Highest unemployment during Great Depression in construction sector. When the crisis came to a head, nearly one third of industrial workers. According to the liberal economic doctrine which was dominant in the Western world until the s, an economic crisis could best be overcome by private. Die Weltwirtschaftskrise zum Ende der er und im Verlauf der er Jahre begann mit dem New Yorker Börsencrash im Oktober
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Die Weltwirtschaftskrise zum Ende der er und im Verlauf der er Jahre begann mit dem New Yorker Börsencrash im Oktober in der Zeit der Großen Depression (–). Ausführliche Informationen zu den Ursachen und wirtschaftlichen Folgen der Krise sowie zu den Versuchen. According to the liberal economic doctrine which was dominant in the Western world until the s, an economic crisis could best be overcome by private. The Great Depression was by far the most severe economic crisis in the history of capitalism. In the United States real GNP fell by per cent in , a further. Are we on the cusp of the second Great Depression? Die Ansichten und Informationen in diesem Dokument sollten nicht als Grundlage für einzelne Anlage-. Highest unemployment during Great Depression in construction sector. When the crisis came to a head, nearly one third of industrial workers. The Great Depression of the s is the deepest crisis faced by contemporary economies. Sometimes, it is also referred to as the 'Great Crash'.
Driven by the Great Depression, the sugar industries of the main European sugar For detailed information on the Brussels Sugar Convention () see for. Highest unemployment during Great Depression in construction sector. When the crisis came to a head, nearly one third of industrial workers. The Great Depression of the s is the deepest crisis faced by contemporary economies. Sometimes, it is also referred to as the 'Great Crash'.
Information About The Great Depression What Caused the Great Depression? VideoGreat Depression, What Was Life Actually Like The Great Depression Ahead: How to Prosper in the Crash Following the Greatest Boom in History Informationen zur reduzierten USt. in Deutschland. A Comprehensive Collection of Information on the American Great Depression | History Book 5th Grade Junior Scholars Edition | Children's History (English. Driven by the Great Depression, the sugar industries of the main European sugar For detailed information on the Brussels Sugar Convention () see for. International Capital Movements and the Onset of the Great Depression: Some International Evidence · Currencies, Taxes and Credit Asian Peasants in the.
Information About The Great Depression Economic history VideoUnderstanding the Great Depression The Great Depression ist eine Weiterleitung auf diesen Artikel. Sign In Create Profile. Zur internationalen Wirtschaftskrise Jets Jags letzten Viertel des Als Reaktion auf die Wirtschaftskrise entwickelte sich eine stark sozialkritische und politisierte Kultur, die sich in Literatur, Fotografie, Film, Theater, Malerei und Musik widerspiegelte. So wurde die vierjährige Shirley Temple zum Filmstar, was das Jahrzehnt dominierte. Overview Contents Die fundamentalen Probleme der Casino Austria Jackpot Schweizer in den späten 20er und frühen 30er Jahren des The Interwar Depression in an International Context. De Gruyter Saur. Sign up for free.
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View all Addition Worksheets. View all Numbers Worksheets. View all Money Worksheets. Throughout the s, the U. The stock market, centered at the New York Stock Exchange on Wall Street in New York City , was the scene of reckless speculation, where everyone from millionaire tycoons to cooks and janitors poured their savings into stocks.
As a result, the stock market underwent rapid expansion, reaching its peak in August By then, production had already declined and unemployment had risen, leaving stock prices much higher than their actual value.
Additionally, wages at that time were low, consumer debt was proliferating, the agricultural sector of the economy was struggling due to drought and falling food prices and banks had an excess of large loans that could not be liquidated.
The American economy entered a mild recession during the summer of , as consumer spending slowed and unsold goods began to pile up, which in turn slowed factory production.
Nonetheless, stock prices continued to rise, and by the fall of that year had reached stratospheric levels that could not be justified by expected future earnings.
On October 24, , as nervous investors began selling overpriced shares en masse, the stock market crash that some had feared happened at last.
A record As consumer confidence vanished in the wake of the stock market crash, the downturn in spending and investment led factories and other businesses to slow down production and begin firing their workers.
For those who were lucky enough to remain employed, wages fell and buying power decreased. Many Americans forced to buy on credit fell into debt, and the number of foreclosures and repossessions climbed steadily.
The global adherence to the gold standard , which joined countries around the world in a fixed currency exchange, helped spread economic woes from the United States throughout the world, especially Europe.
Despite assurances from President Herbert Hoover and other leaders that the crisis would run its course, matters continued to get worse over the next three years.
By , 4 million Americans looking for work could not find it; that number had risen to 6 million in In , severe droughts in the Southern Plains brought high winds and dust from Texas to Nebraska, killing people, livestock and crops.
In the fall of , the first of four waves of banking panics began, as large numbers of investors lost confidence in the solvency of their banks and demanded deposits in cash, forcing banks to liquidate loans in order to supplement their insufficient cash reserves on hand.
Bank runs swept the United States again in the spring and fall of and the fall of , and by early thousands of banks had closed their doors.
Hoover, a Republican who had formerly served as U. In , however, with the country mired in the depths of the Great Depression and some 15 million people more than 20 percent of the U.
Roosevelt won an overwhelming victory in the presidential election. By Inauguration Day March 4, , every U. Nonetheless, FDR as he was known projected a calm energy and optimism, famously declaring "the only thing we have to fear is fear itself.
Among the programs and institutions of the New Deal that aided in recovery from the Great Depression were the Tennessee Valley Authority TVA , which built dams and hydroelectric projects to control flooding and provide electric power to the impoverished Tennessee Valley region, and the Works Progress Administration WPA , a permanent jobs program that employed 8.
In the fallen-women films a woman is driven by economic circumstances to become a prostitute or kept woman.
The backstage musicals, most notably The Gold Diggers of and 42nd Street both , achieved popularity by combining Busby Berkeley 's production numbers with a plot about a producer and cast working together to put on a show despite the depression economy.
The story type from pre-code Hollywood that embraced the era most directly was the social-problem film, a type common in the s but much less so in the s.
I Am a Fugitive from a Chain Gang was one of the most acclaimed at the time, but also noteworthy were Wild Boys of the Road and the independently financed Our Daily Bread Finally, the irreverence of the anarchic comedies such as the Marx Brothers 's Duck Soup satirized political authority and respectability, while Mae West 's — comedies such as She Done Him Wrong and I'm No Angel —which she both wrote and starred in—featured a self-confident, voluptuous woman who openly uses her charm and physical allure to wrap men around her finger, refusing to accept the culture's prescribed role for female respectability.
The popularity and pervasiveness of the gangster films, the fallen-women films, and West's brazen comedies played a significant role in the protests by a variety of pressure groups against the movie industry between and early Among the most prominent of the protesters was the Legion of Decency, a Catholic organization that sought to pressure the movie industry to follow the guidelines of the Hollywood Production Code of The Studio Relations Committee, an industry self-regulation body, was ostensibly charged with seeing that the studios followed that code, but it did not possess adequate power to compel the studios to adhere to it.
Desperately seeking to find ways to reverse the decline in attendance, the studios regularly ignored the code in many of their productions.
When the Legion of Decency began to threaten a widespread national boycott of the movies early in , however, the studios decided that it would be in their best interests to set up a body that would enforce the code more strictly.
From that point on, the PCA more strictly enforced the code by reviewing and making suggestions on all studio scripts before they went into production, then doing the same with all completed films before issuing a PCA certificate.
Member studios agreed not to release any film before the PCA granted it a certificate. Regular monitoring of studio films by the PCA, as well as a gradual restoration of national confidence engendered by Roosevelt's New Deal programs between and , contributed to some shifts in movie cycles after For example, Warner Bros.
It was one of the top ten highest-grossing films of and paved the way for similar films, such as Bullets or Ballots , starring Edward G.
Robinson as a police detective, and Marked Woman , starring Humphrey Bogart — as a crusading district attorney.
The fallen-woman and Mae West films, which were either forbidden or seriously constrained by the PCA, made way for one of the most popular and accomplished genres in the late s, the screwball comedy.
Noting the code's prohibitions against overt portrayals of sexuality, Andrew Sarris has called the genre the "sex comedy without sex," suggesting that instead of turning the female protagonists into sex objects, the screwball comedy endowed them with spontaneity, wit, vitality, and often professional achievements in the working world p.
Capra's Mr. In their focus on a rocky but ultimately successful romance, these screwball comedies resembled the Fred Astaire — Ginger Rogers musicals of the middle and late s—including Top Hat , Swing Time , and Shall We Dance —which replaced the backstage musicals popular in the early s.
Each of these emerging cycles—law-official crime films, screwball comedies, and romantic musicals—exhibited more confidence in the prevailing order than had many of the popular cycles of the early s.
Another shift following the establishment of the PCA and the gradual improvement of economic conditions was the move toward more expensive, "prestige films.
The prestige films encompass a variety of different story types, but they included adaptations of literary classics and best-selling novels, swashbuckling adventure stories, and "biopics"—biographical films about famous people.
The popularity of two child stars in the middle and latter part of the decade suggests that American movies were playing a role in the reconsolidation of American culture—in restoring confidence in the system—as the country began to pull out of the Depression.
From to Shirley Temple b. From to , Mickey Rooney b. In both cases the child actors showed vitality, resilience, and good cheer in overcoming whatever obstacles they confronted.
As the United States moved into the latter part of the decade, Hollywood, like American culture as a whole, began to exhibit a reawakened interest in defining national traditions and values.
This trend emerged in part as a response to the growing international threat of fascism in Germany and Italy.
The Los Angeles area, which became home to many prominent refugees from Germany, became a center of antifascist activity in the United States, led by groups such as the Hollywood Anti-Nazi League.
The movies participated in this exploration of national traditions and critique of fascism both domestic and, eventually, foreign.
Fury , directed by refugee Fritz Lang — , explored the psychology of a mob action that led to lynching. Smith Goes to Washington and Meet John Doe confronted a prototypically American hero with a sinister antagonist whose wealth, power, and ambition threatened to disrupt the democratic system.
The historical settings of films such as Young Mr. The reappearance of the "A" western in lates movies such as Dodge City , Union Pacific , and Stagecoach all also contributed to the interest in American national traditions.
Other important films from the end of this period include The Grapes of Wrath , which shows how the Joad family are victimized by the dust bowl and a harsh economic system, and Orson Welles 's — audacious, probing critique of an American tycoon, Citizen Kane Although the PCA discouraged filmmakers from making films that criticized other nations—in part because it hurt foreign rentals—overtly anti-Nazi films gradually began to appear even before the United States declared war in December , most notably in Confessions of a Nazi Spy and Chaplin's satiric attack on fascism, The Great Dictator If one surveys American movies during the Depression in an extreme long shot, two impulses come into clear focus.
One impulse, an aesthetic of movies as entertainment, which had established itself firmly during the s, held that movies should enable viewers to escape from their problems for two hours.
However, a counter impulse, which emerged from the distressing social and economic conditions following the stock market crash, pressured filmmakers to acknowledge and grapple with the social realities of the day.
Although the latter impulse never became dominant, in part because of the industry's constant attention to the box-office potential of projects, it did lead to some of the most disturbing and powerful films of pre-code Hollywood and to the most critically acclaimed and widely discussed films later in the decade.
Balio, Tino. History of the American Cinema. New York: Scribner, Bergman, Andrew. New York: Harper and Row, Doherty, Thomas Patrick.
New York: Columbia University Press, Giovacchini, Saverio. Philadelphia: Temple University Press, Gomery, Douglas.
Madison: University of Wisconsin Press, Jacobs, Lea. Wisconsin Studies in Film. Maltby, Richard. Berkeley: University of California Press, Schatz, Thomas.
New York: Pantheon, Sklar, Robert. New York: Random House, Its effects were felt in virtually all corners of the world, and it is one of the great economic calamities in history.
In previous depressions, such as those of the s and s, real per capita gross domestic product GDP — the sum of all goods and services produced, weighted by market prices and adjusted for inflation — had returned to its original level within five years.
Economic activity began to decline in the summer of , and by real GDP fell more than 25 percent, erasing all of the economic growth of the previous quarter century.
Industrial production was especially hard hit, falling some 50 percent. By comparison, industrial production had fallen 7 percent in the s and 13 percent in the s.
From the depths of depression in , the economy recovered until This expansion was followed by a brief but severe recession, and then another period of economic growth.
It was not until the s that previous levels of output were surpassed. This led some to wonder how long the depression would have continued without the advent of World War II.
In the absence of government statistics, scholars have had to estimate unemployment rates for the s. The sharp drop in GDP and the anecdotal evidence of millions of people standing in soup lines or wandering the land as hoboes suggest that these rates were unusually high.
It is widely accepted that the unemployment rate peaked above 25 percent in and remained above 14 percent into the s. Yet these figures may underestimate the true hardship of the times: those who became too discouraged to seek work would not have been counted as unemployed.
Likewise, those who moved from the cities to the countryside in order to feed their families would not have been counted.
Even those who had jobs tended to see their hours of work fall: the average work week, 47 to 49 hours in the s, fell to The banking system witnessed a number of "panics" during which depositors rushed to take their money out of banks rumored to be in trouble.
Many banks failed under this pressure, while others were forced to merge: the number of banks in the United States fell 35 percent between and While the Great Depression affected some sectors of the economy more than others, and thus some regions of the country more than others, all sectors and regions experienced a serious decline in output and a sharp rise in unemployment.
The hardship of unemployment, though concentrated in the working class, affected millions in the middle class as well.
Farmers suffered too, as the average price of their output fell by half whereas the aggregate price level fell by only a third. The Great Depression followed almost a decade of spectacular economic growth.
Between and , output per worker grew about 5. Unemployment and inflation were both very low throughout this period as well.
One troublesome characteristic of the s, however, was that income distribution became significantly less equal.
Also, a boom in housing construction, associated in part with an automobile-induced rush to the suburbs, collapsed in the late s. And automakers themselves worried throughout the late s that they had saturated their market fighting for market share; auto sales began to slide in the spring of Technological advances in production processes notably electrification, the assembly line , and continuous processing of homogenous goods such as chemicals were largely responsible for the advances in productivity in the s.
These advances induced the vast bulk of firms to invest in new plants and equipment In the early s, there were also innovative new products, such as radio, but the decade after was the worst in the twentieth century for new product innovation.
In the standard economic theory suggested that a calamity such as the Great Depression could not happen: the economy possessed equilibrating mechanisms that would quickly move it toward full employment.
For example, high levels of unemployment should put downward pressure on wages, thereby encouraging firms to increase employment.
Before the Great Depression, most economists urged governments to concentrate on maintaining a balanced budget. Since tax receipts inevitably fell during a downturn, governments often increased tax rates and reduced spending.
By taking money out of the economy, such policies tended to accelerate the downturn, though the effect was likely small.
As the depression continued, many economists advised the federal government to increase spending, in order to provide employment. Economists also searched for theoretical justifications for such policies.
Some thought. These analysts often attributed overproduction to the increased disparity in income that developed in the s, for the poor spend a greater percentage of their income than do the rich.
Others worried about a drop in the number of profitable investment opportunities. Often, these arguments were couched in apocalyptic terms: the Great Depression was thought to be the final crisis of capitalism, a crisis that required major institutional restructuring.
Others, notably Joseph Schumpeter, pointed the finger at technology and suggested that the Great Depression reflected the failure of entrepreneurs to bring forth new products.
He felt the depression was only temporary and a recovery would eventually occur. The stock market crash of and the bank panics of the early s were dramatic events.
Many commentators emphasized the effect these had in decreasing the spending power of those who lost money.
Some went further and blamed the Federal Reserve System for allowing the money supply, and thus average prices, to decline.
John Maynard Keynes in put forward a theory arguing that the amount individuals desired to save might exceed the amount they wanted to invest. In such an event, they would necessarily consume less than was produced since, if we ignore foreign trade, total income must be either consumed or saved, while total output is the sum of consumption goods and investment goods.
Keynes was skeptical of the strength of equilibrating mechanisms and shocked many economists who clung to a faith in the ability of the market system to govern itself.
Yet within a decade the profession had largely embraced his approach, in large part because it allowed them to analyze deficient consumption and investment demand without reference to a crisis of capitalism.
Moreover, Keynes argued that, because a portion of income was used for taxes and output included government services, governments might be able to correct a situation of deficient demand by spending more than they tax.
In the early postwar period, Keynesian theory dominated economic thinking. Economists advised governments to spend more than they taxed during recessions and tax more than spend during expansions.
Although governments were not always diligent in following this prescription, the limited severity of early postwar business cycles was seen as a vindication of Keynesian theory.
Yet little attention was paid to the question of how well it could explain the Great Depression. In , Milton Friedman and Anna Schwartz proposed a different view of the depression.
They argued that, contrary to Keynesian theory, the deflationary actions of the Federal Reserve were primarily at fault.
In the ensuing decades, Keynesians and "monetarists" argued for the supremacy of their favored theory. The result was a recognition that both explanations had limitations.
Keynesians struggled to comprehend why either consumption or investment demand would have fallen so precipitously as to trigger the depression though saturation in the housing and automobile markets, among others, may have been important.
Monetarists struggled to explain how smallish decreases in the money supply could trigger such a massive downturn, especially since the price level fell as fast as the supply of money, and thus real inflation-adjusted aggregate demand need not have fallen.
In the s and s, some economists argued that the actions of the Federal Reserve had caused banks to decrease their willingness to loan money, leading to a severe decrease in consumption and, especially, investment.
Others argued that the Federal Reserve and central banks in other countries were constrained by the gold standard, under which the value of a particular currency is fixed to the price of gold.
Some economists today speak of a consensus that holds the Federal Reserve, the gold standard, or both, largely responsible for the Great Depression.
Others suggest that a combination of several theoretical approaches is needed to understand this calamity. Most economists have analyzed the depression from a macroeconomic perspective.
This perspective, spawned by the depression and by Keynes's theories, focuses on the interaction of aggregate economic variables, including consumption, investment, and the money supply.
Only fairly recently have some macroeconomists begun to consider how other factors, such as technological innovation, would influence the level of economic activity.
Beginning initially in the s, however, some students of the Great Depression have examined the unusually high level of process innovation in the s and the lack of product innovation in the decade after The introduction of new production processes requires investment but may well cause firms to let some of their workforce go; by reducing prices, new processes may also reduce the amount consumers spend.
The introduction of new products almost always requires investment and more employees; they also often increase the propensity of individuals to consume.
The time path of technological innovation may thus explain much of the observed movements in consumption, investment, and employment during the interwar period.
There may also be important interactions with the monetary variables discussed above: in particular, firms are especially dependent on bank finance in the early stages of developing a new product.
The psychological, cultural, and political repercussions of the Great Depression were felt around the world, but it had a significantly different impact in different countries.
In particular, it is widely agreed that the rise of the Nazi Party in Germany was associated with the economic turmoil of the s.
No similar threat emerged in the United States. While President Franklin Roosevelt did introduce a variety of new programs, he was initially elected on a traditional platform that pledged to balance the budget.
Why did the depression cause less political change in the United States than elsewhere? A much longer experience with democracy may have been important.
In addition, a faith in the "American dream," whereby anyone who worked hard could succeed, was apparently retained and limited the agitation for political change.
Effects on individuals. Much of the unemployment experience of the depression can be accounted for by workers who moved in and out of periods of employment and unemployment that lasted for weeks or months.
These individuals suffered financially, to be sure, but they were generally able to save, borrow, or beg enough to avoid the severest hardships.
Their intermittent periods of employment helped to stave off a psychological sense of failure. Yet there were also numerous workers who were unemployed for years at a time.
Among this group were those with the least skills or the poorest attitudes. Others found that having been unemployed for a long period of time made them less attractive to employers.
Long-term unemployment appears to have been concentrated among people in their late teens and early twenties and those older than fifty-five.
For many that came of age during the depression, World War II would provide their first experience of full-time employment. With unemployment rates exceeding 25 percent, it was obvious that most of the unemployed were not responsible for their plight.
Yet the ideal that success came to those who worked hard remained in place, and thus those who were unemployed generally felt a severe sense of failure.
The incidence of mental health problems rose, as did problems of family violence. For both psychological and economic reasons, decisions to marry and to have children were delayed.
Although the United States provided more relief to the unemployed than many other countries including Canada , coverage was still spotty.
In particular, recent immigrants to the United States were often denied relief. Severe malnutrition afflicted many, and the palpable fear of it, many more.
Effects by gender and race. Federal, state, and local governments, as well as many private firms, introduced explicit policies in the s to favor men over women for jobs.
Married women were often the first to be laid off. At a time of widespread unemployment, it was felt that jobs should be allocated only to male "breadwinners.
The female labor force participation rate — the proportion of women seeking or possessing paid work — had been rising for decades; the s saw only a slight increase; thus, the depression acted to slow this societal change which would greatly accelerate during World War II , and then again in the postwar period.
Many surveys found unemployment rates among blacks to be 30 to 50 percent higher than among whites. Discrimination was undoubtedly one factor: examples abound of black workers being laid off to make room for white workers.
Yet another important factor was the preponderance of black workers in industries such as automobiles that experienced the greatest reductions in employment.
And the migration of blacks to northern industrial centers during the s may have left them especially prone to seniority-based layoffs.
Cultural effects. One might expect the Great Depression to have induced great skepticism about the economic system and the cultural attitudes favoring hard work and consumption associated with it.
As noted, the ideal of hard work was reinforced during the depression, and those who lived through it would place great value in work after the war.
Those who experienced the depression were disposed to thrift, but they were also driven to value their consumption opportunities. Recall that through the s it was commonly thought that one cause of the depression was that people did not wish to consume enough: an obvious response was to value consumption more.
The New Deal. The nonmilitary spending of the federal government accounted for 1. Not only did the government take on new responsibilities, providing temporary relief and temporary public works employment, but it established an ongoing federal presence in social security both pensions and unemployment insurance , welfare, financial regulation and deposit insurance, and a host of other areas.
The size of the federal government would grow even more in the postwar period. Whether the size of government today is larger than it would have been without the depression is an open question.
Some scholars argue for a "ratchet effect," whereby government expenditures increase during crises, but do not return to the original level thereafter.
Others argue that the increase in government brought on by the depression would have eventually happened anyhow. In the case of unemployment insurance, at least, the United States might today have a more extensive system if not for the depression.
Both Congress and the Supreme Court were more oriented toward states' rights in the s than in the early postwar period.
The social security system thus gave substantial influence to states. Some have argued that this has encouraged a "race to the bottom," whereby states try to attract employers with lower unemployment insurance levies.
The United States spends only a fraction of what countries such as Canada spend per capita on unemployment insurance.
Some economists have suggested that public works programs exacerbated the unemployment experience of the depression.
They argue that many of those on relief would have otherwise worked elsewhere. However, there were more workers seeking employment than there were job openings; thus, even if those on relief did find work elsewhere, they would likely be taking the jobs of other people.
The introduction of securities regulation in the s has arguably done much to improve the efficiency, fairness, and thus stability of American stock markets.
Enhanced bank supervision, and especially the introduction of deposit insurance from , ended the scourge of bank panics: most depositors no longer had an incentive to rush to their bank at the first rumor of trouble.
But deposit insurance was not an unmixed blessing; in the wake of the failure of hundreds of small savings and loan institutions decades later, many noted that deposit insurance allowed banks to engage in overly risky activities without being penalized by depositors.
The Roosevelt administration also attempted to stem the decline in wages and prices by establishing "industry codes," whereby firms and unions in an industry agreed to maintain set prices and wages.
Firms seized the opportunity to collude and agreed in many cases to restrict output in order to inflate prices; this particular element of the New Deal likely served to slow the recovery.
Similar attempts to enhance agricultural prices were more successful, at least in the goal of raising farm incomes but thus increased the cost of food to others.
It was long argued that the Great Depression began in the United States and spread to the rest of the world.
Many countries, including Canada and Germany, experienced similar levels of economic hardship. In the case of Europe , it was recognized that World War I and the treaties ending it which required large reparation payments from those countries that started and lost the war had created weaknesses in the European economy, especially in its financial system.
Thus, despite the fact that trade and capital flows were much smaller than today, the American downturn could trigger downturns throughout Europe.
As economists have come to emphasize the role the international gold standard played in, at least, exacerbating the depression, the argument that the depression started in the United States has become less central.
With respect to the rest of the world, there can be little doubt that the downturn in economic activity in North America and Europe had a serious impact.
Many Third World countries were heavily dependent on exports and suffered economic contractions as these markets dried up.
At the same time, they were hit by a decrease in foreign investment flows, especially from the United States, which was a reflection of the monetary contraction in the United States.
Many Third World countries, especially in Latin America , responded by introducing high tariffs and striving to become self-sufficient.
This may have helped them recover from the depression, but probably served to seriously slow economic growth in the postwar period.
Developed countries also introduced high tariffs during the s. In the United States, the major one was the Smoot-Hawley Tariff of , which arguably encouraged other countries to retaliate with tariffs of their own.
Governments hoped that the money previously spent on imports would be spent locally and enhance employment. In return, however, countries lost access to foreign markets, and therefore employment in export-oriented sectors.
The likely effect of the increase in tariffs was to decrease incomes around the world by reducing the efficiency of the global economy; the effect the tariffs had on employment is less clear.
Barnard, Rita. New York : Cambridge University Press, Explores the impact of the depression on cultural attitudes and literature.
Essays on the Great Depression. Princeton, N. Emphasizes bank panics and the gold standard. Bernstein, Michael A. Argues for the interaction of technological and monetary forces and explores the experience of several industries.
Bordo, Michael D. White, eds. Chicago : University of Chicago Press, Evaluates the impact of a range of New Deal policies and international agreements.
Friedman, Milton, and Anna J. Hall, Thomas E. David Ferguson. Ann Arbor : University of Michigan Press, Keynes, John M. New York : St.
Martin's Press, Original edition published in Margo, Robert A. Rosenbloom, Joshua, and William Sundstrom.
Manufacturing — Rosenof, Theodore. Looks at how Keynes, Schumpeter, and others influenced later economic analysis.
Rothermund, Dietmar. The Global Impact of the Great Depression, — London: Routledge, Extensive treatment of the Third World.
Schumpeter, Joseph A. New York: McGraw-Hill, Szostak, Rick. Technological Innovation and the Great Depression. Boulder, Colo.
Explores the causes and effects of the unusual course that technological innovation took between the wars. New York: Norton, Classic early defense of Keynesian explanation.
Lessons from the Great Depression. Cambridge, Mass. Emphasizes the role of the gold standard. The study of the human cost of unemployment reveals that a new class of poor and dependents is rapidly rising among the ranks of young sturdy ambitious laborers, artisans, mechanics, and professionals, who until recently maintained a relatively high standard of living and were the stable self-respecting citizens and taxpayers of the state.
Unemployment and loss of income have ravaged numerous homes. It has broken the spirit of their members, undermined their health, robbed them of self-respect, and destroyed their efficiency and employability.
Many households have been dissolved, little children parcelled out to friends, relatives, or charitable homes; husbands and wives, parents and children separated, temporarily or permanently.
Day after day the country over they stand in the breadlines for food. Szostak, Rick " Great Depression. Szostak, Rick "Great Depression.
Starting in and ending with America's entry into World War II in , the Great Depression marked a turning point in American history by establishing the enlarged federal bureaucracy associated with the post-WWII state.
While first and foremost an economic event, the Great Depression affected every aspect of American political, social, and cultural life.
It was during the depression that the radio and film industries, along with developments in documentary photography, reportage, and literature, helped to develop a national culture based in uniquely American practices, environments, experiences, and ideals.
While the stock market crash of October is often viewed as the start of the Great Depression, it was by no means the cause of the depression.
The crash, and its aftermath of unemployment, bank closures, bankruptcies, and homelessness, were caused by fundamental flaws in the prosperity of the s.
The availability and widespread use of credit, the increasingly unequal distribution of wealth, the problems of falling farm prices, and the corporate consolidation of American industry all contributed to the overproduction of farm and industrial goods and the overexertion of credit and speculation.
In the wake of the crash, American industrial output decreased rapidly, reaching in the same level of production as in Employment reached an all-time low, with 13 million people out of work, roughly 25 percent of the population.
For farmers, crop prices had fallen drastically; a bushel of wheat that sold for three dollars in brought only thirty cents in The effect of the depression on American culture was felt in both the public and private sectors.
The federal government , through its New Deal programs, subsidized writers, composers, musicians, performers, painters, sculptors, and other artists, and it developed and encouraged cultural programs which focused attention on the United States , its history, traditions, and native arts and crafts.
The Federal Writers Project employed writers, editors, and researchers to not only produce works of fiction, usually with American themes, but also to create several series of books such as the State Guide Series, consisting of all-purpose guide books for each state of the union.
The Federal Arts Project hired painters and sculptors to create public art for post offices and other public buildings, and developed a network of community art centers in cities and towns across the country.
The Federal Theater Project sought to bring the dramatic arts to the general public through local programs such as the Living Newspaper, in which local news stories were acted out in community theaters.
Additional programs employed musicians, composers, architects, and other artists. Preservation programs such as the Index of American Design and the Library of Congress ' Archive of Folk Song sought to preserve the inherently American character of folk arts.
In all, the cultural programs of the New Deal focused attention on the unique aspects of American culture, not only in past arts and crafts , but also in the creation of new works of art.
The mass-media industries of broadcasting and motion pictures responded to the economic realities of the depression and the government sponsored trend towards reinforcing traditional American values.
In the s, radio dominated Americans' leisure time. Nearly one third of all Americans owned at least one radio, and even those who did not own a radio usually had access to one through family, friends, or neighbors.
The potential radio audience for any program was estimated at sixty million people. As a result of these vast audiences and the huge profits to be made, the radio industry became big business with production companies selling "pre-packaged" shows to sponsors and stations, along with syndicates and networks developing and growing.
During the s, comedians were the most popular radio personalities. Musical shows were also a favorite of audiences as almost every station presented remote broadcasts from hotel ballrooms featuring dance orchestras and jazz bands such as Paul Whiteman "The King of Jazz" , Ralph Ginsberg and the Palmer House Ensemble, and Phil Spitalny and his All-Girl Orchestra, featuring Evelyn and her Magic Violin.
Daytime programing was dominated by the soap opera, so named because most were sponsored by soap manufacturers.
Writer James Thurber described soap operas as "a kind of sandwich, whose recipe is simple enough… Between thick slices of advertising, spread twelve minutes of dialogue, add predicament, villainy, and female suffering in equal measure, throw in a dash of nobility, sprinkle with tears, season with organ music, cover with a rich announcer sauce, and serve five times a week.
Even news reporting took on a more entertaining flavor as radio newsmen became celebrities, such as Lowell Thomas, Edward R.
Murrow, and Floyd Gibbons, who introduced himself as "the fastest talking man in radio. Radio took on a whole new importance in the wake of the Depression, primarily through the use of the medium by President Franklin D.
In his "fireside chats," Roosevelt addressed the country directly from the White House.