However it can be argued that the roots of Hitler’s appointment as Chancellor in January 1933 lie in the disaster of the Wall Street Crash of 1829 and the subsequent depression. This economic crash and the rise in unemployment had the important effect of further polarising German politics. The fact that Germany’s growth in the 1920’s had been funded by American capital which was now forced to withdraw hit Germany’s industry hard. Furthermore it was unemployment and the consequential insecurity that so undermined confidence in the present structures. By 1933 over 6 million German workers were unemployed.
By September 1930, the economy of Germany was in deep depression as a result of the Wall Street Crash of November 1929 and the recall of the American loans that had propped it up. Unemployment had rocketed to 3.1 million (15.3%), and the Weimar politicians seemed incapable of solving the problems. In this situation the Nazis began to be seen as a way out, and their support rose. They gained 107 Reichstag seats (18.5% of the total). By July 1932, the economic depression that
Many historians believe that the immediate cause of The Great Depression was the Stock Market Crash in the fall of 1929. That event occurred on October 29, 1929; also known as Black Tuesday. It also marked the end of the era known as The Roaring Twenties. On that day stocks plummeted to an all-time low, causing mass devastation. However like history has shown, a time of economic prosperity, like the Roaring Twenties, result in a depression.
The Nazi state idolized Hitler, centralising all powers in his hands. Propaganda was used to propagate the regime, however; much of it was based on Hitler himself, being quite effective in creating what historians called the ‘Hitler Myth’. With Hitler being a controversial character, most historians have come to believe that the Fuhrer of Nazi Germany was not a strong dictator at all but a weak one. Although this is not the case for all historians, with some believing Hitler was at the centre of the regime. Without Hitler’s massive personal popularity, the high level of ‘plebiscitary acclamation which the regime could repeatedly call upon’ (Kershaw), would have been unattainable.
The New Deal was passed to reverse the economic depression that the U.S., as well as the world, was experiencing. During the Great Depression, “unemployment rose to 25 percent and homelessness increased. Housing prices plummeted 30 percent, global trade collapsed by 60 percent, and prices fell 10 percent”(Amadeo). It was through that same love for others that FDR passed the specific bills that make up The New Deal. The New Deal was composed of 47 programs.
Although Germany suffered greatly from a string of after-effects from the brutal Treaty of Versailles, their economic situation was only a small factor in Hitler’s gaining of support. The Great Depression had the most impact on Germany and it lead to mass unemployment and liquidation of businesses, which meant Germans were very desperate for money, and Hitler, being so extreme, seemed an ideal way to solve the problems. The economic problems also showed Hitler’s skill and knowledge, as no other chancellor before him had solved any problems economically, but he managed to. A major part of the reason that Germans turned to Hitler, is Hitler himself. Being incredibly charismatic, and having a great campaign, Hitler was very likeable at first.
The economy plummeted and everyone felt the effects of it .The severe downfall of the American economy in the 1930’s known as the Great Depression was the result of speculation and installment buying, income maldistribution, and overproduction throughout America. After the roaring 20’s, speculation and installment buying drastically increased
‘The Wall Street Crash was the main reason Hitler got into power’. Do you agree? When the Wall Street stock market crashed in 1929 America’s economy was plunged into a depression. This had a big impact on Germany’s economy, as they relied on the loans from America, and was a big reason in the Nazis coming to power. However there were many other factors that contributed towards the Nazis rising to power, for example Propaganda, the weakness of the opposition and the role of Hitler.
These days are considered the most tragic days in the American economy. These days began the “New Era” or a time of low unemployment when general prosperity masked vast disparities in income. John Maynard Keynes said” The extraordinary speculation on Wall Street in past months has driven up the rate of interest to an unprecedented level” Bierman Jr. 1). “There is a warrant for hoping that the deflation of the exaggerated balloon of American stock valves will be for the good of the world” (Bierman 1). It started as the Dow Jones stock dropped twenty three percent on Tuesday October 29th; this resulted in a loss of $8-9 billion
The Great Depression was the longest lasting economic decline in the history of the United States. After the stock market crash of October 1929, the Great Depression followed. The event caused Wall Street to go into complete dismay, and wiped out millions of banks. For the next decade, social fabric was changed as well as the role of government. For example, spending was lessened and investment was dropped.