Answer:

On October 24th of 1929-

Newyork Stock Exchange (NSE) , wallstreet crashed. This Thursday in the history is remarked as" BLACK Thursday".

Explanation:

The USA emerged as a new economic power:

• The USA was not affected by the war. Hence, the European nations managed to get loans from USA. Consequently , American Dollar overtook British pound as the basis of foreign exchange holding.

The economic growth of the USA did not last long .The world was thrown into economic crisis in 1929, which started in the USA.

The crash wiped out in a single day the entire economic growth. till then . In panic, Investors rushed to sell their stocks, which led to MASSIVE volume of stock marketing . Ultimately this led to abrupt and dramatic price decline. The great depression that left disastrous impact on both America and European nations followed the crash. Many lost their wealth and those who couldn't bear loss . commited suicide , the production rate plunged; unemployment became grave and world trade completely collapsed.

• people who became pauper because of war couldn't afford the commodities.
• Goods were kept unsold in factories.
• Banks collapsed in Austria and Germany
• Inflation became uncontrollable
• hyperinflation in Germany
• Acute unemployment and poverty
• strikes,bread riots and protests led by demonstrators in various parts of US and Europe.

The Dipression until last for a decade ended in

1939.

Several Countries adopted various economic policies and administrative changes

1. U.K adopted new economic measures to overcome the problem and formed National Government by 1931.
2. In Sweden the socialists INTRODUCED Public works programme (1932 - 1936).
3. Germany adopted 'New Plan' in 1934.
4. In US the then President Roosevelt launched'New Deal' .
5. Belgium established National Government to improve social programmes in 1935.
6. Labour Government formed in Norway in 1935.
7. A Crisis Cabinet was formed in Netherlands ( 1933-39).
8. When Salzar became the finance minister in Portugal , The National Union becomes one party . Salzar becames the premier (1928-32).
9. New Constitution came into existence in 1931 in Spain.Popular Front Government came to power by February 1936.
10. Largest Labour Party in Switzerland in 1931
11. Kemal Ataturk started modernizing programme in Turkey (1923-38), Five year plan adopted in 1934 .
12. Popular Front Government installed in FRANCE in the June of 1936. Reform proclaimed in March of 1937.
13. Adolf Hitler becomes the chancellor of Germany in 1933 . Enabling Act passed.

European countries under dictatorship:

Austria - Dolfuss dictatorship ( March 1933) all parties banned , socialist parties.

Bulgaria - King Boris establishes royal dictatorship ( 1936).

ESTONIA - George 3 restores monarchy ( 1935) Metaxes establishes dictatorship

(August, 1936).

Hungary - Gombou dictatorship (1931 - 5).

Latvia - Ulmanis coup establishes dictatorship ( May , 1934).

Lithuania - Semetona coup ( December, 1926);all parties banned ( February , 1936)

Poland - Pilsudski's dictatorship (1926-35).

Romania - King Carol 2 builds dictatorship ( 1930-40). All parties banned (1938). Front of National rebirth.

Yugoslavia - Alexander establishes royal dictatorship ( January, 1929).

• The First World War devastated both the allies . Many European Governments lost their power.
• Unemployment, poverty, famine and inflation gnawedthe entire system.
• Fascism in Italy and Nazism in Germany rose to power , capitalising on the political and economic chaos
• Economic destruction , rivalry against victor's aimlessness etc. facilitated there forces to grab power.
• Industrialists , in fear of Italy moving to socialism, prompted to support Fascism.
• Post - war destruction of Industries , unemployment, increase in tax , inflation etc. kept people away from the Italian government.
• Economic destruction and Inflation Nazi party to came into power in Germany.

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