Great Depression/Timelines: Difference between revisions
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imported>Nick Gardner No edit summary |
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1930 | 1930 | ||
: Failure of the Bank of United States [http://www.spartacus.schoolnet.co.uk/USACbank.htm]. | : USA: | ||
: | :: Failure of the Bank of United States [http://www.spartacus.schoolnet.co.uk/USACbank.htm]. | ||
:: Hawley-Smoot Tariff Act [http://law.justia.com/us/codes/title19/chapter4_.html][http://www.encyclopedia.com/doc/1E1-HawleySm.html] | |||
:: GNP drops 9.4% from the previous year. The unemployment rate climbs from 3.2 to 8.7%. By the end of the year, 1,350 banks have closed. | :: GNP drops 9.4% from the previous year. The unemployment rate climbs from 3.2 to 8.7%. By the end of the year, 1,350 banks have closed. | ||
| Line 67: | Line 68: | ||
1932 | 1932 | ||
: USA: [[Reconstruction Finance Corporation]] [http://www.constitution.org/norton/norton_07.txt] created | : USA: | ||
::[[Federal Home Loan Act]] [http://www.bobsuniverse.com/BWAH/31-Hoover/19320722a.pdf] | :: Revenue Act: income tax rates increased and allowances reduced [http://www.treasury.gov/education/fact-sheets/taxes/ustax.shtml]. | ||
:: | :: [[Reconstruction Finance Corporation]] [http://www.constitution.org/norton/norton_07.txt] created | ||
:: [[Federal Home Loan Act]] [http://www.bobsuniverse.com/BWAH/31-Hoover/19320722a.pdf] | |||
:: Recorded unemployment reaches 25 percent. | |||
| Line 86: | Line 87: | ||
1934 | 1934 | ||
: USA: GNP rises 7.7 percent, and unemployment falls to 21.7 percent. | : USA: | ||
:: Social Security Act: unemployment compensation introduced [http://www.treasury.gov/education/fact-sheets/taxes/ustax.shtml]. | |||
:: GNP rises 7.7 percent, and unemployment falls to 21.7 percent. | |||
1935 | 1935 | ||
: USA: GNP grows another 8.1 percent, and unemployment falls to 20.1 percent. | |||
: USA: | |||
:: GNP grows another 8.1 percent, and unemployment falls to 20.1 percent. | |||
1936 | 1936 | ||
Revision as of 08:12, 23 January 2009
1850-1918
- 11 US recessions [1] including the panic of 1893
1914-18
- First World War
- General suspension of the gold standard.
1918
- Treaty of Versailles: war reparations [2].
1919-21
- UK: Post-war recession [3].
1921-23
- USA: post-war recession [4].
1923
- Germany: Hyperinflation [5].
1924
- USA: Start of 1924-26 upturn [6]
1925
- UK: Britain rejoins the gold standard.
1926
- UK: General strike [7].
1927
- US/UK/France Long Island meeting of central bankers to discuss UK plea to help the £ by raising the US discount rate [8].
- USA: Federal Reserve Bank cuts its discount rate cut from 4% to 3.5% and makes large purchases US government securities [9].
- Renewed economic upturn
1928
- US Federal Reserve Bank raises its discount rate to 5%
1929
February
- UK: Bank of England raises the bank rate fron 4.5% to 5.5%
August
- USA: Start of a downturn in economic activity [10]
- Federal Reserve Bank raises discount rate to 6%
October
- USA: The stock market crash of 1929.
- 24 Black Thursday DJIA falls by 13%
- 28 Black Monday DJIA falls by 12.8%
- 29 Black Tuesday DJIA falls by 11.7%
1930-33
- USA: The "Great Contraction"
- Three waves of panic create a progressive collapse of the United States banking system, with the failure of nearly half of the banks and heavy. losses by the others.
1930
- USA:
1931
- USA: banking crisis, with the failure of over 1800 banks.
- UK: Sterling (£) Crisis [14].
- World: Britain, Sweden and Japan leave the gold standard [15]
1932
- USA:
- Revenue Act: income tax rates increased and allowances reduced [16].
- Reconstruction Finance Corporation [17] created
- Federal Home Loan Act [18]
- Recorded unemployment reaches 25 percent.
1933
- USA: Trough of depression and start of recovery [19]
- Franklin D. Roosevelt elected president.
- President declares a banking holiday and temporarily closes all U.S. banks using the Emergency Banking Act 1933[20].
- The National Recovery Administration and the Public Works Administration created by the National Recovery Act 1933 [21]
- Federal Deposit Insurance Corporation [22] created
- Money supply is 40 percent lower than 1929.
- Approximately 4,000 commercial banks fail.
- 1,700 S&Ls fail
- Franklin D. Roosevelt elected president.
1934
- USA:
- Social Security Act: unemployment compensation introduced [23].
- GNP rises 7.7 percent, and unemployment falls to 21.7 percent.
1935
- USA:
- GNP grows another 8.1 percent, and unemployment falls to 20.1 percent.
1936
1937
- USA: Recession of 1937 [24]: industrial production down 40 percent; unemployment rises by 4 million; stock market drops by 48 percent.
1938
- USA: Start of upturn