The implication of the economic crisis:

(i)The economic crisis created deep anxieties and fears in people. The middle classes, especially salaried employees and pensioners, saw their savings diminish when the currency lost its value.

(ii)Small businessmen, the self-employed and retailers suffered as their businesses got ruined.

(iii)These sections of society were filled with the fear of proletarianisation, an anxiety of being reduced to the ranks of the working class, or worse still, the unemployed.

(iv)Only organised workers could manage to keep their heads above water, but unemployment weakened their bargaining power. Big business was in crisis.

(v)The large mass of peasantry was affected by a sharp fall in agricultural prices and women, unable to fill their children’s stomachs, were filled with a sense of deep despair.