Fatherland Front victory
138-421: [REDACTED] SDAPÖ [REDACTED] First Austrian Republic The Austrian Civil War ( German : Österreichischer Bürgerkrieg ) of 12–15 February 1934, also known as the February Uprising ( Februaraufstand ) or the February Fights ( Februarkämpfe ), was a series of clashes in the First Austrian Republic between the forces of the authoritarian right-wing government of Engelbert Dollfuss and
276-634: A deflationary spiral started in 1931. Farmers faced a worse outlook; declining crop prices and a Great Plains drought crippled their economic outlook. At its peak, the Great Depression saw nearly 10% of all Great Plains farms change hands despite federal assistance. At first, the decline in the U.S. economy was the factor that triggered economic downturns in most other countries due to a decline in trade, capital movement, and global business confidence. Then, internal weaknesses or strengths in each country made conditions worse or better. For example,
414-418: A silver standard , almost avoided the depression entirely. The connection between leaving the gold standard as a strong predictor of that country's severity of its depression and the length of time of its recovery has been shown to be consistent for dozens of countries, including developing countries . This partly explains why the experience and length of the depression differed between regions and states around
552-477: A "Jewish creation" in the hands of "Bolshevism". In 1934, the Christian Social Party , the dominant party on the right, overthrew the democratic system and established a regime inspired by fascism. The social democrats and communists put up armed resistance, but it was quickly crushed. When Anschluss took place in 1938 at the hands of Adolf Hitler 's Nazi Germany , he brought Austria into
690-637: A 39.5% of the popular votes, going to the FPÖ (from 3 to 5) with a 13% of the votes. The ÖVP had 14 seats with a 36.5% of the votes and the Grüne 2 seat with a 7.3% . The BZÖ had no seat with a 3.7% of the votes, showing a growing of the right-wing parties. In the State elections 2013 the SPÖ lost its majority to the ÖVP. Since then, the ÖVP has providing the governor (Landeshauptmann) with Wilfried Haslauer jun. again. Styria
828-455: A Nazi doctor in the euthanasia ward Am Spiegelgrund in Vienna, where human experiments on children were performed. Those children with presumptive mental defects were eventually killed, often by lethal injection . Gross was probably himself involved in the experimentations and killings. The Austrian judicial system protected him for a very long time from any kind of prosecution, something that
966-469: A comprehensive 2018 study by historian Kurt Bauer, between 350 and 370 people lost their lives in the fighting – about 130 of them uninvolved civilians and 110 each among the government forces and members of the Protection League. The largest number of deaths – about 200 to 220 – were in Vienna. On 11 November 1933, all of Austria had been placed under martial law, during which the death penalty
1104-636: A council housing estate, to be shelled with light artillery, endangering the lives of civilians and destroying many flats before the socialist fighters surrendered. The fighting ended in Vienna and Upper Austria by 13 February, but continued in Styrian cities, especially in Bruck an der Mur and Judenburg , until 14 February. By 15 February 1934, the Austrian Civil War had ended. The police, Army and Heimwehr divisions that supported them had defeated
1242-604: A former privately run bank, bearing no relation to the U.S. government (not to be confused with the Federal Reserve ). Unable to pay out to all of its creditors, the bank failed. Among the 608 American banks that closed in November and December 1930, the Bank of United States accounted for a third of the total $ 550 million deposits lost and, with its closure, bank failures reached a critical mass. In an initial response to
1380-512: A grand coalition with the ÖVP before returning to opposition for the first time in 30 years. The party governed again from 2007 to 2017. Since 2017, the SPÖ have been the primary opposition to the ÖVP governments of Sebastian Kurz , Alexander Schallenberg , and Karl Nehammer . Since its foundation in 1889 as the SDAPÖ, the party has been one of the main political forces in Austria. At the start of
1518-499: A great democratic German republic, thus taking up a revolutionary project of 1848 . The victors of the war did not see it that way and set the borders of Austria. In the interwar period , Austromarxism , maintaining its particularities in the face of German social democracy – which had bloodily suppressed the Spartacist uprising of 1919 – and Soviet communism, envisaged the creation of a new international aimed at bringing together
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#17327655777951656-467: A greater reduction in credit. On 5 April 1933, President Roosevelt signed Executive Order 6102 making the private ownership of gold certificates , coins and bullion illegal, reducing the pressure on Federal Reserve gold. British economist John Maynard Keynes argued in The General Theory of Employment, Interest and Money that lower aggregate expenditures in the economy contributed to
1794-440: A mandatory concentration government, where each party with a certain number of seats in the state parliament automatically participates in the state government. The term coalition refers to the co-operation between parties and not to the participation in the state cabinet. In Lower Austria , the SPÖ received 29.2% in 1998. It increased its shares by 3.2% in 2003 and ended up with 32.4%. In the 2008 Lower Austrian state election ,
1932-600: A modern industrial city handled shortages of money and resources. Often they updated strategies their mothers used when they were growing up in poor families. Cheap foods were used, such as soups, beans and noodles. They purchased the cheapest cuts of meat—sometimes even horse meat—and recycled the Sunday roast into sandwiches and soups. They sewed and patched clothing, traded with their neighbors for outgrown items, and made do with colder homes. New furniture and appliances were postponed until better days. Many women also worked outside
2070-402: A monetary contraction first-hand were forced to join the deflationary policy since higher interest rates in countries that performed a deflationary policy led to a gold outflow in countries with lower interest rates. Under the gold standard's price–specie flow mechanism , countries that lost gold but nevertheless wanted to maintain the gold standard had to permit their money supply to decrease and
2208-632: A pretext by the government to ban the Social Democratic Party and its affiliated trade unions altogether. In May, the conservatives replaced the democratic constitution by a corporatist constitution modelled along the lines of Benito Mussolini 's fascist Italy , for which the socialists coined the term Austrofascism . The Patriotic Front , into which the Heimwehr and the Christian Social Party were merged, became
2346-592: A response to the disappointing results in the 1956 national elections , particularly among young voters, but also an effort to manage the increasingly strained relationship with the SJÖ. Over time, the JG has evolved into a parallel structure, closely aligned with the SPÖ and more in line with the party's objectives than the SJÖ. Many influential politicians have emerged from the ranks of the SJÖ, including figures like Bruno Kreisky and Andreas Babler , who have significantly shaped
2484-480: A result of these events, tensions between all parties involved continue to this day. Burgenland is a state that is a traditional stronghold of the SPÖ. Since 1964, the governors of this easternmost state have come from the SPÖ. Burgenland is one of the few states that are ruled by a SPÖ majority in the state assembly ( Landtag ). In 2000, the SPÖ received 46.6%. In 2005, it received 5.2% more votes and ended up with an absolute majority of 51.8%. After losing it in 2010,
2622-567: A serious issue in the 1930s. Support for increasing welfare programs during the depression included a focus on women in the family. The Conseil Supérieur de la Natalité campaigned for provisions enacted in the Code de la Famille (1939) that increased state assistance to families with children and required employers to protect the jobs of fathers, even if they were immigrants. In rural and small-town areas, women expanded their operation of vegetable gardens to include as much food production as possible. In
2760-433: A share in government. While this coalition was still in power, the SPÖ's Heinz Fischer was elected president in the 2004 Austrian presidential election . Following the 2006 Austrian legislative election , another grand coalition was formed between the SPÖ and the ÖVP, lasting until 2017, when the SPÖ went back to the opposition . In the 2019 Austrian legislative election , the SPÖ lost 12 seats and shrunk to 21.2%. After
2898-612: A single one. ... In the city's central districts, everything went on as quietly and regularly as usual, while in the suburbs the battle raged, and we foolishly believed the official reports that everything was already settled and done with. The Dollfuss government published a statement on 1 March 1934 reporting that 193 civilians had been killed and 493 wounded in the fighting, while among the police and Army there were 104 dead and 309 wounded. Analyses by later researchers vary widely, going as high as British journalist George Eric Rowe Gedye 's estimate of 2,000 dead and 5,000 wounded. According to
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#17327655777953036-480: A small cadre of Labour, but the vast majority of Labour leaders denounced MacDonald as a traitor for leading the new government. Britain went off the gold standard , and suffered relatively less than other major countries in the Great Depression. In the 1931 British election, the Labour Party was virtually destroyed, leaving MacDonald as prime minister for a largely Conservative coalition. In most countries of
3174-713: A standstill agreement froze Germany's foreign liabilities for six months. Germany received emergency funding from private banks in New York as well as the Bank of International Settlements and the Bank of England. The funding only slowed the process. Industrial failures began in Germany, a major bank closed in July and a two-day holiday for all German banks was declared. Business failures were more frequent in July, and spread to Romania and Hungary. The crisis continued to get worse in Germany, bringing political upheaval that finally led to
3312-635: Is a social democratic political party in Austria . Founded in 1889 as the Social Democratic Workers' Party of Austria (German: Sozialdemokratische Arbeiterpartei Österreichs , SDAPÖ ) and later known as the Socialist Party of Austria (German: Sozialistische Partei Österreichs ) from 1945 until 1991, the party is the oldest extant political party in Austria. Along with the Austrian People's Party (ÖVP), it
3450-658: Is a consensus that the Federal Reserve System should have cut short the process of monetary deflation and banking collapse, by expanding the money supply and acting as lender of last resort . If they had done this, the economic downturn would have been far less severe and much shorter. Modern mainstream economists see the reasons in Insufficient spending, the money supply reduction, and debt on margin led to falling prices and further bankruptcies ( Irving Fisher 's debt deflation). The monetarist explanation
3588-491: Is one of the country's two traditional major parties . It is positioned on the centre-left on the political spectrum. Since June 2023, the party has been led by Andreas Babler . It is currently the second largest of five parties in the National Council , with 40 of the 183 seats, and won 21.2% of votes cast in the 2019 legislative election . It holds seats in the legislatures of all nine states ; of these, it
3726-493: Is supported by the contrast in how the crisis progressed in, e.g., Britain, Argentina and Brazil, all of which devalued their currencies early and returned to normal patterns of growth relatively rapidly and countries which stuck to the gold standard , such as France or Belgium. Frantic attempts by individual countries to shore up their economies through protectionist policies – such as the 1930 U.S. Smoot–Hawley Tariff Act and retaliatory tariffs in other countries – exacerbated
3864-612: Is the largest party in three ( Burgenland , Carinthia , and Vienna .) The SPÖ is supportive of Austria's membership in the European Union , and it is a member of the Progressive Alliance and Party of European Socialists . It sits with the Progressive Alliance of Socialists and Democrats in the European Parliament ; of Austria's 19 MEPs , five are members of the SPÖ. The party has close ties to
4002-539: The 1932 election , Hoover was defeated by Franklin D. Roosevelt , who from 1933 pursued a series of " New Deal " policies and programs to provide relief and create jobs, including the Civilian Conservation Corps , Federal Emergency Relief Administration , Tennessee Valley Authority , and Works Progress Administration . Historians disagree on the effects of the New Deal, with some claiming that
4140-473: The 2023 Social Democratic Party of Austria leadership election . At the 2024 Austrian legislative election the Social Democratic Party (SPÖ) won just 21.1%, marking its worst result ever in the National Council. Concerning the role of the SDAPÖ during Nazi rule from 1938 to 1945, the party started opening its archives and set in a commission to investigate its past conduct. Despite the fact
4278-904: The Austrian Trade Union Federation (ÖGB) and the Austrian Chamber of Labour (AK). The SDAPÖ was the second largest party in the Imperial Council of the Austro-Hungarian Empire from the 1890s through 1910s. After the First World War , it briefly governed the First Austrian Republic , but thereafter returned to opposition. The party was banned in 1934 following the Austrian Civil War , and
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4416-558: The July Revolt , the Vienna Palace of Justice was stormed and set on fire. After police guardrooms were also attacked, the police president, Johannes Schober , gave orders to disperse the demonstrators with armed force. People who were trying to flee as well as some who were not involved in the demonstration were caught in the police fire. The result was 89 dead, including four policemen, and 1,000 wounded. The problems facing
4554-572: The National Council , each of the three presidents of parliament tactically resigned from their positions to cast a ballot, which left nobody to preside over the meeting. Even though the bylaws could have resolved the situation, Dollfuss used the opportunity to declare that Parliament had ceased to function and then blocked all attempts to reconvene it. Police forces barricaded the parliament building to prevent members from entering. The SDAPÖ thus lost its primary platform for political action. The Christian Socialists, facing pressure and violence not only from
4692-582: The New York Bank of United States – which produced panic and widespread runs on local banks, and the Federal Reserve sat idly by while banks collapsed. Friedman and Schwartz argued that, if the Fed had provided emergency lending to these key banks, or simply bought government bonds on the open market to provide liquidity and increase the quantity of money after the key banks fell, all the rest of
4830-712: The Republican Protection League ( Republikanischer Schutzbund ), the banned paramilitary arm of the Social Democratic Workers' Party of Austria . The fighting started when League members fired on the Austrian police who were attempting to enter the Social Democrats' party headquarters in Linz to search for weapons. It spread from there to Vienna and other industrial centres in eastern and central Austria. The superior numbers and firepower of
4968-701: The Second World War . In 1945, the party was reconstituted as the Socialist Party of Austria ( German : Sozialistische Partei Österreichs , SPÖ) and was led by Adolf Schärf . The SPÖ entered the government of the Second Republic as part of a grand coalition with the Austrian People's Party (ÖVP) until 1966 and with the Communist Party of Austria until 1949. Renner became the first President of Austria . From 1971 to 1983,
5106-528: The World War I , it was the strongest party in parliament. At the ending of that war in 1918, the party leader Karl Renner became Chancellor of the First Republic . The SDAPÖ lost power in 1920, but it retained a strong base of support. After the break-up of the Austro-Hungarian Empire (1918), the Social Democratic Party supported for a time the idea of a union with Berlin in order to constitute
5244-539: The coming to power of Hitler's Nazi regime in January 1933. The world financial crisis now began to overwhelm Britain; investors around the world started withdrawing their gold from London at the rate of £2.5 million per day. Credits of £25 million each from the Bank of France and the Federal Reserve Bank of New York and an issue of £15 million fiduciary note slowed, but did not reverse,
5382-525: The dissolution of Austria-Hungary in October 1918, the Republic of Austria formed as a parliamentary democracy . Two major factions dominated politics in the new country: socialists (politically represented by the Social Democratic Workers' Party ) and conservatives (represented by the Christian Social Party ). The socialists had their strongholds in the working-class districts of the cities, while
5520-409: The 1936 socialist trial [ de ] of 28 people accused of violating the ban on the SDAPÖ, Bruno Kreisky (who was himself on trial) alluded to the issue: It is also possible that in a difficult moment, the government will have to call on the broad masses of the people to defend the borders. But only a democratic Austria will respond to such a summons. Only free citizens will fight against
5658-447: The 1937 recession that interrupted it). The common view among most economists is that Roosevelt's New Deal policies either caused or accelerated the recovery, although his policies were never aggressive enough to bring the economy completely out of recession. Some economists have also called attention to the positive effects from expectations of reflation and rising nominal interest rates that Roosevelt's words and actions portended. It
Austrian Civil War - Misplaced Pages Continue
5796-613: The Austrian police and Federal Army quickly put an end to the uprising. The overall death toll is estimated at 350. The socialists' defeat led to arrests, executions and the banning of the Social Democratic Party. In May 1934, Austria's democratic constitution was replaced by the Austrofascist constitution of the Federal State of Austria , with the Fatherland Front as the only legal party. Timeline After
5934-813: The British crisis. The financial crisis now caused a major political crisis in Britain in August 1931. With deficits mounting, the bankers demanded a balanced budget; the divided cabinet of Prime Minister Ramsay MacDonald's Labour government agreed; it proposed to raise taxes, cut spending, and most controversially, to cut unemployment benefits 20%. The attack on welfare was unacceptable to the Labour movement. MacDonald wanted to resign, but King George V insisted he remain and form an all-party coalition " National Government ". The Conservative and Liberals parties signed on, along with
6072-530: The Depression. Businessmen ignored the mounting national debt and heavy new taxes, redoubling their efforts for greater output to take advantage of generous government contracts. During World War I many countries suspended their gold standard in varying ways. There was high inflation from WWI, and in the 1920s in the Weimar Republic , Austria , and throughout Europe. In the late 1920s there
6210-521: The Dow returning to 294 (pre-depression levels) in April 1930, before steadily declining for years, to a low of 41 in 1932. At the beginning, governments and businesses spent more in the first half of 1930 than in the corresponding period of the previous year. On the other hand, consumers, many of whom suffered severe losses in the stock market the previous year, cut expenditures by 10%. In addition, beginning in
6348-489: The Federal Reserve did not act to limit the decline of the money supply was the gold standard . At that time, the amount of credit the Federal Reserve could issue was limited by the Federal Reserve Act , which required 40% gold backing of Federal Reserve Notes issued. By the late 1920s, the Federal Reserve had almost hit the limit of allowable credit that could be backed by the gold in its possession. This credit
6486-638: The First Republic worsened in the following years. The Great Depression resulted in high unemployment, and after Adolf Hitler became chancellor of Germany in 1933, Nazi sympathisers who wanted unification of Austria with Germany threatened the Austrian state from within. On 4 March 1933, Engelbert Dollfuss , the Christian Social chancellor, suspended the Austrian Parliament . In a close vote on railway workers' wages in
6624-442: The Great Depression is right, or the traditional Keynesian explanation that a fall in autonomous spending, particularly investment, is the primary explanation for the onset of the Great Depression. Today there is also significant academic support for the debt deflation theory and the expectations hypothesis that – building on the monetary explanation of Milton Friedman and Anna Schwartz – add non-monetary explanations. There
6762-642: The Great Depression. According to the U.S. Senate website, the Smoot–Hawley Tariff Act is among the most catastrophic acts in congressional history. Many economists have argued that the sharp decline in international trade after 1930 helped to worsen the depression, especially for countries significantly dependent on foreign trade. Most historians and economists blame the Act for worsening the depression by seriously reducing international trade and causing retaliatory tariffs in other countries. While foreign trade
6900-493: The Heimwehr then set about the destruction of the last remnants of the Social Democratic and Marxist-oriented workers' movement. On 24 January 1934, the order went out to search party buildings and members' homes for weapons belonging to the Protection League. The leaders of the SDAPÖ did not respond to the step-by-step disempowerment and disarming of their movement. Their cornerstone policy allowed them to fight only if
7038-481: The New Deal prolonged the Great Depression, as they argue that National Industrial Recovery Act of 1933 and National Labor Relations Act of 1935 restricted competition and established price fixing. John Maynard Keynes did not think that the New Deal under Roosevelt single-handedly ended the Great Depression: "It is, it seems, politically impossible for a capitalistic democracy to organize expenditure on
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#17327655777957176-513: The Protection League, were executed. Carrying out the death sentences was controversial even among those in the government who were responsible for it. Heimwehr leader Ernst Starhemberg saw it as a shameful act of revenge and without sense, while Emil Fey , also a leader in the Heimwehr, insisted on the executions. Pleas for clemency from Cardinal Theodor Innitzer and the Holy See were ignored. The detention camp at Wöllersdorf , which opened in
7314-513: The SDAPÖ had been outlawed and many party members imprisoned under Austrofascism , many SDAPÖ members initially welcomed the Anschluss of Austria into Germany back then and some became members of the Nazi Party . Alfred Gusenbauer issued a declaration promising and supporting a full and open investigation ("Klarheit in der Vergangenheit – Basis für die Zukunft"). In 2005, the report about
7452-518: The SDAPÖ. Austria, or even just Vienna, was far from being in a state of complete turmoil. The daily newspapers of the time had only short reports on the revolts. Stefan Zweig , a contemporary observer who was inclined towards the SDAPÖ, wrote: I was in Vienna during those historic February days and saw nothing of the decisive events that played out in Vienna and knew nothing, not the slightest bit, while they were happening. Cannons were fired, houses occupied, hundreds of corpses carried away – I saw not
7590-471: The SJÖ remains democratic socialist rather than social-democratic like the SPÖ – and organizationally. This autonomy has often led to tensions between the SJÖ and the SPÖ, including instances where the party reduced the SJÖ's funding . To address these issues, the SPÖ established a youth organization called the Young Generation (JG) on 22 January 1958. The creation of the JG was not only
7728-574: The SPÖ out of their leading position. In state elections in 1999, the SPÖ received 32.9%. However, this went up to 38.4% in 2004. Until 2005, the SPÖ was in a coalition with the right-wing FPÖ in Carinthia, where Haider was Governor. This constellation is in question after the chairperson of the Carinthian SPÖ Gabi Schauning decided to resign from her post as Vice-Governor of Carinthia after a fall-out with Haider. Carinthia has
7866-524: The SPÖ raised its vote-share to 41,6%. The party with the largest gains was the ÖVP which doubled its vote-share and won 20,4% of the votes. Vorarlberg is a traditional stronghold of the conservative ÖVP. Of all the Austrian states, the SPÖ receives the fewest votes in this westernmost state. In the 2019 the SPÖ ended up with 9,5% of the vote, a raise of 0,7%. The winner of the election was the conservative ÖVP under governor Markus Wallner which won around 45%. Great Depression The Great Depression
8004-458: The SPÖ received 25.5% of the vote. In 2004, the SPÖ won a surprising victory in Salzburg . It was able to increase its share of votes from 32.2% (1999) to 45.3%. For the first time, the conservative ÖVP lost its traditional dominant position. Gabi Burgstaller became the first SPÖ governess ( Landeshauptfrau ) in the state's history. In March 2009, the party lost 2 seats (from 17 to 15) with
8142-517: The SPÖ under Bruno Kreisky was the sole governing party. For the following three years, it ruled in coalition with the Freedom Party of Austria (FPÖ), then up to 2000 it was again part of a grand coalition with the ÖVP, with Franz Vranitzky as Chancellor until 1997. In 1991, it reverted to including Democratic in its name, becoming the Social Democratic Party of Austria (German: Sozialdemokratische Partei Österreichs ). During this period,
8280-569: The SPÖ was able to regain it in the latest election in January 2020. From 2015 to 2020, the SPÖ in Burgenland was in an unusual coalition with the FPÖ. The Governor ( Landeshauptmann ) of the Burgenland is Hans Peter Doskozil . The SPÖ used to be strong in Carinthia as it regularly won the most seats in state elections and the governors used to be Social Democrats until 1989. Since the rise of Jörg Haider and his FPÖ , he successfully pushed
8418-461: The SPÖ, and the right bar shows the corresponding make-up of the Austrian government at that time. The red (SPÖ) and black (ÖVP) colours correspond to which party led the federal government ( Bundesregierung , abbreviated as Govern. ). The last names of the respective chancellors are shown, with the Roman numeral standing for the cabinets . After the founding of the SDAPÖ in 1889, a youth organization
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#17327655777958556-483: The Social Democrats were in continuous control of the Vienna municipality, which acquired the nickname " Red Vienna ". The municipality developed an ambitious policy, including a vast program of construction of workers' housing, which included 60,000 communal social housing units. In addition, free medical care was introduced, and income and luxury taxes were introduced. Culture was clearly emphasized: "Arbeiterbildung" (working-class education and culture) reigned supreme, and
8694-544: The U.K. economy, which experienced an economic downturn throughout most of the late 1920s, was less severely impacted by the shock of the depression than the U.S. By contrast, the German economy saw a similar decline in industrial output as that observed in the U.S. Some economic historians attribute the differences in the rates of recovery and relative severity of the economic decline to whether particular countries had been able to effectively devaluate their currencies or not. This
8832-490: The U.S. unemployment rate down below 10%. World War II had a dramatic effect on many parts of the American economy. Government-financed capital spending accounted for only 5% of the annual U.S. investment in industrial capital in 1940; by 1943, the government accounted for 67% of U.S. capital investment. The massive war spending doubled economic growth rates, either masking the effects of the Depression or essentially ending
8970-685: The United States, agricultural organizations sponsored programs to teach housewives how to optimize their gardens and to raise poultry for meat and eggs. Rural women made feed sack dresses and other items for themselves and their families and homes from feed sacks. In American cities, African American women quiltmakers enlarged their activities, promoted collaboration, and trained neophytes. Quilts were created for practical use from various inexpensive materials and increased social interaction for women and promoted camaraderie and personal fulfillment. Oral history provides evidence for how housewives in
9108-543: The United States, remained on the gold standard into 1932 or 1933, while a few countries in the so-called "gold bloc", led by France and including Poland, Belgium and Switzerland, stayed on the standard until 1935–36. According to later analysis, the earliness with which a country left the gold standard reliably predicted its economic recovery. For example, The UK and Scandinavia, which left the gold standard in 1931, recovered much earlier than France and Belgium, which remained on gold much longer. Countries such as China, which had
9246-578: The Wall Street crash, after which the slide continued for three years, which was accompanied by a loss of confidence in the financial system. By 1933, the U.S. unemployment rate had risen to 25 percent, about one-third of farmers had lost their land, and about half of the country's 25,000 banks had gone out of business. Many people, unable to pay mortgages or rent, became homeless and relied on begging or charities to feed themselves. The U.S. federal government initially did little to help. President Herbert Hoover , like many of his fellow Republicans , believed in
9384-405: The banks would not have fallen after the large ones did, and the money supply would not have fallen as far and as fast as it did. With significantly less money to go around, businesses could not get new loans and could not even get their old loans renewed, forcing many to stop investing. This interpretation blames the Federal Reserve for inaction, especially the New York branch . One reason why
9522-573: The beginning of the Depression. The Depression was preceded by a period of industrial growth and social development known as the " Roaring Twenties ". Much of the profit generated by the boom was invested in speculation , such as on the stock market , which resulted in growing wealth inequality . Banks were subject to minimal regulation under laissez-faire economic policies, resulting in loose lending and widespread debt. By 1929, declining spending had led to reductions in manufacturing output and rising unemployment . Share values continued to rise until
9660-465: The behavior of housewives. The common view among economic historians is that the Great Depression ended with the advent of World War II . Many economists believe that government spending on the war caused or at least accelerated recovery from the Great Depression, though some consider that it did not play a very large role in the recovery, though it did help in reducing unemployment. The rearmament policies leading up to World War II helped stimulate
9798-602: The bitter divisions of the First Republic, leaders of the Second Republic of Austria were determined to promote the principle of a broad consensus as a core element of the new political system. They introduced the concept of the Grand coalition in which the two major parties shared the government and avoided open confrontation. The new system brought with it stability and continuity. Social Democratic Party of Austria The Social Democratic Party of Austria ( German : Sozialdemokratische Partei Österreichs [soˈtsi̯aːldemoˌkraːtɪʃɛ parˌtaɪ ˈøːstɐraɪçs] , SPÖ )
9936-404: The city was home to many internationally renowned intellectuals and artists. Numerous cinemas and theaters subsidized by the municipality opened their doors, and sports became more democratic. This socialist experiment, supported by some renowned intellectuals such as Otto Neurath and Sigmund Freud , also inspired a violent disgust in conservative circles. The press readily described red Vienna as
10074-462: The collapse in global trade, contributing to the depression. By 1933, the economic decline pushed world trade to one third of its level compared to four years earlier. While the precise causes for the occurrence of the Great depression are disputed and can be traced to both global and national phenomena, its immediate origins are most conveniently examined in the context of the U.S. economy, from which
10212-546: The conservatives built on support from the rural population and most of the upper class. The conservatives also maintained close ties to the Catholic Church . In the late 1920s the polarised political situation in Austria was exacerbated by paramilitary units such as the Home Guard ( Heimwehr ) on the right and the Republican Protection League ( Republikanischer Schutzbund ) of the Social Democrats (SDAPÖ) on
10350-475: The crash was a mere symptom of more general economic trends of the time, which had already been underway in the late 1920s. A contrasting set of views, which rose to prominence in the later part of the 20th century, ascribes a more prominent role to failures of monetary policy . According to those authors, while general economic trends can explain the emergence of the downtown, they fail to account for its severity and longevity; they argue that these were caused by
10488-625: The crisis, the U.S. Congress passed the Smoot–Hawley Tariff Act on 17 June 1930. The Act was ostensibly aimed at protecting the American economy from foreign competition by imposing high tariffs on foreign imports. The consensus view among economists and economic historians (including Keynesians , Monetarists and Austrian economists ) is that the passage of the Smoot–Hawley Tariff had, in fact, achieved an opposite effect to what
10626-633: The decade. The Depression had devastating economic effects on both wealthy and poor countries: all experienced drops in personal income , prices ( deflation ), tax revenues, and profits. International trade fell by more than 50%, and unemployment in some countries rose as high as 33%. Cities around the world , especially those dependent on heavy industry , were heavily affected. Construction virtually halted in many countries, and farming communities and rural areas suffered as crop prices fell by up to 60%. Faced with plummeting demand and few job alternatives, areas dependent on primary sector industries suffered
10764-405: The decision of party leadership had been intercepted by the authorities and never reached him. The fighting spread to other cities and towns in Austria. In Vienna, members of the Protection League barricaded themselves in city council housing estates ( Gemeindebauten ), which served as symbols and strongholds for the socialist movement in Austria. Police and paramilitaries took up positions outside
10902-408: The depression. Not all governments enforced the same measures of protectionism. Some countries raised tariffs drastically and enforced severe restrictions on foreign exchange transactions, while other countries reduced "trade and exchange restrictions only marginally": The gold standard was the primary transmission mechanism of the Great Depression. Even countries that did not face bank failures and
11040-525: The different currents of socialism. However, the attempt did not succeed. The more left-wing Social Democrats, such as Max Adler , relied on the Workers' councils that had developed throughout Central Europe in 1918–1919, particularly in Vienna. The SDAPÖ was the most established of the European social democratic parties. In the 1920s, about 15 percent of Austrians were members of an association linked to
11178-435: The domestic price level to decline ( deflation ). There is also consensus that protectionist policies, and primarily the passage of the Smoot–Hawley Tariff Act , helped to exacerbate, or even cause the Great Depression. Some economic studies have indicated that the rigidities of the gold standard not only spread the downturn worldwide, but also suspended gold convertibility (devaluing the currency in gold terms) that did
11316-402: The drop in demand. Monetarists believe that the Great Depression started as an ordinary recession, but the shrinking of the money supply greatly exacerbated the economic situation, causing a recession to descend into the Great Depression. Economists and economic historians are almost evenly split as to whether the traditional monetary explanation that monetary forces were the primary cause of
11454-427: The economies of Europe in 1937–1939. By 1937, unemployment in Britain had fallen to 1.5 million. The mobilization of manpower following the outbreak of war in 1939 ended unemployment. The American mobilization for World War II at the end of 1941 moved approximately ten million people out of the civilian labor force and into the war. This finally eliminated the last effects from the Great Depression and brought
11592-576: The end of the month. A large sell-off of stocks began in mid-October. Finally, on 24 October, Black Thursday , the American stock market crashed 11% at the opening bell. Actions to stabilize the market failed, and on 28 October, Black Monday, the market crashed another 12%. The panic peaked the next day on Black Tuesday, when the market saw another 11% drop. Thousands of investors were ruined, and billions of dollars had been lost; many stocks could not be sold at any price. The market recovered 12% on Wednesday but by then significant damage had been done. Though
11730-500: The explanations of the Keynesians and monetarists. The consensus among demand-driven theories is that a large-scale loss of confidence led to a sudden reduction in consumption and investment spending. Once panic and deflation set in, many people believed they could avoid further losses by keeping clear of the markets. Holding money became profitable as prices dropped lower and a given amount of money bought ever more goods, exacerbating
11868-438: The fall of 1933 for opponents of the regime – initially mostly communists and National Socialists – also held Social Democrats after February 1934. The leadership of the SDAPÖ under Otto Bauer (the leading theoretician of Austromarxism ), Julius Deutsch and others fled to Czechoslovakia on 13 February, a move that the representatives of the government exploited as propaganda. The incidents of February 1934 were taken as
12006-503: The few women in the labor force, layoffs were less common in the white-collar jobs and they were typically found in light manufacturing work. However, there was a widespread demand to limit families to one paid job, so that wives might lose employment if their husband was employed. Across Britain, there was a tendency for married women to join the labor force, competing for part-time jobs especially. In France, very slow population growth, especially in comparison to Germany continued to be
12144-505: The first week of June, 540 million in the second, and 150 million in two days, 19–20 June. Collapse was at hand. U.S. President Herbert Hoover called for a moratorium on payment of war reparations . This angered Paris, which depended on a steady flow of German payments, but it slowed the crisis down, and the moratorium was agreed to in July 1931. An International conference in London later in July produced no agreements but on 19 August
12282-502: The fortified complexes, and the parties exchanged small arms fire. Fighting also occurred in industrial towns including Steyr , Sankt Pölten , Weiz , Eggenberg (Graz) , Kapfenberg , Bruck an der Mur , Graz , Ebensee , and Wörgl . A decisive moment in the conflict came when the Austrian armed forces , which had remained a comparatively independent institution, entered on the side of the government. Dollfuss ordered Karl-Marx-Hof ,
12420-473: The gagging of Austria. In detention centres and prisons of the Second Republic, Social Democrats and National Socialists come into contact with one another. For both, Austrofascism was the enemy. The common ground was to affect the political assessments of former National Socialists after World War II . With a greater passage of time it became clear that Austria's ability to resist National Socialism
12558-606: The government tried to reshape private household consumption under the Four-Year Plan of 1936 to achieve German economic self-sufficiency. The Nazi women's organizations, other propaganda agencies and the authorities all attempted to shape such consumption as economic self-sufficiency was needed to prepare for and to sustain the coming war. The organizations, propaganda agencies and authorities employed slogans that called up traditional values of thrift and healthy living. However, these efforts were only partly successful in changing
12696-464: The grand coalition combined with the Proporz system, whereby important posts throughout the government were shared out between members of the two main parties, evoked rising discontent. This was a factor in the growing popularity of the FPÖ which came second to the SPÖ in the 1999 Austrian legislative election . The following year, the FPÖ and ÖVP formed a right-wing coalition, displacing the SPÖ from
12834-519: The home, or took boarders, did laundry for trade or cash, and did sewing for neighbors in exchange for something they could offer. Extended families used mutual aid—extra food, spare rooms, repair-work, cash loans—to help cousins and in-laws. In Japan, official government policy was deflationary and the opposite of Keynesian spending. Consequently, the government launched a campaign across the country to induce households to reduce their consumption, focusing attention on spending by housewives. In Germany,
12972-506: The independence of Austria from Nazi Germany was a problem since it stated that the war was neither started nor wanted by any Austrian ("Und das ist nicht richtig"), that Austrian Jewish victims were not mentioned in the declaration ("kein Wort für die jüdischen Opfer"), that it took decades for them to receive any kind of compensation and justice from the government and that it was regrettable and inexcusable. His statements were direct criticism of
13110-527: The initial crisis spread to the rest of the world. In the aftermath of World War I , the Roaring Twenties brought considerable wealth to the United States and Western Europe. Initially, the year 1929 dawned with good economic prospects: despite a minor crash on 25 March 1929, the market seemed to gradually improve through September. Stock prices began to slump in September, and were volatile at
13248-446: The insurgents also did not come about. The Army, police and gendarmerie all remained loyal to the state. In large parts of the country, ( Lower Austria , Carinthia , Salzburg, Tyrol , Vorarlberg and Burgenland) complete calm prevailed. Leading Social Democrats in Carinthia and Vorarlberg distanced themselves at the outset from the uprising. The mayor of Klagenfurt and the deputy governor of Carinthia announced their resignations from
13386-563: The lack of an adequate response to the crises of liquidity that followed the initial economic shock of 1929 and the subsequent bank failures accompanied by a general collapse of the financial markets. After the Wall Street Crash of 1929 , when the Dow Jones Industrial Average dropped from 381 to 198 over the course of two months, optimism persisted for some time. The stock market rose in early 1930, with
13524-412: The left but also from Nazis infiltrating from Germany, were able to rule by decree on the basis of a 1917 emergency law. They began to suspend civil liberties and imprison members of the Social Democratic Party. In the wake of armed conflicts, the Communist Party of Austria (KPÖ) was banned on 26 May 1933, as was the SDAPÖ's Republican Protection League on the 31st. Dollfuss, the Fatherland Front and
13662-729: The left. By the start of the civil war the Heimwehr were openly fascist and opposed democracy, while the Republican Protection League saw itself as a protector of the Austrian Republic holding the Austromarxist position on the dictatorship of the proletariat that was pro-democracy as part of the Social Democrats' party program. The still small Austrian Nazi Party had its SA and SS , which were also organized as paramilitary units. Political antagonisms in Austria escalated in 1927 when members of
13800-470: The lost state elections in Lower Austria and Carinthia at the beginning of 2023, there was a power struggle between the moderate social democratic party wing around party leader Pamela Rendi-Wagner and the right-wing, FPÖ -friendly party wing around Burgenland governor Hans Peter Doskozil . The Social Democratic wing has support from socialists and communists . The right wing has support from
13938-521: The market entered a period of recovery from 14 November until 17 April 1930, the general situation had been a prolonged slump. From 17 April 1930 until 8 July 1932, the market continued to lose 89% of its value. Despite the crash, the worst of the crisis did not reverberate around the world until after 1929. The crisis hit panic levels again in December 1930, with a bank run on the Bank of United States ,
14076-414: The mid-1930s, a severe drought ravaged the agricultural heartland of the U.S. Interest rates dropped to low levels by mid-1930, but expected deflation and the continuing reluctance of people to borrow meant that consumer spending and investment remained low. By May 1930, automobile sales declined to below the levels of 1928. Prices, in general, began to decline, although wages held steady in 1930. Then
14214-552: The middle wing of the party. Disputes and disagreements have existed for years. In March 2023, the situation came to a head after the SPÖ Burgenland stopped paying money to the federal party. On 15 March 2023, a heated party executive meeting led to the call for a new party leadership election. The candidacy for the new leadership was heated and a surprise candidacy from Andreas Babler , mayor of Traiskirchen , which has led to some other candidates to withdraw their candidacy for
14352-423: The monetary base and by not injecting liquidity into the banking system to prevent it from crumbling, the Federal Reserve passively watched the transformation of a normal recession into the Great Depression. Friedman and Schwartz argued that the downward turn in the economy, starting with the stock market crash, would merely have been an ordinary recession if the Federal Reserve had taken aggressive action. This view
14490-502: The most to make recovery possible. Every major currency left the gold standard during the Great Depression. The UK was the first to do so. Facing speculative attacks on the pound and depleting gold reserves , in September 1931 the Bank of England ceased exchanging pound notes for gold and the pound was floated on foreign exchange markets. Japan and the Scandinavian countries followed in 1931. Other countries, such as Italy and
14628-487: The most. The outbreak of World War II in 1939 ended the Depression, as it stimulated factory production, providing jobs for women as militaries absorbed large numbers of young, unemployed men. The precise causes for the Great Depression are disputed. One set of historians, for example, focuses on non-monetary economic causes. Among these, some regard the Wall Street crash itself as the main cause; others consider that
14766-582: The need to balance the national budget and was unwilling to implement expensive welfare spending . In 1930, Hoover signed the Smoot–Hawley Tariff Act , which taxed imports with the intention of encouraging buyers to purchase American products, which worsened the Depression because foreign governments retaliated with tariffs on American exports. In 1932, Hoover established the Reconstruction Finance Corporation , which offered loans to businesses and support to local governments. In
14904-405: The only legal political party in the resulting authoritarian regime, the Federal State of Austria . The government found itself isolated domestically because the Social Democrats – above all due to the death sentences that had been carried out – turned away from the state and either called for open resistance using such means as leaflets or went into a kind of inner emigration. In his speech during
15042-541: The party were banned, the unions dissolved or the government of " Red Vienna " suppressed. In the early morning hours of 12 February 1934, when police went to search for weapons at the Linz party headquarters of the Social Democrats in the Hotel Schiff , the members of the Protection League, under their local commander Richard Bernaschek, opened fire. A coded telegram to him from the SDAPÖ's leaders that warned him urgently against any action and instructed him to await
15180-559: The party's direction. However, the SJÖ is not the only youth organization that has produced notable leaders; the JG has also been a breeding ground for politicians who have gone on to make their mark on the SPÖ. The SJÖ also has factions within its organization, such as the Trotskyist "Der Funke" (IMT) faction, which was active in the now-dissolved SJ9 ( Alsergrund district) and continues to be present in SJ Vorarlberg . As
15318-411: The party. In 1929, it had 720,000 members. The SDAPÖ was almost hegemonic among the working class, but could not compete with the conservatives in the countryside and small towns. The economic crisis of the 1930s, which caused factory closures and increased unemployment, weakened the labor movement and with it the SDAPÖ. In 1930, its membership was down to 650,000 militants. From 1919 to February 1934,
15456-483: The physical volume of exports fall, but also the prices fell by about 1 ⁄ 3 as written. Hardest hit were farm commodities such as wheat, cotton, tobacco, and lumber. Governments around the world took various steps into spending less money on foreign goods such as: "imposing tariffs, import quotas, and exchange controls". These restrictions triggered much tension among countries that had large amounts of bilateral trade, causing major export-import reductions during
15594-480: The policies prolonged the Depression instead of shortening it. Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%; in the U.S., the Depression resulted in a 30% contraction in GDP. Recovery varied greatly around the world. Some economies, such as the U.S., Germany and Japan started to recover by the mid-1930s; others, like France, did not return to pre-shock growth rates until later in
15732-459: The political situation in Europe. In their book, A Monetary History of the United States , Milton Friedman and Anna J. Schwartz also attributed the recovery to monetary factors, and contended that it was much slowed by poor management of money by the Federal Reserve System . Chairman of the Federal Reserve (2006–2014) Ben Bernanke agreed that monetary factors played important roles both in
15870-563: The poorly networked Protection League relatively easily. Between 10,000 and 20,000 workers stood against a superior force of almost 60,000 men from the gendarmerie and police, the Army and home defence forces. Besides the imbalance in numbers and the Austrian Army's use of artillery, the major reason for the uprising's collapse was likely the failure of the call for a general strike to be heeded. The hoped-for solidarity of law enforcement with
16008-629: The right-wing Front Fighters' Union ( Frontkämpfervereinigung ) in Schattendorf ( Burgenland ) shot and killed two people, including a child, during a demonstration by the Republic Protection League. In the trial of the Schattendorf case, the jury acquitted the alleged perpetrators. On 15 July 1927, the day after the verdict, the SDAPÖ's leadership was not able to control the demonstrations of an outraged crowd. During
16146-470: The right-wing government of the coalition ÖVP–FPÖ which rejected compensation to victims and the admission of the co-guilt Austrians carried for crimes committed by them during the Second World War . The chart below shows a timeline of the social-democratic chairpersons and the Chancellors of Austria since 1945. The left bar shows all the chairpersons ( Bundesparteivorsitzende , abbreviated as CP ) of
16284-434: The scale necessary to make the grand experiments which would prove my case—except in war conditions." According to Christina Romer , the money supply growth caused by huge international gold inflows was a crucial source of the recovery of the United States economy, and that the economy showed little sign of self-correction. The gold inflows were partly due to devaluation of the U.S. dollar and partly due to deterioration of
16422-528: The so-called "brown spots" ( German : braune Flecken ) was completed and published. The report talks about SDAPÖ members and leaders who became members of the Nazi Party during German rule after the Anschluss . One example given in the report is the case of Heinrich Gross , who received many honours from the party and even the government in the post-war period. This was despite the fact that he worked as
16560-476: The world, recovery from the Great Depression began in 1933. In the U.S., recovery began in early 1933, but the U.S. did not return to 1929 GNP for over a decade and still had an unemployment rate of about 15% in 1940, albeit down from the high of 25% in 1933. There is no consensus among economists regarding the motive force for the U.S. economic expansion that continued through most of the Roosevelt years (and
16698-620: The world. The financial crisis escalated out of control in mid-1931, starting with the collapse of the Credit Anstalt in Vienna in May. This put heavy pressure on Germany, which was already in political turmoil. With the rise in violence of National Socialist ('Nazi') and Communist movements, as well as investor nervousness at harsh government financial policies, investors withdrew their short-term money from Germany as confidence spiraled downward. The Reichsbank lost 150 million marks in
16836-778: The worldwide economic decline and eventual recovery. Bernanke also saw a strong role for institutional factors, particularly the rebuilding and restructuring of the financial system, and pointed out that the Depression should be examined in an international perspective. Women's primary role was as housewives; without a steady flow of family income, their work became much harder in dealing with food and clothing and medical care. Birthrates fell everywhere, as children were postponed until families could financially support them. The average birthrate for 14 major countries fell 12% from 19.3 births per thousand population in 1930, to 17.0 in 1935. In Canada, half of Roman Catholic women defied Church teachings and used contraception to postpone births. Among
16974-460: The ÖVP. Since then, the ÖVP has providing the governor (Landeshauptmann) with Hermann Schützenhöfer again. In Tyrol , the SPÖ receive few votes since the state is a traditional conservative stronghold. In 2018, the Tyrolean SPÖ received 17.3% of all votes. The winner of the election was the ÖVP under long-term governor Günther Platter, which received 44,3% of the total vote. In 2003, the SPÖ
17112-658: Was a scramble to deflate prices to get the gold standard's conversation rates back on track to pre-WWI levels, by causing deflation and high unemployment through monetary policy. In 1933 FDR signed Executive Order 6102 and in 1934 signed the Gold Reserve Act . The two classic competing economic theories of the Great Depression are the Keynesian (demand-driven) and the Monetarist explanation. There are also various heterodox theories that downplay or reject
17250-505: Was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty; drastic reductions in liquidity , industrial production, and trade; and widespread bank and business failures around the world. The economic contagion began in 1929 in the United States , the largest economy in the world, with the devastating Wall Street stock market crash of October 1929 often considered
17388-478: Was a small part of overall economic activity in the U.S. and was concentrated in a few businesses like farming, it was a much larger factor in many other countries. The average ad valorem (value based) rate of duties on dutiable imports for 1921–1925 was 25.9% but under the new tariff it jumped to 50% during 1931–1935. In dollar terms, American exports declined over the next four years from about $ 5.2 billion in 1929 to $ 1.7 billion in 1933; so, not only did
17526-472: Was able to raise its voters share in Upper Austria by 11.3% from 27% (1997) to 38.3%. It was in a grand coalition with the ÖVP in the state government as the junior partner, with four out of nine of the state government ministers coming from the SPÖ. Vienna was always traditionally the stronghold of the SPÖ. The current Governor-Mayor of Vienna is Michael Ludwig . In the 2020 Viennese state election
17664-497: Was decidedly weakened by the Austrian Civil War and its consequences. By later estimates, only about a third of the Austrian population supported the dictatorial state. After the Second World War, when Austria reemerged on the political landscape as a sovereign nation, politics again fell under the domination of the Social Democrats and the conservatives, the latter in the Austrian People's Party (ÖVP). To avoid repeating
17802-474: Was endorsed in 2002 by Federal Reserve Governor Ben Bernanke in a speech honoring Friedman and Schwartz with this statement: Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression, you're right. We did it. We're very sorry. But thanks to you, we won't do it again. The Federal Reserve allowed some large public bank failures – particularly that of
17940-554: Was established on 4 November 1894, with the purpose of protecting apprentices and addressing the concerns of young people within the party. Despite initial resistance from some SDAPÖ members, an independent socialist youth movement emerged. Today, this organization is known as the Socialist Youth Austria (SJÖ). The SJÖ notably chose not to change its name to "social-democratic" when the SPÖ rebranded itself in 1991, highlighting its independence both programmatically – as
18078-426: Was given by American economists Milton Friedman and Anna J. Schwartz . They argued that the Great Depression was caused by the banking crisis that caused one-third of all banks to vanish, a reduction of bank shareholder wealth and more importantly monetary contraction of 35%, which they called "The Great Contraction ". This caused a price drop of 33% ( deflation ). By not lowering interest rates, by not increasing
18216-500: Was in the form of Federal Reserve demand notes. A "promise of gold" is not as good as "gold in the hand", particularly when they only had enough gold to cover 40% of the Federal Reserve Notes outstanding. During the bank panics, a portion of those demand notes was redeemed for Federal Reserve gold. Since the Federal Reserve had hit its limit on allowable credit, any reduction in gold in its vaults had to be accompanied by
18354-446: Was intended. It exacerbated the Great Depression by preventing economic recovery after domestic production recovered, hampering the volume of trade; still there is disagreement as to the precise extent of the Act's influence. In the popular view, the Smoot–Hawley Tariff was one of the leading causes of the depression. In a 1995 survey of American economic historians, two-thirds agreed that the Smoot–Hawley Tariff Act at least worsened
18492-482: Was reintroduced for certain crimes. An emergency decree of 12 February 1934 extended the list to rebellion, so that Protection League members who had been taken prisoner while armed (estimated at 10,000) could be sentenced to death. The defendants were tried within three days in abbreviated procedures by summary courts consisting of four professional judges. The summary courts condemned 24 people to death, of whom 15 were pardoned. Nine men, some of them prominent members of
18630-456: Was suppressed throughout Austrofascism and the Nazi period . The party was refounded as the Socialist Party of Austria in 1945 and governed as a junior partner of the ÖVP until 1966. In 1970, the SPÖ became the largest party for the first time in post-war history, and Bruno Kreisky became Chancellor , winning three consecutive majorities ( 1971 , 1975 , and 1979 ). From 1987 to 2000 the SPÖ led
18768-470: Was the rollback of those same reflationary policies that led to the interruption of a recession beginning in late 1937. One contributing policy that reversed reflation was the Banking Act of 1935 , which effectively raised reserve requirements, causing a monetary contraction that helped to thwart the recovery. GDP returned to its upward trend in 1938. A revisionist view among some economists holds that
18906-522: Was traditionally ruled by the ÖVP. In 2000, the Styrian SPÖ ended up with 32.3%. In 2005, the voters shifted towards the left, something that also benefited the KPÖ , the local communist party. The SPÖ won 9.4% more and ended up with 40.7%, defeating the ÖVP which got 38.7% of the votes. Styrian SPÖ Chairman Franz Voves became the state Governor. After the State elections 2015 the SPÖ lost the governorship to
19044-505: Was very typical in the post-war period. He enjoyed wide support from the SPÖ and party leaders for a very long time. Reflecting the change in attitude towards the past, President Heinz Fischer in a 10 April 2006 interview with the liberal newspaper Der Standard strongly criticised Austria's view on its historical role during Nazi rule. He called the traditional view that Austria was the first victim of Nazi aggression as false. The Moscow Declaration of 1943 by émigrés which called for
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