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1929 crisis

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Subido el 22 de marzo de 2020 por Ruben P.

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well today we are going to study the 1929 crisis as you can see in the title 00:00:00
is 1929 the capitalist economy in crisis so this is going to be one we are going 00:00:07
to see in this video the whole point it is a little bit difficult so I want you 00:00:13
to pay attention and to revisit or to review this video if it's needed in 00:00:19
order to understand it so let's see the first thing you need to know is we need 00:00:25
an introduction. What we need to see is how is the economy before the 00:00:30
crisis. The main characteristics of this capitalist 00:00:35
economic system is first that there is absolute freedom of business and the 00:00:40
market. It means there is no laws that they are going to restrict the trade, 00:00:45
there is no laws in order to restrict the business. It means they are following 00:00:50
the liberal ideas okay related with economy so the idea is they are going to 00:00:55
let the companies do anything they want they are not going to set laws the state 00:01:01
is not going to intervene in the economy so that means that there is no economic 00:01:08
planning that determine how or what should be produced it means the company 00:01:14
can decide what to produce and how to produce it there is no laws there is no 00:01:21
there is no rules set in order to plan the economy or to control what the 00:01:27
different companies are doing so there is no state intervention in the economy 00:01:35
okay so that's the idea the state is not going to control for example the 00:01:40
healthcare system. The state is not going to control, is not going to have public 00:01:45
companies in order to compete with the private companies. No, the system is based 00:01:51
on private companies and these private companies are 00:01:57
going to be free, free to do anything they want. So if there is, for example, 00:02:03
economic transactions, no rules, no laws, no state intervention. So it means 00:02:08
is a world where the different companies can do anything they want also the 00:02:15
banks okay the banks can give loans the banks can pay anything they want 00:02:21
anything they are free to do anything they want so there is no state 00:02:26
intervention and this world the world before 1929 is based on liberalism 00:02:31
economic liberalism okay so that is important you need to understand that 00:02:36
there is freedom for business or of business and there is no state intervention the economy is not 00:02:41
planned the economy is free is kind of like nowadays but now the state has more power 00:02:48
it's intervening in economy it means the state nowadays is not establishing for example the 00:02:54
prices of the objects but the state is setting some rules for example if you want to send 00:02:59
pay something or send money or make a big transaction related with a huge 00:03:05
amount of money there are some limitations in this moment there is no 00:03:11
limitations okay you can do anything you want related with a market related with 00:03:15
business or related with the economy in general okay so what we are going to see 00:03:19
now in the next slide is it's an a schematic explanation of the crisis of 00:03:25
1929 ok so what I'm going to do is explain this this graphic using Spanish 00:03:32
because it's going to be easier and the topic is a little bit hard so this next 00:03:42
slide is going to be in Spanish the rest are going to be in English so let's see 00:03:46
what you can watch this movie in this video I have uploaded to the all of it 00:03:51
one so let's see this bien pasamos espanol lo primero que tenéis que tener 00:03:55
in mind and we have seen it in class is how the capitalist system works we do not have a 00:04:00
company the company wants to produce something is worth therefore create a product true to create 00:04:05
that product that needs money capital from where it gets what it does is invest that capital 00:04:12
according to from that product it sells it and by selling it it obtains a benefit with that benefit 00:04:19
what does the company do pay salaries is worth paying a part obviously a part of the benefit is going to end 00:04:28
in the payment in the salaries that the workers are going to receive another part is reversed in the company 00:04:35
to improve the production improve the products and continue to sell according to 00:04:41
so this is the circle that is to say the company produces something is worth investing money is worth 00:04:46
obtaining means of production whether they are machines or factories and through 00:04:53
the sale of those products gets a benefit with which, among other things, he pays the salaries. 00:04:58
Well, where does the company's money come from? Generally, the company asks a bank for a credit, 00:05:03
asks a bank for money to be able to invest and to be able to create that product. So far there is no 00:05:09
problem, okay? This system that I am going to describe is the one that exists today, okay? The 00:05:15
point is that this bank is not only going to give credits to invest in a private company that 00:05:21
can be in the agricultural sector, that is, the primary sector or in the industrial sector, secondary sector, 00:05:26
but it can also make investments in countries, for example, that is, this bank can lend 00:05:31
money to or companies in other countries or it can give credit not only to companies in other 00:05:37
countries but it can also be to the country itself to the government itself that gives it money to 00:05:43
invest it in what it needs, therefore the bank lends money called credit credit 00:05:47
in English is worth to invest so that the company invests in production creates a product and 00:05:55
get through the sale a benefit with that benefit pays salaries among other things or 00:06:02
improves production well the bank not only gives credit to national companies but can give it 00:06:07
in other countries it can be given to other countries or to companies in other countries but fundamentally 00:06:12
they are going to be industrial companies and farmers that is to say the bank gives credit an investment 00:06:20
is worth that a company of industrial character can ask for a company of agricultural character or a 00:06:27
farmer for their lands or a country or companies from another country that ask for credit to this 00:06:34
bank because it is a large bank that has an important amount of money that has what is 00:06:41
called liquidity, that is, it has a large amount of monetary resource to lend until it is clear 00:06:46
then the company has this production base has this function and to be able to create this product 00:06:53
to be able to produce it needs money who gives the money is fundamentally the bank through 00:07:00
a concept of an element that is credit through it invests and can invest in countries 00:07:05
in industrial companies or farmers or agricultural companies well what is the problem the 00:07:11
problem is that a good company the problem what is if a company or the next the next 00:07:19
phase let's say this is the this phase is the simplest the next phase is that a company 00:07:25
can go out of stock what does this mean let's imagine that marco david and paula create a 00:07:30
empresa que es una empresa de automóviles de acuerdo marco ha puesto el 40 por ciento de ese 00:07:39
dinero para producir los coches y david y paula cada uno ha puesto un 30 por ciento vale por 00:07:48
tanto de este beneficio que va a ir una parte de los salarios el resto del beneficio se reparte 00:07:57
entre esas tres personas que poseen la empresa quien va a recibir mayor cantidad de beneficio 00:08:02
evidently marco who put a 40 percent so that of this benefit it is worth the equivalent of a 40 00:08:08
percent would go for marco a 30 percent would go for david and another 30 percent would go for paula 00:08:16
is worth removing the salary margin is worth well what happens that this company when it is 00:08:21
big enough goes out to the stock market what does this mean to leave the stock market is an institution 00:08:28
vale en la que se pueden comprar y vender lo que vamos a denominar como acciones que es una 00:08:35
opción una acción es el valor de la empresa dividido en unidades llamadas acciones me 00:08:42
explico imaginemos que tenemos una empresa y la vamos a dividir en 400 acciones vale el 40% de 00:08:50
las acciones estarían en manos de marco porque él puso el 40 por ciento del dinero o del capital 00:08:59
to produce these objects to create the company a 30% would be in the hands of david and the 00:09:04
final 30% would be in the hands of paula when this company goes into the stock market, participation is 00:09:11
worth, that is, the shares the participation of these three people when creating the company 00:09:18
converted into shares go on to be in this market of values ​​called stock market, that is, it is a place 00:09:22
an institution that people come to and in which they can pay to buy these shares, that is, 00:09:29
to buy the participation, it is worth a percentage of that company, therefore, let's imagine that we have 00:09:35
Pablo, Pablo says well, I want to buy 40% of the shares that Marco has, it is worth 00:09:42
so that I am the majority shareholder and I am going to control the company that Marco says yes perfect 00:09:51
yo te yo te vendo mi 40 por ciento de acciones porque estoy cansado de participar en la empresa 00:09:56
no quiero riesgos que la empresa quiebre y perder el dinero entonces dice bien yo te vendo el 40 00:10:01
por ciento de las acciones mías que son el 40 por ciento de la empresa el problema es que imaginaos 00:10:05
que marco puso pues a ver un 40 por ciento 400 euros este paula puso 300 y david puso 300 vale 00:10:12
imaginemos para montar la empresa pone esa cantidad de dinero el problema es que como la empresa ahora 00:10:21
has come out of the bag is a company that produces a large number of cars and is getting a 00:10:25
great benefit obviously the shares that are sold are not going to be sold at 400 euros that is to say 00:10:33
40 percent of the company is no longer 400 euros that I put at the beginning but maybe it has been 00:10:40
multiplied by 10 because the benefits are so great that evidently marco is going to get a 00:10:44
benefit of it, that is, because the person who bought that 40 percent of shares knows that he is going to 00:10:49
obtain a greater benefit over time, therefore, Marco sells his shares but does not sell 00:10:57
his 40 percent to 400 euros, maybe now those shares already due to the benefit that the company is 00:11:04
obtaining and the great power it has instead of being 400 euros are 10 times more 4,000 euros 00:11:09
multiplies by 10 is worth very well then Pablo arrives I pay I pay 4,000 euros he stays with 00:11:15
40% of the shares and from then on 40% of the company's profit no longer goes to 00:11:21
Marco's hands who has sold his shares but goes to Pablo's hands until it is clear this 00:11:27
would be the current functioning of the economic system of the economic system a company produces a 00:11:33
product sells it gets a benefit and with it pays salaries and also gets a benefit 00:11:40
la persona que lo que controla la empresa vale esa empresa de donde saca la inversión gran parte de 00:11:44
ella viene de un banco que al que pide un crédito el banco que hace con todo ese dinero que obtiene 00:11:51
nos tiene por ejemplo de todos aquellos que ponemos nuestro dinero en las cuentas de banco pues lo que 00:11:56
hace es o bien da créditos a empresas o puede darlo a países o puede darlo a agricultores o 00:12:01
a empresas industriales o agrícolas vale si la empresa es fuerte es grande y está teniendo unos 00:12:06
great benefits and it is growing ok imagine I know amazon at first it was a small company 00:12:12
over time it has grown so much that now it is in stock what happens means that 00:12:18
being in stock in this institution people can go there to buy the shares if they 00:12:23
want to sell them to the person who owns the shares that are the shares the shares are those 00:12:28
they are called titles they are worth those values are those portions of the company that control a 00:12:35
persona y que tienen un valor es decir tienen un valor económico es parte de capitales dinero al 00:12:41
fin y al cabo vale que son esas acciones es la participación de cada persona en la empresa como 00:12:48
hemos visto antes marcó con un 40 por ciento porque puso los 400 euros 300 euros un 30 por 00:12:54
ciento los puso paula y otros 300 que los puso david otro 30 por ciento quien tiene la mayor 00:12:59
cantidad de acciones controla la empresa porque porque tiene la mayor parte del dinero que se ha 00:13:06
invested at the time of production as it enters the stock market it means that these actions that participation 00:13:10
fluctuates varies if the company earns more and more money the actions are made more valuable 00:13:15
because because you know that if you have these actions the benefit that you have is greater what happens if the 00:13:22
company begins to have economic problems for example now with crisis because it means that 00:13:28
these actions lose value because they are producing less obtaining a lower benefit therefore 00:13:33
the shares can be bought in a cheaper way the question is that these banks are not 00:13:40
only going to lend money to companies or they are not only going to lend money to countries or farmers 00:13:48
they are also going to lend it to these people to the speculators and these speculators can 00:13:52
act in two areas or by creating companies or by buying stock shares a speculator is 00:14:00
una persona que con una cantidad de dinero lo que hace es o bien montar una empresa para obtener un 00:14:08
beneficio rápido o bien comprar acciones esperando que éstas se hagan más valiosas con un poco de 00:14:13
periodo de tiempo es decir pues que tú compres acciones a 400 euros y que en un año valgan mil 00:14:22
euros de manera que si tú las vendes has ganado 600 euros por tanto existen estas personas 00:14:28
speculators, it is worth that either they buy shares in the stock market or they create companies from where they 00:14:34
get money these speculators from the bank, that is, people who go to the bank and say I want a 00:14:43
credit as we live in a moment in which there is no regulation remember it the state does not intervene 00:14:49
there are no laws each one can do what they want there are no limits are not established that is to say 00:14:55
no se te exige el banco no te va a decir oye vas a poder devolver este crédito no no yo te doy el 00:15:02
crédito el dinero se mueve todo está creciendo la industria está recordar que son los felices 00:15:06
años 20 la industria está produciendo que además los agricultores producen cada vez más los salarios 00:15:12
están aumentando es verdad que no al nivel que el beneficio que se está obteniendo es decir no 00:15:16
hay una relación paralela es decir si sube un 2% el beneficio sube un 2% el salario no no sube mucho 00:15:21
el beneficio y sube el salario pero sube en menor medida qué ocurre con estos especuladores pues 00:15:27
There are two options, either the speculators who buy shares from a large company, who know or who think or who believe that each time it will be bigger and it will get more and more benefit and therefore with the passage of time what they do is buy a share for 100 euros and a year they sell it for 1000 euros and therefore they have earned 900 euros, for example, or they are speculators who create a company. 00:15:31
esta empresa produce un producto empieza a vender el producto cuál es el problema que no está 00:15:56
vendiendo todo lo que debería es decir que el beneficio que obtiene no es suficiente para 00:16:02
cubrir el crédito que ha pedido es decir el dinero que yo invierto vale es superior al beneficio cuál 00:16:08
es la solución de estos especuladores pues dice muy bien en monta mi empresa yo produzco imaginaos 00:16:17
que produzco radios no estoy vendiendo tantas radios mi beneficio es inferior a la inversión 00:16:23
estoy perdiendo dinero como solucionan este problema pues muy bien vuelvo al banco pido 00:16:28
otro crédito y con este dinero que es lo que hago vuelvo a invertir para que para que esta 00:16:34
diferencia entre inversión y beneficio se equilibre que ocurre que esta empresa cada 00:16:40
vez se está endeudando más con el banco porque está pidiendo créditos para suplir la diferencia 00:16:46
between the money he invests which is the credit and the benefit he obtains therefore there are 00:16:52
some companies that begin to put a lot of money without being able to return it to the bank until a 00:16:59
moment when they can break because because as they have not achieved that the company 00:17:05
works as they have not achieved that the benefit is higher than the investment they cannot 00:17:09
return the credit and therefore enter bankrupt if that company enters bankrupt obviously 00:17:15
the production falls because they cannot produce, it cannot be bought and people are fired, therefore 00:17:21
unemployment increases. What is going to happen in 1929? Well, it will be related to this 00:17:27
concept, with companies that produce a product whose benefits are not as high as the investment, 00:17:34
therefore they have a deficit, they owe money and to solve the problem what they do 00:17:40
is to ask the bank for more credit to continue making the company work, so what is going to 00:17:46
happen in 1929 is that a company is going to break, it is clear so far, now we will continue with the 00:17:53
company, the important thing is that within all this system, what is going to happen in the 00:17:59
20s is that industrial and agricultural production is going to grow more and more and more, what is the 00:18:05
problem when the supply grows a lot that if there is not enough demand that is to say if I 00:18:12
produce a lot but I do not have so many consumers my benefit will be below my investment 00:18:21
true and therefore that will affect wages or unemployment therefore what will happen in 00:18:28
the 20s rise in production at exorbitant levels that is to say it is produced more and more and more 00:18:34
but having so much production and having so little demand, that is, there are no people who want to 00:18:41
buy more products, prices go down and when prices go down, what happens is that salaries 00:18:46
necessarily go down because because in this production system if I produce a lot but I sell 00:18:53
little, the benefit is lower, therefore, to try to balance this difference between investment and 00:19:02
benefit an option is to reduce salaries to keep the company afloat you see it clear 00:19:09
that is to say this which is the origin of capitalism has become more complex with the 00:19:16
appearance of banks even more with the stock market with the internationalization of the loans that 00:19:22
banks give that can be countries or international or national industries and with the 00:19:30
appearance of these speculators that is to say people who pretend to make money fast as buying 00:19:36
cheap shares to then sell the faces or as creating a company with which to obtain a 00:19:42
benefit that happens if the benefit does not work because I take more money from the bank as it seems 00:19:47
that that is not going to end of course what is the consequence of this whole system in which we see 00:19:52
that there are a series of companies that are having a deficit and are not facing it 00:19:58
that they are the only thing they are doing is creating an increasing bubble of credit that they owe to a bank 00:20:04
and that they will not be able to pay the consequence will be a fall in production obviously because 00:20:09
there is an overproduction is worth what in English it says over production not an overproduction 00:20:16
therefore there is a moment in which the company produces a lot but no longer sells therefore it has 00:20:21
to reduce production and therefore a fall in prices because by law of supply and demand if the 00:20:25
offer is very high but the demand is to say the people who buy it is little the prices have to 00:20:31
go down if you are not going to sell anything the opposite is that if the offer is low that is to say it is produced 00:20:36
little but the demand is very high because the prices go up what is called inflation well and it will also 00:20:41
mean an increase in unemployment because there will be companies that will obviously have to 00:20:49
cut workers if production is reduced I have not needed so many workers therefore I reduce 00:20:54
salarios y aumento el desempleo y finalmente lo que habrá es una caída del comercio porque porque 00:20:59
evidentemente si la producción disminuye ya no hay compraventa y la compraventa internacional 00:21:06
va a disminuir vale este es el sistema que tiene montado y lo que estaba surgiendo o sucediendo 00:21:10
antes de 1929 especuladores en estas empresas especuladores comprando acciones en bolsa para 00:21:17
obtener dinero rápido bancos que han prestado crédito tanto a especuladores para comprar 00:21:23
actions as to create companies as to companies to produce both at an international and national level 00:21:29
to industries and farmers is worth what is going to happen in 1929 a company is worth the one of 00:21:36
photomaton the one of the photomaton company the one that created the photomaton machines breaks 00:21:43
breaks that's why I told you, that is, I had a person who, due to the difference between 00:21:49
inversión y beneficio decide pedir más crédito para seguir aumentando la producción y tratando 00:21:55
de aumentar la venta bajando los precios que ocurre en un momento determinado que por mucho 00:22:01
que baje los precios la gente no compra no consume su producto y se ha endeudado hasta tal nivel que 00:22:05
la empresa entra en bancarrota vale qué ocurre cuando la empresa entra en bancarrota las acciones 00:22:12
that they have, what happens to them, they increase in value or decrease in value, they decrease in value that 00:22:19
these speculators are going to say that they had bought shares to sell the most expensive ones when they see 00:22:26
that the value begins to decrease, I have to sell I have to sell the shares as soon as I sell 00:22:30
the shares if the company enters a bankrupt obviously I am going to get I am going to have the 00:22:35
least possible losses, that is, if I buy the share for a thousand, it is worth and right now the 00:22:41
has already been in 800 because the company has entered bankruptcy because at least it has only lost 200 euros 00:22:48
what happens that this company and its fall what is going to show is that the American economic system 00:22:54
is fragile, that is, there is a large amount of credit distributed around the world 00:23:02
and by all companies and it is seen that not all companies have done their duties that not all 00:23:08
companies have told the truth about their benefits and therefore their shares are 00:23:15
oversized, that is, the value of the shares is greater than it should be because 00:23:21
its benefit is not the one that it is assumed that it would have to have, that is, as the company 00:23:27
what it has done has been to say well I am having a benefit lower than the investment but what 00:23:33
I do is put more credit to increase the production the investors the speculators in the stock market 00:23:36
they say no this company is phenomenal I am going to buy shares and I am going to sell them more expensive than it happens when the 00:23:42
company enters the market because nothing that the shares have wants to sell them as soon as possible the problem 00:23:47
is that these speculators are not only going to want to sell the shares of this company but it 00:23:52
will happen on that black Thursday on that black Thursday on that Thursday of October 24 October 00:23:56
1929 not only the speculators are going to want to sell their shares on that company but 00:24:02
de muchas empresas porque empiezan a sentir que no hay confianza que esas empresas pueden estar 00:24:08
pueden tener unas acciones que valgan menos de lo que realmente se supone que valen vale de manera 00:24:14
que todos en la bolsa quieren vender nadie quiere comprar qué ocurre cuando tú solo quieres vender 00:24:20
y nada que nadie quiere comprar que el valor de las acciones se deprecia cae si el valor de las 00:24:27
shares fall companies begin to enter bankrupt in general in the stock market the system falls and 00:24:34
all that credit investment to companies and speculators disappears disappears you understand it 00:24:42
therefore the bank is going to find a strong hole with a strong lack of money because 00:24:51
are credits delivered to invest in companies or in speculators who create companies or in 00:24:58
speculators who buy shares when the company breaks down and the speculators sell the 00:25:05
share the share that is less and less money implies money that the speculator cannot return 00:25:10
to the bank is worth imagine the speculator asked for 1,000 euros to buy the shares he expected to 00:25:16
sell the shares for 2,000 and with that return the 1,000 euros to the bank and stay with another 1,000 00:25:22
bueno a lo mejor paga un poco interés qué ocurre si ese especulador cuando vende sus acciones en 00:25:27
vez de obtener en vez de venderlo por 2000 lo vende por 800 debe al banco mil euros más intereses y 00:25:32
sólo tiene 800 o incluso se llega a la situación del black thursday en el que no es que lo vendas 00:25:38
por 800 sino lo vendes por 5 dólares entendéis la cantidad de dinero que este especulador debe 00:25:45
que la empresa que ha quebrado debe porque ha obtenido un crédito del banco para seguir 00:25:50
producing that that other speculator who has created a company also owes that credit and that when 00:25:55
entering bankrupt the company cannot return the credits the bank of course, that is, we find 00:26:00
a very critical situation, the companies begin to close, which implies that wages are not paid, 00:26:05
unemployment increases, the banks say we do not have money, we lack money, therefore we are going to stop 00:26:11
giving loans to all these countries, agricultural industries, therefore agricultural 00:26:18
industrial and agricultural companies without credit cannot maintain production and as 00:26:23
salaries begin to fall, no one buys them and therefore they have to close as well, and if we add to that 00:26:29
that these American banks had given money to European countries to rebuild themselves after 00:26:35
the first world war this systemic crisis happens to European countries because the banks that 00:26:41
used to give them credit for these countries to develop the credit disappears because the 00:26:48
money does not have the bank does not have money and therefore these countries enter into a crisis similar to 00:26:53
this the banks of European countries go through the same process when credit does not arrive from the 00:26:58
American banks that credit does not reach European companies it is the actions in the European 00:27:05
stock market also fall the speculators want to sell they do not manage to recover the money and the 00:27:11
European banks are also affected by the process. Do you understand the complexity of the system and how 00:27:17
is it all interrelated? As a company that in principle simply produces to 00:27:24
obtain a benefit by linking to a bank and the stock market to sell shares, the system 00:27:28
becomes so complex and so interrelated that a piece of the gear fails affects the rest. 00:27:34
La consecuencia del crash de 1929 de la bolsa, de esa caída de las acciones que supone la bancarrota de empresas y con ello que los bancos no tengan dinero para dar crédito a otras empresas y por tanto aumente el desempleo, evidentemente el comercio con estos países cae y evidentemente no se puede producir tanto porque ya no hay crédito que es con lo que nosotros invertíamos para producir. 00:27:40
Therefore, production falls, prices fall, unemployment increases and trade falls. 00:28:05
Has it been understood? 00:28:12
So this is the basis of the crisis of 1929. 00:28:14
Now we have three slides in which we are going to see what is the situation in the United States before the crisis, 00:28:18
how the crisis develops and what are the measures to solve the crisis. 00:28:24
I already venture you that all this happens because no limit has been set, 00:28:30
That is to say, banks gave credit very easily to a very low interest rate, so they did not worry that people could return the credit and also asked for very little extra money for the credit they gave. 00:28:34
por tanto el dinero si se movía pero generaba lo que se llama burbuja una burbuja es la diferencia 00:28:48
entre entre el precio o el valor real de una empresa y el valor de las acciones es decir 00:28:55
el supuestamente basado en su beneficio vale se crea una burbuja quiere decir que hay un 00:29:02
momento en el que se cree que aquí se está teniendo un beneficio que realmente no se 00:29:10
is getting because it is not getting that benefit because the speculator puts more money 00:29:14
through bank credits to solve the problem between investment and benefit is clear 00:29:19
well we are going to continue and we are going to see now the evolution the evolution of the situation in the 00:29:27
us first what is how the situation is before and then how the crisis develops but 00:29:33
But this is the basis of the crisis and the basis of the system, you have to understand 00:29:40
perfectly this scheme to be able to understand the crisis of 1929, it is the most difficult 00:29:44
of the topic. 00:29:50
Let's go, come on. 00:29:52
So the economic situation before the crisis, what we call the roaring twenties or the happy 00:29:54
twenties, come on. 00:29:58
So between 1923 and 1929 what we have is a period of economic growth, what I said, the 00:30:00
Different companies are producing a lot, they are getting credit from the banks and they 00:30:06
are producing a lot. 00:30:11
The problem is they are producing a lot but they are in a specific moment there are not 00:30:13
going to be consumers in order to buy the products. 00:30:17
So the prices are going to decrease and the salaries are going to decrease or unemployment 00:30:22
is going to increase. 00:30:28
So let's see, in the agricultural areas what we are going to see is agricultural overproduction. 00:30:30
This is for example the production of main foods, and this is the prices, if you check 00:30:38
from 1923 till 1926 more or less, the relation between the production and the prices is going 00:30:48
to be balanced, ok? There is going to be, it's going to be balanced, an equilibrio, but the 00:30:56
problem is from 1926 onwards what we see is the production is going to increase, everyone wants 00:31:03
to get more money, so they said, ok, if I have a company in order to get more profit, what I have 00:31:09
to do is to produce more and to sell more, so they start to produce more in order to sell more and 00:31:15
get more profit what is the problem there is not that much consumers of the products so law of the 00:31:21
offer and demand later offer to la demanda if the offer is high and the demand tends to decrease 00:31:29
the prices are going to decrease to make the population to buy so that's why the stocks it 00:31:37
means the quantity the production the quantity of product produced is going to increase but the 00:31:45
prices are going to decrease, ok? 00:31:50
So what we are going to see is, we are going to decrease the prices but we are going to 00:31:56
increase the production. 00:32:01
What was the solution for this problem in a specific moment related with the agricultural 00:32:03
production? 00:32:08
They are going to keep the prices steady this period of time, you see that the prices are 00:32:09
going to be more or less steady. 00:32:15
are going to keep the prices steady because of agreements between the countries what does 00:32:18
it mean imagine I don't know Miguel and Carla both are producing bread ok or they are producing 00:32:23
sorry wheat ok trigo so they are producing a lot of wheat ok the production is going 00:32:35
to increase increase increase but they know that if they sell they they they 00:32:41
try to sell all the production the prices are going to decrease so what 00:32:47
they are going to do is to get an arrangement they are going to say okay 00:32:52
we are going to sell 50% of our production and we are going to keep the 00:32:56
other 50 percent in order to make the prices steady in Spanish would be okay 00:33:00
para mantener los precios estables ok llegamos a un acuerdo tú miguel vendes el 50% de tu 00:33:06
producción yo carla vendo el 50% de mi producción y mantenemos los precios estables porque si 00:33:14
vendiésemos el 100% la producción sería tan alta que los precios bajarían por tanto vamos a vender 00:33:21
solo el 50% y mantenemos los precios estables. The problem is, from 1926 and, but more important, 00:33:27
after 1929, the producers are going to try to sell all the stocks, so that's why it's going 00:33:37
to increase a lot, so the prices are going to decrease. ¿Qué quiere decir? Hay una sobreproducción 00:33:44
agrícola, van a tratar de mantener los precios estables como a través de acuerdos para que los 00:33:50
different countries do not sell all their production, only one part, so that if we do not say 00:33:55
we have produced 1,000, we say we have produced 500, the prices remain. Problem, at a 00:34:00
certain time the agreements are broken. 00:34:06
an industrial overproduction because everyone wants to sell that is true but 00:34:28
the other part is there is going to be an industrial overproduction because 00:34:33
during the First World War okay the colonies are going to create their own 00:34:37
industrial factories what does it mean if you remember imperialism we were 00:34:44
talking about creating new colonies creating colonies because we want new 00:34:51
markets to sell the products the European products okay so it means who 00:34:56
is producing who has the machines who is producing the manufacturer products 00:35:01
Europe who is buying for these products in the beginning Europe but after that 00:35:05
we are going to create or we are going to conquer these territories creating 00:35:11
the colonies so that we are going to sell to the colonies our products what 00:35:15
What is the problem during the First World War? 00:35:20
The different metropolis cannot sell their products to the colonies, because they need 00:35:23
to face the war, they need to use all their production for the war, so it means the colonies 00:35:30
are going to say, ok, we cannot have the manufactured products coming from Great Britain or France, 00:35:38
so what we are going to do is to produce these products on our own, so when they are going 00:35:43
to do that means that after the first world war the colonial factories are producing industrial 00:35:49
products so the European factories are producing as well as the colonial factories so that 00:35:58
we are going to have an overproduction because before the war only the European factories 00:36:08
are producing. After the war we have the European factories and also the colonial factories. 00:36:15
This is the industrial production until 1929. If you check, there is a decrease in 1921 thanks to 00:36:23
a small crisis, then increase, decrease a little, increase, decrease a little, increase, so if you 00:36:33
check okay since 1920 the production is really high but after the crisis when 00:36:38
the crisis began or starts in 1929 the production is going to 00:36:46
decrease really fast why remember the banks has no more money because the 00:36:53
companies started to shut down or to fail bankrupt so what they are going to 00:36:59
do is to have no money they are not going to give more credits so the 00:37:07
different companies are going to decrease their production the salaries 00:37:11
their employment is going to increase and these companies are going most of 00:37:15
them are going to shut down so it means they are going to close so the 00:37:20
production is going to decrease really fast you see not all the countries are 00:37:24
going to be affected the same way depending on the importance of the 00:37:31
industrial production in the economy of each country for example the US is 00:37:39
controlling or is producing almost 50% of industrial products in the world so 00:37:44
that's why his production is going to decrease that much France is going to 00:37:51
have a huge decrease and also Germany and also Great Britain so this is 00:37:57
because these are for industrial powers and they are having a high industrial 00:38:03
production for example the US is 44.8 percent France is 7 percent Germany 11.5 00:38:10
United Kingdom 9.2 and these countries the rest so it means that almost 75 00:38:20
5% of the industrial production was in 1928 in hands of the US, Germany, the UK and France. 00:38:28
So this crisis in 1929 is going to affect basically or the most important countries 00:38:40
affected by this crisis is going to be these four countries. 00:38:46
So the production is going to decrease a lot, the unemployment is going to increase a lot, 00:38:52
the salaries are going to decrease, the companies are going to close or shut down, so this crisis 00:38:59
that started in the US thanks to the credits that the US banks gave to these countries 00:39:05
are going to affect to these countries, we will see later on. 00:39:13
So keep in mind the picture of the schematic explanation from the last slide. 00:39:18
So European and now overseas countries produce manufactures, what I said, the colonies are 00:39:28
producing manufactured products and also the Europeans. 00:39:33
So there is an overproduction in agriculture and industrial areas. 00:39:35
Also what we have is a society based on mass consumption. 00:39:42
population is going to start buying new products like for example the cars if you set in 1908 00:39:46
the number of cars is going to be really really small and is going to increase and if you check 00:39:54
from 1923 to 1927 is going to increase a lot okay this is the roaring 20s vale los felices años 20. 00:40:01
how the population or how the population could afford could buy all these cars you could say 00:40:10
okay if the the salaries are increasing during 20s but not that much how can they afford how 00:40:17
can they pay for these cars easy i'm going to ask for a credit to the bank 00:40:23
i cannot pay for the car i cannot pay to this uh to this company that's selling 00:40:29
that is sending the cars so this company is going to have problems and it's going 00:40:39
to go bankrupt too okay you understand what is the problem of the crisis and 00:40:44
what is the problem the interrelation between the different factors in this 00:40:49
crisis everything is connected and everything is going to affect everyone 00:40:53
okay so what we have is a society based on 00:40:58
mass consumption we have overproduction in these two economic areas of course 00:41:03
these new products are going to increase the living conditions to have remember 00:41:10
from the from the last epigraph they are going to buy radios they are going to 00:41:14
buy refrigerators they are going to buy cars etc so different stuffs that they 00:41:18
are going to make the American way of life remember that they are going to 00:41:24
increase their living conditions thanks to that finally but it was easy to 00:41:28
obtain credits what I said okay the interest were low so you get the credit 00:41:34
so you can buy the car or the the the peasant can buy the machines to the 00:41:38
industrial the industrial companies in order to increase the production also 00:41:46
the industrial the industrial companies are going to get credits in order to 00:41:53
increase the production to sell to the to the peasants or yeah to sell to the 00:41:59
peasants or other companies etc so these are the four main characteristics of 00:42:05
these rolling twenties related with economy overpopulation related with 00:42:11
agriculture relate overpopulation related with industry a mass consumption 00:42:16
because everyone can wants to buy new products and they can because it's easy 00:42:21
to obtain credits so the production is going to increase but the consumption is 00:42:27
going to decrease okay remember we were seeing or we were talking about asking 00:42:35
for new credits the different companies because the consumption is decreasing so 00:42:42
what they want is the profit to be as simple to have the same or to be equal at least the profit and 00:42:48
the investment, that is, these credits will be used to increase agricultural production and 00:42:54
industrial production also to buy certain products for people who do not have so much 00:43:02
money, but remember that production will increase but consumption will end up decreasing 00:43:07
because there are not so many people who can buy so many products and many companies to solve 00:43:14
that deficit problem of that money that they are losing because they are not selling so much what 00:43:21
they do is ask for more credits therefore the bubble grows because you are putting money in something 00:43:25
that is not going to produce or that is not going to sell it that is not going to get the 00:43:31
sufficient benefit as to return the credit therefore the bubble is created so this is the economic situation 00:43:36
before the crisis remember we are going to increase the production but the prices are going to decrease 00:43:42
but the problem is the companies are going to still making profit how they are going to make 00:43:49
profit como van a conseguir más beneficios pues pidiendo más créditos que lo que hacen es pagar 00:43:56
el que esto los costes de producción lo que se estaba diciendo es decir yo invierto un dinero 00:44:01
para obtener un beneficio vendiendo si no vendo tanto y el beneficio es menor que la inversión 00:44:08
should close the company, it is not profitable but I decide to take another loan because the bank 00:44:13
gives loans very easily and I put it so that to solve this deficit these production costs 00:44:19
that are coming out to me more expensive is worth because because I am selling little is worth all this 00:44:26
that goes to how it will be able to maintain because banks give easy and cheap money that 00:44:33
means cheap that when they lend the money they are not going to ask for 20% interest that is to say 00:44:40
it is not that they return the amount that has been given and 20% more but that they have to return the 00:44:45
money they have lent and maybe 2% which is very little therefore the benefit can be very 00:44:49
high for the company ok so it was easy to obtain the credit because of this so this is one of the 00:44:56
characteristics of the production is going to increase but the consensus is going to decrease 00:45:03
is going to decrease the salary, so they are going to obtain more credits in order to try to 00:45:07
change the situation. The companies, they are going to still make profit because they are using 00:45:11
these credits in order to pay the production costs. And this is possible because the banks 00:45:18
are giving money easy and cheap. So this is the situation before the crisis. You understand that 00:45:25
the crisis is going to happen because the banks are giving a lot of money. There are companies 00:45:31
that they are paying the production cost with credits and they are not making the real profit 00:45:36
so that they cannot give back these credits to the banks so that the banks are going to lose 00:45:43
the money and they are going to shut down they are going to close because they are they are going to 00:45:49
lose all the money so this is what is going to happen oh sorry finally remember that they are 00:45:54
going to give credits what I said also to the farmers in order to buy for 00:46:00
example new machines to produce more okay so this is the real situation so 00:46:07
this is the crisis the crisis has started the October 24 1929 the Black 00:46:15
Thursday okay so the idea is many shareholders 00:46:19
created actionistas knew that the prices of the shares acciones words much higher 00:46:24
than the real value what I said remember there is going to be a company the 00:46:29
photomaton company that is going to go into bankrupt thanks to that the 00:46:35
shareholders want to sell all the shares but not only the shares of the 00:46:40
photomaton company for different companies so that is going to make that 00:46:44
is going to make or that is going to set the crisis okay for the financial system 00:46:51
So, this is for example the production in this production industrial, this is what they 00:46:55
are producing the companies, this is the value of the shares, if you check in the beginning 00:47:04
the value of the shares and the production is more or less the same, but in a specific 00:47:13
moment at the end of 1927 the price of the shares is going to increase while the production 00:47:16
is going to keep more or less steady and in a specific moment in 1929 October is going 00:47:26
to reach its peaks and the price of the shares are going to decrease really fast because 00:47:32
everyone wants to sell these shares, that is, here you have the production, here you have the 00:47:41
shares, the price of the shares, you see how at first they remain more or 00:47:51
less balanced but from the middle of the 27 they begin to be the prices of the 00:47:55
shares do not correspond to the production but are oversized, they are worth 00:48:00
more than they should and in 29 when that company breaks down it is discovered that the 00:48:06
actions are worth more than they should for production so that a 00:48:10
brutal drop in the stock market and from there the crisis all this money does not exist 00:48:16
therefore the banks do not have that money stop giving credit companies with no credit 00:48:24
cannot survive unemployment that is, dismissals, low wages, low production and 00:48:28
universal or global crisis because the United States the American banks had lent 00:48:34
to European banks to rebuild itself after the First World War. 00:48:39
of the search are higher than their value the real value the problem is the 00:49:10
Photoshop company is going to go into it's going to go bankrupt so mistrust 00:49:14
mistrust it means a love this coffee answer spread among the investors okay 00:49:20
so these investors these shareholders want to sell all the shares they have so 00:49:26
that's the problem well this is photo Photoshop the photo the photomaton 00:49:33
machine okay so the company that created this type of machines is going to go 00:49:37
into bankrupt so the problem is the shareholder showed the American 00:49:44
financial system was weak it means that they knew this real this was real but 00:49:50
they are going to suffer it in this moment so what they are going to say is 00:49:55
I want to sell all of the shares at the same time if everyone wants to sell 00:50:00
they serves at the same time okay no one wants to buy so they the value of the shares in valor de 00:50:06
las de las cosas en castellano de las acciones bajar muy rapido y de manera brutal ok so this 00:50:14
is for example the value of the shares in valor de las acciones you see 1925 start to increase 00:50:25
1926 increase increase increase increase increase until 1929 and then with this crisis 00:50:32
sharpen decrease is going to increase a little again but it's going to decrease and decrease 00:50:41
and decrease and there is no stop okay so the crisis of 1929 is going to provoke this 00:50:47
decrease in the value of the shares of the companies is going to lead to unemployment 00:50:54
and it's going to lead to the diminish of trade and production the wall street stock market crash 00:51:01
so this is the crash of the wall street stock market la bolsa stock market means bolsa so the 00:51:10
wall street stock market crash quiere decir no pueden ya vender comprar se acabó o sea 00:51:18
Prices have fallen to such a level that they are worthless 00:51:24
nothing because everyone wants to sell so the companies are going to go into bankrupt and the 00:51:54
banks are going to close so as a result the different banks started to close what i said 00:52:01
the thing is the population is going to get in panic okay and they want their money back imagine 00:52:06
now okay imagine we want to go all together to the banks to get our money back the bank has not 00:52:12
all the money in the in the building so they cannot give you all that money if you add to this 00:52:19
that these banks could not collect the loans it means no podían recuperar su dinero de los 00:52:27
créditos they could not give back the money to the citizens so this is going to be a domino effect 00:52:33
que quiere decir el banco no recupera su dinero de los créditos y el banco no tiene entonces 00:52:41
enough money to return the money to the citizens the citizens in panic when they see that all 00:52:47
the companies fall and that they are fired they decide to take all their money from the banks what happens 00:52:53
the bank does not have the money it cannot be given therefore the bank closes the bank is going to 00:53:00
shut down that a bank closes will have a domino effect because it does not give credit when it does not give credit 00:53:05
cierran las empresas las empresas cierran piden todos los trabajadores en los distintos bancos 00:53:12
el dinero los distintos bancos que no pueden recolectar los los los los estos los los 00:53:18
créditos y no tiene el dinero no se lo pueden dar los trabajadores por tanto tampoco dan créditos 00:53:24
las empresas afectadas a esos otros bancos tampoco pueden sobrevivir y tienen que cerrar etcétera 00:53:29
so to try to increase the cash flow it means to try to avoid not to be able to try to get 00:53:34
have money that is to say cash have metal money inside the metal in the bank and not 00:53:42
to increase cash flow they stop giving credits that banks say ok ok ok let's see the citizens 00:53:48
they ask us for the money we cannot collect these credits the only way to stop having money 00:53:54
el banco es parar vale parar de dar créditos pero cuando paras de dar créditos que ocurre 00:54:01
the unemployment is going to start to increase why because the companies without the credit 00:54:09
cannot survive vale let's see the u.s unemployment is going to increase from 1929 00:54:14
till 1932 and then it's going to reach the 25 unemployment in 1933 okay 00:54:20
in the uk from 1929 till 1933 again is going to increase it's not going to be that hard it's going 00:54:27
to be the 15 percent of the population but it's a high level imagine germany 1929 is going to 00:54:37
increase till 1933 with more than the 30 percent of the of the population unemployed okay this is 00:54:44
moment 1933 when hitler is going to reach power for tanto hay una relación clara entre el desempleo 00:54:54
33 desempleo en 1933 y la llegada de hitler al poder and in austria the unemployment is going 00:55:02
to be over the 16 percent in 1933 but you see if from 1929 is going to increase increase increase 00:55:12
increase for years and years and years and years okay and it's going to start 00:55:19
to decrease by 1938 okay so the consumption is going to decrease of 00:55:25
course if you are unemployed you have no salary you are not going to consume okay 00:55:34
so the companies that they can they cannot sell they are going to start 00:55:39
shutting down so that unemployment is going to increase so everything is 00:55:43
related finally as the USA helped Europe with credits after the First World War 00:55:48
this crisis started in the US in New York okay is going to spread all over 00:55:55
the world so you these banks in the US that give money to these European 00:56:02
countries and these European countries that they are going to give money to 00:56:10
to their colonies so the crisis started in the u.s but is going to spread to latin america is going 00:56:13
to spread to europe africa and part of asia to the colonies what does it mean the united states 00:56:20
had lent money to germany france great britain great britain and france have also lent 00:56:27
money you see that great britain has lent money to all those who are in green france to all those 00:56:31
The idea is the US is giving money or giving loans to all these countries and finally thanks 00:56:36
to this crisis started in the US is going to spread to the European countries and from 00:56:55
European countries to the colonies and from the US to the Latin American countries. 00:57:01
So the crisis is going to spread all over the world. In 2008 and 2008 happened more or less the 00:57:07
same. A company went into bankrupt because they were giving the credits really easy and thanks to 00:57:14
this interrelation in the economy the crisis is going to start in the US but it's going to spread 00:57:23
all over the world, ¿vale? En 2008 es lo mismo. Lo que pasa es que en vez de ser una empresa de 00:57:30
fotomatón son hipotecas, hipotecas para comprar casas. La empresa quiebra y ese dinero desaparece 00:57:35
y a partir de ahí efecto dominó con el resto del mundo. For example, these are the investments of 00:57:41
the USA in the different countries in 1929. 5.3 billions of dollars invested in Latin America, 00:57:51
5 billions in Europe, 3 billions in Canada or 2 billions in other countries 00:58:00
So all these countries are going to lose all this money 00:58:05
Because the US is stopping giving credits 00:58:09
So everything is related 00:58:13
When the crisis starts in the US is going to affect Latin America, Europe, Canada and other countries 00:58:17
So let's see the consequences of the crash 00:58:22
The most difficult moment during the crisis was this year 00:58:28
1929 till 1932, these are the most difficult moments of this crash, ok? 00:58:32
So the problem is, of course the prices are going to decrease, because the production 00:58:40
is going to decrease, ok? 00:58:43
So let's understand how this is going to work, ok? 00:58:45
Remember we have a huge production, but the prices are going to decrease, so due to the 00:58:49
crisis this is going to be even worse. 00:58:54
So this is the situation. 00:58:58
The farmers are earning less money, remember, they have produced a lot, but they are selling 00:59:00
with low prices, so the farmers are earning less money, so they could not buy more machines 00:59:06
in order to produce more. 00:59:14
Ok, remember, they have produced a lot and the prices have decreased a lot too, so they 00:59:16
They are going to stop earning money, they are going to stop buying more machines to 00:59:23
the industries, so the industrial production is going to decrease. 00:59:33
So the farmers earn less, so that they are not going to buy more machines, so if they 00:59:38
do not buy more machines, the industrial factories are going to get affected, so the production 00:59:42
is going to decrease. 00:59:47
If the production decreases, unemployment is going to increase, because you do not need 00:59:48
that much employees if you are producing less. 00:59:53
So if the unemployment increases, it means that these people have no money to buy enough 00:59:58
food, so the agricultural production is going to decrease and the prices are going to be 01:00:04
even lower, so that the farmers are earning less, and so on. 01:00:13
This is a circle. 01:00:18
You see the circle? 01:00:20
So the farmers earn less because the prices are really low in comparison with the production. 01:00:21
So they could not buy more machines. 01:00:28
As a result, the industrial production is going to decrease so that they do not need 01:00:30
that much employees to produce. 01:00:34
So unemployment is going to increase. 01:00:36
And after that, this is going to affect the agricultural production. 01:00:38
Why? 01:00:43
Because the people with no money, with no salary, they have no job, they cannot buy 01:00:44
agricultural products, or not in that much agricultural products. 01:00:50
As a result, the farmers are going to sell even less so that they are going to earn less. 01:00:56
You see the crisis, you see how everything is related? 01:01:03
So the production, as I said, is going to decrease, the salaries of course are going 01:01:07
to decrease, if the production is lower, the profit is going to be lower, so the salaries 01:01:11
are going to be lower, and also unemployment is going to increase, because if the production 01:01:17
decreases, we can pay less salaries and we are not going to need that much employees. 01:01:23
Remember, unemployment is going to increase fast, from 1929 till 1933, in case of the 01:01:30
US, also in case of the UK, 32 in this case, and Germany, that if you see with Hitler in 01:01:39
power he is going to get unemployment to decrease steadily, this is before the war 1938, and 01:01:52
of course the same with Austria. 01:02:01
The world trade of course is going to decrease, if we are producing less we are not going 01:02:05
to sell that much so the trade is going to decrease what is the problem the different 01:02:10
countries are going to take two main measures to related with trade okay the first one is i want 01:02:15
to sell more and buy less what does it mean i'm going to increase the exports and decrease the 01:02:24
imports because because i know that if i increase the exports that is to say what i sell and 01:02:32
disminuyó lo que compro las importaciones obtengo un mayor beneficio por tanto los países lo que 01:02:37
tratan es de aumentar su beneficio vendiendo más y comprando menos cuál es la consecuencia si todos 01:02:44
los países quieren vender y ninguno comprar la crisis se duplica y se duplica a nivel de comercio 01:02:51
vale porque todos quieren vender y nadie comprar so what they are going to do in order to make 01:02:58
it is possible they are going to carry out protectionist policies what case on political 01:03:06
protectionistas it means for example imagine you are controlling spain and you want to foster 01:03:13
to encourage no animar the population to buy spanish products imagine we have uh i don't know 01:03:20
Imagine Cristina has a car company and she is selling the cars for 2000 euros, but if 01:03:28
you buy a car to the UK you are paying 1000 euros, so of course if you are the consumer 01:03:41
you are going to buy to the UK instead of buying to the Spanish product. 01:03:47
So what they are going to establish is protectionist policies, that means I am going to establish 01:03:51
a specific tax in order to make the international products, in this case the British cars, to 01:03:56
be more expensive than the Spanish products. 01:04:09
For example, imagine this case, Cristina is selling the cars in Spain for 2000 euros and 01:04:13
the UK 1000 euros, so the government is going to say ok, all the British cars that they 01:04:20
are going to get into Spain they need to pay a tax of 1,100 euros so that if you want to buy 01:04:24
if you buy a car from the UK you need to pay 2,100 euros so this car the British car is going 01:04:31
to be more expensive than the Spanish one so you are going to buy the Spanish one so this is one 01:04:40
way in order to avoid importations and increase and try to increase the exportations. 01:04:46
You are going to try to sell your products outside and you are going to try to stop the 01:04:59
population to buy these products outside, that is, you try to increase the exportation 01:05:03
The problem is that this is not going to work, because everyone wants to do the same, so 01:05:10
if all the countries want to do the same, it is not possible that these policies are 01:05:24
going to work. 01:05:29
So for example, these are the billion dollars of trade. 01:05:32
In 1929 is almost 70 billion dollars, it means the different transactions in the world are 01:05:36
producing this much money, but after the crisis is going to decrease, decrease, decrease, 01:05:43
decrease, decrease, decrease, why? 01:05:48
Production is decreasing, the different countries are carrying out these protectionist policies, 01:05:51
the salaries are decreasing, etc. 01:05:57
So these are the main consequences, ok? 01:06:02
The prices are going to decrease due to these relations, the production is going to decrease, 01:06:05
the salary is going to decrease, the trade is going to decrease and the unique thing 01:06:10
that is going to increase is going to be unemployment. 01:06:15
So this is the last slide, is how to fight against this crisis and this is called the 01:06:22
new deal, el nuevo contrato. 01:06:28
So what they are going to do, do you think they are going to let them, the different 01:06:32
the different companies to buy and 01:06:36
Autor/es:
Rubén Peinado González
Subido por:
Ruben P.
Licencia:
Dominio público
Visualizaciones:
107
Fecha:
22 de marzo de 2020 - 19:19
Visibilidad:
Público
Centro:
IES ANTARES
Duración:
1h′ 06′ 40″
Relación de aspecto:
1.78:1
Resolución:
1280x720 píxeles
Tamaño:
302.29 MBytes

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