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The New DealA Global History$
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Kiran Klaus Patel

Print publication date: 2016

Print ISBN-13: 9780691149127

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691149127.001.0001

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A Global Crisis

A Global Crisis

Chapter:
(p.10) Chapter 1 A Global Crisis
Source:
The New Deal
Author(s):

Kiran Klaus Patel

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691149127.003.0001

This chapter sets the stage and interprets the Great Depression as a global event, as a time of testing for both democracy and capitalism. The Great Depression was not solely an American experience, even if the United States was one of its main origins and particularly hard-hit by its consequences. The slump had global repercussions, and it fundamentally changed the way that Americans and others were connected to and interacted with the wider world. While political reactions tended to separate and segregate, the suffering was shared across latitude and longitude. By 1933, it was still unclear whether the crisis would destroy or fundamentally transform capitalism along with the fabric of capitalist societies. In the wake of the Depression, this ambivalence reverted to economic nationalism, protectionism, and a rather parochial attitude.

Keywords:   Great Depression, democracy, capitalism, economic nationalism, protectionism, parochialism, recession

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