jan 1, 1929 - Economic Depression

Description:

Economic depressions during the Republic further increased instability. For example, when olive oil exports declined between 1930 and 1932 by 58 percent, landowners attempted to survive by cutting wages. Consequently, average wages, it had been calculated, were just 5.86 pesetas a day when 7.32 pesetas were needed to survive. High unemployment meant that peasants began to agitate for unemployment relief or to be given land. Levels of violence began to rise. Government forced killed 20 peasants in the southern town of Casa Viejas after anarchist workers had seized control. The main cause of Spain's crisis was the housing bubble and the accompanying unsustainably high GDP growth rate. 1 million people out of a 3 million person work force were unemployed. The Great Depression starts! The Prime Minister of Spain, Miguel Primo de Rivera, is forced to resign due to the economical crisis.