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Season 2 kicks off here with an introduction to the early days of the Great Depression! Fun! Nothing did more to undermine to world order fitfully constructed during the 1920s like this mother of all economic disasters. And what really made this crisis of Capital so severe was the financial sector's implosion in the aftermath of the stock market crash of 1929. Suddenly, the very thing that underpinned the entire system stopped working.
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It's the end of Season 1 and I take stock of what's been covered up to this point, big trends, takeaways, that sort of thing. See you in three months!
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Today the United States miniseries goes out with the bang of the 1929 stock market crash. It was a confluence of bad decisions, inaction, greed, and terrible timing all coming together to create the great economic crisis of our times.
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The 1920s became a legendary time in America as the consumer economy took center stage, and a dizzying array of goods heralded a new era in how people lived their lives. What was less legendary about the era was the dependence of consumers on credit, and the short-sightedness of the country's elites.
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Despite winning WWI and showing off its power to the rest of the world, the United States limped into 1920. Exhausted by a year of violence at home, a crippling recession, and runaway inflation, voter turned to the Republicans. And Republicans turned to a man that would symbolize the modest aspirations of the age, Warren G. Harding. Despite not lasting long, he'd set the tone for the rest of the decade.
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The immediate aftermath of WWI would unleash one of the most harrowing years in America's history. The economic recession that immediately followed the end of the war helped spark violence and persecutions that rocked the country into 1920.
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By 1914 the United States was rich and confident, but also wise enough to stay out of WWI. The problem is though fights of that size have a tendency to drag nations into them, and America found itself involved after numerous German missteps. It would be a new situation for the country, as President Wilson assumed effective political leadership of the Entente, setting a vision for the post-war that his new allies had not expected.
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It's overview time once again and today I introduce the United States. It's main contribution to the failures of peace in the interwar period stem from its refusal to get entangled in European affairs. Which was a reluctance that had to do with internal conditions within the nation, and will be the focus of the first part of this series.
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The horrors of modern war shocked sensibilities enough that by the 1920s there were active efforts to outlaw war entirely. The idea's proponents would face obstacles from disinterested governments and even conflicts among each other. But by decade's end the world had come together in agreement with their principals.
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In contrast to the Genoa Conference failing because it tried to do too much, the Locarno Treaties had much more success due to keeping its ambitions manageable. And those ambitions were to guarantee peace in Western Europe, as opposed to the world. Still, diplomacy being what it was in the 20s, there was still plenty keeping the Great Powers from achieving something that could last.
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