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The Pattern Of Modernism During The Interwar Period 1919-1939

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During the Interwar Period (1919-1939), many countries around the world underwent many ideological changes. Prior to World War I, imperial competition amongst the European countries led to patterns of constitutional and ethnolinguistic nationalism and patterns of industrialization. Members of a Bosnian Serb nationalist group assassinated Austrian heir Franz Ferdinand, which became the catalyst for the first World War that would last until 1919. With 20 million soldiers and civilians dead and another 21 million wounded, the countries looked for ways to recover from the results of the war. Three new patterns of modernity emerged after World War I; Capitalist democracy, Communism, and Supremist Nationalism.
Capitalist democracy is best described by Harding’s United States campaign slogan for presidency, “Less government in business and more business in government.” (865). United States emerged from the war as the strongest among the allied countries. Their economy sustained as they shifted from production of military supplies to the Allied European countries to creating radios, telephones, and cars as Americans moved from rural living to the city. The roaring twenties began as people started to borrow money for such commodities and investments from banks with little money down. On the other hand, Britain changed its economy from state control during the war back to market capitalism while industry was still a leading role (869). Britain owed a war debt to the United States, which they could only repay if Germany was consistent with paying its reparations. Restructuring of Germany’s debts under the Dawes Plan of 1924, stabilized the international capital markets. Meanwhile, France had suffered devastating human losses and destruction of property during the war (869). With the increase of taxes and continuous reparations paid by Germany, France was able to reconstruct itself by 1929.
Due to falling profit rates in commodities, investors in the late 1920s had “begun to shift their money from investments in manufacturing to speculation on the stock market” (868). In October 1929, speculators panicked and began selling their stocks for pennies on the dollar (868). Farmers who used the borrowed money to

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