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| | The Great Depression |
 | | The exceptions to this we already know: Great Britain remained in a kind of chronic slump, which was the result of her loss of overseas markets and which was intensified by her refusal to devalue the pound in the 1920s. |
 | | Germany had experienced the strange agony of the massive inflation, climaxing in 1923, because of the continuing struggle with France over war reparations. |
 | | This year of descent into the economic depths of mass unemployment, hunger, breakdown of international exchange, failure of great financial institutions was also a year of floundering governments, the rise of the National Socialist party in Germany, and Japan's absorption of Manchuria. |
| faculty.weber.edu /kmackay/great_depression.htm (843 words) |
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