Totalitarian Regimes and Global Crisis: 1920s and 1930s History
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The Roaring Twenties (1920s)
The decade following World War I saw significant geopolitical and economic shifts:
- League of Nations (1919): Established to promote peace, though the U.S. did not join. Germany and the USSR joined later.
- Pact of Locarno (1925): Major European powers agreed to respect borders.
- Economic Recovery in Europe: Germany introduced a new currency and experienced deflation.
- U.S. Prosperity: Driven by industry, exports, loans to Europe, and a booming stock market.
- "American Way of Life": Characterized by consumer goods (cars, appliances), this lifestyle reached Europe primarily after WWII.
The Great Depression: An Abrupt End to Prosperity
The economic boom of the 1920s was largely fueled by speculation, leading to instability:
- The