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Great Depression
1931–1939
Evolution of the gross domestic product in several countries between 1929 and 1939
Location
France
Chronology
Années folles, World War I
World War II, Vichy France, Free France
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]
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.
^Henry Laufenburger, "France and the Depression," International Affairs (1936) 15#2 pp. 202–224 JSTOR 2601740
^Jean-Pierre Dormois, The French Economy in the Twentieth Century (2004) p 31
^Paul Beaudry and Franck Portier, "The French Depression in the 1930s," Review of Economic Dynamics (2002) 5:73–99 doi:10.1006/redy.2001.0143
^Baubeau, Patrice; Monnet, Eric; Riva, Angelo; Ungaro, Stefano (2021). "Flight-to-safety and the credit crunch: a new history of the banking crises in France during the Great Depression†". The Economic History Review. 74: 223–250. doi:10.1111/ehr.12972. ISSN 1468-0289. S2CID 226194106.
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