To what extent do you agree with this statement? Argue your case with particular reference Great Britain, Germany, Italy, Japan, Russia and USA.

The crash of the Wall Street stock exchange had significant political, social and economic consequences in numerous countries. However, the depression that followed the crash did not affect every country and was not solely caused by the fall of the stock market. Many countries had still not recovered socially, politically or economically from World War I, which had a significant impact on the downfall of the New York Stock Exchange. Countries such as Russia because of their political system were untouched by the devastating effects of the crash such as poverty and radical politics whereas other countries history was to be made because of it.

The American financiers were the most powerful in the world because the Entente countries depended on loans from the USA to fund their war effort. During the 1920s most sectors of the American economy grew. From 1922, shares on the New York stock exchange rose in value, this rise continued for eight

The Wall Street Crash had devastating social affects. Unemployment figures dramatically increased leaving millions in a state of poverty. The effects of unemployment were widespread throughout the world, affecting 14 million workers in American, 6 million in Germany and 2.7 million in Great Britain. Middle class families were forced to sell their homes, if no buyers were found the family had to take to the streets. Italy was extremely hard hit. In 1935 there was still no sign of recovery. Unemployment was among the highest in Europe and the standard of living among the lowest. Due to this dire situation welfare services were swamped. Social tensions increased developing a rising intolerance of ‘economic rivals’. Many minority groups were used as scapegoats in a bid to lay blame for the extensive hardship the people were suffering. In Germany it was the Jewish people that were outcast from society because of their so-called inferiority. Hitler preyed on the Jewish community using them as a means of developing his political power. The difference between men and women also heightened. Married women in Britain and Germany were forced from the work place by legislation because they were said to be ‘double earners’ as their husbands also had an income. In some cases women were the preferred sex to hire because they were cheaper to employ and more prepared to work part-time. Malnutrition was yet another widespread affect of the depression. Japan, due to its rising population began to import food but found they could not pay for it therefore leaving its people with little available food and a rise in prices. In contradiction to this, Russia however did not suffer from such social consequences, as it was not affected by the depression. This was because of the country’s political system, which had led to its seclusion from foreign affairs. Russia’s industrial production actually increased because of this with many people around the world starting to view Communism as favourable.

The Wall Street Crash had many economic implications. The countries that were affected severely by the crash were those that relied on American loans. This shows that it was not the Wall Street crash alone that had caused the depression. When the Stock Market crashed America could no longer afford to lend money, leaving countries such as Germany in financial difficulty. The situation in Germ

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