France responded to the Great Depression with tax hikes, spending cuts, collective bargaining, a 40-hour work week, paid vacations and a partial nationalization of the Bank of France. Many of these reforms were suspended later in the Great Depression, and France's leadership steered recovery efforts in a more business-oriented direction.Continue Reading
The Great Depression for France began in 1931. A downtrodden economy led to the rise of socialist leader Leon Blum and the Popular Front. He and his party instituted social reforms to boost the economy, but Blum was impeded by right-wing fervor that had swept across France.
Blum raised the minimum wage by 7 to 15 percent to increase the purchasing power of workers so that they could stimulate the economy. Blum also proposed that banks should place the interests of the nation above shareholders, and he controlled the price of cereal. However, these policy measures proved unpopular to those on the left and right. Blum stopped his reforms by 1937, and he resigned that same year.
A new government was formed without socialist input, and new leader Edouard Daladier proposed liberal economics as a way to solve France's economic woes. Employers and police disbanded labor strikes on a harsher scale, and Daladier was granted emergency powers in 1938 by the Senate. Conditions slightly improved under Daladier's watch, which could be attributed to growth in armament manufacturing. France declared war on Germany in 1939 in response to Hitler's invasion of Poland.Learn more about US History
The stock market crash and subsequent economic depression, known as the Great Depression, hit the deep South much harder than the rest of the country. Life was difficult for all Southerners, particularly African-Americans, during this decade, as cotton prices fell and the boll weevil wiped out crops on a large scale.Full Answer >
As a result of his commitment to balancing the federal budget and his business-friendly policies, President Calvin Coolidge successfully strove to maintain the economic good times the United States enjoyed between the short depression that occurred immediately after World War I and the Great Depression. Other characteristics of "Coolidge prosperity" included rising wages, declining unemployment, decreasing inflation and a bull market.Full Answer >
According to the International Encyclopedia of the Social Sciences, the Great Depression was a worldwide occurrence that affected the majority of market-oriented countries, in particular those that were in adherence to the gold standard. The U.S. stock market crash of 1929 precipitated the worldwide Great Depression.Full Answer >
The stock market crash on Oct. 24, 1929, triggered the start of the Great Depression, but a combination of poor economic management and lack of government intervention caused the lasting recession. The economic prosperity of the 1920s led to overconfident spending and investments, making American businesses and citizens unable to recover from debt when stock values, consumer spending and employment rates plummeted.Full Answer >