World War I and The Great Depression

World War I and The Great Depression

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  • United States
  • Latin America
  • Scandinavia
  • On the day that the American stock market crashed (October 24, 1929), investment dried up, banks closed, and many people lost their life savings. Through immediate programs of public spending (for dams, highways, bridges, and parks), the New Deal sought to prime the pump of the economy and thus reduce unemployment, therefore seeking to mitigate the effects of the Great Depression.
  • Russia
  • As a result of the Great Depression, Latin American countries sought to diminish their dependence on exports and instead create their own industries. Known as the import substitution industrialization, these policies aimed to have Latin American nations gain their own economic independence by manufacturing products at a national level rather than importing all goods from other nations.
  • Eastern Europe
  •  In Britain, France, and especially Scandinavia, the Great Depression energized a “democratic socialism.” In short, these changes and ideals sought greater regulation of the economy anda more equal distribution of wealth through peaceful means and electoral politics. To this day, Scandinavian countries still practice similar ideas and are largely considered socialist nations.
  • The Ottoman Empire
  • As a result of World War I, Russia lost a lot of land and entered into a civil war. This civil war, known as the Bolshevik Revolution, was an upheaval that brought the radical Bolsheviks to power, who soon afterwards decided to exit World War I. These people chose to practice communism and create the Soviet Union.
  • From the collapse of the German, Russian, and Austro-Hungarian empires emerged a new map of Central Europe with an independent Poland, Czechoslovakia, Hungary, and Yugoslavia as well as other newly independent nations. Such new states were based on the principle of national self-determination, or a view in which people see themselves as an independent nation.
  • The war also brought a final end to a declining Ottoman Empire, creating the modern map of the Middle East, with the new states of Turkey, Syria, Iraq, Transjordan, and Palestine. This great war brought an end to a formidable empire, which started in the 14th century and endured until the early 20th century.
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