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The Great Depression was the most important development in the period between 1884 and 1945, because it allowed for the rising of fascist groups. The collapse of the New York Stock Exchange triggered the Great Depression. Four-million Americans were put out of work and the economy went down the drain. European countries felt the affects of the Great Depression as well. Since the start of the Treaty of Versailles, Germany was stuck taking loans from the U.S. so that they could pay reparations to the French and British. The reparations were then used by France and Great Britain to payback the U.S. for war debts. The Germans were already struggling and the withdraw of American investments in German industries made it worse, "American investors withdrew their money from German industries, which unavoidably led to bankruptcy. At the same time, German and other European exports to the U.S. dropped to almost zero." (Klapsis 190). Germany tanked and citizens began to look for a way out. Desperation allowed for fascist leaders, like Hitler to slowly come to power. Fascism comes in stages. The first stage is the idea that the current system is not working as it should. These ideas were already floating around at the time, "In the late 19th and early 20th centuries, thinkers and publicists discredited reigning liberal and democratic values… in the name of something new that promised to transcend and join them…" (Paxton 11). The promise of a better future was very appealing to people who were struggling at the time. When Hitler first gained power, he significantly reduced the unemployment rate in Germany and boosted their economy. The desperation of the people disappeared, and the Nazi party gained support from the citizens. Had it not been for the Great Depression, fascist groups would never have had the chance to gain support from people and take power.
