what happened to most of the money of europe under the vikings
While the precise cause of the stock market crash of 1929 is often debated among economists, several widely accepted theories exist. Most of the money went to the banks that lent Greece funds before the crash. People encouraged by the market’s stability were unafraid of debt. Only a small fraction of the €240bn (£170bn) total bailout money Greece received in 2010 and 2012 found its way into the government’s coffers to soften the blow of the 2008 financial crash and fund reform programmes. They were under the control of the Soviet Union. The late Middle Ages was accordingly a period of significant technological advances linked with high capital investment in labour-saving devices. Those developments affected population; money and prices; agriculture, trade, manufacturing, and banking; social and political institutions; and cultural attitudes. Bankrupt investor Walter Thornton trying to sell his luxury roadster for $100 cash on the streets of New York City following the 1929 stock market crash. The 16th century thus owed much to trends originating in the late Middle Ages. Gunpowder and firearms gave smaller armies greater fighting power. Under their occupying governments, the two Germanys followed very different paths. By 1948 most of them were under the control of the Soviet Union. Some believe this agricultural slump affected the financial climate of the country. The huge human losses altered the old balances among the classical “factors of production”—labour, land, and capital. Expensive labour and cheap land and capital encouraged “factor substitution,” the replacement of the costly factor (labour) by the cheaper ones (land and capital). Towns achieved a new weight in society; the number of towns counting more than 10,000 inhabitants increased from 125 in about 1300 to 154 in 1500, even as the total population was dropping. Political, economic, and social background, The emergence of modern Europe, 1500–1648, Political and cultural influences on the economy, Revolution and the growth of industrial society, 1789–1914, General character of the Romantic movement, Early 19th-century social and political thought, The rise of organized labour and mass protests. (Credit: Bettmann Archive/Getty Images). In an age of ferocious and unpredictable epidemics, the accidental and the unexpected, chance or fate, rather than immutable laws, seemed to dominate the course of human affairs. It would, however, be wrong to view its history simply as a playing out of earlier movements. Changes in shipbuilding and in the development of navigational aids allowed bigger ships to sail with smaller crews over longer distances. What exactly caused the stock market crash, and could it have been prevented? By 1500 Europe achieved what it had never possessed before: a technological edge over all other civilizations.

Twice a week we compile our most fascinating features and deliver them straight to you. The stock market crash of 1929 was the worst economic event in world history. Culturally, the disasters of the late Middle Ages had the effect of altering attitudes and in particular of undermining the medieval faith that speculative reason could master the secrets of the universe. The troika of lenders first stepped in during the spring of 2010 after Athens could no longer afford to finance €310bn borrowed from a wide range of major European banks. HISTORY reviews and updates its content regularly to ensure it is complete and accurate. This eliminated about €100bn of debt, but €34bn was used to pay for various “sweeteners” to get the the deal accepted. West Germany was allied with the U.S., the U.K. and France and became a western capitalist country with a market economy.

The benefit of a gold standard is that a fixed asset backs the money's value. There was no single cause for the turmoil.Most economists agree that several, compounding factors led to the stock market crash of 1929. The market – and the public – were overconfident.Some experts argue that at the time of the crash, stocks were wildly overpriced and that a collapse was imminent. Economic historians have traditionally envisioned the falling costs of the basic foodstuffs (cereals) and the continuing firm price of manufactures as two blades of a pair of open scissors. The late medieval price movements thus favoured urban artisans over peasants and merchants over landlords. Greek government debt is still about €320bn, 78% of it owed to the troika. All rights reserved. Equally relevant issues, such as overpriced shares, public panic, rising bank loans, an agriculture crisis, higher interest rates and a cynical press added to the disarray. The Dow increased six-fold from August 1921 to September 1929, leading economists such as Irving Fisher to conclude, “Stock prices have reached what looks like a permanently high plateau.”.

The century’s economic expansion owed much to powerful changes that were already under way by 1500. Be on the lookout for your Britannica newsletter to get trusted stories delivered right to your inbox. At that time, Europe comprised only between one-third and one-half the population it had possessed about 1300.

In contrast, East Germany was allied by the Soviet Union and fell under highly centralized communist rule. New developments proper to the century also shaped its achievements. That same sense of reckless overconfidence extended to average consumers and small investors, too, leading to an “asset bubble.” The crash happened after a long period of rising market growth that led to consumer overconfidence. Unemployment was down, and the automobile industry was booming. Less than 10% of the bailout money was left to be used by the government for reforming its economy and safeguarding weaker members of society. The late medieval disasters radically transformed the structures of European society—the ways by which it produced food and goods, distributed income, organized its society and state, and looked at the world. With a falling population, the cost of basic foodstuffs (notably wheat) declined.


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