· In economic terms, a decline in trace and general prosperity is called depression.
· The great depression of 1929 – 34 was worldwide, starting with an agricultural recession followed by financial panic and collapse, known as the wall street crash (oct., 1929), in the USA.
· The effects of the USA were catastrophic: by 1933 almost 14 million people were out of work and American president hooves’ suffers failed to make any impression on crisis.
· Nobody was surprised when the republicans lost the presidential election of Nov., 1932. The new democrat president, Franklin D. Roosevelt, introduced policies known ax the new deal to try and put the country on the road to recovery.
· The great depression is trunk affected financial institutions and money markets in other parts of the world and caused a run-on the pound in the UK. The result was a decline in internal consumption and exports in industrialized countries, factory closures and massive unemployment.
FASCISM IN ITALY
· The unification of Italy was only completed in 1870, however, the new state suffered from economic and political weaknesses.
· The First World War (1914 – 18) was a great strain on her economy, and there was bitter disappointment at their treatment by the Versailles settlement.
· Between 1919 and 1922 there were five different governments, all of which were incapable of taking the decisive action that the situation demanded. In 1919 be into Mussolini founded the Italian fascist party, which won 35 seats in the 1921 elections.
· At the same time there seemed to be a real danger of a left – wing revolution; in an atmosphere of strikes and riots, the fascists staged a ‘march on Rome’ which culminated in king victor Emanuel inviting Mussolini to form a government (oct., 1922); he remained in power until July 1943.
· Gradually Mussolini took on the powers of a dictator and attempted to control the entire ways of life of the Italian people.
· At first it seemed as though his authoritarian regime might bring lasting benefits to Italy, and he won popularity with his adventurous and successful foreign policy.
· Later he made the fetal mistake of entering the second world war on later he made the fatal mistake the side of Germany (June , 1940 ) even though he knew Italy could not afforded involvement in another war. After the Italians suffered defeats by the British, who captured her African possessions and occupied Sicily, they turned against Mussolini. He was deposed and arrested (July 1943), but was rescued by the German (sep, 1943) and set up as ruler in northern Italy, backed by German troops.
· In April, 1945, as British and American troops advanced northwards through Italy towards Milan. Mussolini tried to escape to Switzerland but was captured and shot dead by his Italian enemies (known as partisans).