Great Depression in France
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The Great Depression in France started in about 1931 and lasted through the remainder of the decade. The crisis started in France a bit later than other countries.[1] The 1920s economy had grown at the very strong rate of 4.43% per year, the 1930s rate fell to only 0.63%.[2] 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.[3]
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Great Depression | |||
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1931–1939 | |||
Location | France | ||
Chronology
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The banking crisis in France was driven by a flight-to-safety away from banks, which led to a severe and persistent credit crunch.[4] However, the depression had some effects on the local economy, which can partly explain the 6 February 1934 crisis and, even more so, the formation of the Popular Front, led by the socialist SFIO and its leader, Léon Blum, who won the 1936 elections.