Western Civilization II / Unit 16 WC2 1502 short lesson, about 20 seconds
Austerity, Keynes, and the Gold Standard
Captions available
The idea
Governments answered with austerity, cuts and balanced budgets on liberal theory, which drained capital further. The gold standard, tying currencies to gold, transmitted the collapse from country to country, the witness says; Britain left it in nineteen thirty-one. Keynes argued for spending instead.
In practice
The Credit Anstalt's failure in Vienna, May nineteen thirty-one.
Where people slip
Witness-built; the anchor has austerity only.
Your place on the trail
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Unlocks
- Nothing yet depends on this.
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