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Timeline: 1921 to 1930
1921 Russia's Marxist government signs trade agreements with Britain, Germany, Norway and Austria. Membership in the Communist Party reaches 730,000, tripling what it was in 1919. Famine spreads in the Volga region and is to last into the next year.

1921 South Africa's white government creates the Natives Land Act, preventing blacks from holding land except in specially designated reserves.

1921 Britain gives Ireland dominion status, except for six counties in the north which remain within the United Kingdom. And Britain gives Egypt independence, except for the Suez Canal, which Britain continues to control.

1922 The British in India arrest Gandhi and sentence him to six years in prison.

1922 The British in Kenya arrest the leader of the East African Association, Harry Thuku.

1922 With tanks and aerial bombardment, Italian forces move deeper into Libya's interior, beginning an eight-year war.

1922 In Italy, Mussolini seeks respectability and entry into parliamentary politics, disturbing many in his movement who dislike politicians. King Victor Emmanuel appoints him prime minister. Mussolini forms a cabinet of fascists and nationalists, and he is granted "temporary" dictatorial powers.
1922 The hormone insulin is discovered and used to treat diabetes.

1922 In Japan, a communist party is formed.

1922 Harvard University's president, A.L. Lowell, advocates restricting Jewish applicants to his university. The Chamber of Commerce in Sharon Connecticut urges owners not to sell to Jews.

1923 In Massachusetts the homicide rate is eleven times that of Scotland's. An African-American show called "Runin' Wild" introduces the Charleston, a dance seen by whites as cheerfully impudent. In North Dakota a law is passed making dancing illegal on the Sunday.

1923 In Southwest Africa, now under a League of Nations mandate, the Khoikhoi (Hottentot) and Herero peoples rebel against white South Africa's domination. South Africa attacks them with airpower.

1923 Inflation makes Germany's money almost useless. Adolf Hitler and former general Ludendorff seize Munich's city government. Their coup is crushed by the military. Four policemen and fourteen of Hitler's supporters - mostly youths - die. Hitler promised to shoot himself if his coup failed, but he reconsiders. Ludendorff and Hitler - war veterans - are released. Hitler, who is less a national hero than Ludendorff, is to stand trial.

1923 An earthquake strikes Tokyo. Around 106,000 persons die or disappear and 502,000 are injured. Hordes of people, made homeless by the quake and fires, roam the city. They were without food and water. They include the city's Koreans. Pacts of Japanese attack and murder the Koreans - men, women and children - wherever they can find them. Police round up labor leaders, socialists, communists and anarchists.

1923 U.S. President Warren Harding commutes the ten-year prison sentence of the socialist and former presidential candidate Eugene Debs, who has been in prison for the last four years for an anti-war speech he had made in 1918. Harding disturbs some anti-Communists by inviting Debs to the White House, where he shakes Debs' hand and says that he had always wanted to meet him.

1923 The Soviet Union becomes a formal entity - the Union of Soviet Socialist Republics. Since '22, Lenin has been incapacitated by a stroke.

1924 Lenin dies. The Soviet government is dominated by the Communist Party, and in theory the ultimate power within the Communist Party is the Party Congress, a large body that selects the Central Committee, which selects members of the Party's top body, the Politburo. The most influential member of the Politburo is Joseph Stalin, who barely manages to hang-on against rumors of conflict with Lenin.

1924 The first winter Olympics are held in Chamonix, France.

1924 Ho Chi Minh, a member of France's Communist Party, travels from Moscow to Canton (Quangjour), where he becomes an assistant to Maichel Borodin, the Soviet Union's advisor to Sun Yat-sen. From Canton, Ho begins directing rebel activities in his native Vietnam, still ruled by the French.

1924 The British release Gandhi from prison.

1924 Hitler is released from prison after 8 1/2 months of comfort and book writing. He has made a name for himself.

1924 The United States ends its eight-year occupation of the Dominican Republic.

1924 France begins its withdrawal from Germany's Ruhr and returning to Germany its normal communications and transport connections. In elections, Communist seats drop from 65 to 45. The National Socialist (Nazi) Party drops from 32 seats to 14. The winners are the rightist Nationalist Party, with the largest representation in parliament.

1924 New law in the United States effectively ends Asian immigration to the United States. Japan declares May 26, the effective date of the legislation, a day of national humiliation.

1925 Immigration to the United States from Italy drops to from 56,246 in 1924 to 6,203. Immigration from Britain is down from 59,490 in 1924 to 27,172.

1925 In Germany, President Ebert, a Social Democrat, dies. Germans elect a patriotic but mendacious 81 year-old wartime national hero, General Paul von Hindenburg.

1925 Gandhi retires from politics, quits the Congress Party and turns his attention to the evils of alcohol and other drugs. He hopes to transform the world through spiritual power.

1925 France begins building the Maginot Line, intended as a barrier against German aggression.

1925 Membership in the Ku Klux Klan is at an new high. Forty thousand of them and their supporters march in Washington, D.C.

1925 Sun Yat-sen, leader of China's nationalist Guomindang movement, dies. Guomingdang organizers, followed by its army, begin extending Guomindang authority northward.

1925 The Locarno Treaty attempts to normalize relations between World War I allies and Germany and to secure an understanding about political borders in Europe. Germany's Rhineland is to remain demilitarized. France agrees to be completely out of the Rhineland by the first weeks of 1926. The participants agree to respect existing borders and to cooperate against any aggressor so far as their geography and military capabilities allow. Germany is a participant. The Russians are not. They sense isolation and are hostile to the gathering.

1926 Germany joins the League of Nations.

1926 In Morocco, a rebellion led by Mohammed ben Abel Krim is crushed by French and Spanish forces.

1926 In South Africa, Prime Minister M.B. Herzog introduces the Mines and Works Amendment Act, which excludes blacks and Asians (people of Indian heritage) from all skilled and some semi-skilled mining jobs.

1926 Japan's Emperor Taisho dies. His son, Hirohito, 25, ascends the throne. He favors peace and cooperation with foreign powers. The political party in power, the Democratic (Minseito) Party, expresses agreement.

1927 In Japan, factories are closing. Falling silk and rice prices hurt Japanese farmers. Starvation becomes a real threat to millions of people in rural areas. Banks are closing. The government fears unrest and subversion and pursues a campaign against "dangerous thoughts." Communists are sent to prison and professors are dismissed from universities. More hope is placed in empire. Fears arise concerning events in China, and military expenditures are increased.

1927 The Guomindang's movement northward from Canton has been accompanied by a wave of strikes that bring production in China to a standstill, and peasant unrest has been encouraged, raising fears among landowners across China. Warlords have been going over to the side of the Guomindang's leader, Chiang Kai-sheck. Wealthy Chinese businessmen offer moderates within the Guomindang their support if they rid the Guomindang of its leftists. Chiang Kai-shek has developed a dislike for communists. His forces take control of Shanghai and turn against the Guomindang's communists and against labor unions.

1927 A book written by André Gide creates indignation in France regarding mistreatment of people in the Congo - blacks forced to work on the construction of 300 miles of railroad from Brazzaville to Pointe Noire that over a ten-year period killed nearly ten thousand.

1927 Bavaria lifts its ban against Hitler speaking. In his first speech, Hitler attacks agreements that Germany made at Locarno.

1927 The Jazz Age spreads to Germany. Many in Germany, including Hitler and some of his followers, express a puritanical contempt for the new hedonism.

1927 Joy erupts in response to the first non-stop solo transatlantic flight, from the U.S. to France, by Charles Lindbergh.

1927 The United States advocates discussions between the warring sides in Nicaragua's civil war between Liberals and Conservatives. The U.S. sends warships and Marines to establish order. A conference between the the Liberals and Conservatives produces a settlement. But a dissident general, Sandino, pursues guerrilla warfare, attacking the Marines at Ocotal, in the north about 70 miles from the Pacific Coast. The Marines responds with airpower.

1927 In the Chicago area, Al Capone controls gambling, prostitution, distilleries and has a large share in a cleaning and dyeing plant chain. His income is estimated at $105 million per year. The Supreme Court decides that illegal income can be taxed, a tool the U.S. starts to use to fight crime.

1927 Catholics - some of them priests - take up arms against anti-clerical provisions of Mexico's 1917 Constitution. Trains are blown up. Public schools are attacked and burned and teachers are killed. The government retaliates and tries to kill a priest for every murdered teacher. It's called the Cristero War.

1928 A Catholic partisan assassinates Mexico's president-elect Alvaro Obregon. The Cristero War is to last into 1929.

1928 France wants assurances of U.S. help should another war erupt in Europe. The U.S. Secretary of State, Frank B. Kellogg, wants to avoid U.S. involvement in another European War. He does this by turning an agreement with France into a grandiose renunciation of war. His Kellogg-Briand Pact is signed by sixty-three nations, including Italy, Germany and Japan.

1928 The economy in the Soviet Union has been part private enterprise, part state run and mismanaged. The country is suffering economically, and communists are searching for "saboteurs and wreckers." A trial begins against 53 engineers accused of sabotage. Communists are complaining and flinging accusations at each other while Stalin appears to be a reasonable and a symbol of unity. He wants to build socialism at home and good relations abroad rather than pursue revolution abroad. Stalin and the Politburo move the country to an all-out socialist economy. The first Five-Year Plan and collectivization of agriculture begins.

1928 Voting in Italy drops by two-thirds in the wake of new voting restrictions, including a prohibition on the vote of women.

1928 By June, Chiang Kai-shek's forces were in control in Beijing, in China's north. Chiang was the chairman of his political party, the Guomindang. He was the republican army's commander-in-chief, and in September 1928, his government's Organic Law gave him dictatorial powers, with the title of President.

1929 In Kenya missionaries have been critical of the Kikuyu custom of female circumcision. The Kikuyu claim that it was an essential part of their culture and accuse the missionaries were undermining their rights. many Kikuyu to break away from the Christian churches and mission schools. And in place of these, Kikuyu developed their own schools

1929 In the United States, investing in stocks has been encouraged by a rising stock market, which has created a lot of dreams of wealth and more investing. Investing has become a craze, too much of it on borrowed money. The reality of limitations is ignored. The smarter investors begin to withdraw from the market. More selling follows. The bubble bursts.

1929 A Scot, Alexander Fleming, discovers penicillin, an anti-biotic

1929 Edwin Hubble discovers that galaxies are moving away from each other.

1929 The Lateran Treaty restores Vatican City to the pope. The Roman Catholic Church is established as the state church, and it is assured substantial control over Italy's educational system.

1929 King Alexander proclaims a dictatorship and changes the name of his kingdom of Serbs, Croats, and Slovenes to Yugoslavia.

1929 Jews are accused of having seized Muslim holy places in Jerusalem. In Jerusalem enraged mobs attacked Jews and loot their homes. The attacks spread to other cities. A Jewish settlement of 700 people in Hebron comes to an end. The uprising helps convince Jews in Palestine of the need for a separate state.

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1929年10月24日，美国爆发了资本主义历史上最大的一次经济危机。一周之内，美国人在证券交易所内失去的财富达100亿美元，农场主为了销毁“过剩”的产品，把牛奶倒进密西西比河。当时纽约流行一首儿歌：

“梅隆拉响汽笛，胡佛敲起钟。华尔街发出信号，美国往地狱里冲！”

“疯狂的20年代”暗藏危机

1920年，资本主义世界爆发了第一次世界大战后首次经济危机。危机过后，美国经济在股票、债券等“经济泡沫”的影响下迅速增长，创造了资本主义经济史上的奇迹。从1923年直到1929年秋天，每年的生产率增长幅度达4％。与此同时，整个美国社会的价值观念都在发生变化。虽然清教徒传统的价值观念仍在农村中流行，但在城市中的主导道德观念却发生了巨大的变化。发财致富成了人们最大的梦想，投机活动备受青睐，有组织的犯罪活动以及享乐之风盛行。相当一部分人终日沉醉于物质享乐之中，而精神生活则体现出浮躁和粗鄙，以至于许多美国历史学家把这时的美国称为精神上的“饥饿时代”或“疯狂的20年代”。

上个世纪20年代的繁荣虽然造就了一个资本主义发展的黄金时期，但这一繁荣本身却潜伏着深刻的矛盾和危机。首先是美国农业长期处于不景气状态，农村购买力不足。1919年时农场主的收入占全部国民收入的16％，而在1929年只占全部国民收入的8.8％，农场主纷纷破产。此时农民的人均收入只有全国平均收入的1／3左右。

其次，是美国工业增长和社会财富的再分配极端不均衡。工业增长主要集中在一些新兴工业部门，而采矿、造船等老工业部门都开工不足，纺织、皮革等行业还出现了减产危机，大批工人因此而失业。这一时期兼并之风盛行，社会财富越来越集中在少数人手中。全美最大的16家财阀控制了整个国家国民生产总值的53％，全国1／3的国民收入被占人口5％的最富有者占有；另一方面，约60％的美国家庭的生活水平还挣扎在仅够温饱的每年2000美元水平上下，更为严重的是，有21％的家庭年收入不足1000美元。此外，国际收支中的潜在危机也加深了美国经济的潜在危机。美国日益增长的经济力同供应大大超过国内外有支付能力的需求。这一切都预示着一场大危机的到来。

1920年，民主党总统威尔逊离任。继威尔逊后的3届共和党总统哈定、柯立芝和胡佛先后执政。有美国史学家认为，“这3届政府在美国历史上构成了一个时代”，“在这短短10年中，政治生活中道德水平的低下达到无以复加的地步，再要低落就连负责公众利益的影子也说不上了。”

“美国往地狱里冲”

1929年上台的总统胡佛是一位靠个人奋斗起家的“美国英雄”。他在竞选演说中对人民许诺，“美国人家家锅里有两只鸡，家家有两辆汽车”。但由于胡佛在经济领域顽固奉行自由资本主义经典理论，在随后到来的经济危机中应对无力，从而使他的诺言成为一张永远无法兑付的空头支票。当年10月24日，一场经济危机风暴席卷美国。这次危机使生产下降的幅度之大，波及范围之广，失业率之高，持续时间之长，都是前所未有的。