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Brokers at the Paris stock exchange / Photo, c. 1928
Financial world:
stock exchange.

Brokers at the Paris stock exchange.

Photo, c. 1928.
Great Depression
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1929 Great Depression, Germany
Triggered by the stock market crash of 1929 in the US, the global economic crisis hit Germany particularly hard. The already emerging economic downturn, the loss of exports, the considerable overcapacity and the withdrawal of foreign capital have a disastrous effect on German banks.

In view of the evolving mass misery with 6 million unemployed in 1932 in Germany alone, the first German democracy fails as a welfare state.