Interwar Period: Economic Crisis, Fascism, and Spanish Civil War
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The Roaring Twenties
After World War I, the United States and Europe experienced economic growth. New York became the world's financial center. From 1923, increased production reduced unemployment and improved living standards. However, this period of expansion ended abruptly in 1929.
The 1929 Crash
The U.S. economy faced excessive credit dependence. Companies and consumers were encouraged to take loans, fueling production and stock market investments. The initial stock market downturns caused panic among investors, culminating in Black Thursday on October 24, 1929. The New York Stock Exchange (NYSE) collapsed, preventing shareholders from repaying loans and triggering a series of bank failures. Many people were financially ruined. The United... Continue reading "Interwar Period: Economic Crisis, Fascism, and Spanish Civil War" »