7.4 Economy in the Interwar Period Flashcards
Which western country suffered the biggest losses from the Great Depression?
Germany
Why were economies in Latin America, Africa, and Asia hurt by the Great Depression?
Their economies dependent on foreign trade.
British economist John Maynard Keynes rejected what economic ideal?
Laissez faire economics
Keynes said governments should use deficiet spending to stimulate national economies during times of depression. What is deficit spending?
When the government spends more than it takes in.
U.S. president Franklin Delano Roosevelt embraced Kenynes’ economic ideas by creating a group of policies and ideas collectively known as what?
The New Deal
In Russia, Vladimir Lenin attempted to remedy the collapose of the Russian economy with the New Economic Plan. What did the New Economic Plan do?
Private trade was reintroduced and allowed on a small scale.
Did Lenin’s New Economic Plan last?
No. It ended when he died in 1924.
After the Russian Revolution, were things peaceful in Russia?
No. The Russian Civil War lasted between 1918 through 1921. Workers striked, food was hoarded, and people died.
What was the Politboro?
The Communist Party’s central organization in the Soviet Union.
Who took countrol of the Politburo several years after Lenin’s death?
Joseph Stalin
Stalin abandoned Lenin’s New Economic Plan for his own Five-Year Plan. What did the Five Year Plan aim to do?
Transform the USSR into an industrial power.
Stalin collectivized agriculture. What did this mean?
Farms were taken from private owners and given to collectives or “kolkhoz” to manage.
What happened to people who disagreed with Stalin or had the poor luck of doing something that he thought was against him?
They were sent to gulags, or labor camps, where conditions were brutal and often deadly.
Stalin’s control of agriculture led to what?
A lot of starvation.
Who was Lazaro Cardenas?
A Mexican president who had many successes with land reform.
In 1938, Lazaro Cardenas nationalized the country’s mostly foreign-owned oil industry creating what company that is still around today?
PEMEX - Petróleos Mexicanos
What is fascism?
A political system that promotes an extreme form of nationalism, a denial of individual rights, and a dictatorial one-party rule.
