The Economic Crisis of 1923

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Created by: LucyLaa
Created on: 24-01-18 20:10

What is inflation?

When prices of goods excedd falling real wage prices

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What is hyperinflation?

When prices rise so much that money has no actual value

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What were the long-term causes of the crisis?

1. Cost of the war. 2. Reduced consumer goods production during war

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What were the short-term causes of the crisis?

1. Reparations 2. Deficit funding 3. War bonds 4. Welfare benefits 5. Passive Resistance (still had to pay workers)

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What other crises of 1923 link to the economic crisis?

The Munich Beer Hall Putsch, and German October

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Were the actions of the Weimar Republic the most impotrant cause of the economic crisis?

No - Treaty of Versailles was biggest cause, although deficit financing and welfare benefits were the government's fault, most things weren't. E.g. War bonds were from another government, and Passive Resistance was the only way to prevent more crisis

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Other cards in this set

Card 2

Front

What is hyperinflation?

Back

When prices rise so much that money has no actual value

Card 3

Front

What were the long-term causes of the crisis?

Back

Card 4

Front

What were the short-term causes of the crisis?

Back

Card 5

Front

What other crises of 1923 link to the economic crisis?

Back

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The Economic Crisis of 1923