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Similarities Between The Great Depression And Economic Liberalism

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In 1929, the world was consumed by the Great Depression. A global economic crisis was trigged by events in the United States and this went on through the 1930’s. The Great Depression showed failure of ultimate and economic liberalism. People realized that free market and personal liberty would not stop a global economic calamity (Lecture 17, Hayes). The Great Depression challenged liberal views globally, with the United States, Germany, Italy and Soviet Union responding to these economics events by refusing liberalism and pursuing other alternatives such as socialism, fascism and communist dictatorship.
Halibe Edib was a press officer and translator, who was exiled from her country of Turkey. Edib came to Columbia University in 1931, during …show more content…

The New York Stock Exchange crashed, while in Europe banks failed, causing crop prices to drop, sustained deflation and unemployment in industrial nations. (Hansen, 28-1) Dr. Haynes stated, “The Smoot-Hawley Tariff of 1930, led directly to the decline of world trade and global economic devastation.” (Lecture 17, Haynes) Franklin D. Roosevelt, or better known as RDF, started his presidency in 1933. By trying to save the US, RFD, along with John Keynes, implemented the WPA and the Glass-Steagall Act. The textbook states, “however, the New Deal was quite popular, it did not get to the root of the economic problem.” (Hansen, 28-1a) The United States careless and unprincipled practice in the financial industry, ramped consumerism and gross inequality and created a vainer prosperity that hid real instability. When it cracked it contingently spread throughout other parts of the world. (Lecture 17, …show more content…

Benito Mussolini became their fascist leader who doesn’t only reject liberalism but also socialism. In the doctrine “Born of a Need for Action”, Mussolini emphasizes elimination of liberal individualism. He states that Fascism is not a doctrine and not just a regime. “Fascism, the more it considers and observes the future and development of humanity quite apart from political considerations of the moment, believes neither in the possibility nor the utility of perpetual peace.”, as written by Mussolini. (Mussolini, 28.5) He then states that liberalism has been taken over by fascism in both fields of economics and

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