Wall Street crash of 1929 in the context of "Hitler's rise to power"

The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty, drastic reductions in industrial production and international trade, and widespread bank and business failures around the world. The economic contagion began in 1929 in the United States, the largest economy in the world, with the devastating Wall Street crash of 1929 often considered the beginning of the Depression. Among the countries with the most unemployed were the U.S., the United Kingdom, and Germany.

The Depression was preceded by a period of industrial growth and social development known as the "Roaring Twenties". Much of the profit generated by the boom was invested in speculation, such as on the stock market, contributing to growing wealth inequality. Banks were subject to minimal regulation, resulting in loose lending and widespread debt. By 1929, declining spending had led to reductions in manufacturing output and rising unemployment. Share values continued to rise until the October 1929 crash, after which the slide continued until July 1932, accompanied by a loss of confidence in the financial system. By 1933, the U.S. unemployment rate had risen to 25%, about one-third of farmers had lost their land, and 9,000 of its 25,000 banks had gone out of business. President Herbert Hoover was unwilling to intervene heavily in the economy, and in 1930 he signed the Smoot–Hawley Tariff Act, which worsened the Depression. In the 1932 presidential election, Hoover was defeated by Franklin D. Roosevelt, who from 1933 pursued a set of expansive New Deal programs in order to provide relief and create jobs. In Germany, which depended heavily on U.S. loans, the crisis caused unemployment to rise to nearly 30% and fueled political extremism, paving the way for Adolf Hitler's Nazi Party to rise to power in 1933.

The 1930s (pronounced "nineteen-thirties" and commonly abbreviated as "the '30s" or "the Thirties") was a decade that began on January 1, 1930, and ended on December 31, 1939. In the United States, the Dust Bowl led to the nickname the "Dirty Thirties".

The decade was defined by a global economic and political crisis that culminated in the Second World War. It saw the collapse of the international financial system, beginning with the Wall Street crash of 1929, the largest stock market crash in American history. The subsequent economic downfall, called the Great Depression, had traumatic social effects worldwide, leading to widespread poverty and unemployment, especially in the economic superpower of the United States and in Germany, which was already struggling with the payment of reparations for the First World War. The Dust Bowl in the United States (which led to the nickname the "Dirty Thirties") exacerbated the scarcity of wealth. U.S. President Franklin D. Roosevelt, who took office in 1933, introduced a program of broad-scale social reforms and stimulus plans called the New Deal in response to the crisis. The Soviet Union's second five-year plan gave heavy industry top priority, putting the Soviet Union not far behind Germany as one of the major steel-producing countries of the world, while also improving communications. First-wave feminism made advances, with women gaining the right to vote in South Africa (1930, whites only), Brazil (1933), and Cuba (1933). Following the rise of Adolf Hitler and the emergence of the NSDAP as the country's sole legal party in 1933, Germany imposed a series of laws which discriminated against Jews and other ethnic minorities.

The rise to power of Adolf Hitler, dictator of Germany during the Nazi era from 1933 until his suicide in 1945, began in the newly established Weimar Republic in September 1919, when Hitler joined the Deutsche Arbeiterpartei (DAP; German Workers' Party). He quickly rose to a place of prominence and became one of its most popular speakers. In an attempt to more broadly appeal to larger segments of the population and win over German workers, the party name was changed to the Nationalsozialistische Deutsche Arbeiterpartei (NSDAP; National Socialist German Workers' Party), commonly known as the Nazi Party, and a new platform was adopted. Hitler was made the party leader in 1921 after he threatened to otherwise leave. By 1922, his control over the party was unchallenged. The Nazis were a right-wing party, but in the early years they also had anti-bourgeois elements. Hitler later initiated a purge of these elements and reaffirmed the Nazi Party's support for collaboration with German businesses. This included killings of Hitler's critics within the party during the Night of the Long Knives, which also served as a tool to secure power.

In 1923, Hitler attempted a coup in Bavaria, known as the Beer Hall Putsch. He was arrested and put on trial, which garnered him national fame. He was sentenced to five years in fortress confinement, but served only nine months. During this time, he wrote Mein Kampf, which became the handbook of his ideology of Nazism. Once released, Hitler switched tactics, opting to instead seize power through legal and democratic means. During the 1920s, he and the Nazis ran on a platform of anti-communism, antisemitism, and ultranationalism. Party leaders vociferously criticized the ruling democratic government and the Treaty of Versailles, while promising to turn Germany into a world power. Most Germans were indifferent to Hitler's rhetoric as the German economy began to recover, in large part due to loans from the United States under the Dawes Plan. The German political landscape was dramatically affected by the Wall Street crash of 1929. The Great Depression brought the German economy to a halt and further polarized German politics. During this tumultuous time, the German Communist Party also began campaigning and called for a revolution. Some business leaders, fearful of a communist takeover, began supporting the Nazi Party.

In the United States, the Great Depression began with the Wall Street crash of October 1929 and then spread worldwide. The nadir came in 1931–1933, and recovery came in 1940. The stock market crash marked the beginning of a decade of high unemployment, famine, poverty, low profits, deflation, plunging farm incomes, and lost opportunities for economic growth as well as for personal advancement. Altogether, this period represented a traumatic loss of confidence in the economic future.

The usual explanations include numerous factors, especially high consumer debt, ill-regulated markets that permitted overoptimistic loans by banks and investors, and the lack of high-growth new industries. These all interacted to create a downward economic spiral of reduced spending, falling confidence and lowered production.Industries that suffered the most included construction, shipping, mining, logging, and agriculture. Also hard hit was the manufacturing of durable goods like automobiles and appliances, whose purchase consumers could postpone. The economy hit bottom in the winter of 1932–1933; then came four years of growth until the recession of 1937–1938 brought back high levels of unemployment.

The United States Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street crash of 1929. Its primary purpose is to enforce laws against market manipulation.

Created by Section 4 of the Securities Exchange Act of 1934 (now codified as 15 U.S.C. § 78d and commonly referred to as the Exchange Act or the 1934 Act), the SEC enforces the Securities Act of 1933, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, and the Sarbanes–Oxley Act of 2002, among other statutes.

James Henry Scullin (18 September 1876 – 28 January 1953) was an Australian politician and trade unionist who served as the ninth prime minister of Australia from 1929 to 1932. He held office as the leader of the Australian Labor Party (ALP), having briefly served as treasurer of Australia during his time in office from 1930 to 1931. His time in office was primarily categorised by the Wall Street crash of 1929 which transpired just two days after his swearing in, thus heralding the beginning of the Great Depression in Australia. Scullin remained a leading figure in the Labor movement throughout his lifetime, and was an éminence grise in various capacities for the party until his retirement from federal parliament in 1949. He was the first Catholic to serve as prime minister.

The son of working-class Irish-immigrants, Scullin spent much of his early life as a laborer and grocer in Ballarat. An autodidact and passionate debater, Scullin made the most of Ballarat's facilities – the public library and South Street Debating Society. He joined the Australian Labor Party in 1903, beginning a career spanning five decades. He was a political organizer and newspaper editor for the party, and was elected to the Australian House of Representatives first in 1910 and then again in 1922 until 1949. Scullin quickly established himself as a leading voice in parliament, rapidly rising to become deputy leader of the party in 1927 and then Leader of the Opposition in 1928.

The 1920s (pronounced "nineteen-twenties" often shortened to the "'20s" or the "Twenties") was a decade that began on January 1, 1920, and ended on December 31, 1929. Primarily known for the economic boom that occurred in the Western World following the end of World War I (1914–1918), the decade is frequently referred to as the "Roaring Twenties" or the "Jazz Age" in America and Western Europe, and the "Golden Twenties" in Germany, while French speakers refer to the period as the "Années folles" ('crazy years') to emphasize the decade's social, artistic, and cultural dynamism.

The devastating Wall Street crash in October 1929 is generally viewed as a harbinger of the end of 1920s prosperity in North America and Europe. In the Soviet Union, the New Economic Policy was created by the Bolsheviks in 1921, to be replaced by the first five-year plan in 1928. The 1920s saw the rise of radical political movements, with the Red Army triumphing against White movement forces in the Russian Civil War, and the emergence of far-right political movements in Europe. In 1922, the fascist leader Benito Mussolini seized power in Italy. Other dictators that emerged included Józef Piłsudski in Poland, and Peter and Alexander Karađorđević in Yugoslavia. First-wave feminism made advances, with women gaining the right to vote in the United States (1920), Albania (1920), Ireland (1921), and with suffrage being expanded in Britain to all women over 21 years old (1928).