Economic History
The great economic depression of the 1930s was caused by the stock market crash, gold-standard crisis bank failure, and over-production. Government controls inspired the stock market crash as it sought to employ monetary policies to curb the fast-rising stock market prices. The federal reserve resorted to raising interest rates to curb the rocketing prices. However, the move led to a sharp decline in spending as the interest-sensitive investors reduced their trading. The decline in spending in the stock market led to a reduction in spending in other areas of the economy as more people held to their cash rather than spending it to support the growth of the economy. The result was a decline in economic growth and a fast-tracked fall of the country into recession. During the early 1990s, agricultural production and export were a primary cause of the rapid economic growth that was enjoyed by the United States and most of the European countries. However, by 1929 there was an overproduction of agricultural products that resulted in a sharp decline in prices and, consequently, the spending ability of people (Kliman, 2012). Before 1929 wheat production was about 7 million tons, which rose to 19 million tons as of 1929. The increased production led to a fall in average prices by about 30% (Berend, 2006). To earn more from the sale of agricultural products, countries responded by increasing their production, which resulted in a further decline in prices, and the countries sank deeper into depression.
The gold standard was used as an international currency and had a fixed value. However, in Europe, Germany lowered the value of gold such that it was worthless dollars that it was set previously. The devaluation of the gold gave Germany a temporary reprieve as it managed to increase production, employment rates, and balance of trade. The move gave the country temporary advantage in international trade and ignited a series of gold-standard devaluation in Britain and France among other European countries and the U.S. As countries competed through devaluation of currency,the gold standard was no longer stable, and traders could not trust its use which discouraged trade and worsened the state of the economy.
Bank failure as a cause of depression
Another cause of the depression was bank failure that was emerged from a financial panic by society. In the late 1920s, the community panicked, which led to all members of banks rushing to withdraw their money simultaneously as they feared that the bank might collapse. The result was reduced spending by people as they held on their money because they feared a financial crisis. By the early 1930s, about 20% of the banks had failed, which worsened the economic depression, as borrowing for investment had failed (Stuckler et al., 2012). In 1930 the U.S. and Britain were lending $1.5 billion, but by 1931 they were giving $30 million. The sharp decline in borrowing led to a sharp decline in economic growth as the countries fell into depression. Additionally, with countries such as Germany and the U.S. tightening their monetary policies to regulate the bank’s activities, lending declined significantly along with investment and spending in the economy. The failure of the banking system contributed to the gradual economic recession that faced the countries.
Although the economic depression began in the United States, it spread to the European countries where the level of impact varied. In the region, Poland was the most affected by the depression measured by a decline in industrial production as it fell by 46.6%, Germany followed by 41.8%. Netherlands, Belgium, Italy, and France followed with lower rates of decline. The declined spending around the world contributed to the sharp decline in production as the business realized a sudden increase in their inventories and responded by reducing their production (Temin, 2016). Consequently, there were increased unemployment levels in the European region that further supported the great depression.
Fascism in U.S. and European countries arose from the need to created a controlled economy to help the nations enjoy economic growth and protect the economy from collapsing. As noted by Berend (2006), in Italy and Germany, fascism arose from the need to have a regulated market in which the government could influence the economy directly. In the case of Germany, fascism was introduced to grant the government regulatory and dictatorial powers over the economy, as it was believed that direct control would help the country to stimulate economic growth. During the 1930s, Germany expressed fascism by having bureaucratic control of the bank. In the U.S., fascism was shown with similar interests to control spending and stimulate economic growth by regulating the banks. In the U.S., fascism arose as a form of positive regulation aimed at instructing the banks on how they should act to help in economic recovery. Fascism in Poland and Germany was also caused by the post-war lesson and the determination to emerge as economic powerhouses by having regulated economic practices. Fascism in Italy was caused by their poor economic condition, which made allowed a dictatorial government that brought the desired economic changes to the people. Generally, the need for economic growth was a leading cause for the emergence of fascism in various countries.
High unemployment rates, bank failures, and reduced production were the key economic factors that affected timing, acceptance, and impact of fascist ideas. In the 192os and 1930s, most of the countries where fascism thrived were experiencing an economic recession, and the people were desperate for change. Therefore, fascist ideas appealed to the people because they could deliver immediate change by implementing dictatorial ideas. A combination of the above three factors made the society receptive of fascism as it assured people of a shift in their economic status. The lesson learned from fascism in Europe today is the costs of a bureaucratic system on economic growth and the need for democracy and self-regulation of the economy.
References
Berend, T. (2006). An economic history of twentieth-century Europe: economic regimes from laissez-faire to globalization. Cambridge, UK New York: Cambridge University Press.
Kliman, A. (2012). The failure of capitalist production: underlying causes of the great recession. London: Pluto Press.
Stuckler, D., Meissner, C., Fishback, P., Basu, S., & McKee, M. (2012). Banking crises and mortality during the Great Depression: evidence from US urban populations, 1929–1937. J Epidemiol Community Health, 66(5), 410-419.
Temin, P. (2016). Great Depression. In Banking Crises (pp. 144-153). Palgrave Macmillan, London.
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