Historian Philipp Ruch argues that the 1929 Wall Street crash cannot fully explain the Nazi party's success in the 1930 Reichstag election, as its full impact in Germany was not felt until July 1931. Ruch also suggests that in areas with high unemployment, the Nazi party performed relatively poorly, potentially contributing to "anti-fascist resilience."
However, John Plowright contends that this perspective may overlook how Germans at the time viewed rising unemployment. He states that it was seen as evidence of the governing coalition's economic mismanagement and as a catalyst for the growth of the Communist Party of Germany (KPD).
Plowright adds that the Nazi party was perceived as the only force capable of stopping the communists from seizing power, with its growth paralleling that of the KPD.