István Bethlen resigns as Prime Minister
After a period of recovery, Hungary’s economy was destroyed by world-wide economic depression. Suffering massive decline, the nation’s agricultural production plummeted as no buyers remained for its goods. As industry declined, the crisis reached Hungary’s financial sector, rendering the government insolvent. Except for the upper classes, all of Hungarian society suffered the depression’s negative effects. While radical political movements gained momentum, the Bethlen government collapsed.