ECONOMY in the INTERWAR Period [AP World History] Unit 7 Topic 4 (7.4) [REUPLOAD]

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AP HEIMLER REVIEW GUIDE (formerly known as the Ultimate Review Packet):

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In this video Heimler walks you through the economic depression that struck the world from 1918-1939. As a result of provisions in the Treaty of Versailles Germany slid into an extreme case of hyperinflation. And because they couldn't pay their reparations, Britain and France struggled to repay their war debts as well. Russian people suffered starvation under the newly formed Bolshevik government. And the United States entered the Great Depression after the stock market crash of 1929.

What's common to all of these scenarios is that governments stepped in to address these economic woes. From Roosevelt's New Deal to Lenin's New Economic Plan, government intervention in the economy became the norm.

If you have any questions, leave them below and Heimler will answer forthwithly.
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the best feeling is finishing your textbook notes and then watching the heimler video and actually knowing what’s going on!

sophierose
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didnt see any notes in this vid so here are mine:

Notes 7.4

Economy in interwar period

The countries that made up the Allied Powers, while victorious in the war, lost huge amounts of their workforce and they spent tremendous amounts of money on the war effort.

Germany, in addition to paying reparations, was in debt

And when that happened, the value of the German mark plummeted precipitously, and that led them into a situation called hyperinflation.

Remember, they owed money in the form of reparations to powers like France and Britain But when Germany couldn’t pay them, They in turn struggled to pay their debts to the United States.

colonial economies suffered too because they had come to depend on their parent economies.

in 1929 the United States stock market crashed and plunged it into a Great Depression

many of the European nations had transitioned into a more laissez-faire type economy in which there was very little government intervention in the affairs of the economy

in 1921 Vladimir Lenin introduced what he called, the New Economic Plan but that ended when he died

Just like Lenin, Stalin also got the government heavily involved in economic affairs.

Stalin introduced a series of Five Year Plans.

The Mexican Revolution was over, one political party came to dominate Mexican politics (institutional rev. party)

fascism is an authoritarian and nationalistic system of government and social organization, A chief characteristic of fascist governments is the glorification of military might and the necessity of armed struggle.

Italy was the first proper fascist government in Europe during this time, Mussolini reorganized the Italian economy in terms of something called corporatism.

Hitler and Mussolini joined together

oliviaaquilina
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The AP Test is tomorrow and I am binging all of your videos... thank you!

msee
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I fell asleep in class today and missed this lecture thanks for carrying me through AP world Heimler, you are the best!

simonkinzler
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"once there's a turd in the stew, ain't nobody gonna eat that." - grandpappy

abcdefg-vekr
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When ur class is going faster than when he posts videos

charliep
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I have to make an outline of the past few chapters. Appreciate your channel greatly chief!

asahammer
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My teacher always just makes us read the amsco text book and turn in the notes the next block and we just move on hardly go over it. It’s rare that we ever do notes in class

Ang-lpnx
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Thank you so much Heimler! You're truly a history lifesaver!

izarvargas
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Hey there, Steve! When can we expect the rest of 7? We're fully addicted and are going into withdrawl...

reinaroberts
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my notes (used some here and then watched video)

Economy in interwar period
- The countries that made up the Allied Powers, while victorious in the war, lost huge amounts of their workforce and they spent tremendous amounts of money on the war effort
○ Germany, in addition to paying reparations, was in debt
○ As a result, the value of the German mark plummeted precipitously, led them into a situation called hyperinflation
○ owed money in the form of reparations to powers like France and Britain
○ Germany couldn’t pay reparations
§ They in turn struggled to pay their debts to the United States
- colonial economies suffered too because they had come to depend on their parent economies
○ Result of global economy becoming more intertwined
LAISSEZ-FAIRE ECONOMICS
- many of the European nations had transitioned into a more laissez-faire type economy
○ there was very little government intervention in the affairs of the economy
○ John Maynard Keynes argued that if this happened, we'd all be dead before the market sorted itself out, so the government should get involved and try to stimulate the economy back into health
DEFICIT SPENDING:
- A situation where countries were borrowing money to spend on their economies to stimulate the economy back to health
- "Prime the depressed/deflated economy with deficit spending and the money will follow" -Keynes
USA
- in 1929 the United States stock market crashed and plunged it into a Great Depression
- FDR believed in deficit spending, implanted it in the New Deal to raise the US out of a depression
○ US gov't borrowed money and put millions of people to work on gov't projects
○ Built dams, public buildings and roadways
RUSSIA
- 1921 Vladimir Lenin introduced what he called, the New Economic Plan but that ended when he died
○ New Economic Plan was a rollback of communist policies intended to spur the economy back to health by REINTRODUCING PRIVATE TRADE INTO RUSSIA
○ Just like Lenin, Stalin also got the government heavily involved in economic affairs
○ Stalin introduced a series of Five Year Plans
§ Goal of these was to further industrialize Russia so they could catch up with their European competitors
□ Collectivized agriculture, enraged farmers
§ Was an utter failure
□ Millions of people starved to death, but industrialization worked
MEXICO
- The Mexican Revolution was over, one political party came to dominate Mexican politics (institutional rev. party)
FACISM
- fascism is an authoritarian and nationalistic system of government and social organization
- A chief characteristic of fascist governments is the glorification of military might and the necessity of armed struggle
○ Example: Italy
§ Italy was the first proper fascist government in Europe during this time
§ Mussolini reorganized the Italian economy in terms of something called corporatism
§ Hitler and Mussolini joined together
○ Example: Brazil
§ Very slow transition from agricultural economy to an industrial economy
§ Getulio Vargas fashioned Brazilian gov't into one similar to Mussolini's Italy
§ Consolidated power by removing induvidual freedoms from the people
§ New State Program:
Diminished freedom of the press and imprisoned his political opponents

dorsle
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Anyone else here because your teacher assigned it during Corona shut down?

sparrownicole
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This is WAY More than I learned in a 2 hour lecture

owenj
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Watching this after Getting sick for a few weeks thank you for helping me catch up

Linuscracked
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Thanks for helping me through the AP course.

XSETMando
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When your class is perfectly synced with his btw it would mean the world to me if you reply to this comment Steve, your literally the only reason I’m passing WHAP love you so much❤️

mukeshkannandhanasekar
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Can you do a video series on the complexities of Germany during the interwar period in a political sense and the rise of the Nazi Party and then its, to say the least, impactful, fall?

multiversalman
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Cant wait for a compilation of Grandpappy Heimler quotes

johnruiz
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Sup Stevie dog hope u havin a good day buddy

zachhaas
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In pondering another reply to your video (as my previous disappeared with the prior video posted) I see that you have quite a few videos on econ in your channel. I will peruse them and become informed of your positions before being too critical wrt this video. I understand you are presenting/supporting a curriculum here, not necessarily offering your arguments for or against any economic system in theory or practice.
Two related quotes come to mind after listening to this re-posted video:
"Give me control of a nation's money and I care not who writes the laws." - MA Rothschild
and
"Let me make the songs of a nation, and I care not who makes its laws." Which was an adaptation of Andrew Fletcher's comment, "if a man were permitted to make all the ballads, he need not care who should make the laws of a nation."
The narrative you present here is challenged by many serious scholars, such as the previously mentioned Murray Rothbard. As a history professor you obviously understand the power of narrative and the absolute necessity to drive to truth in that narrative lest we become propagandized and wander down the path to pathological action/perdition. Perhaps a counter point, or dissenting argument should be offered? You know, let students use their critical thinking skills to decide between competing narratives based on the epistemology and justifications. For instance, Henry Hazlitt (author of the fantastic "Economics in One Lesson") offered a line by line rebuttal of Keynes' "General Theory" in his 1955 work, "The Failure of the New Economics". Also, if you have ever read Keynes, I'd be curious to see if you could make sense of it. I'm no genius, but also no slouch, and I couldn't. "Finnegan's Wake" made more sense, and it was literally gobbledygook. Wrt economics, Marx's "Das Capital" was more compelling than Keynes and it was moot before the 3rd volume was even published (being posthumously published and completely missing the marginal revolution and subjective value theory).
This era, the interwar period, was defined by central banking interests and their fascistic partners in government (the progressive program), who used the excuse/argument of "managing the economy for the greater good" (not derived from, but in the vein of Keynes) to centralize power/wealth and establish privileges for themselves at the expense of everyone else (in moral and economic terms).
Your description of the Holodomor was very kind to the perpetrators but quite unsympathetic, even callously utilitarian, with the quip about "at least the Bolsheviks industrialized well" (or something to that effect). Stalin thought similarly; when discussing the starvation in Ukraine he stated “If only one man dies of hunger, that is a tragedy. If millions die, that’s only statistics.”
To each their own I suppose, but I wonder if you will make similar comments about other genocidal atrocities or if this belies a Marxist/collectivist bias (which is fine, so long as it is not hidden from critique)? Time will tell. Personally I would be cautious to offer apologia for the sins of the Bolsheviks and other collectivist ideologies. The liquidation of millions of souls for "rational" political ends is not to be handled flippantly as with Stalin, but should be addressed with deference and respect, perhaps even solemn reverence for the victims.

neilpatton