These were the four largest economies in the world at that time.
To put the severity of the depression in modern perspective, consider the following. Real US GDP fell by 4.4% in the five years that it declined since 1959. Unemployment has never exceeded 9.7% and we have not had one year of deflation.
Between 1921 and 1929 gross national income rose from 62.5 billion dollars to 93.6 billion dollars. By 1932, industrial production in the United States was down to almost half the level of 1929 and national income was down to 58 billion dollars. [T.Wilson, Fluctuations in Income and Employment, London 1st Edition, 2nd Edition 1948]. The slump in the United states had effects throughout the world. Those countries which had been borrowing from the United States were faced with a danger to their balance of payments which forced them to replace imports.
In early 1930, there were approximately sixty bank failures per month in the United States but when the Federal bank tightened its purse strings, things got much worse. Two hundred and fifty-four banks failed in November and three hundred and forty-four in December of 1930. Among these was the bank of the United States, with 450,000 depositors it was the fourth largest bank in New York. In spite of further tax cuts, public works programs and optimistic speeches, spending and thus economic activity continued to decline. The Dow Jones finally decreased at the level of 41.22 in July 1932. [An American Banking Dynasty and the Rise of Modern Finance, by Ron Chernow]. .
The crisis began in Austria, whose financial position had been weak since the end of the war. In May 1931 it was announced that the Kreditanstalt, the Austrian bank, had suffered grave losses and was in danger of being unable to meet its commitments. The announcement, which may have been precipitated by French interests, who were anxious to frustrate the customs union then proposed between Austria and Germany, but which was probably not a result of French withdrawal of funds, set off fears for the stability of German banks.
The Great Depression of the 1930s was a result of many economic changes in America. ... This crash led us into The Great Depression. ... The main problem that caused The Great Depression was unemployment. ... The Great Depression has greatly impacted the American society. ... The economy has changed drastically since The Great Depression. ...
The great depression began around the 1930's and ended near the late 1930's. ... Almost 30% of the people during the great depression were unemployed. ... The Chrysler building was created during the great depression. ... Fads and fashion was coming along very strong in the great depression. ... Sports were a major fad for men during the great depression. ...
The Great Depression The Great Depression was one of the longest depressions in the history of North America left Americans shaken. ... My grandmother, a survivor from the great depression says "we had to gather food from were ever we could find it, we were starving". ... The Great Depression sent people that were ordinarily comfortable with life scurrying for reassuring shelter and it left many people badly shaken from the experience. ... People that went through the Great Depression and survived will forever remember the way that it felt to stand in line for hours for food or even to...
Economics during the Great Depression were very different than periods of time during the depression. ... People were not earning much money during The Great Depression. ... Political views also changed during the Great Depression. ... Shirley Temple, Will Rogers, and marie Dressler were few great performers during the Great Depression. ... The Great Depression has definitely left it's mark on America. ...
So the average American was living quite content, but had no savings if something was to happen like, The Great Depression. ... The collapse of the stock market did not cause "The Great Depression" like many may think, it was a total accumulation of wealth, bad business deals and the stock market . ... The Great Depression was a worldwide phenomena, more than 1300 banks closed in 1930 and 3700 more within the next two years. ... At this time The Great Depression had psychological effects and health effects on our nation. ... In 1939, the final chapter to "The Great Depress...
The Great Depression When Franklin D. Roosevelt took office, America was going through what was known as the Great Depression. ... Farm families are an example who suffered during the Great Depression. ... The banks were closing down due to the depression. ... The Great Depression was not the first or only depression Americans had seen, but it was the worst. ...
The Great Depression The Great Depression was the greatest economic slump to ever occur in US history. The depression began in late 1929 and lasted throughout the following decade. Several factors played key roles in bringing about the depression. ... However, though a great deal more work was being done, the average wage for a manufacturing worker increased minimally. ... Though the Great Depression has long since ended, it continues to leave an indelible imprint on our economic society. ...
Great Depression was the worst and longest economic collapse in the history of the modern industrial world. ... The depression started in the United States and spread to most of the world's industrial countries. ... During the Great Depression there were rapid falls in the production and sale of goods and a rise in unemployment. There were many factors to the cause of the Depression. ... Another one of the factors to the Great Depression was what the government had done or had not done to ensure that this would not happen. ...
The Great Depression On Thursday October 24, 1929 at 10:00am the stock market bell went off at the New York Stock Exchange, stocks were plummeting down. ... The Great Depression did not just happen there were many factors that contributed to the depression like the United States international credit system, economic dependency, and international trade policies. ... The great depression is a very important chapter in our history. Through the great depression we learned many great lessons and as a country we came to realize how fragile what may ...
Causes of the Great Depression The Great Depression was the severe economic crisis that began in 1929, that sent the United States into a frenzy. ... It's undeniable that the Great Depression was one of the hardest trails the US has had to endure. ... The Great Depression was a trying and difficult time for America. ... Work Cited Page America's Great Depression. ... Available http://odur.let.rug.n1/~usa/H/1994/ch9_p8.htm "Great Depression" Encyclopedia.com . ...
