Worldwide Woe (HIST 1301 History)

THE INTERWAR PERIOD HIST 1301 | History Worldwide Woe The average person was most hit during the Great Depression. As firms lay off personnel, workers lost their jobs and were unable to find new ones. Families who couldn't afford their mortgage or rent were forced to move out and were homeless. Hunger was a serious issue, especially in cities where it was difficult to grow a garden or locate alternative sources of food. Families made due in whatever way they could, occasionally venturing hundreds of miles in the hopes that employment might become available elsewhere. There was an increase in shantytowns and homeless camps, but living there was unstable since local government may forcibly remove the occupants. The repercussions of the Great Depression affected every region of the globe. In the 1930s, China was remained mostly isolated, but it did face economic difficulties as the prices of its two main exports, silk and soybeans, fell. Japan was an island nation with little natural resources, so its new, militaristic government had to find ways to safeguard resources like rubber and oil while also easing shortages. It also required consistent food supply because of its expanding population. Together, these elements resulted in a Japanese strategy that primarily relied on the Imperial Navy and targeted certain regions of Asia for conquest. Japan began occupying Manchuria in 1931, and the state of Manchukuo was established there the next year. By taking control of the area, Japan was able to avoid paying for goods like rice, which was crucial during a slump that had reduced its exports and therefore its trade revenue. Additionally, the action strengthened Japan's position as the leading nation in the area. Africa produced a wide variety of agricultural products, including cotton, maize, and wheat. These industries experienced huge losses when trade fell, and the poor were again the most affected. The economic problems of the imperial powers were frequently reflected in the colonial colonies of Africa. Nonetheless, compared to other African areas, South Africa was more stable due to the cash generated by its gold mines. Many of the countries in Latin America were unable to cope with the sharp decline in exports that the Depression brought about. Some had little manufacturing sector to offset the loss and banking systems that were mostly reliant on the export market. But Latin America fared rather well throughout the Great Depression in spite of this shortcoming. Early in the 1930s, the majority of nations abandoned the gold standard, which links a country's currency's value to the price of gold. However, unlike the US, there was no widespread financial collapse. Several strategies were used by European nations to combat the Great Depression. After experiencing a sharp decline in exports, Britain decided in 1931 to reduce tariffs across its empire in an effort to promote commerce. The Great Depression did not affect Britain as severely as it did the United States since the country's economy remained stagnating during the 1920s, however certain industries, such mining, suffered more than others. Britain opted for more focused industry support rather than implementing broad work-relief programmes. France enacted austerity measures in an effort to maintain low taxation. The French economy didn't start to recover until the late 1930s, when the country's manufacturing of military hardware increased. Franklin D. Roosevelt, the country's new president, launched a sweeping reform agenda in 1933. The goals of the New Deal were to improve the quality of life generally, boost industrial workers' bargaining and purchasing power, establish work-relief programmes to hire the jobless, and rebuild trust in the financial system. Increased rules for US banks and frequent audit controls were two aspects of the banking system overhaul. With the Federal Deposit Insurance Corporation (FDIC) established in 1933, depositors could rest easy knowing their money was secure. Programmes that were already in place elsewhere were also implemented by the US. For instance, the nation's oldage pension programme was established in 1935 with the establishment of the Social Security Administration. The United States was reluctant to adopt these kinds of programmes; Britain and Germany had previously implemented several welfare state initiatives that Germany had for several decades.