explain the impact of great economic depression(1929) on europe?
The following points may help you:
i. Most of the economies in the world experienced declines in production, demand, incomes, employment and trade.
ii .Agricultural overproduction, large surplus and falling agricultural prices precipitated the problem.
iii. The economic depression impacted largely those countries which were heavily dependent on US economy.It had a catastrophic impact worldwide .
iv.Germany for instance, after the Ist World war sought short term loans from US for its recovery and indeed was totally dependent on it.
v. After the depression struck US, there was a withdrawal of US loans to other countries in Europe including Germany.
vi.. During the years of Depression, the banking system in the US collapsed. The banks could not recover loans from the domestic market, due to falling incomes of the households who could not repay back. Thus,banks went bankrupt, could not recover investments, collect loans and were forced to shut. This led to the withdraw of loans from the US banks
vii. In Europe it led to the failure of major banks.
viii. It also brought about Collapse of major currencies, like the British pound.
i. Most of the economies in the world experienced declines in production, demand, incomes, employment and trade.
ii .Agricultural overproduction, large surplus and falling agricultural prices precipitated the problem.
iii. The economic depression impacted largely those countries which were heavily dependent on US economy.It had a catastrophic impact worldwide .
iv.Germany for instance, after the Ist World war sought short term loans from US for its recovery and indeed was totally dependent on it.
v. After the depression struck US, there was a withdrawal of US loans to other countries in Europe including Germany.
vi.. During the years of Depression, the banking system in the US collapsed. The banks could not recover loans from the domestic market, due to falling incomes of the households who could not repay back. Thus,banks went bankrupt, could not recover investments, collect loans and were forced to shut. This led to the withdraw of loans from the US banks
vii. In Europe it led to the failure of major banks.
viii. It also brought about Collapse of major currencies, like the British pound.