Impact of the 1929 Crisis and World War II

The Great Depression: The 1929 Economic Crisis

The Crisis of 1929 was the first major global crisis of capitalism. On October 29, the New York Stock Exchange—the largest in the world—collapsed due to a drastic decline in equities. This event triggered a global crisis, marking the end of Britain as the primary world power and the rise of the United States as the new global leader.

Factors and the New Deal

A primary factor of the crisis was the massive debt left by the First World War, as the U.S. economy had been funding the reconstruction of Europe. This crisis brought profound changes to the global economic system. In response, Franklin D. Roosevelt introduced the New Deal, a series of laws that established:

• Protection for the population most affected by the crisis.
• Youth employment programs and subsidies.
• Public works projects and banking system restructuring.
• A social system of prevention and security.

The Second World War (1939–1945)

Causes and Major Alliances

The war was sparked by the invasion of Poland by Germany and the Japanese attacks against China, the U.S., and British and Dutch colonies in Asia. The conflict divided the world into two main factions:

• Allied Countries: Poland, Great Britain, and France.
• Axis Countries: Germany and Italy.

Hitler's government refused to pay the war reparations established in the Treaty of Versailles. His primary objective was securing enough land space to create an empire. By 1939, Hitler had already completed the annexations of Austria and Czechoslovakia, causing the ghost of the First World War to resurface.

Features and Technological Milestones

The war required the recruitment of millions of men. National economies transitioned into war economies, focusing on self-sufficiency and the production of military materials and machinery. Common features included:

• Widespread aerial bombardments and the mass displacement of populations.
• Technological breakthroughs such as radar and improved radio transmissions.
• Significant progress in the aviation industry, medicine, and the development of atomic energy.

The Turning Point and Allied Victory

In 1941, Germany broke the Non-Aggression Pact signed with the USSR under Stalin. Simultaneously, Japan's attack on Pearl Harbor in Hawaii strengthened the Axis position. However, the tide turned during the Battle of Stalingrad (June 1942 – February 1943), where the Germans suffered their worst defeat since the start of the conflict.

The German army began its period of decline until 1945. On June 6, 1944 (D-Day), the Normandy landings in northern France began, allowing the Allies to achieve the ultimate recovery of Europe and the defeat of Germany. Finally, the atomic bombs dropped on Hiroshima and Nagasaki convinced the Japanese to surrender. Thus ended the greatest tragedy of the twentieth century, leaving the U.S. and the USSR as the big winners and new global superpowers.