History of Warfare Summary 10 - Interwar Period 3: The Great Depression and the Rise of Extremism

The global economy seemed relatively stable in the late 1920s, but the situation changed drastically with the onset of the Great Depression in the United States in 1929. Triggered by the stock market crash in New York, finance and industry contracted, and unemployment surged. The downturn in the US economy quickly spread to Europe through trade and finance. Germany, heavily reliant on American loans, suffered a particularly severe economic blow, leading to widespread unemployment and poverty. As the economic crisis deepened, dissatisfaction with liberal democracy grew in various countries, and extremist political forces gained traction. In Germany, the Nazi Party, led by Adolf Hitler, expanded its support by exploiting public anxiety and nationalism. In Italy, Mussolini's Fascist regime had already seized power. The economic crisis weakened international cooperation and became a significant backdrop that led nations to strengthen their self-centered policies.