Urgent! Historical events and historical materials about economic crisis

Economic crisis refers to the cyclical overproduction that occurs in the process of capitalist production. It manifests itself in a massive backlog of products, the closure of enterprises, a substantial decline in production, a sharp increase in unemployment, a serious breakdown of credit relations, and the entire social and economic life in chaos and paralysis.In 1825, the economic crisis broke out for the first time in the United Kingdom.1 After that, the crisis has been repeated every

8~10 years.The economic crisis of 1929-1933 was the unprecedented outbreak of a major one in the capitalist world, "Black Thursday"

In 1924-1929, the capitalist world experienced a short-lived economic boom. 1929, the economic crisis first broke out in the United States, and then swept through the entire capitalist world, forming an unprecedented and longest-lasting world economic crisis.

In the 1920s, speculation in the U.S. securities market was rampant, and the phrase "who wants to be rich, buy stocks" became a catchphrase, with people buying stocks as if they were possessed, dreaming of becoming millionaires overnight. Crazy stock speculation finally triggered an economic catastrophe. October 24, 1929, the New York Stock Exchange stock prices avalanche like a fall, people hysterically selling stocks, the entire exchange hall echoed the shouts of despair. This day became the dreaded "Black Thursday" (Black Thursday) and triggered the American economic crisis. However, this was only the beginning of the disaster. 29th, the exchange stock prices fell again. More than 16 million shares were sold in one day, and the average price of 50 major stocks fell by nearly 40%. On that day, the New York stock market collapsed, and the great economic crisis of the capitalist world began].

In 1933, the industrial production of the whole capitalist world declined by 40%, the industrial output of all countries regressed to the level of the end of the 19th century, the total trade volume of the capitalist world decreased by 2\3,

290,000 enterprises in the United States, Germany, France, and the United Kingdom **** went bankrupt. Unemployed workers in the capitalist world reached more than 30 million, with more than 17 million unemployed in the United States, millions of small farmers went bankrupt, and the jobless population was uprooted. The economic crisis has given rise to political unrest in the capitalist countries as a result of the contradictions inherent in the capitalist system. The economic crisis also intensified the contradictions between capitalist countries, leading to a series of tariff wars, dumping wars and currency wars.

II. Roosevelt's New Deal

The economic crisis hit the capitalist system in the U.S.A. In 1933, Franklin D. Roosevelt (1882-1945) became president of the U.S.A., and he immediately adopted the New Deal to rescue the economic crisis. He called on the American people to support his "bold experiment".

The main contents of the "New Deal" include: reorganizing the financial industry, restoring bank credit, devaluing the dollar, and stimulating exports; restoring industry, strengthening the state's regulation and control of industrial production, and preventing overproduction caused by blind competition; restructuring agriculture, compressing agricultural output, stabilizing the price of agricultural products, and safeguarding agricultural production; and constructing office *** projects to reduce unemployment and maintain a high standard of living. *** projects to reduce unemployment and expand consumer demand; and social relief to stabilize the social order.

The National Industrial Recovery Act (National Industrial Recovey Act) was the core and foundation of the entire New Deal. The Act regulated the scale of production, price levels, market allocations, wage levels, and hours of the workday in each enterprise, provided for the right of workers to bargain collectively, and set the maximum number of hours of work and the amount of wages payable that must be accepted by capitalists....

[In order to ensure the implementation of the National Industrial Recovery Act, the government launched the "Blue Eagle Campaign" (Blue Eagle) to "do your job", using the blue eagle, a sacred bird worshipped by the Indians, as a symbol, and all enterprises that complied with the Act hung the Blue Eagle The Blue Eagle logo was displayed at businesses that complied with the law. A few weeks later, a quarter of a million employers signed on with the government and labeled their products with the Blue Eagle to show their compliance. The Times also printed the Blue Eagle on the cover of every issue].

The "New Deal" was a self-regulation of the American capitalist world, pioneering large-scale bourgeois government intervention in economic life, further increasing the monopoly of U.S. state capitalism, and marking a milestone in the history of capitalist development. The "New Deal" achieved good results and enabled the United States to survive the crisis.

[edit]III. The Role of the National Industrial Recovery Act

National Industrial Recovery Act: The great economic crisis of unprecedented severity in the capitalist world in 1929-1933 first broke out from the United States. In order to eliminate the major damage caused by the economic crisis in the United States, President Roosevelt implemented the "New Deal" in 1933, which was a restructuring of capitalism within the country and strengthened the state's intervention and knowledge of the economy in order to eliminate the economic crisis. The center of the New Deal was the restructuring of industry. Roosevelt enacted the National Industrial Recovery Act, which stipulated that enterprises in each industry should designate their own fair business regulations, and determine the scale of production, price level, market distribution, wage standard and working day hours of each enterprise, so as to prevent overproduction caused by blind competition, and thus strengthened the government's control and regulation of the industrial production of the capitalist industry.

V. Role of Roosevelt's New Deal

The New Deal achieved remarkable results. The economy of the United States recovered slowly, and the people's life was improved; the capitalist system was adjusted, consolidated and developed; the macro-control and management of the economy by the capitalist countries were strengthened; and the power of the United States federal government was obviously strengthened. The New Deal was of great significance in the history of the development of capitalism in the United States and the world.

But the New Deal did not completely eliminate the inherent contradictions of capitalism, for the root causes of the economic crisis still existed.

Effects and impact:

The U.S. economy rebounded, and the number of unemployed dropped dramatically.

The macro-control and management of the economy by the capitalist countries was strengthened.

The power of the U.S. federal government was significantly strengthened.

The capitalist system was restructured, consolidated and developed.

Boldly drawing on the strengths of socialism, the capitalist crisis was saved by reforms that prevented fascism from coming to power.

The New Deal is of great significance in the history of the development of capitalism in the United States and the world.

[edit]VI. Characteristics of the Economic Crisis of 1929-1933

① Extraordinarily wide in scope: it affected the whole capitalist world and all the branches of production;

② Extraordinarily long in duration: from 1929 to 1933, before and after ***5 years;

③ Extraordinarily destructive: the whole production of the capitalist world declined 1\3, the total trade shrunk by 1\3, and the total trade was reduced. 3 or more, and total trade shrank by 2\3.

[Editor's note]VII. Impact of the 1929-1933 Economic Crisis

The 1929-1933 Capitalist World Economic Crisis was the most serious economic crisis in the history of capitalism, which resulted in crises in the industrial, agricultural, commercial, and financial sectors, and in 1933, compared with 1929, caused capitalist World production fell by more than 1\3, total trade shrank by 2\3, more than 30 million workers lost their jobs, and the masses of people were starved and displaced. The economic crisis has dealt a heavy blow to the capitalist world and aroused the contradictions inherent in the capitalist system. The economic crisis also triggered a political crisis, which led to internal political instability in the capitalist countries and further intensified the conflicts between countries, aggravating the tension in the world situation.