
Germany accepted full blame for the war (War Guilt Clause, Article 231).
Germany had to pay reparations (132 billion gold marks, around $33 billion USD at the time).
German military was restricted to 100,000 troops; no tanks, submarines, or air force.
Lost territories: Alsace-Lorraine returned to France, land given to Poland, colonies lost.
League of Nations established (Germany initially excluded).
Countries and Leaders Involved:
United Kingdom – David Lloyd George (wanted to punish Germany but not too harshly).
France – Georges Clemenceau (wanted to weaken Germany severely).
United States – Woodrow Wilson (advocated for the League of Nations and fair peace).
Italy – Vittorio Orlando (wanted territorial gains but was largely ignored).
Germany – Friedrich Ebert (forced to accept the terms of the treaty).
November 11, 1918: The Day Germany Surrendered
Known as Armistice Day, marking the end of fighting on the Western Front.
Armistice signed in a railway carriage in Compiègne, France.
Fighting ceased at 11:00 AM on November 11, 1918.
Led to the Treaty of Versailles negotiations.
Assassination of Archduke Franz Ferdinand
Who: Archduke Franz Ferdinand of Austria-Hungary.
When: June 28, 1914.
Where: Sarajevo, Bosnia.
By Whom: Gavrilo Princip, a member of the Serbian nationalist group Black Hand.
Impact: Sparked Austria-Hungary’s declaration of war on Serbia, leading to World War I.
Key Definitions
Imperialism: Expansion of a nation’s power through territorial conquest and colonization.
Nationalism: Extreme pride and loyalty to one’s country, sometimes leading to conflicts.
Arms Race: Competition between nations to build the largest and most powerful military.
Militarism: The belief that a country’s military strength is essential to its success.
Bootlegger: A person who illegally traffics in liquor, particularly during Prohibition in the United States.
Flapper: A fashionable young woman in the 1920s known for embracing a lifestyle seen as outrageous, including shorter skirts and bobbed hair.
Major Alliances in WWI
Triple Alliance: Germany, Austria-Hungary, Italy (Italy later switched sides in 1915).
Triple Entente: France, Russia, United Kingdom.
Central Powers: Germany, Austria-Hungary, Ottoman Empire, Bulgaria.
Other Key Terms
Carte Blanche/Blank Cheque: Germany’s unconditional support for Austria-Hungary against Serbia.
PTSD (Post-Traumatic Stress Disorder): Psychological disorder affecting many soldiers after traumatic wartime experiences; called "shell shock" in WWI.
No Man’s Land: The dangerous, barren area between opposing trenches, filled with barbed wire and land mines.
Russian Revolution and Russia’s Exit from WWI
Causes:
Poor conditions in Russia due to food shortages and economic struggles.
Military failures and high casualties in WWI.
Widespread dissatisfaction with Tsar Nicholas II’s rule.
Key Events:
February/March 1917: Tsar Nicholas II abdicates; Provisional Government formed.
October/November 1917: Bolsheviks (led by Vladimir Lenin) take over in the October Revolution.
March 1918: Russia signs the Treaty of Brest-Litovsk, withdrawing from WWI and ceding land to Germany.
Economic Terms and Events
1920s: Economic Growth
Key Terms:
Boom Period: Rapid economic expansion due to increased industrial production.
Consumerism: Increased demand for goods due to mass production and advertising.
Stock Market Speculation: Many people invested in stocks, expecting continuous growth.
Credit & Installment Buying: People bought goods on credit, leading to higher consumer spending.
Laissez-Faire Economics: Limited government intervention in business.
Assembly Line: Revolutionized production, especially in the automobile industry (e.g., Henry Ford’s Model T).
Reasons for Growth:
Advancements in technology (radio, automobiles, electricity).
Increase in mass production and efficiency.
Growth of the stock market and investments.
Increased consumer spending and urbanization.
1930s: The Great Depression
Six Causes of the Great Depression:
Stock Market Crash (1929): Over-speculation led to a massive financial collapse.
Bank Failures: People lost their savings as banks collapsed.
Overproduction: Factories and farms produced more goods than consumers could buy.
Decline in World Trade: High tariffs (e.g., Smoot-Hawley Tariff) reduced international trade.
Drought & Dust Bowl: Agricultural crisis in North America worsened economic conditions.
Income Inequality: Wealth gap led to reduced consumer purchasing power.
Key Leaders & Policies During the Great Depression
Herbert Hoover (USA): Advocated limited government intervention, which was widely criticized.
Franklin D. Roosevelt (USA): Introduced The New Deal, a series of programs and policies to provide relief, recovery, and reform (e.g., Social Security, public works projects).
Richard Bennett (Canada): Implemented relief efforts but was unpopular for perceived inaction.
William Lyon Mackenzie King (Canada): Initially downplayed the crisis but later introduced social welfare reforms.
Key Economic Theories
The New Deal (USA):
Introduced by Roosevelt in 1933 to combat the Great Depression.
Focused on public works, financial reforms, and social security.
Included programs like the Civilian Conservation Corps (CCC) and Works Progress Administration (WPA).
Keynesian Economics:
Developed by John Maynard Keynes.
Argued that government spending should increase during economic downturns to boost demand.
Advocated deficit spending to stimulate job creation and economic growth.
World War I & Economic Study Guide
Key Events and Concepts
Treaty of Versailles (1919)
Terms of the Treaty:
Germany accepted full blame for the war (War Guilt Clause, Article 231).
Germany had to pay reparations (132 billion gold marks, around $33 billion USD at the time).
German military was restricted to 100,000 troops; no tanks, submarines, or air force.
Lost territories: Alsace-Lorraine returned to France, land given to Poland, colonies lost.
League of Nations established (Germany initially excluded).
Countries and Leaders Involved:
United Kingdom – David Lloyd George (wanted to punish Germany but not too harshly).
France – Georges Clemenceau (wanted to weaken Germany severely).
United States – Woodrow Wilson (advocated for the League of Nations and fair peace).
Italy – Vittorio Orlando (wanted territorial gains but was largely ignored).
Germany – Friedrich Ebert (forced to accept the terms of the treaty).
November 11, 1918: The Day Germany Surrendered
Known as Armistice Day, marking the end of fighting on the Western Front.
Armistice signed in a railway carriage in Compiègne, France.
Fighting ceased at 11:00 AM on November 11, 1918.
Led to the Treaty of Versailles negotiations.
Assassination of Archduke Franz Ferdinand
Who: Archduke Franz Ferdinand of Austria-Hungary.
When: June 28, 1914.
Where: Sarajevo, Bosnia.
By Whom: Gavrilo Princip, a member of the Serbian nationalist group Black Hand.
Impact: Sparked Austria-Hungary’s declaration of war on Serbia, leading to World War I.
Key Definitions
Imperialism: Expansion of a nation’s power through territorial conquest and colonization.
Nationalism: Extreme pride and loyalty to one’s country, sometimes leading to conflicts.
Arms Race: Competition between nations to build the largest and most powerful military.
Militarism: The belief that a country’s military strength is essential to its success.
Bootlegger: A person who illegally traffics in liquor, particularly during Prohibition in the United States.
Flapper: A fashionable young woman in the 1920s known for embracing a lifestyle seen as outrageous, including shorter skirts and bobbed hair.
Major Alliances in WWI
Triple Alliance: Germany, Austria-Hungary, Italy (Italy later switched sides in 1915).
Triple Entente: France, Russia, United Kingdom.
Central Powers: Germany, Austria-Hungary, Ottoman Empire, Bulgaria.
Other Key Terms
Carte Blanche/Blank Cheque: Germany’s unconditional support for Austria-Hungary against Serbia.
PTSD (Post-Traumatic Stress Disorder): Psychological disorder affecting many soldiers after traumatic wartime experiences; called "shell shock" in WWI.
No Man’s Land: The dangerous, barren area between opposing trenches, filled with barbed wire and land mines.
Russian Revolution and Russia’s Exit from WWI
Causes:
Poor conditions in Russia due to food shortages and economic struggles.
Military failures and high casualties in WWI.
Widespread dissatisfaction with Tsar Nicholas II’s rule.
Key Events:
February/March 1917: Tsar Nicholas II abdicates; Provisional Government formed.
October/November 1917: Bolsheviks (led by Vladimir Lenin) take over in the October Revolution.
March 1918: Russia signs the Treaty of Brest-Litovsk, withdrawing from WWI and ceding land to Germany.
Economic Terms and Events
1920s: Economic Growth
Key Terms:
Boom Period: Rapid economic expansion due to increased industrial production.
Consumerism: Increased demand for goods due to mass production and advertising.
Stock Market Speculation: Many people invested in stocks, expecting continuous growth.
Credit & Installment Buying: People bought goods on credit, leading to higher consumer spending.
Laissez-Faire Economics: Limited government intervention in business.
Assembly Line: Revolutionized production, especially in the automobile industry (e.g., Henry Ford’s Model T).
Reasons for Growth:
Advancements in technology (radio, automobiles, electricity).
Increase in mass production and efficiency.
Growth of the stock market and investments.
Increased consumer spending and urbanization.
1930s: The Great Depression
Six Causes of the Great Depression:
Stock Market Crash (1929): Over-speculation led to a massive financial collapse.
Bank Failures: People lost their savings as banks collapsed.
Overproduction: Factories and farms produced more goods than consumers could buy.
Decline in World Trade: High tariffs (e.g., Smoot-Hawley Tariff) reduced international trade.
Drought & Dust Bowl: Agricultural crisis in North America worsened economic conditions.
Income Inequality: Wealth gap led to reduced consumer purchasing power.
Key Leaders & Policies During the Great Depression
Herbert Hoover (USA): Advocated limited government intervention, which was widely criticized.
Franklin D. Roosevelt (USA): Introduced The New Deal, a series of programs and policies to provide relief, recovery, and reform (e.g., Social Security, public works projects).
Richard Bennett (Canada): Implemented relief efforts but was unpopular for perceived inaction.
William Lyon Mackenzie King (Canada): Initially downplayed the crisis but later introduced social welfare reforms.
Key Economic Theories
The New Deal (USA):
Introduced by Roosevelt in 1933 to combat the Great Depression.
Focused on public works, financial reforms, and social security.
Included programs like the Civilian Conservation Corps (CCC) and Works Progress Administration (WPA).
Keynesian Economics:
Developed by John Maynard Keynes.
Argued that government spending should increase during economic downturns to boost demand.
Advocated deficit spending to stimulate job creation and economic growth.