What were the international responses to the economic crisis of the Great Depression?

The international responses to the economic crisis of the Great Depression varied across different countries and regions. Here are some key responses:

1. Protectionism and Trade Barriers: Many countries implemented protectionist measures such as imposing high tariffs and trade barriers to protect their domestic industries from foreign competition. This approach aimed to stimulate domestic production and reduce reliance on imports.

2. Currency Devaluations: Several countries devalued their currencies to boost exports and make their goods more competitive in the international market. This strategy aimed to increase foreign demand for their products and stimulate economic growth.

3. Monetary and Fiscal Policies: Governments implemented various monetary and fiscal policies to combat the economic downturn. Some countries pursued expansionary monetary policies, such as lowering interest rates and increasing money supply, to encourage borrowing and investment. Others implemented fiscal policies, including increased government spending and tax cuts, to stimulate demand and create jobs.

4. International Cooperation: Countries also sought to address the crisis through international cooperation. The 1933 London Economic Conference aimed to coordinate a global response to the Depression but ultimately failed due to conflicting national interests. However, the conference did lead to the establishment of the World Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), which later became part of the World Bank.

5. New Deal in the United States: In the United States, President Franklin D. Roosevelt implemented the New Deal, a series of economic programs and reforms aimed at providing relief, recovery, and reform. The New Deal included measures such as public works projects, financial regulations, and social welfare programs to alleviate the effects of the Depression and stimulate economic recovery.

Overall, the international responses to the economic crisis of the Great Depression involved a combination of protectionist measures, currency devaluations, monetary and fiscal policies, international cooperation efforts, and domestic economic reforms. These responses aimed to address the severe economic downturn and restore stability and growth in the global economy.