The Great Depression France - 1953 Words

The Start to the French Depression: Another country that suffered just as much as the United Kingdom had was France. Causes of their downward spiral were due to an underdeveloped economy. France’s industry was far inferior to Great Britain’s, particularly in farming. Tourism was also a big part of France’s economy, and during this time, many individuals simply did not have the money to travel around the world. France, like the United Kingdom, also suffered to recover from World War I. While not as bad, France relied heavily on German reparations, to pay for reconstruction. Once reparations had ceased, the Depression in France took place. Starting in 1931, France did not recover from the Depression until the remainder of the decade.†¦show more content†¦The broad overview shows rapid growth in the 1920s,a sharp decline from 1930 to 1932,then a mild decline from 1932 to 1936,and slow recovery toward the eve of World War II. Figure 2: Unemployment grew PIB: This Graph shows how the GDP (gross domestic product) in France declines in the year of 1932 which is when the depression had impact on the country. It slowly recovers in the year of 1933 but experiences a moderate fall in the 2 to 3 next years due to industrial and political issues. Government act: In May 1936,a coalition of Socialists and Communists won the elections, and the Socialist leader L ´eon Blum became Pr ´esident du Conseil in June. The new labor market regulations imposed by the Front Populaire provoked a large increase in the cost of labor. First,the government imposed collective bargaining on wage contracts between employers and trade unions. Second,the workweek was reduced from 48 to 40 hours,keeping the weekly or monthly wage constant. The rigid and sudden reduction of the work week to 40 hours in 1936 also seems to have caused bottlenecks in many industries, which blocked the beginning of recovery. Third,workers were granted two weeks of paid holidays,again keeping the weekly or monthly wage constant. Fourth,the civil servant wage cut was suspended. At the same time,a nationwide strike movement led to the Accords de Matignon,where wages were increased on average by 12%. It seems that theseShow MoreRelatedThe Great Depression France1959 Words   |  8 PagesFrench Depression: Another country that suffered just as much as the United Kingdom had was France. Causes of their downward spiral were due to an underdeveloped economy. France’s industry was far inferior to Great Britain’s, particularly in farming. Tourism was also a big part of France’s economy, and during this time, many individuals simply did not have the money to travel around the world. France, like the United Kingdom, also suffered to recover from World War I. 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