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Unsourced material may be challenged and removed.<br /><small><span class="plainlinks"><i>Find sources:</i> <a rel="nofollow" class="external text" href="https://www.google.com/search?as_eq=wikipedia&q=%22Great+Depression+in+France%22">"Great Depression in France"</a> – <a rel="nofollow" class="external text" href="https://www.google.com/search?tbm=nws&q=%22Great+Depression+in+France%22+-wikipedia&tbs=ar:1">news</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?&q=%22Great+Depression+in+France%22&tbs=bkt:s&tbm=bks">newspapers</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.google.com/search?tbs=bks:1&q=%22Great+Depression+in+France%22+-wikipedia">books</a> <b>·</b> <a rel="nofollow" class="external text" href="https://scholar.google.com/scholar?q=%22Great+Depression+in+France%22">scholar</a> <b>·</b> <a rel="nofollow" class="external text" href="https://www.jstor.org/action/doBasicSearch?Query=%22Great+Depression+in+France%22&acc=on&wc=on">JSTOR</a></span></small></span> <span class="date-container"><i>(<span class="date">July 2020</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <style data-mw-deduplicate="TemplateStyles:r1257001546">.mw-parser-output .infobox-subbox{padding:0;border:none;margin:-3px;width:auto;min-width:100%;font-size:100%;clear:none;float:none;background-color:transparent}.mw-parser-output .infobox-3cols-child{margin:auto}.mw-parser-output .infobox .navbar{font-size:100%}@media screen{html.skin-theme-clientpref-night .mw-parser-output .infobox-full-data:not(.notheme)>div:not(.notheme)[style]{background:#1f1f23!important;color:#f8f9fa}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .infobox-full-data:not(.notheme) div:not(.notheme){background:#1f1f23!important;color:#f8f9fa}}@media(min-width:640px){body.skin--responsive .mw-parser-output .infobox-table{display:table!important}body.skin--responsive .mw-parser-output .infobox-table>caption{display:table-caption!important}body.skin--responsive .mw-parser-output .infobox-table>tbody{display:table-row-group}body.skin--responsive .mw-parser-output .infobox-table tr{display:table-row!important}body.skin--responsive .mw-parser-output .infobox-table th,body.skin--responsive .mw-parser-output .infobox-table td{padding-left:inherit;padding-right:inherit}}</style><table class="infobox"><tbody><tr><th colspan="2" class="infobox-above" style="text-align:center;background-color:#ededed;">Great Depression</th></tr><tr><td colspan="2" class="infobox-subheader" style="padding-bottom: 0.4em; border-bottom: 1px solid #aaa; font-weight: bold;">1931–1939</td></tr><tr><td colspan="2" class="infobox-image"><span class="mw-default-size" typeof="mw:File/Frameless"><a href="/wiki/File:PIB_1929-1939.gif" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/ef/PIB_1929-1939.gif/220px-PIB_1929-1939.gif" decoding="async" width="220" height="151" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/ef/PIB_1929-1939.gif/330px-PIB_1929-1939.gif 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/ef/PIB_1929-1939.gif/440px-PIB_1929-1939.gif 2x" data-file-width="596" data-file-height="410" /></a></span><div class="infobox-caption">Evolution of the <a href="/wiki/Gross_domestic_product" title="Gross domestic product">gross domestic product</a> in several countries between 1929 and 1939</div></td></tr><tr><th scope="row" class="infobox-label">Location</th><td class="infobox-data"><a href="/wiki/France" title="France">France</a></td></tr><tr><td colspan="2" class="infobox-below"><b>Chronology</b> <br /><table style="background:var(--background-color-neutral, #eaecf0); color: inherit; border-top: 1px solid #aaa;" width="100%"> <tbody><tr> <td width="50%" style="text-align:left;"><span class="skin-invert-image" typeof="mw:File"><span><img src="//upload.wikimedia.org/wikipedia/commons/thumb/a/a8/Arrleft.svg/10px-Arrleft.svg.png" decoding="async" width="10" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/a8/Arrleft.svg/15px-Arrleft.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/a8/Arrleft.svg/20px-Arrleft.svg.png 2x" data-file-width="110" data-file-height="133" /></span></span> <i><a href="/wiki/Ann%C3%A9es_folles" title="Années folles">Années folles</a></i>,<br /><a href="/wiki/World_War_I" title="World War I">World War I</a></td> <td width="50%" style="text-align:right;"><a href="/wiki/France_during_World_War_II" title="France during World War II">World War II</a>,<br /><a href="/wiki/Vichy_France" title="Vichy France">Vichy France</a>,<br /><a href="/wiki/Free_France" title="Free France">Free France</a> <span typeof="mw:File"><span title="class-skin-invert-image"><img alt="class-skin-invert-image" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f4/Arrright.svg/10px-Arrright.svg.png" decoding="async" width="10" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f4/Arrright.svg/15px-Arrright.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f4/Arrright.svg/20px-Arrright.svg.png 2x" data-file-width="110" data-file-height="133" /></span></span></td> </tr></tbody></table></td></tr></tbody></table> <p>The <b><a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a> in <a href="/wiki/France" title="France">France</a></b> started in about 1931 and lasted through the remainder of the decade. The crisis started in France a bit later than other countries.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> The 1920s economy had grown at the very strong rate of 4.43% per year, the 1930s rate fell to only 0.63%.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> The depression was relatively mild compared to other countries since unemployment peaked under 5%, the fall in production was at most 20% below the 1929 output and there was no banking crisis.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </p><p>The banking crisis in France was driven by a <a href="/wiki/Flight-to-quality" title="Flight-to-quality">flight-to-safety</a> away from banks, which led to a severe and persistent <a href="/wiki/Credit_crunch" title="Credit crunch">credit crunch</a>.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> However, the depression had some effects on the local economy, which can partly explain the <a href="/wiki/6_February_1934_crisis" title="6 February 1934 crisis">6 February 1934 crisis</a> and, even more so, the formation of the <a href="/wiki/Popular_Front_(France)" title="Popular Front (France)">Popular Front</a>, led by the socialist <a href="/wiki/Section_fran%C3%A7aise_de_l%27Internationale_ouvri%C3%A8re" class="mw-redirect" title="Section française de l'Internationale ouvrière">SFIO</a> and its leader, <a href="/wiki/L%C3%A9on_Blum" title="Léon Blum">Léon Blum</a>, who won the 1936 elections. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="1920s_economic_crisis">1920s economic crisis</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Great_Depression_in_France&action=edit&section=1" title="Edit section: 1920s economic crisis"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Like the United Kingdom, France initially struggled to recover from the devastation of World War I and tried, without much success, to recover war <a href="/wiki/World_War_I_reparations" title="World War I reparations">reparations</a> from Germany. However France had a more self-sufficient economy than Britain. In 1929, France seemed an island of prosperity for three reasons. One was that the country was traditionally wary of <a href="/wiki/Trusts" class="mw-redirect" title="Trusts">trusts</a> and big companies. The French economy was especially founded in small and medium-sized businesses that were not financed by shares. Also, unlike the English-speaking world, particularly the United States, the French invested little on the stock exchange and put their confidence into gold, which was a currency of refuge during the crisis of 1929. Gold had played the same role in the First World War, one reason that explained the great French attachment to it. Finally, France had had a positive <a href="/wiki/Balance_of_payments" title="Balance of payments">balance of payments</a><sup id="cite_ref-Eichengreen1992_5-0" class="reference"><a href="#cite_note-Eichengreen1992-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> for some years thanks<sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Neutral_point_of_view" title="Wikipedia:Neutral point of view"><span title="This statement is possibly biased. (May 2012)">neutrality</span></a> is <a href="/wiki/Talk:Great_Depression_in_France" title="Talk:Great Depression in France">disputed</a></i>]</sup> mainly to invisible exports such as tourism. French investments abroad were numerous. </p><p>The German reparations decided by the <a href="/wiki/Treaty_of_Versailles" title="Treaty of Versailles">Treaty of Versailles</a> in 1919 brought in large amounts of money which served principally to repay war loans to the United States.<sup id="cite_ref-Eichengreen1992_5-1" class="reference"><a href="#cite_note-Eichengreen1992-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 220">: 220 </span></sup> In January 1923, Germany defaulted on its payments and the French prime minister, <a href="/wiki/Raymond_Poincar%C3%A9" title="Raymond Poincaré">Raymond Poincaré</a>, invoked a clause of the Versailles Treaty and sent troops to <a href="/wiki/Occupation_of_the_Ruhr" title="Occupation of the Ruhr">occupy the Ruhr valley</a> in the hope of enforcing payment of the reparations that were in the form of materials such as coal and timber. Germany responded with a policy of passive resistance. In order to pay the idled workers, the government resorted to printing paper money, which helped fuel Germany's already high inflation towards <a href="/wiki/Hyperinflation_in_the_Weimar_Republic" title="Hyperinflation in the Weimar Republic">hyperinflation</a>.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Poincaré accepted the <a href="/wiki/Dawes_Plan" title="Dawes Plan">Dawes Plan</a> mediated by the United States in which France received smaller payments,<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> but Poincaré's government fell soon afterward. </p><p>While the United States experienced a sharp rise in unemployment, France had almost none. Much of that was due to a simple lack of manpower; at the end of the war, France had 1,322,000 dead and three million wounded, almost 4,000,000 casualties. One in four of the dead was younger than 24. That in turn lowered the birth rate, so that by 1938 France still had only half the number of 19- to 21-year-olds it would have had had the war not happened.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> But whatever the causes of full employment, confidence in the government was high. The French economy was stronger than those of its neighbors, notably because of the solidarity of the franc. The introduction of the US economic model, inspired particularly by Ford, ended suddenly and, with it, the modernization of French businesses. Everything seemed to favour the French; production didn't weaken before 1930, particularly in primary materials, and the country was the world's leading producer of iron in 1930. France felt confident in its systems and proud of its <i>vertu budgétaire</i>, in other words the balancing of the budget, which France had managed more or less for nearly a decade. </p><p>In 1927, France gained from the world crisis in becoming the world's largest holder of gold, its reserves growing from 18 billion francs in 1927 to 80 billion in 1930. </p><p><a href="/wiki/Le_Figaro" title="Le Figaro">Le Figaro</a> said: "For our part let us rejoice in our timid yet prosperous economy as opposed to the presumptuousness and decadent economy of the Anglo-Saxon races."<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Problems_of_financial_policy">Problems of financial policy</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Great_Depression_in_France&action=edit&section=2" title="Edit section: Problems of financial policy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There was a further contrast in the way France, the UK, and the US viewed their economies. The "Anglo-Saxon model" encouraged growth of the money stock, but France saw the Depression as a necessary evil that "purged" the excess liquidity in the world economy and pushed indebted companies into failure.<sup id="cite_ref-Eichengreen1992_5-2" class="reference"><a href="#cite_note-Eichengreen1992-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 230">: 230 </span></sup> </p><p>Successive governments maintained restrictive policies until 1934, and interest rates were kept high to maintain the attractiveness of the franc. The absence of contracyclical policies kept the state budget in balance. </p><p>In 1934 and 1935, the <a href="/wiki/Pierre-%C3%89tienne_Flandin" title="Pierre-Étienne Flandin">Pierre-Étienne Flandin</a> government had a less restrictive policy allowing short-term indebtedness. The Banque de France lost 15 percent of its reserves, and the government was replaced by one led by <a href="/wiki/Pierre_Laval" title="Pierre Laval">Pierre Laval</a>, who installed a provisionally deflationist policy before he accepted a public deficit. The franc ran into a new crisis.<sup id="cite_ref-Eichengreen1992_5-3" class="reference"><a href="#cite_note-Eichengreen1992-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 226">: 226 </span></sup> </p><p>Laval tried in 1935 to reduce salaries in an effort to lessen unemployment, but ran into the resistance of unions in the public sector.<sup id="cite_ref-Eichengreen1992_5-4" class="reference"><a href="#cite_note-Eichengreen1992-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup class="reference nowrap"><span title="Page / location: 228">: 228 </span></sup> </p><p>The inability of French production to take off was in contrast to the experience of the United Kingdom, which had devalued in 1931. Devaluation was so unpopular in France that it occurred only in 1936.<sup id="cite_ref-Eichengreen1992_5-5" class="reference"><a href="#cite_note-Eichengreen1992-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Description">Description</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Great_Depression_in_France&action=edit&section=3" title="Edit section: Description"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Bretons" title="Bretons">Breton</a> journalist <a href="/wiki/Morvan_Lebesque" title="Morvan Lebesque">Morvan Lebesque</a> described the period thus:</p><blockquote><p>The winter I spent on the streets - the winter of '32-33 - was no milder nor harder than any other winter; the winter cold is like labour pains - whether it lasts for a longer or shorter period of time there is always the same amount of pain. That particular winter, it snowed and it froze; thousands of young men, forced out of their jobs by the crisis, struggled on to their last penny, to the end of their tether then, in despair, abandoned the fight... On street benches and at métro entrances, groups of exhausted and starving young men would be trying not to die. I don't know how many never came round. I can only say what I saw. In the rue Madame one day I saw a child drop a sweet which someone trod on, then the man behind bent down and picked it up, wiped it and ate it.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup></p></blockquote> <div class="mw-heading mw-heading2"><h2 id="From_depression_to_war">From depression to war</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Great_Depression_in_France&action=edit&section=4" title="Edit section: From depression to war"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The distress of the population had political consequences. A riot on 6 February 1934 led to the fall of the government and a nation that had traditionally leaned to the right<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2016)">citation needed</span></a></i>]</sup> elected the socialist <a href="/wiki/Popular_Front_(France)" title="Popular Front (France)">Popular Front</a> government in 1936. </p><p>The Popular Front, an alliance of Socialists and Radicals with support outside the government of the Communists, was led by <a href="/wiki/L%C3%A9on_Blum" title="Léon Blum">Léon Blum</a>. The Popular Front introduced many measures such as the 40-hour working week and holidays with pay, but Blum felt handicapped from being able to introduce more than limited changes to the economy because of his dependence on the more right-wing Radicals. That did little to placate a population anxious for change, and a wave of strikes, involving two million workers,<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> caused factories to be occupied. Communist Party membership rose to 300,000 in 1937. </p><p>On the night of 7–8 June 1936, employers and unions signed the <a href="/wiki/Matignon_Agreements_(1936)" title="Matignon Agreements (1936)">Matignon Agreements</a> by which they raised wages by 7 to 15 percent to increase workers' buying power, stimulate the economy and bring an end to the strikes. Blum brought in measures to control cereal prices, to insist for the Banque de France to place the national interest above that of the shareholders and nationalise the armaments industry. The left wanted further change, and the right was still displeased and believed that state involvement in a capitalist economy would bring disaster. </p><p>The Radicals would not accept currency controls, and the unrest resulting in capital fleeing abroad, which weakened the economy. Employers trying to minimise the effects of the Matignon Agreements created more social tension and, in turn, a further flight of capital. </p><p>Devaluation of the franc by 30% became inevitable, despite earlier government assurances that it would not happen. In January 1937, Blum went further and announced "a pause" to social reforms. The Senate refused to give him emergency powers to cope with the recession, and he resigned on 20 June 1937. The first Popular Front began to fall apart, and a second had even less success. </p><p><a href="/wiki/French_President" class="mw-redirect" title="French President">French President</a> Lebrun called on the Radical leader, <a href="/wiki/%C3%89douard_Daladier" title="Édouard Daladier">Édouard Daladier</a>, to form a new government without the Socialists. Daladier tried to rely on liberal economics to rescue or keep afloat the economy in a worldwide sea of financial difficulties. Employers and police acted harshly against strikers and were determined to root out "troublemakers". In 1938, the Senate gave Daladier the emergency powers that Blum had been denied, and the government favoured employers over workers in industrial disputes, particularly in companies that had come close to coming under the control of their workers.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p><p>Under Daladier, economic conditions slightly improved,<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (July 2020)">citation needed</span></a></i>]</sup> despite a backdrop of growing, increasingly vocal communist and fascist movements. The gains, however, were greatly caused by the growth of the armaments industry. On 3 September 1939, France declared war on Germany, which had invaded Poland. </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Great_Depression_in_France&action=edit&section=5" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Groupe_X-Crise" class="mw-redirect" title="Groupe X-Crise">Groupe X-Crise</a></li> <li><a href="/wiki/Hugo_(film)" title="Hugo (film)">Hugo (film)</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Great_Depression_in_France&action=edit&section=6" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text">Henry Laufenburger, "France and the Depression," <i>International Affairs</i> (1936) 15#2 pp. 202–224 <a href="/wiki/JSTOR_(identifier)" class="mw-redirect" title="JSTOR (identifier)">JSTOR</a> <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2601740">2601740</a></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text">Jean-Pierre Dormois, <i>The French Economy in the Twentieth Century</i> (2004) p 31</span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text">Paul Beaudry and Franck Portier, "<a rel="nofollow" class="external text" href="https://www.sciencedirect.com/science/article/abs/pii/S1094202501901437">The French Depression in the 1930s</a>," <i>Review of Economic Dynamics</i> (2002) 5:73–99 <style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1006%2Fredy.2001.0143">10.1006/redy.2001.0143</a></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBaubeauMonnetRivaUngaro2021" class="citation journal cs1">Baubeau, Patrice; Monnet, Eric; Riva, Angelo; Ungaro, Stefano (2021). <a rel="nofollow" class="external text" href="https://onlinelibrary.wiley.com/doi/abs/10.1111/ehr.12972">"Flight-to-safety and the credit crunch: a new history of the banking crises in France during the Great Depression†"</a>. <i>The Economic History Review</i>. <b>74</b>: <span class="nowrap">223–</span>250. <a href="/wiki/Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1111%2Fehr.12972">10.1111/ehr.12972</a>. <a href="/wiki/ISSN_(identifier)" class="mw-redirect" title="ISSN (identifier)">ISSN</a> <a rel="nofollow" class="external text" href="https://search.worldcat.org/issn/1468-0289">1468-0289</a>. <a href="/wiki/S2CID_(identifier)" class="mw-redirect" title="S2CID (identifier)">S2CID</a> <a rel="nofollow" class="external text" href="https://api.semanticscholar.org/CorpusID:226194106">226194106</a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Economic+History+Review&rft.atitle=Flight-to-safety+and+the+credit+crunch%3A+a+new+history+of+the+banking+crises+in+France+during+the+Great+Depression%E2%80%A0&rft.volume=74&rft.pages=%3Cspan+class%3D%22nowrap%22%3E223-%3C%2Fspan%3E250&rft.date=2021&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A226194106%23id-name%3DS2CID&rft.issn=1468-0289&rft_id=info%3Adoi%2F10.1111%2Fehr.12972&rft.aulast=Baubeau&rft.aufirst=Patrice&rft.au=Monnet%2C+Eric&rft.au=Riva%2C+Angelo&rft.au=Ungaro%2C+Stefano&rft_id=https%3A%2F%2Fonlinelibrary.wiley.com%2Fdoi%2Fabs%2F10.1111%2Fehr.12972&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression+in+France" class="Z3988"></span></span> </li> <li id="cite_note-Eichengreen1992-5"><span class="mw-cite-backlink">^ <a href="#cite_ref-Eichengreen1992_5-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Eichengreen1992_5-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Eichengreen1992_5-2"><sup><i><b>c</b></i></sup></a> <a href="#cite_ref-Eichengreen1992_5-3"><sup><i><b>d</b></i></sup></a> <a href="#cite_ref-Eichengreen1992_5-4"><sup><i><b>e</b></i></sup></a> <a href="#cite_ref-Eichengreen1992_5-5"><sup><i><b>f</b></i></sup></a></span> <span class="reference-text">Eichengreen, Barry (May 1992), '<a rel="nofollow" class="external text" href="https://www.jstor.org/stable/i324338">The Origins and Nature of the Great Slump Revisited</a>', <i>The Economic History Review</i>. pp. 213-239</span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.theholocaustexplained.org/the-nazi-rise-to-power/the-weimar-republic/invasion-of-the-ruhr/">"Hyperinflation and the invasion of the Ruhr"</a>. <i>The Holocaust Explained</i>. 10 April 1933<span class="reference-accessdate">. Retrieved <span class="nowrap">1 July</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=The+Holocaust+Explained&rft.atitle=Hyperinflation+and+the+invasion+of+the+Ruhr&rft.date=1933-04-10&rft_id=https%3A%2F%2Fwww.theholocaustexplained.org%2Fthe-nazi-rise-to-power%2Fthe-weimar-republic%2Finvasion-of-the-ruhr%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression+in+France" class="Z3988"></span></span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.theholocaustexplained.org/the-nazi-rise-to-power/the-weimar-republic/stresemann-dawes/">"Stresemann and the Dawes Plan"</a>. <i>The Holocaust Explained</i>. 10 April 1933<span class="reference-accessdate">. Retrieved <span class="nowrap">1 July</span> 2024</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=The+Holocaust+Explained&rft.atitle=Stresemann+and+the+Dawes+Plan&rft.date=1933-04-10&rft_id=https%3A%2F%2Fwww.theholocaustexplained.org%2Fthe-nazi-rise-to-power%2Fthe-weimar-republic%2Fstresemann-dawes%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AGreat+Depression+in+France" class="Z3988"></span></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text">Cole, Robert (1996); Traveler's History of France, Windrush Press, UK</span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><i>Le Figaro</i>, France, 7 October 1931</span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text">Lebesque, Morvan (1960), <i>Chroniques du Canard</i>, Éditions J-J Pauvert</span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text">Price, Roger (1999); <a rel="nofollow" class="external text" href="https://books.google.com/books?id=AYjB2-RnWUwC">A Concise History of France</a>, Cambridge University Press, UK, p242</span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text">Price, Roger (1999); A Concise History of France, Cambridge University Press, UK, p245</span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Great_Depression_in_France&action=edit&section=7" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>Beaudry, Paul, and Franck Portier. "The French depression in the 1930s." <i>Review of Economic Dynamics</i>(2002) 5#1 pp: 73–99; Uses mathematics and econometrics</li> <li>Bridji, Slim. "The French Great Depression: A business cycle accounting analysis." <i>Explorations in Economic History</i> (2013) 50#3 pp: 427–445; Uses econometrics</li> <li>Colton, Joel. <i>Leon Blum: Humanist in Politics</i> (1987) <a rel="nofollow" class="external text" href="https://www.amazon.com/Leon-Blum-Humanist-Joel-Colton/dp/0822307626/">excerpt and text search</a></li> <li>Laufenburger, Henry. "France and the Depression," <i>International Affairs</i> (1936) 15#2 pp. 202–224 <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2601740">in JSTOR</a></li> <li>Peel, George. "The Economic Situation in France," <i>International Affairs</i> (1938) 17#2 pp. 168–186 <a rel="nofollow" class="external text" href="https://www.jstor.org/stable/2602246">in JSTOR</a></li> <li>Weber, Eugen. <i>The Hollow Years: France in the 1930s</i> (1996) <a rel="nofollow" class="external text" href="https://www.amazon.com/Hollow-Years-France-1930s/dp/0393314790/">excerpt and text search</a></li></ul> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl dl,.mw-parser-output .hlist dl ol,.mw-parser-output .hlist dl ul,.mw-parser-output .hlist ol dl,.mw-parser-output .hlist ol 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