History The Great Depression Questions Medium
The Great Depression had significant political consequences both in the United States and around the world.
In the United States, the economic crisis led to a loss of faith in the existing political and economic systems. President Herbert Hoover's inability to effectively address the crisis resulted in widespread discontent and anger towards the government. This ultimately led to a shift in political power, with Franklin D. Roosevelt being elected as president in 1932. Roosevelt's New Deal policies aimed at providing relief, recovery, and reform helped restore confidence in the government and led to the expansion of the federal government's role in the economy.
The Great Depression also had political consequences on a global scale. In Europe, the economic downturn contributed to the rise of extremist political movements. In Germany, the economic hardships and high unemployment rates fueled the support for Adolf Hitler and the Nazi Party, ultimately leading to World War II. Similarly, in Italy, Benito Mussolini's fascist regime gained popularity as a result of the economic crisis.
Furthermore, the Great Depression led to a reevaluation of economic theories and the role of government in the economy. The prevailing belief in laissez-faire capitalism was challenged, and there was a growing acceptance of Keynesian economics, which advocated for government intervention to stimulate the economy during times of crisis.
Overall, the political consequences of the Great Depression were far-reaching, leading to a shift in political power, the rise of extremist movements, and a reevaluation of economic theories and government intervention in the economy.