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Great Depression


            The great depression of the US not only affected people domestically, but internationally as well. It formed modern government in many countries, made drastic legislative changes, and even spurred a major war for many countries. The most influential event in world history after the 1900's is the great depression because of the decline in international commerce and stock markets around the world, the rise of Hitler, and Franklin D. Roosevelt's "new deal" legislation, which changed the United States. The war had left Europe in shambles. WWI ended on November 11, 1918, leaving millions of European soldiers dead and even more injured. Large areas of Belgium and France had been devastated and two of Europe's most powerful countries, Germany and Austria-Hungary, were defeated and exhausted. All the European countries were now bankrupt from the cost of waging a war for four years. Germany had not been defeated, but knew that if it continued to fight war against the strong American army, defeat in Berlin would result. Because Germany had surrendered, her only option was to either sign the Versailles treaty, or else go back to war again, which would inevitably result in defeat. The Treaty was unexpectedly harsh, though, despite the fact Germany hadn't been defeated, she had merely surrendered. Since all of the wealthy nations inside Europe had been involved in the war since the beginning, they were all but bankrupt. Many repairs were needed all over Europe so the money had to be sought elsewhere. This money was sought in the Americas almost exclusively. Since America had continually been increasing it's industrial power, it had an enormous amount of capitol to invest as it saw fit. Many private (as well as federal) institutions began lending money to Europeans in astronomical amounts. In this way, in the 4-6 years surrounding WWI, the USA went from a borrowing to a creditor nation. Later, this rapid outflux of money so carelessly was seen as a major cause of declining economy domestically.


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