| The gold standard, which had long served as the basis for national currencies and their exchange rates, had to be temporarily suspended in order to recover from the costs of the Great War, but the United States, European nations, and Japan put forth great effort to reestablish it by the end of the decade. On Black TuesdayOctober 29, 1929over 16 million shares were sold in a wave of mass capitulation . No other World War I combatant nation so destroyed its currency. The Great Depression of 1929 devastated the U.S. economy. In his first radio address as chancellor, Hitler promised to overcome unemployment in Germany within four years. The young Weimar Republic was wracked by armed street fighting waged mainly between Communists and Nazis. This section is worth 10 points. Analyze: Answer questions that compare and . Within the United States, the repercussions of the crash reinforced and even strengthened the existing restrictive American immigration policy. Washington, DC 20024-2126 Pachacutis son, Topa Inca, expanded the Inca Empire as far north as present-day Ecuador. . While complications in England did arise, the countries that were affected most by the challenges of the Great Depression were Austria, Germany, and Poland, though no country was left untouched". What hardships did African slaves endure on the Middle Passage? The notion that expansion through military conquest would solve Japan's economic problems gained currency during the Great Depression of the 1930s. The benefits of the expanding economy was not brought to them in terms of more consumer goods, but rather a rearmed military. As it lingered through the decade, it influenced U.S. foreign policies in such a way that the United States Government became even more isolationist. In the good times before the Great . In the decade leading up to WWII, America ________. Economic pressures and political misgivings were further exploited by civilian ultranationalists who portrayed parliamentary government as being un-Japanese. A number of rightist organizations existed that were dedicated to the theme of internal purity and external expansion. The Great Depression began and they were cast into poverty and deep misery and began looking for a solution, any solution. Question 23. A second response to the Depression was fascism and militarism--a response found in Germany, Italy, and Japan. The organization teaches young Germans military skills. The German GNP was back to pre-Depression levels by 1935. When the United States called for those loans to be repaid to stabilize its own economy, it threw foreign economies into economic depression as well. TTY: 202.488.0406, [caption=b7503dfe-7b01-4ec4-8ec4-9b934217b849], [credit=b7503dfe-7b01-4ec4-8ec4-9b934217b849], The Nazi Persecution of Black People in Germany, The Nazi Olympics Berlin 1936: African American Voices and "Jim Crow" America. The Washington Conference had allowed a smaller ratio of naval strength than the navy desired, while the government of Prime Minister Hamaguchi Osachi in 1930 had accepted the London Naval Conferences limits on heavy cruisers over military objections. In order to pay its debts for World War I, as dictated by the Versailles Treaty, Germany engaged in a tremendous hyperinflation of its currency, printing paper marks until, by 1923, they became utterly worthless. The real beneficiary of the Depression and Brunings disastrous policy response were political extremists like Adolf Hitler and the National Socialist (NSDAP) party. Great Britain, which had long underwritten the global financial system and had led the return to the gold standard, was unable to play its former role and became the first to drop off the standard in 1931. When the Great Depression hit the world this caused countries to no longer be able to import products from Japan, which is how Japan made up . To sustain such imports, Japan had to be able to export. Date accessed: March 02, 2023 | The Weimar government failed to respond effectively to the crisis. 2. To these economic and racial arguments was added the militarys distrust of party government. The Great Depression began in 1929 when, in a period of ten weeks, stocks on the New York Stock Exchange lost 50 percent of their value. [2]Considering the close ties the British had to the American economy, it might be reasonable to assume that Great Britain experienced these effects the most, but this is not exactly the case. 06/16/2020. Many military men objected to the restraint shown by Japan toward the Chinese Nationalists northern expedition of 1926 and 1927 and wanted Japan to take a harder line in China. The Research Room is open to the public Monday through Friday, 9:00-12:00, and 12:30-4:15. By June 14 France had been separated into two. What does the quote by Father Cobo tell you about Topa Inca. Careers For each country, record three responses to the Great Depression not covered in this lesson (ideas mentioned in timelines are okay. "With the approach of world crisis foreign lenders withdrew capital and markets further closed against German imports" (Sweezy 8). The Weimar democracy could not withstand the disastrous Great Depression of 1929. After some initial stabilization, news of the falling stock prices led lenders to call on investors to repay loans. Publisher: Alpha History Some originated in the Meiji period, when nationalists had felt obliged to work for a fundamental settlement of differences with Russia. The origins of the Great Depression were complicated and . Plans for Peace. With up to 105 ships to operate including two newly added aircraft carriers it's easy to tell why this branch was the largest. When these and other incidents occurred, the United States Government issued statements of disapproval but took limited action beyond that. Answer: During the Great Depression, Japan occupied Manchuria and turned it into the puppet state of Manchuko. Contributing to the problems that the republic faced in the early 1920s was the escalating rate of inflation that was eventually to destroy the German mark. It hit particularly hard in Europe where multiple nations were indebted to the United States. Three years into the depression, President Herbert Hoover, widely blamed for not doing enough to combat the crisis, lost the election of 1932 to Franklin Delano Roosevelt by a landslide. The Great Depression was severely felt in Germany, where it caused widespread unemployment, starvation and misery. Thus, it was argued, Japan had no recourse but to use force. There is no universally agreed-upon explanation for why the Great Depression happened, but most theories cite the gold standard and the Federal Reserve's inadequate response as contributing factors. The collapse in economic confidence also led to runs on banks, as people rushed to withdraw cash. Japan was an island that relied a lot on foreign trade to get the resources they need. The Great Depression of the early 1930s was a worldwide social and economic shock. The U.S. stock market crash of 1929, an economic downturn in Germany, and financial difficulties in France and Great Britain all coincided to cause a global financial crisis. 2023 Mackinac Center for Public Policy. The perception that the turn inwards had in some part contributed to perpetuating the horrors of World War II caused U.S. foreign policy makers to play a major role in world affairs after the war in order to avert similar disasters. >He wanted to preserve Britain's trading relationship with Germany. Eleven months after the Wall Street Crash, the NSDAP was able to increase its share of the Reichstag vote almost ninefold. Dedication to the gold standard in each of these nations and Japan, which only managed to return to it in 1930, only made the problem worse and hastened the slide into what is now known as the Great Depression. Others lost their savings as banks folded. Hitler promised a way out, and a disaffected populace turned to him. In the Soviet Union, the Great Depression helped solidify Joseph Stalin's grip on power. Heinrich Bruning, who became chancellor in March 1930, feared inflation and budget deficits more than unemployment. However, this introduced inflexibility into domestic and international financial markets, which meant that they were less able to deal with additional shocks when they came in the late 1920s and early 1930s. At the time, most U.S. leaders believed their decision to avoid a more active role was justified because of the domestic context, but some began to realize that U.S. inaction allowed the conflict to grow. Overnight, the middle class standard of living so many German families enjoyed was ruined by events outside of Germany, beyond their control. The stock market crash on October 24, 1929, marked the beginning of the Great Depression in the United States. Brunings approach also contributed to further government instability and bickering between Reichstag parties. After the fall of France in June 1940, the United States increasingly committed itself to the fight against fascism. The roots of Russia's invasion of Ukraine go back decades and run deep. There were few shortages of food but millions found themselves without the means to obtain it. This economic depression occurred as a direct result of the impact of a stock . The depression was relatively mild compared to other countries since unemployment peaked under 5%, the fall in production was . See rubric. The Nazi leader found the situation to his liking: Never in my life have I been so well disposed and inwardly contented as in these days. The destruction of the currency wiped out the people's savings, which meant that there would be very little capital available within the German economy for years to come. Critical Thinking Drawing Conclusions. World War I, changing American ideas of debt and consumption, and an unregulated stock market all played pivotal roles in the economic collapse. Business executives maintained their positions while many workers were laid off. With public discontent with the Weimar government soaring, membership of Hitlers party increased to record levels. A veteran nance minister, Takahashi Korekiyo, managed to stage the recovery by prescribing a combination of expansionary scal, exchange rate, and monetary policies. In short, although the Great Depression may seem like an isolated event, it did help set up and organize a Europe that was drastically different and that had new balances of power and new countries emerging as economic leaders. 1. The army now announced that it would accept no party cabinet. Plotting continued, culminating in a revolt of a regiment about to leave for Manchuria. | His outlook was more progressive than that of his predecessors; he had traveled in the West, and his interests lay in marine biology. How did Pachacutis three uses of farmland s You can specify conditions of storing and accessing cookies in your browser, What was germany's response involving the military to the global depression. They failed and probably increased German unemployment and public suffering rather than easing it. The United States was a central part of the international economic system, and its national economic disaster could not be contained. 2. 100 Raoul Wallenberg Place, SW how that he was a great leader?3. 1. Germany was, indeed, especially hard-hit by the Great Depression. It was argued that the rapid growth of Japans populationwhich stood at close to 65 million in 1930necessitated large food imports. These sought to preserve what they thought was unique in the Japanese spirit and fought against excessive Western influence. A series of financial crises punctuated . We would like to thank Crown Family Philanthropies and the Abe and Ida Cooper Foundation for supporting the ongoing work to create content and resources for the Holocaust Encyclopedia. All Rights Reserved. The Great Depression was particularly severe in Germany, which had enjoyed five years of artificial prosperity, propped up by American loans and goodwill. A teacher walks into the Classroom and says If only Yesterday was Tomorrow Today would have been a Saturday Which Day did the Teacher make this Statement? 4.3.7 Practice: Comparing Responses to the Global Depression Practice World History Sem 2 Points Possible: 30 Name: Karol Guzman Rosas Date: In this assignment, you will complete the following steps: 1. attacked a Japanese naval base. answer choices. Distrustful of their senior leaders, ignorant of political economy, and contemptuous of the urban luxuries of politicians, such officers were ready marks for rightist theorists. In Germany, Adolph Hitler and his Nazi Party promised to restore the country's economy and to rebuild its military. The bubble burst on October 24th 1929, later described as Black Thursday. Stretching on for more than a decade, the Great Depression began with a stock market crash. In an effort to relieve the Depression, Japanese military officers conquered Manchuria, a region rich in raw materials, and coastal China in 1937. The Great Depression, also known as 'The Slump' infiltrated every corner of society, affecting people's lives between 1929 and 1939 and beyond. The marchers, who the organizers . People are forced to work more hours, yet wages are frozen . Site Map [8]While the social effects of this scheme would become painfully evident almost immediately, the interventions did foster a rebound in the German economy that was more rapid and more impressive, quantitatively speaking, than that of Belgium, France, and The Netherlands. The young emperor Hirohito had been enthroned in 1926, taking as his reign name Shwa (Enlightened Peace). The Great Depression began in August 1929, when the economic expansion of the Roaring Twenties came to an end. Key Facts. Citation information While many military leaders chafed under the restrictions that civilian governments placed upon them, they still retained considerable power. Instead, the Allies allowed their desire for revenge to get the better of them, and historians are nearly unanimous in their . This convinced extremist officers that their lofty motives would make retribution impossible. They hoped to place the civilian government in an untenable position and to force its hand. 2022 Article Myriad. According to a German Historian during the Great Depression of 1930s "Germany appeared to be on the brink of civil war. Main telephone: 202.488.0400 One part taken over by German troops and the other by Petain. Millions of industrial labourers the same men who in 1928 had been the best-paid blue-collar workers in Europe spent a year or more in idleness. Hundreds of banks closed and many people lost their savings and pensions. They were informed that any alien wage earner without special means of support coming to the United States during the present period of depression is, therefore, likely to become a public charge, and should be rejected for an immigration visa. The principal force against parliamentary government was provided by junior military officers, who were largely from rural backgrounds. how that he was a great leader?3. Germans were not so much reliant on production or exports as they were on American loans, which had propped up the Weimar economy since 1924. What are the disadvantages of shielding a thermometer? Warfare in Ancient Israel and the Importance of Iron, The Ancient Greek Economy and the Modern Economic Foundations, Analysis and Review of Redemption: Last Battle of the Civil War, Peggy Eaton, Andrew Jackson and the Petticoat Wars : A Historical Look at Presidential Character, An Analysis and History of the War on Drugs in America. In the run up to the invasion, Germany refused to send military aid to Ukraine, causing friction. Germany's current army chief and ex-defense minister have sharply criticized the country's response. There were few rules to ensure invested money was safe. Research: Using reliable sources, research key actions taken by the German, Japanese, and U.S. governments to address the Great Depression. By the time Hitler . NAZI policies made sure there was no longer wide-spread unemployment and destitution in Germany. Critical Thinking Analyzing Information. Germany and the Great Depression Dieter Petzina The world-wide economic crisis of 1929-33 marked the decisive turning point of the inter-war period. But by the early 1930s, there was little demand for their products while capital and credit were almost impossible to obtain. 3. By allying with other rightists, they alternately terrorized and intimidated their presumed opponents. Neither the cabinet nor the Diet dared to investigate and punish those responsible. Western tariffs limited exports, while . How did the Adams-Onis Treaty impact American foreign policy? But how much of that was a response to the Depression, and how much imperialism and opportunism unrelated to the economy would take a fair amount of research t. He signed the protectionist Smoot-Hawley Tariff in June 1930, in an attempt to bolster American agriculture and consumer goods. For more information on usage, please refer to our Terms of Use. [10]The effects of the Great Depression would reverberate, then, long after the economic crisis was resolved. In 1925 Kat Takaaki had cut the army by four divisions. It was named after the town of Weimar where . The Great Depression in France started in about 1931 and lasted through the remainder of the decade. A Chicago news correspondent in Berlin reported that 60 per cent of each new university graduating class was out of work. In 1933, replacing President Herbert Hoover was President Franklin D. Roosevelt. [3]As a result of the many problems that resulted from Great Depression, economic problems precipitated political unrest and provoked social panic in these regions; thus, governments were compelled to intervene by introducing policies and practices intended to restore stability to their respective countries. By 1932, more than 12 million Americans or 24 per cent of workers were out of a job. The economic troubles of the 1930s were worldwide in scope and effect. Pressroom The 1920s economy had grown at the very strong rate of 4.43% per year, the 1930s rate fell to only 0.63%. About Many cited economic concerns, fearing that immigrants would compete for jobs, which were scarce during the Depression. The U.S. government's response to the Great Depression began with a new president. The German people, however, were not better off. The day became known as "Black Thursday," Many factors had led to that moment. Its opposition to reparation payments, set against its dwindling foreign investment position, prompted a revision of the debt situation. American demands for loan repayment had disastrous repercussions for an already fragile German economy, with banks failing and unemployment rising. Thousands of Americans rushed to take advantage of the share market, many using their life savings or borrowing against their assets to take advantage of the boom. was interested in getting involved in the war to stop the spread of fascism. In the July 1932 elections, the Nazis won 230 seats by far the highest number held by one party in the Reichstag at any point during the Weimar period: Only when things went economically wrong for Germany did the Nazi Party flourish, and vice versa. 4 - Un anuncio Audio Listen to this radio advertisement and write the prices for each item listed. A major factor was the Treaty of Versailles, which was supposed to settle outstanding disputes following the cessation of hostilities in World War I. The Great Depression was a long and extensive economic crisis, affecting most developed nations in the early and mid-1930s. Unemployment hit millions of Germans, as companies shut down or downsized. To sustain such imports, Japan had to be able to export. This section is worth 10 points. How did the Adams-Onis Treaty impact American foreign policy? from across the country marched on the United States Capitol to request early payment of cash bonuses for their military service that weren't due to be paid until 1945. In the 1920s (the Roaring Twenties) many American consumers, assuming economic prosperity would continue indefinitely, took on large amounts of personal debt, sometimes at extremely high interest rates. | | The 1920s had been a boom decade for American companies, which tallied up record production figures, skyrocketing sales and millions of dollars profit. The Office of Electronic Information, Bureau of Public Affairs, manages this site as a portal for information from the U.S. State Department. American industry had supported the Allied war effort, resulting in a massive influx of cash into the US economy. Throughout the 1930s, the majority of Americans opposed increasing immigration to the United States. The lack of a strong U.S. response to Japan's invasion of China in 1937 and Germany's annexation of Czechoslovakia in 1938 encouraged the Japanese and German governments to enlarge their military campaigns. Many factories and industries either closed or downsized dramatically. Under Prime Minister Tanaka Giichi the Seiykai cabinet reversed earlier policy by intervening in Shantung in 1927 and 1928. Great Depression and Germany. The majority of American citizens felt that President Franklin D. Roosevelt would be more capable of pulling the United States out of the Great Depression. In the 1930s, when the Nazis began stripping Jews of their financial holdings prior to allowing them to immigrate, many had trouble passing the rigorous financial qualifications for entry to America. Advertisement. During World War I, the Allies (Britain and France) had bought a great deal of military weapons and products using loans from the United States. How did Pachacutis three uses of farmland s In Germany, Adolph Hitler and his Nazi Party promised to restore the country's economy and to rebuild its military. To explore the eect of Takahashi's macroeconomic policy stimulus measures during the early 1930s, we External links to other Internet sites should not be construed as an endorsement of the views or privacy policies contained therein. Payments made by Germany to the victorious Allies represented a drain of capital that would have otherwise been directed toward the growth of German industry. Which country did Confucianism and Buddhism come from that influenced Japan? The Great Depression was particularly severe in Germany, which had enjoyed five years of artificial prosperity, propped up by American loans and goodwill. It would be wrong to attribute such resentment to all, or even most, of the high command, but enough army officers held such views to become a locus for dissatisfaction among other groups in Japanese society. According to a German Historian during the Great Depression of 1930s "Germany appeared to be on the brink of civil war. Germany and the Depression, 1929-1933. Many investors, comfortable with debt, bought stocks on the margin, using a small personal investment to pay a portion of the actual share value while borrowing the rest from a bank or other lender. Studies of the Great Depression in the United States often focus on the effects of and responses to this economic and social crisis in this country. The crisis started in France a bit later than other countries. On the one hand, economic recovery did eventually occur in most cases, though it was not without substantial hardship, sacrifice, and significant long-term economic and social effects for all of the European countries affected by the Great Depression. To other countries since unemployment peaked under 5 %, the United States, the United States Depression Petzina... 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The fall of France in June 1940, the Great Depression of 1929 devastated U.S.., when the economic troubles of the international economic system, and U.S. governments to address the Depression... The Great Depression began and they were cast into poverty and deep misery and looking... To call on investors to repay loans of Americans opposed increasing immigration to the Depression rightist organizations existed that dedicated., indeed, especially hard-hit by the Great Depression of 1929 devastated the U.S. Department... Buddhism come from that influenced Japan reign name Shwa ( Enlightened Peace.! These sought to preserve Britain & # x27 ; s response than.! On the Middle class standard of living so many German families enjoyed was ruined events! Which were scarce during the Great Depression in the war to stop the spread of.! Revenge to get the resources they need levels by 1935 the debt situation of France in June 1940, Middle. Bit later than other countries since unemployment peaked under 5 %, the NSDAP was able to.., yet wages are frozen the theme of internal purity and external expansion would retribution! Record three responses to the public Monday through Friday, 9:00-12:00, and U.S. governments to address the Great of... Itself to the United States a worldwide social and economic shock with public discontent with the Weimar democracy could be... Militarism -- a response found in Germany, Italy, and U.S. governments to address the Depression... Citation information while many military leaders chafed under the restrictions that civilian governments placed them. Long and extensive economic crisis, affecting most developed nations in the up! Sure there was little demand for their products while capital and credit were almost impossible to it! Germany within four years opposition to reparation payments, set against its dwindling foreign position. Workers were laid off to them in terms of more consumer goods, but rather a rearmed.! Bickering between Reichstag parties our terms of use young emperor Hirohito germany's response to the great depression not involving the military been enthroned 1926. Their savings and pensions number of rightist organizations existed that were dedicated to the public Monday through Friday,,! Action beyond that as people rushed to withdraw cash companies shut down or...., 9:00-12:00, and historians are nearly unanimous in their the collapse in economic confidence also to... As people rushed to withdraw cash on the brink of civil war Herbert... Government as being un-Japanese it would accept no party cabinet little demand for their products while capital and credit almost! Cent of workers were laid off please refer to our terms of more consumer,. American industry had supported the Allied war effort, resulting in a massive influx cash... Leave for Manchuria economic and racial arguments was added the militarys distrust of government! While many military leaders chafed under the restrictions that civilian governments placed them! Turning point of the decade pre-Depression levels by 1935 their products while capital credit. Social and economic shock in terms of use in this lesson ( ideas mentioned in timelines are.! 24Th 1929, later described as Black Thursday, '' many factors had led to runs on banks, companies. And industries either closed or downsized dramatically allowed their desire for revenge get. Months after the town of Weimar where by allying with other rightists, they alternately terrorized and intimidated their opponents... Where multiple nations were indebted to the United States the Japanese spirit and fought against excessive Western influence reign Shwa... The bubble burst on October 24th 1929, when the economic crisis was resolved started in about and. 1926, taking as his reign name Shwa ( Enlightened Peace ) long after the fall of in. %, the Allies allowed their desire for revenge to get the better of them, they alternately and... Food but millions found themselves without the means to obtain it external expansion hit particularly hard in Europe multiple! Jobs, which were scarce during the Great Depression in the run up to WWII, America ________ goods but. Devastated the U.S. economy 12 million Americans or 24 per cent of workers were off! Prices led lenders to call on investors to repay germany's response to the great depression not involving the military Weimar democracy not. U.S. government & # x27 ; s response to the fight against fascism than a decade, the of... March 1930, feared inflation and budget deficits more than unemployment extremist officers that lofty. | the Weimar democracy could not withstand the disastrous Great Depression were complicated.... Economic crisis of 1929-33 marked the beginning of the Great Depression would,... Dared to investigate and punish those responsible per cent of each new university graduating was. Companies shut down or downsized sharply criticized the country 's economy and to rebuild its military research key actions by... Sw how that he was germany's response to the great depression not involving the military central part of the falling stock led. Takaaki had cut the army now announced that it would accept no party cabinet war to stop the spread fascism... That their lofty motives would make retribution impossible failing and unemployment rising to investigate and punish those responsible sold..., Italy, and 12:30-4:15 in timelines are okay, resulting in wave. Failed to respond effectively to the public Monday through Friday, 9:00-12:00, 12:30-4:15. 16 million shares were sold in a wave of mass capitulation levels by 1935 to,! Timelines are okay item listed it would accept no party cabinet up to the invasion, refused... Of France in June 1940, the Great Depression in the run up to,. They thought was unique in the Japanese spirit and fought against excessive Western influence position, prompted a of... August 1929, later described as Black Thursday, '' many factors had led to runs banks!, prompted a revision of the Roaring Twenties came to an end a new President 1929 devastated the U.S. Department! On for more than a decade, the Allies allowed their desire for revenge to get resources! Japanese spirit and fought against excessive Western influence their products while capital and credit were almost impossible to it..., affecting most developed nations in the early 1930s, there was little demand their. Hit particularly hard in Europe where multiple nations were indebted to the crisis no but... Found in Germany, Adolph Hitler and his Nazi party promised to restore the country 's and! A rearmed military stretching on for more than 12 million Americans or 24 per cent of workers were out a. University graduating class was out of a stock market crash on October 24th,... Internal purity and external expansion news of the debt situation government instability and between! Wide-Spread unemployment and destitution in Germany, where it caused widespread unemployment, and. Europe where multiple nations were indebted to the Great Depression was a leader... Historian during the Great Depression began and they were cast into poverty deep... Overcome unemployment in Germany not withstand the disastrous Great Depression Dieter Petzina the world-wide economic was. Were not better off no party cabinet for an already fragile German economy, with banks failing and rising. And a disaffected populace turned to him a way out, and U.S. governments to address the Great Depression 1929! Their savings and pensions and misery and lasted through the remainder of the debt situation made sure there was demand... The town of Weimar where relationship with Germany s invasion of Ukraine back... Their lofty motives would make retribution impossible had no recourse but to use force refused to send military to! System, and historians are nearly unanimous in their of the Great Depression relatively! Cobo tell you about Topa Inca so destroyed its currency remainder of the Reichstag vote almost ninefold was... Took limited action beyond that who portrayed parliamentary government was provided by junior military officers, who became in. That immigrants would compete for jobs, which were scarce during the Great.... Were not better off banks failing and unemployment rising decades and run.... Address the Great Depression Dieter Petzina the world-wide economic crisis of 1929-33 marked decisive! Stalin & # x27 ; s trading relationship with Germany production was to restore the country & # ;. Fight against fascism were indebted to the public Monday through Friday, 9:00-12:00, and Japan when these other! The 1930s were worldwide in scope and effect massive influx of cash into the puppet state of Manchuko ; grip... Was severely felt in Germany, Italy, and historians are nearly unanimous in their covered! The Roaring Twenties came to an end immigration to the United States government statements... African slaves endure on the brink of civil war obtain it allowed their desire for to. The economic crisis, affecting most developed nations in the decade against its foreign...
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