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Encyclopedia > Great Depression

The Great Depression was a dramatic, worldwide economic downturn beginning in some countries as early as 1928. The beginning of the Great Depression in the United States is associated with the stock market crash on October 29, 1929, known as Black Tuesday. The depression had devastating effects in both the industrialized countries and those which exported raw materials. International trade declined sharply, as did personal incomes, tax revenues, prices and profits. Cities all around the world were hit hard, especially those dependent on heavy industry. Construction was virtually halted in many countries. Farming and rural areas suffered as crop prices fell by 40 to 60 percent.[1] Mining and logging areas had perhaps the most striking blow because the demand fell sharply and there were few employment alternatives. The Great Depression refers to: The Great Depression, a worldwide economic downturn, starting in 1929 and lasting through most of the 1930s. ... Crowd gathering on Wall Street. ... Crowd gathering on Wall Street. ... World map indicating Human Development Index (as of 2004). ... International trade is the exchange of goods and services across international boundaries or territories. ... Tax revenue is the income that is gained by governments because of taxation of the people. ... Throughout the industrial world, cities were hard hit by the Great Depression that began in 1929. ... Heavy industry does not have a single fixed meaning compared to light industry. ...


The Great Depression ended at different times in different countries; for subsequent history see Home front during World War II. The majority of countries set up relief programs, and most underwent some sort of political upheaval, pushing them to the left or right. Liberal democracy was weakened and on the defensive, as dictators such as Adolf Hitler, Joseph Stalin and Benito Mussolini made major gains, which helped set the stage for World War II in 1939. Publicity photo of American machine tool worker in Texas. ... Hitler redirects here. ... Josef Vissarionovich Dzhugashvili (Georgian: , Ioseb Besarionis Dze Jughashvili; Russian: , Iosif Vissarionovich Dzhugashvili) (December 18 [O.S. December 6] 1878[1] – March 5, 1953), better known by his adopted name, Joseph Stalin (alternatively transliterated Josef Stalin), was General Secretary of the Communist Party of the Soviet Unions Central Committee from... Benito Amilcare Andrea Mussolini (July 29, 1883 – April 28, 1945) was the prime minister of Italy from 1922 until 1943, when he was overthrown. ... Combatants Allied powers: China France Great Britain Soviet Union United States and others Axis powers: Germany Italy Japan and others Commanders Chiang Kai-shek Charles de Gaulle Winston Churchill Joseph Stalin Franklin Roosevelt Adolf Hitler Benito Mussolini Hideki Tōjō Casualties Military dead: 17,000,000 Civilian dead: 33,000... Year 1939 (MCMXXXIX) was a common year starting on Sunday (link will display the full calendar) of the Gregorian calendar. ...

Dorothea Lange's Migrant Mother depicts destitute pea pickers in California, centering on Florence Owens Thompson, a mother of seven children, age 32, in Nipomo, California, March 1936.
Dorothea Lange's Migrant Mother depicts destitute pea pickers in California, centering on Florence Owens Thompson, a mother of seven children, age 32, in Nipomo, California, March 1936.

Contents

Image File history File linksMetadata Download high-resolution version (6205x8066, 5528 KB) Image:Lange-MigrantMother. ... Image File history File linksMetadata Download high-resolution version (6205x8066, 5528 KB) Image:Lange-MigrantMother. ... Langes Migrant Mother, Florence Owens Thompson Langes photo of the Japanese Relocation Dorothea Lange (May 25, 1895 – October 11, 1965) was an influential American documentary photographer and photojournalist, best known for her Depression-era work for the Farm Security Administration (FSA). ... Official language(s) English Capital Sacramento Largest city Los Angeles Largest metro area Greater Los Angeles Area  Ranked 3rd  - Total 158,302 sq mi (410,000 km²)  - Width 250 miles (400 km)  - Length 770 miles (1,240 km)  - % water 4. ... Florence Owens Thompson (September 1, 1903 - September 16, 1983), born Florence Leona Christie, is famous for being the subject of Dorothea Langes photo Migrant Mother (1936), an iconic image of the Great Depression. ... Capt. ...

Lurching downward

The Great Depression was not a sudden total collapse. The stock market turned upward in early 1930, returning to early 1929 levels by April, though still almost 30 percent below of peak in September 1929.[2] Together government and business actually spent more in the first half of 1930 than in the corresponding period of the previous year. But consumers, many of whom had suffered severe losses in the stock market the prior year, cut back their expenditures by ten percent, and a severe drought ravaged the agricultural heartland of the USA beginning in the summer of 1930.


In the spring of 1930, credit was ample and available at low rates, but people were reluctant to add new debt by borrowing. By May 1930, auto sales had declined to below the levels of 1928. Prices in general began to decline, but wages held steady in 1930, then began to drop in 1931. Conditions were worst in farming areas where commodity prices plunged, and in mining and logging areas where unemployment was high and there were few other jobs. The decline in the American economy was the motor that pulled down most other countries at first, then internal weaknesses or strengths in each country made conditions worse or better. By late in 1930, a steady decline set in which reached bottom by March 1933. Year 1930 (MCMXXX) was a common year starting on Wednesday (link will display 1930 calendar) of the Gregorian calendar. ... The United States has the worlds largest gross domestic product (GDP), $13. ... 1933 (MCMXXXIII) was a common year starting on Sunday. ...


Causes

Business cycles are thought to be a normal part of living in a world of inexact balances between supply and demand. What turns a usually mild and short recession or "ordinary" business cycle into a great depression is a subject of debate and concern. Scholars have not agreed on the exact causes and their relative importance. The search for causes is closely connected to the question of how to avoid a future depression, and so the political and policy viewpoints of scholars are mixed into the analysis of historic events eight decades ago. The even larger question is whether it was largely a failure on the part of free markets or largely a failure on the part of governments to prevent widespread bank failures and the resulting panics and reduction in the money supply. Those who believe in a large role for governments in the economy believe it was mostly a failure of the free markets and those who believe in free markets believe it was mostly a failure of government that exacerbated the problem. The Great Depression was the worldwide economic downturn that began in 1929 and ended at different points in the 1930s. ... A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy...


Current theories may be broadly classified into three main points of view. First, there is orthodox classical economics: monetarist, Austrian Economics and neoclassical economic theory, all which focus on the macroeconomic effects of money supply and the supply of gold which backed many currencies before the Great Depression, including production and consumption. Classical economics is widely regarded as the first modern school of economic thought. ... Monetarism is a set of views concerning the determination of national income and monetary economics. ... The Austrian School is a school of economic thought which rejects opposing economists reliance on methods used in natural science for the study of human action, and instead bases its formalism of economics on relationships through logic or introspection called praxeology. ... Neoclassical economics refers to a general approach (a metatheory) to economics based on supply and demand which depends on individuals (or any economic agent) operating rationally, each seeking to maximize their individual utility or profit by making choices based on available information. ... Macroeconomics is the study of the entire economy in terms of the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the general behavior of prices. ... This article or section does not cite any references or sources. ... In economics, consumption refers to the final use of goods and services to provide utility. ...

Chart 1: USA GDP annual pattern and long-term trend, 1920-40, in billions of constant dollars[3]

Second, there are structural theories, most importantly Keynesian, but also including those of institutional economics, that point to underconsumption and over investment (economic bubble), malfeasance by bankers and industrialists or incompetence by government officials. Another theory revolves around the surplus of products and the fact that many Americans were not purchasing but saving. The only consensus viewpoint is that there was a large scale lack of confidence. Unfortunately, once panic and deflation set in, many people believed they could make more money by keeping clear of the markets as prices got lower and lower and a given amount of money bought ever more goods. Third, there is the Marxist critique of political economy. This emphasises contradictions within capital itself (which is viewed as a social relation involving the appropriation of surplus value) as giving rise to an inherently unbalanced dynamic of accumulation resulting in an overaccumulation of capital, culminating in periodic crises of devaluation of capital. The origin of crisis is thus located firmly in the sphere of production, though economic crisis can be aggravated by problems of disproportionality between spheres of production and the underconsumption of the masses. Image File history File links No higher resolution available. ... Image File history File links No higher resolution available. ... This article includes a list of works cited or a list of external links, but its sources remain unclear because it lacks in-text citations. ... Institutional economics focuses on understanding the role of human-made institutions in shaping economic behavior. ... In underconsumption theory, recessions and stagnation arise due to inadequate consumer demand relative to the amount produced. ... Currier & Ives print on economic bubbles, 1875. ... The expressions misfeasance and nonfeasance, and occasionally malfeasance, are used in English law with reference to the discharge of public obligations existing by common law, custom or statute. ...


There were multiple causes for the first downturn in 1929, including the structural weaknesses and specific events that turned it into a major depression and the way in which the downturn spread from country to country. In terms of the 1929 small downturn, historians emphasise structural factors like massive bank failures and the stock market crash, while economists (such as Peter Temin and Barry Eichengreen) point to Britain's decision to return to the Gold Standard at pre-World War I parities (US$4.86:£1). Dr. Peter Temin (born 1937) is a widely cited economist and economic historian, currently Elisha Gray II Professor of Economics, MIT and former head of the Economics Department. ... Barry Eichengreen (born 1952)is an American economist who holds the title of George C. Pardee and Helen N. Pardee Professor of Economics at the University of California, Berkeley, where he has taught since 1987. ... The gold standard is a monetary system in which the standard economic unit of account is a fixed weight of gold. ...

US industrial production

Image File history File links No higher resolution available. ... Image File history File links No higher resolution available. ...

Debt

Macroeconomists, including the current chairman of the U.S. Federal Reserve Bank System Ben Bernanke, have revived the debt-deflation view of the Great Depression originated by Arthur Cecil Pigou and Irving Fisher. In the 1920s, in the U.S. the widespread use of purchases of businesses and factories on credit and the use of home mortgages and credit purchases of automobiles, furniture and even some stocks boosted spending but created consumer and commercial debt. People and businesses who were deeply in debt when a price deflation occurred or demand for their product decreased were often in serious trouble—even if they kept their jobs, they risked default. Many drastically cut current spending to keep up time payments, thus lowering demand for new products. Businesses began to fail as construction work and factory orders plunged. Macroeconomics is the study of the entire economy in terms of the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the general behavior of prices. ... Ben Shalom Bernanke[1] (born December 13, 1953) (pronounced ber-NAN-kee, bÉ™r-nan-kÄ“ or ), is an American economist and current Chairman of the Board of Governors of the United States Federal Reserve. ... Arthur Cecil Pigou (November 18, 1877 – March 7, 1959) was an English economist, known for his work in many fields and particularly in welfare economics. ... Irving Fisher (February 27, 1867 Saugerties, New York — April 29, 1947, New York) was an American economist, health campaigner, and eugenicist. ... Deflation occurs when prices deflate, i. ... This article does not cite any references or sources. ...


Massive layoffs occurred, resulting in unemployment rates of over 25%. Banks which had financed a lot of this debt began to fail as debtors defaulted on debt and bank depositors became worried about their deposits and began massive withdrawals. Government guarantees and Federal Reserve banking regulations to prevent these types of panics were ineffective or not used. Bank failures led to the evaporation of billions of dollars in assets. Up to 40% of the available money supply normally used for purchases and bank payments was destroyed by all these bank failures. Theatrical promotional poster depicting a bank run A bank run is a type of financial crisis. ...


Furthermore, the debt became heavier, because prices and incomes fell 20–50%, but the debts remained at the same dollar amount. After the panic of 1929, and during the first 10 months of 1930, 744 banks failed. In all, 9,000 banks failed during the decade of the 30s. By 1933, depositors saw $140 billion of their deposits disappear due to uninsured bank failures. [1] Bank failures snowballed as desperate bankers tried calling in loans which the borrowers did not have time or money to repay. With future profits looking poor, capital investment and construction slowed or completely ceased. In the face of bad loans and worsening future prospects, the surviving banks became even more conservative in their lending. [2] Banks built up their capital reserves, which intensified deflationary pressures. The vicious cycle developed and the downward spiral accelerated. This kind of self-aggravating process may have turned a 1930 recession into a 1933 great depression. Invest redirects here. ... In many parts of economics there is an assumption that a complex system of determinants will tend to lead to a state of equilibrium. ...


Trade Decline and the U.S. Smoot-Hawley Tariff Act

Many economists have argued that the sharp decline in international trade after 1930 helped to worsen the depression, especially for countries significantly dependent on foreign trade. Most historians and economists assign the American Smoot-Hawley Tariff Act of 1930 part of the blame for worsening the depression by seriously reducing international trade and causing retaliatory regulations in other countries. Foreign trade was a small part of overall economic activity in the United States and was concentrated in a few businesses like farming; it was a much larger factor in many other countries. [3] The average ad valorem rate of duties on dutiable imports for 1921–1925 was 25.9% but under the new tariff it jumped to 50% in 1931–1935. Representative W.C. Hawley, and Senator Reed Smoot shake hands in agreement on new tariff bill The Hawley-Smoot Tariff (or Smoot-Hawley Tariff Act)[1] was signed into law on June 17, 1930 and raised U.S. tariffs on over 20,000 imported goods to record levels, and, in... An Ad valorem tax is a tax based on the assessed value of real estate or personal property. ...


In dollar terms, American exports declined from about $5.2 billion in 1929 to $1.7 billion in 1933; but prices also fell, so the physical volume of exports only fell in half. Hardest hit were farm commodities such as wheat, cotton, tobacco, and lumber. According to this theory, the collapse of farm exports caused many American farmers to default on their loans leading to the bank runs on small rural banks that characterized the early years of the Great Depression.


U.S. Federal Reserve and money supply

Monetarists, including Milton Friedman and Benjamin Bernanke, argue that the Great Depression was caused by monetary contraction, which was the consequence of poor policy making by the American Federal Reserve System and continuous crisis in the banking system.[4] By not acting, the Federal Reserve allowed the money supply to shrink by one-third from 1930 to 1931. Friedman argued[5] the downward turn in the economy starting with the stock market crash would have been just another recession. The problem was that some large, public bank failures, particularly the Huntly New York Bank of the United States, produced panic and widespread runs on local banks, and that the Federal Reserve sat idly by while banks fell. He claimed if the Fed had provided emergency lending to these key banks, or simply bought government bonds on the open market to provide liquidity and increase the quantity of money after the key banks fell, all the rest of the banks would not have fallen after the large ones did and the money supply would not have fallen to the extent and at the speed that it did.[6] With significantly less money to go around, businessmen could not get new loans and could not even get their old loans renewed, forcing many to stop investing. This interpretation blames the Federal Reserve for inaction, especially the New York branch, which was owned and controlled by Wall Street bankers. The Federal Reserve, by design, is not controlled by the President or the U.S. Treasury; it is primarily controlled by member banks and the chairman of the Federal Reserve.[7] Monetarism is a set of views concerning the determination of national income and monetary economics. ... Milton Friedman (July 31, 1912 – November 16, 2006) was a prominent American economist and public intellectual. ... Ben Bernanke Ben Shalom Bernanke (born December 13, 1953) is the Chairman of the U.S. Presidents Council of Economic Advisers (CEA) and the nominee to succeed Alan Greenspan as Chairman of the Board of Governors of the United States Federal Reserve. ... Contractionary monetary policy is monetary policy that seeks to reduce the size of the money supply. ... The Fed redirects here. ... The New York Bank of the United States was a bank in the Bronx, New York City, whose collapse is considered to be the first of many during the Great Depression. ... A government bond is a bond issued by a national government denominated in the countrys own currency. ... In economics, the open market is the term used to refer to the environment in which bonds are bought and sold. ... The Chairman of the Board of Governors of the United States Federal Reserve is the head of the central bank of the United States and one of the more important decision-makers in American economic policies. ...


Those who believe that the Great Depression could have been avoided if the Federal Reserve had acted are not aware of the fact that the Federal Reserve could not act.[citation needed] At that time the amount of credit that the Federal Reserve could issue was limited due to laws which required partial gold backing of that credit. By the late 1920's the Federal Reserve had almost hit the limit of allowable credit that could be backed by the gold in its possession. This credit was in the form of Federal Reserve demand notes. Since a "promise of gold" is not as good as "gold in the hand", during the bank panics a portion of those demand notes were redeemed for Federal Reserve gold. Since the Federal Reserve had hit its limit on allowable credit, any reduction in gold in its vaults had to be accompanied by a greater reduction in credit. Several years into the Great Depression the private ownership of gold was declared illegal and reduced the pressure on Federal Reserve gold.


Austrian School explanations

Another explanation comes from the Austrian School of economics. Austrian theorists who wrote about the Depression include Hayek and Murray Rothbard, who wrote "America's Great Depression" in 1963. In their view, the key cause of the Depression was the expansion of the money supply in the 1920s that lead to an unsustainable credit driven boom. In their view, the Federal Reserve, which was created in 1913, shoulders much of the blame. The Austrian School, also known as the Vienna School or the Psychological School, is a school of economic thought that advocates adherence to strict methodological individualism. ... Friedrich August von Hayek, CH (May 8, 1899 in Vienna – March 23, 1992 in Freiburg) was an Austrian-born British economist and political philosopher known for his defense of liberal democracy and free-market capitalism against socialist and collectivist thought in the mid-20th century. ... Murray Newton Rothbard (March 2, 1926 – January 7, 1995) was an influential American economist, historian and natural law theorist belonging to the Austrian School of Economics who helped define modern libertarianism. ... Cover of the Mises Institutes 2000 edition of Americas Great Depression. ...


One reason for the monetary inflation was to help Great Britain, which, in the 1920s, was struggling with its plans to return to the gold standard at pre-war (World War I) parity. Returning to the gold standard at this rate meant that the British economy was facing deflationary pressure.[8] According to Rothbard, the lack of price flexibility in Britain meant that unemployment shot up, and the American government was asked to help. The United States was receiving a net inflow of gold and inflated further in order to help Britain return to the gold standard. Montagu Norman, head of the Bank of England, had an especially good relationship with Benjamin Strong, the de facto head of the Federal Reserve. Norman pressured the heads of the central banks of France and Germany to inflate as well, but unlike Strong, they refused.[9] Rothbard says American inflation was meant to allow Britain to inflate as well, because under the gold standard, Britain could not inflate on its own. “The Great War ” redirects here. ...


In the Austrian view it was this inflation of the money supply that led to an unsustainable boom in both asset prices (stocks and bonds) and in capital goods. By the time the Fed belatedly tightened in 1928, it was far too late and, in the Austrian view, a depression was inevitable.


The artificial interference in the economy was a disaster prior to the Depression, and government efforts to prop up the economy after the crash of 1929 only made things worse. According to Rothbard, government intervention delayed the market’s adjustment and made the road to complete recovery more difficult.[10]


Furthermore, Rothbard criticizes Milton Friedman's assertion that the central bank failed to inflate the supply of money. Rothbard asserts that the Federal Reserve purchased $1.1 billion of government securities from February to July 1932 which raised its total holding to $1.8 billion. Total bank reserves only rose by $212 million, but Rothbard argues that this was because the American populace lost faith in the banking system and began hoarding more cash, a factor very much beyond the control of the Central Bank. The potential for a run on the banks caused local bankers to be more conservative in lending out their reserves, and, Rothbard argues, was the cause of the Federal Reserve's inability to inflate.[11]

Power farming displaces tenants from the land in the western dry cotton area. Childress County, Texas, 1938
Power farming displaces tenants from the land in the western dry cotton area. Childress County, Texas, 1938

Image File history File links Size of this preview: 800 × 577 pixelsFull resolution (802 × 578 pixel, file size: 130 KB, MIME type: image/jpeg) Date June 1938 Author Dorothea Lange, for the Farm Security Administration Permission File history Legend: (cur) = this is the current file, (del) = delete this old version... Image File history File links Size of this preview: 800 × 577 pixelsFull resolution (802 × 578 pixel, file size: 130 KB, MIME type: image/jpeg) Date June 1938 Author Dorothea Lange, for the Farm Security Administration Permission File history Legend: (cur) = this is the current file, (del) = delete this old version...

Business

Franklin D. Roosevelt, elected in 1932, primarily blamed the excesses of big business for causing an unstable bubble-like economy. Democrats believed the problem was that business had too much power, and the New Deal was intended as a remedy, by empowering labor unions and farmers and by raising taxes on corporate profits. Regulation of the economy was a favorite remedy. Some New Deal regulation (the NRA and AAA) was declared unconstitutional by the U.S. Supreme Court. Most New Deal regulations were abolished or scaled back in the 1970s and 1980s in a bipartisan wave of deregulation.[12] However the Securities and Exchange Commission, Federal Reserve, and Social Security won widespread support which continues to this day. FDR redirects here. ... The New Deal was the title President Franklin D. Roosevelt gave to the series of programs he initiated between 1933 and 1938 with the goal of providing relief, recovery, and reform (3 Rs) to the people and economy of the United States during the Great Depression. ... A trade union or labor union is a continuous association of wage-earners for the purpose of maintaining or improving the conditions of their employment. ... Federal courts Supreme Court Circuit Courts of Appeal District Courts Elections Presidential elections Midterm elections Political Parties Democratic Republican Third parties State & Local government Governors Legislatures (List) State Courts Local Government Other countries  Atlas  Politics Portal      The Supreme Court of the United States (sometimes colloquially referred to by the acronym... Deregulation is the process by which governments remove, reduce, or simplify restrictions on business and individuals in order to (in theory) encourage the efficient operation of markets. ... The Securities and Exchange Commission, commonly referred to as the SEC, is the United States governing body which has primary responsibility for overseeing the regulation of the securities industry. ... The Federal Reserve System is headquartered in the Eccles Building on Constitution Avenue in Washington, DC. The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States. ... Social security primarily refers to a field of social welfare service concerned with social protection, or protection against socially recognized conditions, including poverty, old age, disability, unemployment, families with children and others. ...


Government deficit spending

British economist John Maynard Keynes argued in General Theory of Employment Interest and Money that lower aggregate expenditures in the economy contributed to a massive decline in income and employment that was well below the average. In this situation, the economy might have reached a perfect balance, at a cost of high unemployment. Keynesian economists called for governments during times of economic crisis to pick up the slack by increasing government spending and/or cutting taxes. John Maynard Keynes, 1st Baron Keynes, CB (pronounced cains, IPA ) (5 June 1883 – 21 April 1946) was a British economist whose ideas, called Keynesian economics, had a major impact on modern economic and political theory as well as on many governments fiscal policies. ... The current version of the article or section reads like an advertisement. ... In economics, crisis is an old term in business cycle theory, referring to the sharp transition to a recession. ... Government spending or government expenditure consists of government purchases, which can be financed by seigniorage (the creation of money for government funding, at a heavy price of high inflation and other possibly devastating consequences), taxes, or government borrowing. ...


Massive increases in deficit spending, new banking regulation, and boosting farm prices did start turning the U.S. economy around in 1933, but it was a slow and painful process. The U.S. had not returned to 1929's GNP for over a decade and still had an unemployment rate of about 15% in 1940—down from 25% in 1932. The unemployment problem was not "solved" until the advent of World War II, when about 12 million men were drafted and taken out of the labor market. Multiple war good production programs reduced unemployment to under 2% and brought in millions of new workers to the labor markets. This article or section does not cite its references or sources. ... Bank regulations are a form of government regulation which subject banks to certain requirements, restrictions and guidelines, aiming to uphold the soundness and integrity of the financial system. ... Construction workers generally work long hours for their pay Labor economics seeks to understand the functioning of the market and dynamics for labor. ...


Literature

The U.S. Depression has been the subject of much writing, as the country has sought to reevaluate an era that dumped financial as well as emotional catastrophe on its people. Perhaps the most note-worthy and famous novel written on the subject is The Grapes of Wrath, published in 1939 and written by John Steinbeck, who was awarded the Pulitzer Prize for the novel and the Nobel Prize for literature for this work. The novel, which was later made into a movie, focuses on a poor family of sharecroppers who are forced from their home as drought, economic hardship, and changes in the agricultural industry occur during the Great Depression. Steinbeck's Of Mice and Men is another important novel about a journey during the Great Depression. This article is about the novel. ... John Ernst Steinbeck (February 27, 1902 – December 20, 1968) was one of the best-known and most widely read American writers of the 20th century. ... The Pulitzer Prize is an American award regarded as the highest national honor in print journalism, literary achievements, and musical composition. ... The Nobel Prizes (Swedish: ) are awarded for Physics, Chemistry, Literature, Peace, and Physiology or Medicine. ... Agriculture (encompasses farming, ranching, and the tending of orchards and vineyards) is the production of food, feed, fiber, fuel and other goods by the systematic raising of plants and animals. ... Of Mice and Men is a novella by John Steinbeck, first published in 1937, which tells the tragic story of George Milton and Lennie Small, two displaced Anglo migrant ranch workers in California during the Great Depression (1929-1941). ...


Effects

Australia

Australia's extreme dependence on agricultural and industrial exports meant it was one of the hardest-hit countries in the Western world, amongst the likes of Canada and Germany. Falling export demand and commodity prices placed massive downward pressures on wages. Further, unemployment reached a record high of 28% in 1932, with incidents of civil unrest becoming common. After 1932, an increase in wool and meat prices led to a gradual recovery. In 1931, over 1000 unemployed men marched from the Esplanade to the Treasury Building in Perth, Western Australia to see Premier Sir James Mitchell. ... The term Western world, the West or the Occident (Latin occidens -sunset, -west, as distinct from the Orient) [1] can have multiple meanings dependent on its context (e. ... This article does not cite any references or sources. ... Civil disorder is a broad term that is typically used by law enforcement to describe one or more forms of disturbance. ...


France

The Depression began to affect France from about 1931. Its relatively high degree of self-sufficiency meant it was damaged considerably less than nations like Germany. However hardship and unemployment were high enough to lead to rioting and the rise of the socialist Popular Front. The Great Depression affected France from around 1931 onwards. ... Socialism is a social and economic system (or the political philosophy advocating such a system) in which the economic means of production are owned and controlled collectively by the people. ... The Popular Front was an alliance of left-wing political parties (the Communists, the Socialists and the Radicals), which was in government in France from 1936 to 1938. ...


Germany

Germany's Weimar Republic was hit hard by the depression, as American loans to help rebuild the German economy now stopped. Unemployment soared, especially in larger cities, and the political system veered toward extremism. Hitler's Nazi Party came to power in January 1933. In 1934 the economy was still not balanced enough for Germany to work on its own. In 1935 Germany ran out of money completely primarily due to the reparations it was still paying to the victor countries of World War I. Anthem Das Lied der Deutschen Germany during the Weimar period, with the Free State of Prussia (in blue) as the largest state Capital Berlin Language(s) German Government Republic President  - 1918-1925 Friedrich Ebert  - 1925-1933 Paul von Hindenburg Chancellor  - 1919 Philipp Scheidemann(first)  - 1933 Kurt von Schleicher (last) Legislature... A political system is a system of politics and government. ... This article or section includes a list of works cited or a list of external links, but its sources remain unclear because it lacks in-text citations. ... Hitler redirects here. ... The National Socialist German Workers Party (German: , or NSDAP, commonly, the Nazi Party), was a political party in Germany between 1920 and 1945. ... “The Great War ” redirects here. ...


Latin America

Because of high levels of United States investment in Latin American economies, they were severely damaged by the Depression. Within the region, Chile, Bolivia and Peru were particularly badly affected. One result of the Depression in this area was the rise of fascist movements. There are very few or no other articles that link to this one. ... Fascism (in Italian, fascismo), capitalized, was the authoritarian political movement which ruled Italy from 1922 to 1943 under the leadership of Benito Mussolini. ...


Netherlands

From roughly 1931 until 1937, the Netherlands suffered a deep and exceptionally long depression. This depression was partly caused by the after-effects of the Stock Market Crash of 1929 in the United States, and partly by internal factors in the Netherlands. Government policy, especially the very late dropping of the Gold Standard, played a role in prolonging the depression. The Great Depression in the Netherlands led to some political instability and riots, and can be linked to the rise of the Dutch national-socialistic party NSB. The depression in the Netherlands lessened somewhat in force at the end of 1936, when the government finally dropped the Gold Standard, but real economic stability did not return until after World War II. The Great Depression was a period of severe economic crisis in the 1930s which affected countries around the world, including the Netherlands (Dutch: De Grote Depressie, de Crisisjaren, de Crisistijd). ... Crowd gathering on Wall Street. ... The gold standard is a monetary system in which the standard economic unit of account is a fixed weight of gold. ... The Nationaal-Socialistische Beweging (NSB, National Socialist Movement) was a Nazi political party in the Netherlands during the 1930s and during the German occupation in World War II, when it was the only allowed political party. ... The gold standard is a monetary system in which the standard economic unit of account is a fixed weight of gold. ... Combatants Allied powers: China France Great Britain Soviet Union United States and others Axis powers: Germany Italy Japan and others Commanders Chiang Kai-shek Charles de Gaulle Winston Churchill Joseph Stalin Franklin Roosevelt Adolf Hitler Benito Mussolini Hideki Tōjō Casualties Military dead: 17,000,000 Civilian dead: 33,000...


South Africa

The Great Depression had a pronounced economic and political effect on South Africa, as it did to most nations at the time. ...

United Kingdom

This article or section is in need of attention from an expert on the subject. ...

United States

The Great Depression was a decade of unemployment, low profits, low prices, high poverty and stagnant trade that affected the entire world in the 1930s. ...

Early response

Secretary of the Treasury Andrew Mellon advised President Hoover shock treatment would be the best response: "Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate.... That will purge the rottenness out of the system. High costs of living and high living will come down. People will work harder, live a more moral life. Values will be adjusted, and enterprising people will pick up the wrecks from less competent people."[13] Hoover rejected this advice, not believing government should directly aid the people, but insisted instead on "voluntary cooperation" between business and government. The United States Secretary of the Treasury is the finance minister of the Federal Government of the United States. ... Andrew William Mellon (March 24, 1855 — August 27, 1937) was an American banker, industrialist, philanthropist, art collector and Secretary of the Treasury from March 4, 1921 until February 12, 1932. ... Herbert Clark Hoover (August 10, 1874 – October 20, 1964), the thirty-first President of the United States (1929–1933), was a world-famous mining engineer and humanitarian administrator. ... In economics, shock therapy refers to the sudden release of price and currency controls, withdrawal of state subsidies, and immediate trade liberalization within a country. ... Real estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings. ...


The New Deal

Main article: New Deal

Shortly after President Roosevelt was inaugurated in 1933, drought and erosion combined to cause the Dust Bowl, shifting hundreds of thousands of displaced persons off of their farms in the midwest. From his inauguration onward, Roosevelt argued a restructuring of the economy would be needed to prevent another or avoid prolonging the current depression. New Deal programs sought to stimulate demand and provide work and relief for the impoverished through increased government spending, by: The New Deal was the title President Franklin D. Roosevelt gave to the series of programs he initiated between 1933 and 1938 with the goal of providing relief, recovery, and reform (3 Rs) to the people and economy of the United States during the Great Depression. ... This article does not adequately cite its references. ... A displaced person (sometimes abbreviated DP) is the general term for someone who has been forced to leave his or her native place, a phenomenon known as forced migration. ... The supply and demand model describes how prices vary as a result of a balance between product availability at each price (supply) and the desires of those with purchasing power at each price (demand). ...

  • Instituting regulations which ended what was called "cut-throat competition," which kept forcing down prices for everyone. (done by the NRA).
  • Setting minimum prices and wages and competitive conditions in all industries. (done by the NRA)
  • Encouraging unions that would raise wages, to increase the purchasing power of the working class. (done by the NRA)
  • Cutting farm production so as to raise prices and make it possible to earn a living in farming (done by the AAA and successor farm programs).
  • Forcing businesses to work with government to set price codes (done by the NRA).
  • Creating the NRA board to set labor codes and standards. (done by the NRA).

These reforms (together with relief and recovery measures) are called by historians the First New Deal. It was centered around the use of an alphabet soup of agencies set up in 1933 and 1934, along with the use of previous agencies such as the Reconstruction Finance Corporation, to regulate and stimulate the economy. By 1935, the "Second New Deal" added Social Security, a national relief agency (the Works Progress Administration, WPA) and, through the National Labor Relations Board, a strong stimulus to the growth of labor unions. Unemployment fell by two-thirds in Roosevelt's first term (from 25% to 9%, 1933 to 1937), but then remained stubbornly high until 1942. Elaborate marble facade of NYSE as seen from the intersection of Broad and Wall Streets For other uses, see Wall Street (disambiguation). ... Image:Thumbtack. ... The Securities Exchange Act of 1934 was a sweeping piece of legislation in the United States regulating the participants in the financial markets. ... The Securities and Exchange Commission, commonly referred to as the SEC, is the United States governing body which has primary responsibility for overseeing the regulation of the securities industry. ... This article does not cite any references or sources. ... The FDIC logo The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation created by the Glass-Steagall Act of 1933. ... The Glass-Steagal Act of 1933 separated commercial and merchant investment banking. ... NRA Blue Eagle poster. ... The minimum wage is the minimum rate a worker can legally be paid (usually per hour) as opposed to wages that are determined by the forces of supply and demand in a free market. ... In economics, purchasing power refers to the amount of goods and services a given amount of money -- or, more generally, liquid assets -- can buy. ... The term working class is used to denote a social class. ... The Agricultural Adjustment Act (or AAA) (Public law 73-10 of May 12, 1933) restricted production during the New Deal by paying farmers to reduce crop area. ... Wikiquote has a collection of quotations related to: New Deal The New Deal is the name given to the series of programs implemented 1933-37 under President Franklin D. Roosevelt with the goal of relief, recovery and reform of the United States economy during the Great Depression. ... A bowl of alphabet soup Alphabet soup is a kind of soup containing noodles shaped like the letters of the Latin alphabet. ... The Reconstruction Finance Corporation (RFC) was an independent agency of the United States government chartered during the administration of Herbert Hoover in 1932. ... Wikiquote has a collection of quotations related to: New Deal The New Deal is the name given to the series of programs implemented between 1933-37 under President Franklin D. Roosevelt with the goal of relief, recovery and reform of the United States economy during the Great Depression. ... Social Security in the United States is a social insurance program funded through dedicated payroll taxes called FICA (Federal Insurance Contributions Act). ... An aid agency is an organisation dedicated to distributing aid. ... WPA Graphic The Works Progress Administration (later Work Projects Administration, abbreviated WPA), was created on May 6, 1935 by Presidential order (Congress funded it annually but did not set it up). ... The National Labor Relations Board (NLRB) is an independent agency of the United States Government charged with conducting elections for union representation and with investigating and remedying unfair labor practices. ...


In 1929, federal expenditures constituted only 3% of the GDP. Between 1933 and 1939, they tripled, funded primarily by a growth in the national debt. The debt as proportion of GNP rose under Hoover from 20% to 40%. Roosevelt kept it at 40% until the war began, when it soared to 128%. After the Recession of 1937, conservatives were able to form a bipartisan conservative coalition to stop further expansion of the New Deal and, by 1943, had abolished all of the relief programs. The Recession of 1937 was a sharp economic downturn in the United States in 1937-38. ... The Conservative coalition was a coalition in American politics bringing together Republicans (most of whom were conservatives) and the minority of conservative Democrats, most of them from the South. ...


Recession of 1937

Main article: Recession of 1937

In 1937, the American economy took an unexpected nosedive, lasting through most of 1938. Production declined sharply, as did profits and employment. Unemployment jumped from 14.3% in 1937 to 19.0% in 1938. The Roosevelt administration reacted by launching a rhetorical campaign against monopoly power, which was cast as the cause of the depression, and appointing Thurman Arnold to act; Arnold's effectiveness ended once World War II began and corporate energies had to be directed to winning the war. The Recession of 1937 was a sharp economic downturn in the United States in 1937-38. ... A monopoly (from the Greek language monos, one + polein, to sell) is defined as a persistent market situation where there is only one provider of a product or service, in other words a firm that has no competitors in its industry. ... Thurman Arnold (June 2, 1891 - November 7, 1969) Professional Life Thurman Arnold was an idiosyncratic Washington Lawyer best known for his trust-busting campaign as Assistant Attorney General in charge of the Antitrust Division in Franklin Delano Roosevelts Department of Justice. ... Combatants Allied powers: China France Great Britain Soviet Union United States and others Axis powers: Germany Italy Japan and others Commanders Chiang Kai-shek Charles de Gaulle Winston Churchill Joseph Stalin Franklin Roosevelt Adolf Hitler Benito Mussolini Hideki Tōjō Casualties Military dead: 17,000,000 Civilian dead: 33,000...


The administration's other response to the 1937 deepening of the Great Depression had more tangible results. Ignoring the pleas of the Treasury Department, Roosevelt embarked on an antidote to the depression, reluctantly abandoning his efforts to balance the budget and launching a $5 billion spending program in the spring of 1938, an effort to increase mass purchasing power. Business-oriented observers explained the recession and recovery in very different terms from the Keynesians. They argued the New Deal had been very hostile to business expansion in 1935–37, had encouraged massive strikes which had a negative impact on major industries such as automobiles, and had threatened massive antitrust legal attacks on big corporations. All those threats diminished sharply after 1938. For example, the antitrust efforts fizzled out without major cases. The CIO and AFL unions started battling each other more than corporations, and tax policy became more favorable to long-term growth. The U.S. Treasury building today. ... Tax policy is the study of the best way to collect a tax for government revenue, a positive question as well as the study what what type of tax is best from theories of fairness, efficiency and utility (a normative question). ...


On the other hand, according to economist Robert Higgs, when looking only at the supply of consumer goods, significant GDP growth resumed only in 1946 (Higgs does not estimate the value to consumers of collective, intangible goods like victory in war[14]). To Keynesians, the war economy showed just how large the fiscal stimulus required to end the downturn of the Depression was, and it led, at the time, to fears that as soon as America demobilized, it would return to Depression conditions and industrial output would fall to its pre-war levels. The incorrect Keynesian prediction that a new depression would start after the war failed to take account of pent-up consumer demand as a result of the Depression and World War. Robert Higgs Robert Higgs (born 1 February 1944) is an American economist who adheres to the tenets of the Austrian School. ... War economy is the term used to describe the contingencies undertaken by the modern state to mobilize its economy for war production. ...


Keynesian models

In the early 1930s, before John Maynard Keynes wrote The General Theory, he was advocating public works programs and deficits as a way to get the British economy out of the Depression. Although Keynes never mentions fiscal policy in The General Theory, and instead advocates the need to socialize investments, Keynes ushered in more of a theoretical revolution than a policy one. His basic idea was simple: to keep people fully employed, governments have to run deficits when the economy is slowing because the private sector will not invest enough to increase production and reverse the recession. John Maynard Keynes, 1st Baron Keynes, CB (pronounced cains, IPA ) (5 June 1883 – 21 April 1946) was a British economist whose ideas, called Keynesian economics, had a major impact on modern economic and political theory as well as on many governments fiscal policies. ... The current version of the article or section reads like an advertisement. ... Look up Public works in Wiktionary, the free dictionary. ...


As the Depression wore on, Roosevelt tried public works, farm subsidies, and other devices to restart the economy, but never completely gave up trying to balance the budget. According to the Keynesians, he had to spend much more money; they were unable to say how much more. With fiscal policy, however, government could provide the needed Keynesian spending by decreasing taxes, increasing government spending, increasing individuals' incomes. As incomes increased, they would spend more. As they spent more, the multiplier effect would take over and expand the effect on the initial spending. The Keynesians did not estimate what the size of the multiplier was. Keynesian economists assumed poor people would spend new incomes; in reality they saved much of the new money; that is, they paid back debts owed to landlords, grocers and family. Keynesian ideas of the consumption function have been challenged, most notably in the 1950s by Milton Friedman and Franco Modigliani. An agricultural subsidy is a governmental subsidy paid to farmers to supplement their income, help manage the supply of agricultural commodities, and bolster the supply of such commodities on international markets. ... Fiscal policy is the economic term that defines the set of principles and decisions of a government in setting the level of public expenditure and how that expenditure is funded. ... In economics, a multiplier effect – or, more completely, the spending/income multiplier effect – occurs when a change in spending causes a disproportionate change in aggregate demand. ... Nouveau riche (French for new rich), or new money refers to persons who acquire wealth within their generation. ... In economics, the consumption fuction calculates the amount of total consumption in an economy. ... Milton Friedman (July 31, 1912 – November 16, 2006) was a prominent American economist and public intellectual. ... Franco Modigliani (June 18, 1918 – September 25, 2003) was an Italian-American economist at the MIT Sloan School of Management, and winner of the Nobel Memorial Prize in Economics in 1985. ...


Neoclassical approach

Recent work from a neoclassical perspective focuses on the decline in productivity that caused the initial decline in output and a prolonged recovery due to policies that affected the labor market. This work, collected by Kehoe and Prescott [15], decomposes the economic decline into a decline in the labor force, capital stock, and the productivity with which these inputs are used. This study suggests that theories of the Great Depression have to explain an initial severe decline but rapid recovery in productivity, relatively little change in the capital stock, and a prolonged depression in the labor force. This analysis rejects theories that focus on the role of savings and posit a decline in the capital stock.


Gold standard

Great Britain departed from the gold standard in September 1931, allowing the pound sterling to float internationally. The value of the pound then dropped significantly and British exports became cheaper. In April 1933, Roosevelt issued Executive Order 6102 prohibiting citizens of the U.S. from owning other-than-token amounts of gold and from using gold as money. Citizens were forced to sell all gold holdings (apart from jewelry) to the federal government at a price of $20.67 per ounce. In January 1934, Roosevelt raised the official price of gold to $35 per ounce, thereby devaluing the U.S. dollar by 41%. The gold standard is a monetary system in which the standard economic unit of account is a fixed weight of gold. ... “GBP” redirects here. ... Executive Order 6102 was signed on April 5, 1933 by U.S. President Franklin D. Roosevelt to prohibit the hoarding of privately held gold coins and bullion in the United States, in an attempt to address the causes and effects of the Great Depression. ... Throughout history, various metals, some of which are considered precious today, appear to have been used as a form of currency. ... ISO 4217 Code USD User(s) the United States, the British Indian Ocean Territory,[1] the British Virgin Islands, East Timor, Ecuador, El Salvador, the Marshall Islands, Micronesia, Palau, Panama, Caicos Islands, and the insular areas of the United States Inflation 2. ...


Rearmament and recovery

The massive rearmament policies to counter the threat from Nazi Germany helped stimulate the economies in Europe in 1937-39. By 1937, unemployment in Britain had fallen to 1.5 million. The mobilization of manpower following the outbreak of war in 1939 finally ended unemployment. Nazi Germany, or the Third Reich, commonly refers to Germany in the years 1933–1945, when it was under the firm control of the totalitarian and fascist ideology of the Nazi Party, with the Führer Adolf Hitler as dictator. ...


In the United States, the massive war spending doubled the GNP, masking the effects of the Depression. Businessmen ignored the mounting national debt and heavy new taxes, redoubling their efforts for greater output to take advantage of generous government contracts. Most people worked overtime and gave up leisure activities to make money after so many hard years. People accepted rationing and price controls for the first time as a way of expressing their support for the war effort. Cost-plus pricing in munitions contracts guaranteed businesses a profit no matter how many mediocre workers they employed or how inefficient the techniques they used. The demand was for a vast quantity of war supplies as soon as possible, regardless of cost. Businesses hired every person in sight, even driving sound trucks up and down city streets begging people to apply for jobs. New workers were needed to replace the 11 million working-age men serving in the military. These events magnified the role of the federal government in the national economy. In 1929, federal expenditures accounted for only 3% of GNP. Between 1933 and 1939, federal expenditure tripled, and Roosevelt's critics charged that he was turning America into a socialist state[citation needed]. However, spending on the New Deal was far smaller than on the war effort. Measures of national income and output are used in economics to estimate the value of goods and services produced in an economy. ... Government debt (public debt, national debt) is money owed by government, at any level (central government, federal government, national government, municipal government, local government, regional government). ... Harry S. Truman (May 8, 1884 – December 26, 1972) was the thirty-third President of the United States (1945–1953); as Vice President, he succeeded to the office upon the death of Franklin D. Roosevelt. ... Overtime is the amount of time someone works beyond normal working hours; these may be determined in several ways, by custom (what is considered healthy or reasonable by society), by practices of a given trade or profession, by legislation, or by agreement between employers and workers or their representatives. ... Rationing is the controlled distribution of resources and scarce goods or services: it restricts how much people are allowed to buy or consume. ... This article or section does not cite its references or sources. ... In military affairs, the war effort refers to the harnessing of economic and human resources towards support of a military force. ... Cost-plus pricing is a pricing method commonly used by firms. ... Socialism refers to a broad array of ideologies and movements which aim to improve society through collective and egalitarian action; and to a socio-economic system in which property and the distribution of wealth are subject to control by the community. ...


Political consequences

The crisis had many political consequences, among which was the abandonment of classic economic liberal approaches, which Roosevelt replaced in the United States with Keynesian policies. It was a main factor in the implementation of social democracy and planned economies in European countries after the war. Although Austrian economists had challenged Keynesianism since the 1920s, it was not until the 1970s, when the Nobel Prize in Economic Sciences was awarded to Friedrich Hayek notably for being "one of the few economists who gave warning of the possibility of a major economic crisis before the great crash came in the autumn of 1929" [4], and the beginning of monetarism, that the Keynesian approach was politically questioned, leading the way to neoliberalism.[citation needed] This article or section does not cite any references or sources. ... Social democracy is a political ideology emerging in the late 19th and early 20th centuries from supporters of Marxism who believed that the transition to a socialist society could be achieved through democratic evolutionary rather than revolutionary means. ... This box:      A planned economy is an economic system in which a single agency makes all decisions about the production and allocation of goods and services. ... Map of Cold-War era Europe and the Near East showing countries that received Marshall Plan aid. ... The Austrian School is a school of economic thought which rejects opposing economists reliance on methods used in natural science for the study of human action, and instead bases its formalism of economics on relationships through logic or introspection called praxeology. ... The 1920s is a decade that is sometimes referred to as the Jazz Age or the Roaring Twenties, usually applied to America. ... The 1970s decade refers to the years from 1970 to 1979, also called The Seventies. ... The Bank of Sweden Prize in Economic Sciences (Swe. ... Friedrich August von Hayek, CH (May 8, 1899 in Vienna – March 23, 1992 in Freiburg) was an Austrian-born British economist and political philosopher known for his defense of liberal democracy and free-market capitalism against socialist and collectivist thought in the mid-20th century. ... Monetarism is a set of views concerning the determination of national income and monetary economics. ... For the school of international relations, see Neoliberalism (international relations). ...


Other Great Depressions

The Great Depression was not unique in magnitude or duration. Several Latin American countries faced similar events in the 1980s. Finnish economists refer to the Finnish economic decline around the breakup of the Soviet Union (1989-1994) as a great depression. Kehoe and Prescott define a great depression to be a period of diminished economic output with at least one year where output is 20% below the trend. By this definition Argentina, Brazil, Chile, and Mexico experienced great depressions in the 1980s, and Argentina experienced another in 1998-2002. This definition also includes the economic performance of New Zealand from 1974-1992 and Switzerland from 1973-present, although this designation for Switzerland has been controversial.[16] Finland has a highly industrialized, largely free-market economy, based on abundant forest resources, capital investments, and technology. ... The Argentine economic crisis was part of the situation that affected Argentinas economy during the late 1990s and early 2000s. ...


See also

Cover of the Mises Institutes 2000 edition of Americas Great Depression. ... Murray Newton Rothbard (March 2, 1926 – January 7, 1995) was an influential American economist, historian and natural law theorist belonging to the Austrian School of Economics who helped define modern libertarianism. ... Woodrow Wilson and the American peace commissioners during the negotiations on the Treaty of Versailles. ... // [edit] Introduction [edit] Definition If we were to take snapshots of an economy at different points in time, no two photos would look alike. ... Throughout the industrial world, cities were hard hit by the Great Depression that began in 1929. ... An economic collapse is a devastating breakdown of a national, regional, or territorial economy. ... Reserves of foreign exchange and gold in 2006 A pile of 12. ... This article includes a list of works cited or a list of external links, but its sources remain unclear because it lacks in-text citations. ... The New Deal was the title President Franklin D. Roosevelt gave to the series of programs he initiated between 1933 and 1938 with the goal of providing relief, recovery, and reform (3 Rs) to the people and economy of the United States during the Great Depression. ... A recession is traditionally defined in macroeconomics as a decline in a countrys real Gross Domestic Product (GDP) for two or more successive quarters of a year (equivalently, two consecutive quarters of negative real economic growth). ... Representative W.C. Hawley, and Senator Reed Smoot shake hands in agreement on new tariff bill The Hawley-Smoot Tariff (or Smoot-Hawley Tariff Act)[1] was signed into law on June 17, 1930 and raised U.S. tariffs on over 20,000 imported goods to record levels, and, in... Crowd gathering on Wall Street. ...

References

  1. ^ Willard W. Cochrane. Farm Prices, Myth and Reality 1958. p. 15; League of Nations, World Economic Survey 1932-33 p. 43. .
  2. ^ Dow Jones Industrial Average, 1924-1935, chart, accessed July 23, 2007
  3. ^ based on data in Susan Carter, ed. Historical Statistics of the US: Millennial Edition (2006) series Ca9
  4. ^ Ben S. Bernanke (2000). Essays on the Great Depression. Princeton University Press. p. 7 ISBN 0691016984
  5. ^ In A Monetary History of the United States
  6. ^ *Krugman, Paul. "Who Was Milton Friedman?" New York Review of Books Vol 54#2 Feb. 15, 2007 online version
  7. ^ Ellis W. Hawley and Silvano A. Wueschner. Charting Twentieth-Century Monetary Policy: Herbert Hoover and Benjamin Strong, 1917-1927. 1999. Page 157.
  8. ^ Rothbard 1963, p.141.
  9. ^ ibid.
  10. ^ Rothbard 1963, p.25.
  11. ^ Rothbard, History of Money and Banking in the United States, pp.293-294.
  12. ^ Richard H. K. Vietor, Contrived Competition: Regulation and Deregulation in America (1994)
  13. ^ Hoover, Memoirs, 3:9.
  14. ^ Higgs 1992
  15. ^ Kehoe, Timothy J. and Edward C. Prescott. Great Depressions of the Twentieth Century Federal Reserve Bank of Minneapolis, 2007.
  16. ^ Abrahamsen Y, R. Aeppli, E. Atukeren, M. Graff, C. Müller and B. Schips, “The Swiss disease: Facts and artefacts. A reply to Kehoe and Prescott”, Review of Economic Dynamics 8 (2005) (3), pp. 749–758 and response Kehoe T. J. and K. J. Ruhl (2005) “Is Switzerland in a Great Depression?”, Review of Economic Dynamics, vol. 8, pp. 759-775.
  • For US specific references, please see complete listing in the Great Depression in the United States article.
  • Ambrosius, G. and W. Hibbard, A Social and Economic History of Twentieth-Century Europe (1989)
  • Bernanke, Ben S. "The Macroeconomics of the Great Depression: A Comparative Approach" Journal of Money, Credit & Banking, Vol. 27, 1995
  • Brown, Ian. The Economies of Africa and Asia in the inter-war depression (1989)
  • Davis, Joseph S., The World Between the Wars, 1919-39: An Economist's View (1974)
  • Eichengreen, Barry. Golden fetters: The gold standard and the Great Depression, 1919-1939. 1992.
  • Barry Eichengreen and Marc Flandreau; The Gold Standard in Theory and History 1997 online version
  • Feinstein. Charles H. The European economy between the wars (1997)
  • Friedman, Milton and Anna Jacobson Schwartz. A Monetary History of the United States, 1867-1960 (1963), monetarist interpretation (heavily statistical)
  • Garraty, John A., The Great Depression: An Inquiry into the causes, course, and Consequences of the Worldwide Depression of the Nineteen-Thirties, as Seen by Contemporaries and in Light of History (1986)
  • Garraty John A. Unemployment in History (1978)
  • Garside, William R. Capitalism in crisis: international responses to the Great Depression (1993)
  • Haberler, Gottfried. The world economy, money, and the great depression 1919-1939 (1976)
  • Hall Thomas E. and J. David Ferguson. The Great Depression: An International Disaster of Perverse Economic Policies (1998)
  • Kaiser, David E. Economic diplomacy and the origins of the Second World War: Germany, Britain, France and Eastern Europe, 1930-1939 (1980)
  • Kindleberger, Charles P. The World in Depression, 1929-1939 (1983)
  • League of Nations, World Economic Survey 1932-33 (1934)
  • Madsen, Jakob B. "Trade Barriers and the Collapse of World Trade during the Great Depression"' Southern Economic Journal, Southern Economic Journal 2001, 67(4), 848-868 onlie at JSTOR and online version
  • Mundell, R. A. "A Reconsideration of the Twentieth Century' "The American Economic Review" Vol. 90, No. 3 (Jun., 2000), pp. 327–340 in JSTOR
  • Powell, Jim FDR's Folly: How Roosevelt and His New Deal Prolonged the Great Depression (2003)
  • Rothermund, Dietmar. The Global Impact of the Great Depression (1996)
  • Tipton, F. and R. Aldrich, An Economic and Social History of Europe, 1890–1939 (1987)
  • Rothbard, Murray N. 1963 America's Great Depression D. Van Nostrand Company, Princeton, NJ
  • Rothbard, Murray N. A History of Money and Banking in the United States: The Colonial Era to World War II (2002)

The League of Nations was an international organization founded as a result of the Paris Peace Conference in 1919-1920. ... The Princeton University Press is a publishing house, a division of Princeton University, that is highly respected in academic publishing. ... In this volume, Murray Rothbard has provided a comprehensive history of money and banking in the United States, from colonial times to World War II, the first to explicitly use the interpretive framework of the Austrian monetary theory. ... The Great Depression was a decade of unemployment, low profits, low prices, high poverty and stagnant trade that affected the entire world in the 1930s. ... Cover of the Mises Institutes 2000 edition of Americas Great Depression. ... In this volume, Murray Rothbard has provided a comprehensive history of money and banking in the United States, from colonial times to World War II, the first to explicitly use the interpretive framework of the Austrian monetary theory. ...

External links


  Results from FactBites:
 
The American Experience | Surviving The Dust Bowl | People & Events | The Great Depression (570 words)
The unemployment brought on by the Depression caused self-blame and self-doubt.
The Great Depression and the New Deal changed forever the relationship between Americans and their government.
Government involvement and responsibility in caring for the needy and regulating the economy came to be expected.
Great Depression. The Columbia Encyclopedia, Sixth Edition. 2001-05 (400 words)
Although it shared the basic characteristics of other such crises (see depression), the Great Depression was unprecedented in its length and in the wholesale poverty and tragedy it inflicted on society.
The American depression produced severe effects abroad, especially in Europe, where many countries had not fully recovered from the aftermath of World War I; in Germany, the economic disaster and resulting social dislocation contributed to the rise of Adolf Hitler.
In the United States, at the depth (1932–33) of the depression, there were 16 million unemployed—about one third of the available labor force.
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