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In this urgent episode, we break down last night’s dramatic Israeli raid on Iran—Operation Rising Lion—which targeted Iran’s nuclear facilities and killed top Iranian military leaders in the largest attack since the Iran–Iraq War. We unpack what happened on the ground, the immediate fallout—including Iran’s launch of over 100 drones in retaliation—and the atmosphere of panic and unity now gripping Israel as the region braces for further escalation.But this isn’t just about one night. We dig deep
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The Great DepressionGreat Depression The global economic collapse that began with the US stock market crash of October 1929 and deepened through bank failures, trade collapse, and mass unemployment to produce the worst economic crisis of the twentieth century. By 1932, a quarter of American workers were unemployed; industrial production had fallen by half. The Great Depression began not with a single event but with a series of interconnected collapses. The October 1929 stock market crash wiped out speculative fortunes but would not, alone, have produced a decade-long depression; the depression was deepened by bank failures that wiped out the…
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The Federal Reserve was founded in 1913 with the primary goal of stabilizing the banking system and providing an elastic currency. Under the Federal Reserve Act, the system comprised a Board in Washington and 12 regional Reserve Banks, each with its own president and directors. National banks were required to become members (purchasing stock in their Reserve Bank) and hold reserves there; state banks could join voluntarily . Member banks could obtain additional funds by borrowing at the “discount window” of their local Reserve Bank, pledging short-term commercial paper as collateral. This mechanism was intended to let the money supply…
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The 1930s Great DepressionGreat Depression The global economic collapse that began with the US stock market crash of October 1929 and deepened through bank failures, trade collapse, and mass unemployment to produce the worst economic crisis of the twentieth century. By 1932, a quarter of American workers were unemployed; industrial production had fallen by half. The Great Depression began not with a single event but with a series of interconnected collapses. The October 1929 stock market crash wiped out speculative fortunes but would not, alone, have produced a decade-long depression; the depression was deepened by bank failures that wiped out…
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Introduction The Great Depression of the 1930s was an economic cataclysm that struck virtually every industrialized nation. At its core was an unprecedented surge in unemployment, which not only devastated livelihoods but also shook the political and social foundations of countries around the world. This article provides a comparative analysis of unemployment during the Depression in the United States, United Kingdom, and Germany – three nations with vastly different experiences and responses. We will outline the scale and trajectory of joblessness from the 1929 crash through the mid-1930s, examine the social consequences (poverty, homelessness, migration, discontent) wrought by mass unemployment,…
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The Smoot-Hawley Tariff ActSmoot-Hawley Tariff Act Full Description:A piece of US legislation that raised import duties to historically high levels in an attempt to protect domestic farmers and manufacturers. It is widely cited by economists as a disastrous policy error that triggered a global trade war. The Smoot-Hawley Tariff Act represents the height of economic nationalism. In a misguided effort to shield American jobs from foreign competition during the downturn, the US government taxed imported goods. This provoked immediate retaliatory tariffs from other nations, effectively shutting down the global trading system. Critical Perspective:This act illustrates the danger of “beggar-thy-neighbour” policies—strategies that…
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The collapse of the world economy in the early 1930s was deeply intertwined with the monetary system of the time: the gold standardGold Standard Full Description:The Gold Standard was the prevailing international financial architecture prior to the crisis. It required nations to hold gold reserves equivalent to the currency in circulation. While intended to provide stability and trust in trade, it acted as a “golden fetter” during the downturn. Critical Perspective:By tying the hands of policymakers, the Gold Standard turned a recession into a depression. It forced governments to implement austerity measures—cutting spending and raising interest rates—to protect their gold reserves, rather…
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What leads a nation into a civil war? In this podcast we examine the crises of power and contestation of authority that create wars within, not between nations.*****STOP PRESS*****I only ever talk about history on this podcast but I also have another life, yes, that of aspirant fantasy author and if that’s your thing you can get a copy of my debut novel The Blood of Tharta, right here:Help the podcast to continue bringing you history each weekIf you enjoy the Explaining History podcast and its m
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Oral histories can be very revealing in understanding the beliefs and feelings that people had in particular historical moments. In Svetlana Alexeivich’s amazing book Second Hand Time, hundreds of former Soviet citizens reflect on their hopes, fears and their anger at the fall of the nation and the society that they knew. This episode is particularly helpful in exploring the resentments that many Russians now feel towards their political and oligarchic class and to the west.*****STOP PRESS*****I
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Question:What would have happened to Europe in the past two and a half centuries if it hadn’t plundered the global south? What would have happened if Europeans had paid for the labour of Africans instead of stealing it? What would have happened if they had purchased cotton, tea, spices and other commodities at a price that reflected the labour used to produce it? Answer: Europe would be one of the poorer regions of the worldThomas Piketty, the world renowned economist and author of Capital in th