Effects on Chile
How big of a toll did the Great Depression take on Chile?
a big one
How big of a toll did the Great Depression take on Venezuela?
a small one
What effect had the greatest impact on these two countries and all other countries?
Financial instability
The great depression had a greater economic impact on which country?
Chile
What rose globally due to uncertainty and poverty?
stress and anxiety
What three main things did the Great Depression cause in Chile?
homelessness, hunger and poverty
Who was Venezuela's dictatorship run by?
Juan Vicente Gomez
What did both countries experience a drop in?
Primary exports
Did Venezuela or Chile have greater unemployment rates during the great depression?
Chile
What did the increase in migration cause?
overcrowded cities and labor competition
What year did Chile reach stability and how did they do it?
1932, Arturo Alessandri was elected as president
What percent of exports did oil make up in Venezuela?
90%
What are the two things that both countries experienced widespread?
Poverty and unemployment
Which country's economy remained the most similar before and after the depression?
Venezuela
What declined due to government budget cuts?
Schools, hospitals, and public services
How many pesos worth of nitrates did Chile sell in 1925 and what percent did they decline in 1932?
in 1925 they sold over 1 billion pesos worth of nitrates and in 1932 that dropped by 87%
How did Venezuela pay off their debt during the Great Depression
became the world's largest oil exporter and benefitted off other countries buying the oil so they could pay off their debt while all other countries were down
What did each government have to do in response to the crisis?
They had to take more control over their economies
Which government had more political stability, and who was the ruler of the country?
Venezuela, ruler was Juan Vicente Gomez
Due to the unemployment in industries in Europe, where was there less spending?
Asia
What does protectionism mean?
Chile was taxing and imports in order to save it's economy and income from foreign competition
What is an agrarian based economy?
an economic system where agriculture, including farming and raising livestock, is the primary source of livelihood and wealth
What ended up turning against all Latin American countries, including Chile and Venezuela?
Terms of trade
Which main exports did Chile rely on before the great depression happened?
nitrate and copper
Global trade fell by what percent
30%