[SLIDE 1]. Introduction Thank you for your invitation to speak here today. The global economic downturn of the 1930s had far-reaching effects on nations in Europe and North America. This article aims to shed light on the consequences of this crisis and its impact on these regions.
Economic conditions following World War I intensified antagonisms between nations prior to the outbreak of World War II. The 1930s economic downturn further exacerbated these tensions, leading to increased conflicts and hostilities. Protectionism, a response to the crisis, could make the world less resilient, more unequal, and more conflict-prone.
Protectionism and the imposition of trade barriers had a detrimental effect on international trade. Countries implemented tariffs and quotas to protect their domestic industries, leading to a decrease in global trade and exacerbating the economic downturn. This protectionist approach hindered cooperation between nations and strained international relations.