RECOVERY, UNEQUAL ECONOMIC GROWTH, After wwi, global economic dominance shifted from Britain to the usa. in europe the adaptation from war to peacetime economy was hard, the crisis wasa especially severe in germany as it had to pay war repararations, this led to a huge rise in prices and devaluation of the german mark, hyperinflation ocurred. from 1924 onwards, production grew, employment rose and the standard of living improved in europe although less than in usa, this recovery was made thanks to the british and the american investment. THE ROARING TWENTIES  betweeen 1922 and 1929 usa experienced massive industrial growth, this was due to the production line method, stabdardused production and the rise of large corporations, which could make big investments, construction was also a great importance. The standard of living rose and the consumer society was born, middle class homes began including lifts, heating, and electricity, more peoplecould now afford thing like automobiles and washing machines, people bought them on payment plans. New entertainment options became extremely popular, this included the cinema, popoular music and dances , the press and radio grew in importance. INTERNATIONAL POLITICS In the early 1920s tensions grew between francxe and germany, germany could not oay the reparartions it owed to france, if france didi not receive this income it could not pay the debt it had acquired from the united states during wwi. In 1923 this situation led france to occupy the rhur, one of germanys main coal and steel regions.france intended to exploit the german mines and keep the profit, germanys military had been reduced as part of the treaty of versailles and was incapable of resisiting. To resolve the conflict, the united states set up the Dawes Plan in 1924, the usa would lend money to germany so it could reparations to the allies adn the allies could now pay their debts to the usa. The plan improved relations between france and germany and the treaty of locarno was signed in 1925, germany was admitted into the League of Nations in 1926. CAUSES OF THE CRASH 1929 overproduction, during wwi participating countries based their economies on wartime productio  while others produced consumer goods, after the ned of war countries made all types of products which led to ecess supply. speculation banks lent money to bussinesses and individuals, who invested this money in the stock market. When companies needed money to pay their debts the sold their stocks in a panic, mass selling of stocks began on Black Thursday, october 24 1929, the stocks lost all their value, and companies and investors went bankrupt, this was the Stock Market Crash of 1929. THE GREAT DEPRESSION The stock market crash led to severe economic crisis known as the Great depression, banks failed because their costumers lost all their money and many loans were not repaid, many companies closed and thousands of farmers went bankrupt. The usa reduced its imports and it withdrew their investments in europe making many banks from germany and austria go in bankrupt. THE NEW DEAL In order to help the usa to recover from the crisis, Roosevelt launched a programme called the New Deal in 1933, it established public works, farming subsides farmers were paid to produce less so that prices would rise and profits would increase, improved working conditions shorter working days and restructuring of the financial system. The goal was to increase consumption and stimulate the usa economy. FASCIST ITALY Italy lost 600000 med in wwi , however it was disappointed at the paris treaties, when it received little territory, this economic crisis generated growing social tensions – peasants occupied estates and industrial workers held strikes and occupied fa tories , the middle and upper class began to fear a communist revolution, the traditional political parties were ineffective, and there was growing support for both the communist party and Mussolini´s fascists. WHAT WAS FASCISM Italian fascism reflected the personality of mussolini who founded the National Fascist Party in november 1921, characteristics were opposition to democracy and communism, the state was totalitarian and run by its all powerful leader and individual rights were eliminated, only a single political party, all forms of opposition were brutally repressed, monopoly of the media and prpaganda, a state controlled economy to make an autarchy that was an economically self sufficient state, nationalism and inequality and imlitarism to create  a colonial power. THE FASCISIT DICTATORSHIP The fascist responded to social unrest with violence, as the Fascist Party could not creach opwer legally, they decided to atke it by force, following teh march on rome, king Vittorio Emanuele III ceded the government to Mussolini, he was given the full poer for a year, he then called ele cions but had the the majority of votes due to fera, his uspporters included the indutrial and financial bourgueoisie, land owners and some members of the middle class, mussolini acumulayted almost unlimited opwer and establisheds dictatorship with these actions;: opponents were put in prison, unions and political parties were banned, individual liberties disappeared and censorship was established, he reated a secret police called the OVRA, the state launched efforts to increase production to make Italy an autarchy. Mussolini´s foreign policy was expansionist; italy occupied ethiopia and albania, and mussolini  sent armed forces to support Franco in the Spanish Civil War THE WEAK WEIMAR  Germany´s provisional governemnt represssed the Spartacist Revolt of 1919, elections were held and in 1919 the assembly passed aconstitution in Weimar, and Germany became a democratic republic, the new regime was unofficillay known as the weimar republic, the socail democratiuc party  had a maojrity in the parliament and controlled the government, however the new democarcy faced opposition from the beggining. the extreme left believed the regime was too moderate while the extremist right thought  the new regime had betrayed germany by accepting the treaty of Versailles