A year after the birth of their daughter, Linda Susan, they separated, and in she married businessman Charles Black. It was Black who urged Shirley to examine her financial record. Shirley kept her discovery private, writes Kasson, revealing it only after both parents were dead. Details in the book about how Shirley handled that discovery and other events in her adult life are sketchy.
Kasson does note that after her husband was transferred to Washington, Shirley returned to the surprising role of diplomat. She got involved in charitable, political and diplomatic duties including ambassadorships to Ghana and Czechoslovakia. I would like to have read more about her life in those years, but this is not a traditional biography.
By light industry had been displaced by heavy industry as the largest firms inside the Japanese economy. Because of high levels of U. Within the region, Chile , Bolivia and Peru were particularly badly affected. Before the crisis, links between the world economy and Latin American economies had been established through American and British investment in Latin American exports to the world.
As a result, Latin Americans export industries felt the depression quickly. World prices for commodities such as wheat, coffee and copper plunged. Exports from all of Latin America to the U. But on the other hand, the depression led the area governments to develop new local industries and expand consumption and production.
Following the example of the New Deal, governments in the area approved regulations and created or improved welfare institutions that helped millions of new industrial workers to achieve a better standard of living. From roughly to , the Netherlands suffered a deep and exceptionally long depression. This depression was partly caused by the after-effects of the Stock Market Crash of in the US, 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-socialist party NSB.
The depression in the Netherlands eased off somewhat at the end of , when the government finally dropped the Gold Standard, but real economic stability did not return until after World War II. New Zealand was especially vulnerable to worldwide depression, as it relied almost entirely on agricultural exports to the United Kingdom for its economy. The drop in exports led to a lack of disposable income from the farmers, who were the mainstay of the local economy.
Jobs disappeared and wages plummeted, leaving people desperate and charities unable to cope. In , riots occurred among the unemployed in three of the country's main cities Auckland , Dunedin , and Wellington. Many were arrested or injured through the tough official handling of these riots by police and volunteer "special constables". With the budget balanced in , the effects of the depression were relaxed through harsh measures towards budget balance and autarky , causing social discontent but stability and, eventually, an impressive economic growth.
In the years immediately preceding the depression, negative developments in the island and world economies perpetuated an unsustainable cycle of subsistence for many Puerto Rican workers. The s brought a dramatic drop in Puerto Rico's two primary exports, raw sugar and coffee, due to a devastating hurricane in and the plummeting demand from global markets in the latter half of the decade. As world trade slumped, demand for South African agricultural and mineral exports fell drastically.
The Carnegie Commission on Poor Whites had concluded in that nearly one third of Afrikaners lived as paupers. The social discomfort caused by the depression was a contributing factor in the split between the "gesuiwerde" purified and "smelter" fusionist factions within the National Party and the National Party's subsequent fusion with the South African Party. The Soviet Union was the world's sole communist state with very little international trade. Its economy was not tied to the rest of the world and was only slightly affected by the Great Depression.
At the time of the Depression, the Soviet economy was growing steadily, fuelled by intensive investment in heavy industry. The apparent economic success of the Soviet Union at a time when the capitalist world was in crisis led many Western intellectuals to view the Soviet system favorably.
Jennifer Burns wrote:. As the Great Depression ground on and unemployment soared, intellectuals began unfavorably comparing their faltering capitalist economy to Russian Communism. More than ten years after the Revolution, Communism was finally reaching full flower, according to New York Times reporter Walter Duranty , a Stalin fan who vigorously debunked accounts of the Ukraine famine , a man-made disaster that would leave millions dead. Soviet Russia was at first happy to help these immigrants settle, because they believed they were victims of capitalism who had come to help the Soviet cause.
However, when the Soviet Union entered the war in , most of these Germans and Finns were arrested and sent to Siberia, while their Russian-born children were placed in orphanages. Their fate is unknown. Spain had a relatively isolated economy, with high protective tariffs and was not one of the main countries affected by the Depression. The banking system held up well, as did agriculture.
By far the most serious negative impact came after from the heavy destruction of infrastructure and manpower by the civil war, — Many talented workers were forced into permanent exile. By staying neutral in the Second World War, and selling to both sides, the economy avoided further disasters. By the s, Sweden had what America's Life magazine called in the "world's highest standard of living". Sweden was also the first country worldwide to recover completely from the Great Depression.
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Taking place in the midst of a short-lived government and a less-than-a-decade old Swedish democracy, events such as those surrounding Ivar Kreuger who eventually committed suicide remain infamous in Swedish history. The Social Democrats under Per Albin Hansson formed their first long-lived government in based on strong interventionist and welfare state policies, monopolizing the office of Prime Minister until with the sole and short-lived exception of Axel Pehrsson-Bramstorp 's "summer cabinet" in During forty years of hegemony, it was the most successful political party in the history of Western liberal democracy.
The World Depression broke at a time when the United Kingdom had still not fully recovered from the effects of the First World War more than a decade earlier. The country was driven off the gold standard in Britain went off the gold standard, and suffered relatively less than other major countries in the Great Depression.
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The effects on the northern industrial areas of Britain were immediate and devastating, as demand for traditional industrial products collapsed. By the end of unemployment had more than doubled from 1 million to 2. About , unemployed men were sent to the work camps, which continued in operation until In the less industrial Midlands and Southern England , the effects were short-lived and the later s were a prosperous time. Growth in modern manufacture of electrical goods and a boom in the motor car industry was helped by a growing southern population and an expanding middle class.
Agriculture also saw a boom during this period. Hoover's first measures to combat the depression were based on voluntarism by businesses not to reduce their workforce or cut wages. But businesses had little choice and wages were reduced, workers were laid off, and investments postponed. The intent of the Act was to encourage the purchase of American-made products by increasing the cost of imported goods, while raising revenue for the federal government and protecting farmers. Other nations increased tariffs on American-made goods in retaliation, reducing international trade, and worsening the Depression.
In , Hoover urged bankers to set up the National Credit Corporation  so that big banks could help failing banks survive.
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But bankers were reluctant to invest in failing banks, and the National Credit Corporation did almost nothing to address the problem. By , unemployment had reached The final attempt of the Hoover Administration to stimulate the economy was the passage of the Emergency Relief and Construction Act ERA which included funds for public works programs such as dams and the creation of the Reconstruction Finance Corporation RFC in It is important to note, however, that after volunteerism failed, Hoover developed ideas that laid the framework for parts of the New Deal.
Shortly after President Franklin Delano Roosevelt was inaugurated in , drought and erosion combined to cause the Dust Bowl , shifting hundreds of thousands of displaced persons off their farms in the Midwest. From his inauguration onward, Roosevelt argued that restructuring of the economy would be needed to prevent another depression or avoid prolonging the current one. New Deal programs sought to stimulate demand and provide work and relief for the impoverished through increased government spending and the institution of financial reforms.
During a "bank holiday" that lasted five days, the Emergency Banking Act was signed into law. It provided for a system of reopening sound banks under Treasury supervision, with federal loans available if needed. The Securities Act of comprehensively regulated the securities industry. Although amended, key provisions of both Acts are still in force. The Agricultural Adjustment Act provided incentives to cut farm production in order to raise farming prices.
It forced businesses to work with government to set price codes through the NRA to fight deflationary "cut-throat competition" by the setting of minimum prices and wages , labor standards, and competitive conditions in all industries. It encouraged unions that would raise wages, to increase the purchasing power of the working class. These reforms, together with several other relief and recovery measures, are called the First New Deal.
Economic stimulus was attempted through a new alphabet soup of agencies set up in and and previously extant agencies such as the Reconstruction Finance Corporation. In the spring of , American industrial production exceeded that of and remained level until June In June , the Roosevelt administration cut spending and increased taxation in an attempt to balance the federal budget. Industrial production fell almost 30 per cent within a few months and production of durable goods fell even faster.
Unemployment jumped from As unemployment rose, consumers' expenditures declined, leading to further cutbacks in production. By May retail sales began to increase, employment improved, and industrial production turned up after June Social Security remained in place. Between and , federal expenditure tripled, and Roosevelt's critics charged that he was turning America into a socialist state. Keynesianism generally remained the most influential economic school in the United States and in parts of Europe until the periods between the s and the s, when Milton Friedman and other neoliberal economists formulated and propagated the newly created theories of neoliberalism and incorporated them into the Chicago School of Economics as an alternative approach to the study of economics.
Neoliberalism went on to challenge the dominance of the Keynesian school of Economics in the mainstream academia and policy-making in the United States, having reached its peak in popularity in the election of the presidency of Ronald Reagan in the United States, and Margaret Thatcher in the United Kingdom. The Great Depression has been the subject of much writing, as authors have sought to evaluate an era that caused both financial and emotional trauma.
Perhaps the most noteworthy and famous novel written on the subject is The Grapes of Wrath , published in and written by John Steinbeck , who was awarded both the Nobel Prize for literature and the Pulitzer Prize for the work. The novel 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 novella about a journey during the Great Depression. Margaret Atwood's Booker prize-winning The Blind Assassin is likewise set in the Great Depression, centering on a privileged socialite's love affair with a Marxist revolutionary. The era spurred the resurgence of social realism, practiced by many who started their writing careers on relief programs, especially the Federal Writers' Project in the U.
A number of works for younger audiences are also set during the Great Depression, among them the Kit Kittredge series of American Girl books written by Valerie Tripp and illustrated by Walter Rane , released to tie in with the dolls and playsets sold by the company. The stories, which take place during the early to mid s in Cincinnati , focuses on the changes brought by the Depression to the titular character's family and how the Kittredges dealt with it.
The term "The Great Depression" is most frequently attributed to British economist Lionel Robbins , whose book The Great Depression is credited with formalizing the phrase,  though Hoover is widely credited with popularizing the term,   informally referring to the downturn as a depression, with such uses as "Economic depression cannot be cured by legislative action or executive pronouncement" December , Message to Congress , and "I need not recount to you that the world is passing through a great depression" The term " depression " to refer to an economic downturn dates to the 19th century, when it was used by varied Americans and British politicians and economists.
Indeed, the first major American economic crisis, the Panic of , was described by then-president James Monroe as "a depression",  and the most recent economic crisis, the Depression of —21 , had been referred to as a "depression" by then-president Calvin Coolidge. Financial crises were traditionally referred to as "panics", most recently the major Panic of , and the minor Panic of —11 , though the crisis was called "The Crash", and the term "panic" has since fallen out of use. At the time of the Great Depression, the term "The Great Depression" was already used to refer to the period —96 in the United Kingdom , or more narrowly —79 in the United States , which has retroactively been renamed the Long Depression.
Other economic downturns have been called a "great depression", but none had been as widespread, or lasted for so long. Various nations have experienced brief or extended periods of economic downturns, which were referred to as "depressions", but none have had such a widespread global impact. The collapse of the Soviet Union , and the breakdown of economic ties which followed, led to a severe economic crisis and catastrophic fall in the standards of living in the s in post-Soviet states and the former Eastern Bloc ,  which was even worse than the Great Depression.
The worldwide economic decline after has been compared to the s. The causes of the Great Recession seem similar to the Great Depression, but significant differences exist. The previous chairman of the Federal Reserve , Ben Bernanke , had extensively studied the Great Depression as part of his doctoral work at MIT, and implemented policies to manipulate the money supply and interest rates in ways that were not done in the s. Generally speaking, the recovery of the world's financial systems tended to be quicker during the Great Depression of the s as opposed to the lates recession. If we contrast the s with the Crash of where gold went through the roof, it is clear that the U.
Both currencies in and were the U. Where we have experienced inflation since the Crash of , the situation was much different in the s when deflation set in. Unlike the deflation of the early s, the U. In terms of the stock market, nearly three years after the crash, the DJIA dropped 8.
Where we have experienced great volatility with large intraday swings in the past two months, in , we have not experienced any record-shattering daily percentage drops to the tune of the s. Where many of us may have that '30s feeling, in light of the DJIA, the CPI, and the national unemployment rate, we are simply not living in the '30s.
Some individuals may feel as if we are living in a depression, but for many others the current global financial crisis simply does not feel like a depression akin to the s. From Wikipedia, the free encyclopedia. This article is about the severe worldwide economic downturn in the s. See also: Timeline of the Great Depression. Main article: Causes of the Great Depression. King Hubbert. See also: Smoot—Hawley Tariff Act. It has been suggested that this section be split out into another article titled European banking crisis of Discuss September This section needs additional citations for verification.
Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. Main article: Great Depression in Australia. Main article: Great Depression in Canada. Main article: Great Depression in Chile. Main article: Nanjing Decade.
Main article: Great Depression in France. Main article: Weimar Republic. Main article: Economic history of Greece and the Greek world. Main article: Great Depression in India. Main article: Economic history of the Republic of Ireland. Main article: Economic history of Italy. Main article: Great Depression in Latin America. Main article: Great Depression in the Netherlands. Main article: Economic history of Portugal. Main article: Great Depression in South Africa. Main article: Economic history of Spain. Main article: Economy of Sweden. And the great owners, who must lose their land in an upheaval, the great owners with access to history, with eyes to read history and to know the great fact: when property accumulates in too few hands it is taken away.
And that companion fact: when a majority of the people are hungry and cold they will take by force what they need. And the little screaming fact that sounds through all history: repression works only to strengthen and knit the repressed. Further information: Depression economics. Principles of Macroeconomics 3rd ed. US Bureau of Labor Statistics. Retrieved League of Nations : The Economist. American History Civil War to the Present. University of Wisconsin—Madison. Archived from the original on Gold Eagle. Archived from the original on May 17, National Climatic Data Center.
Retrieved April 5, Journal of Monetary Economics. Worlds together, worlds apart: a history of the world from the beginnings of humankind to the present Fourth ed. New York. Barnes, The European world: a history 2nd ed pp. The Results of a Survey on Forty Propositions. New York: Macmillan: 56—58, , — The Great Contraction, — New Edition. Princeton University Press. Essays on the Great Depression. Bernanke 8 Nov , FederalReserve. The New York Review of Books. Archived from the original on April 10, Edward Griffin Roosevelt: Launching the New Deal , ch. Bradford December Journal of Money, Credit and Banking.
The Econometric Society. New England Economic Review. Living History Farm. The American Economic Review. The American Economic Association. Journal of Economic History. Kantorovich, Joan Robinson, Paul A. Wood, Friedrich A. Foundation for Economic Education. Retrieved October 23, Ludwig von Mises Institute. Retrieved October 24, Business Insider. Discussion paper no. King The Results of a Survey on Forty Propositions".
In: Journal of Economic History. Volume 55, No. Gold dates culled from historical sources, principally Eichengreen, Barry New York: Oxford University Press. Bernanke: Money, Gold and the Great Depression". At the H. Mount Holyoke College. Archived from the original on March 10, Journal of Economic History, 70 4 , — The Journal of Economic History. Cambridge University Press.
Registration required help. Journal of Economic History 64 3 : — Hodson, Slump and Recovery, — London, , pp. Economic History Review GDP Then? S-1 December , Boj. December Archived from the original PDF on January 17, Louis Federal Reserve Bank collection at Stlouisfed. Woytinsky and E.
Woytinsky, World population and production: trends and outlook p. Women in Nazi Germany. Foley Palgrave Macmillan. University of Toronto Press. Bean, " 'To help keep the home going': female labour supply in interwar London. Augusta Historical Bulletin , Issue 46, pp. Journal of Japanese Studies 30 2 pp. Commanding Heights, see chapter 6 video or transcript TV documentary. A Reassessment of the U.
Economy in the s". The Library of Congress. Jensen, "The causes and cures of unemployment in the Great Depression. Leviathan: The unauthorised biography of Sydney. Random House. The Wasted Years? History of Iceland.
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Routes Into the Abyss: Coping with Crises in the s pp. IIIS, Some evidence from the Italian economy during the Great Depression. Kossmann, The Low Countries: — A New Deal for the Tropics. Princeton: Markus Wiener. Unemployment Rate: —". American Social History Project. Retrieved April 19, Economic History of Puerto Rico.
Princeton: Princeton University Press. Wheatcroft, eds. Oxford University Press. During the Great Depression". Harrison, Economic History of Modern Spain , pp. Department of State. Archived from the original on October 29, Explorations in Economic History.
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Archived Retrieved September 4, Lee, Chairman of Economics Dept. Irwin Inc, Homewood, Illinois, , p. Lee, The Coming of the New Deal: — Paperback ed. New York: Houghton Mifflin, . The Politics of Upheaval: — Cincinnati Magazine. Emmis Communications. Retrieved 10 July Dorrance Publishing. Spotlight on America: The Great Depression. Teacher Created Resources. And Who Named It? The Economic History Review. Blackwell Publishing. The New York Times. The Wall Street Journal. MSN Money.
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The Dark Valley: A Panorama of the s comprehensive global economic and political history; pp excerpt Brown, Ian. Golden Fetters: The gold standard and the Great Depression, — Eichengreen, Barry, and Marc Flandreau. Charles H. Unemployment in History Garside, William R. Business Cycles and Depressions Routledge, , pp.
Encyclopedia of the Interwar Years: From to David Ferguson. Slump and Recovery, —37 Oxford UP, Prescott, eds. The World in Depression, — 3rd ed. Madsen, Jakob B. Markwell, Donald. Mitchell, Broadus. Great Depression. Category Commons. New Deal. Franklin D. Roosevelt Harold L. Recessions in the United States.
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