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The Great Depression hit Germany hard. The impact of the Wall Street crash forced American banks to end the new loans that had been funding the repayments under the Dawes Plan and the Young Plan. The financial crisis escalated out of control in mid-1931, starting with the collapse of the Credit Anstalt in Vienna in May. [41]
The German political landscape was dramatically affected by the 1929 Wall Street crash, which hampered economic aid to Germany. The Great Depression brought the German economy to a halt and further polarized German politics. Hitler and the Nazis began to exploit the crisis and loudly criticized the ruling government.
Germany quickly remilitarized, annexed its German-speaking neighbors and invaded Poland, triggering World War II. During the war, the Nazis established a systematic genocide program known as the Holocaust which killed 11 million people, including 6 million Jews (representing 2/3rds of the European Jewish population). By 1944, the German Army ...
The Great Depression struck Germany hard, starting already in the last months of 1927. [81] Foreign lending, especially by New York banks, ceased around 1930. Unemployment soared, especially in larger cities, fueling extremism and violence on the far right and far left, as the center of the political spectrum weakened.
The subsequent economic downfall, called the Great Depression, had traumatic social effects worldwide, leading to widespread poverty and unemployment, especially in the economic superpower of the United States and in Germany, which was already struggling with the payment of reparations for the First World War.
In the United States, the Panic was known as the "Great Depression" until the events of 1929 and the early 1930s set a new standard. [ 2 ] The Panic of 1873 and the subsequent depression had several underlying causes for which economic historians debate the relative importance.
The Greater Germanic Reich (German: Großgermanisches Reich), fully styled the Greater Germanic Reich of the German Nation (German: Großgermanisches Reich der Deutschen Nation), [4] was the official state name of the political entity that Nazi Germany tried to establish in Europe during World War II. [5]
Like Germany, Austria experienced the economic turbulence which was a result of the Great Depression, with a high unemployment rate, and unstable commerce and industry. During the 1920s it was a target for German investment capital.