"In the wake of the collapse of the stock market came, during the years between 1929 and 1932, an unrelenting fall in prices and consequent cuts in production causing widespread unemployment. The consequences of this dislocation of economic life became world-wide. A general contraction of trade in the face of unemployment and declining production followed. Tariff restrictions were imposed to protect the home markets. The general crisis brought with it acute monetary difficulties, and paralysed internal credit. This spread ruin and unemployment far and wide throughout the globe. Mr. MacDonald’s Government, with all their promises behind them, saw unemployment during 1930 and 1931 bound up in their faces from one million to nearly three millions. It was said that in the United States ten million persons were without work. The entire banking system of the great Republic was thrown into confusion and temporary collapse. Consequential disasters fell upon Germany and other European countries. However, nobody starved in the English-speaking world."
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Prime Ministers of the United KingdomAcademics from the United KingdomLabour Party (UK) politiciansPresbyteriansPoliticians from Scotland
Original Language: English
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Sources
Winston Churchill, The Second World War Volume I: The Gathering Storm (1948), ISBN 0-7953-0602-4, p. 54-55
https://en.wikiquote.org/wiki/Ramsay_MacDonald
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Ramsay MacDonald
Ramsay MacDonald (12 October 1866 – 9 November 1937) was a British statesman who was the first ever Labour Prime Minister of the United Kingdom, leading a Labour Government in 1924, a Labour Government from 1929 to 1931, and a National Government from 1931 to 1935.
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