The Great Depression France
The Start to the French Depression:
Another country that suffered just as much as the United Kingdom had was France. Causes of their downward spiral were due to an underdeveloped economy. France’s industry was far inferior to Great Britain’s, particularly in farming. Tourism was also a big part of France’s economy, and during this time, many individuals simply did not have the money to travel around the world. France, like the United Kingdom, also suffered to recover from World War I. While not as bad, France relied heavily on German reparations, to pay for reconstruction. Once reparations had ceased, the Depression in France took place. Starting in 1931, France did not recover from the Depression until the remainder of the decade. During this time, in 1934, a riot took place that overthrew the current French government. A socialist group, named the Popular Front, took control of the government under the leadership of Leon Blum. As a result of the mixed new government, France was the last country to fully recover from the Great Depression.
Impacts of the Depression:
Tourism declined sharply as Americans and other foreigners could no longer aford foreign trips. And tourism was an important industry. Exports also declined. Many important French exports (perfumes, wine, chese,and food and other high-end foods) were luxury goods that Americans and others could no longer afford. Orders were cancelled and prices fell. The overall impact was to serious reduce French export income. Unemployment increased to 15 percent and industrial production declined 25 percent.
The French depression is considered to have been relatively mild
(Hautcoeur,1997).
At its maximum,unemployment did not exceed one million,less than 5% of the 1930 workforce.
The fall in production was also relatively modest and never reached 20% of the 1929 output in commerce and manufactures. The depression in France was not accompanied by a banking crisis,as only one major bank failed.
Another country that suffered just as much as the United Kingdom had was France. Causes of their downward spiral were due to an underdeveloped economy. France’s industry was far inferior to Great Britain’s, particularly in farming. Tourism was also a big part of France’s economy, and during this time, many individuals simply did not have the money to travel around the world. France, like the United Kingdom, also suffered to recover from World War I. While not as bad, France relied heavily on German reparations, to pay for reconstruction. Once reparations had ceased, the Depression in France took place. Starting in 1931, France did not recover from the Depression until the remainder of the decade. During this time, in 1934, a riot took place that overthrew the current French government. A socialist group, named the Popular Front, took control of the government under the leadership of Leon Blum. As a result of the mixed new government, France was the last country to fully recover from the Great Depression.
Impacts of the Depression:
Tourism declined sharply as Americans and other foreigners could no longer aford foreign trips. And tourism was an important industry. Exports also declined. Many important French exports (perfumes, wine, chese,and food and other high-end foods) were luxury goods that Americans and others could no longer afford. Orders were cancelled and prices fell. The overall impact was to serious reduce French export income. Unemployment increased to 15 percent and industrial production declined 25 percent.
The French depression is considered to have been relatively mild
(Hautcoeur,1997).
At its maximum,unemployment did not exceed one million,less than 5% of the 1930 workforce.
The fall in production was also relatively modest and never reached 20% of the 1929 output in commerce and manufactures. The depression in France was not accompanied by a banking crisis,as only one major bank failed.