Great Depression/Timelines: Difference between revisions
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imported>Nick Gardner No edit summary |
imported>Nick Gardner No edit summary |
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| Line 18: | Line 18: | ||
1923 | 1923 | ||
: Germany: Hyperinflation [http://www.pbs.org/wgbh/commandingheights/shared/minitext/ess_germanhyperinflation.html]. | : Germany: Hyperinflation [http://www.pbs.org/wgbh/commandingheights/shared/minitext/ess_germanhyperinflation.html]. | ||
1924 | |||
: USA: Start of 1924-26 upturn [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf] | |||
1925 | 1925 | ||
| Line 25: | Line 28: | ||
1926 | 1926 | ||
: UK: General strike. | : UK: General strike. | ||
1927 | 1927 | ||
: US Federal Reserve Bank cuts its discount rate cut from 4% to 3.5% | : USA: renewed upturn | ||
: US Federal Reserve Bank cuts its discount rate cut from 4% to 3.5% | |||
1928 | 1928 | ||
: US Federal Reserve Bank raises its discount rate to 5% | : US Federal Reserve Bank raises its discount rate to 5% | ||
1929 | 1929 | ||
February | February | ||
: UK: Bank of England raises the bank rate fron 4.5% to 5.5% | : UK: Bank of England raises the bank rate fron 4.5% to 5.5% | ||
August | August | ||
: USA: Start of a downturn in economic activity [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf] | |||
: US Federal Reserve Bank raises discount rate to 6% | : US Federal Reserve Bank raises discount rate to 6% | ||
| Line 71: | Line 73: | ||
1933 | 1933 | ||
: USA: Trough of depression and start of recovery [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf] | |||
: USA:Franklin D. Roosevelt elected president. | : USA:Franklin D. Roosevelt elected president. | ||
::President declares a banking holiday and temporarily closes all U.S. banks using the Emergency Banking Act 1933[http://www.fdic.gov/about/history/index.html]. | ::President declares a banking holiday and temporarily closes all U.S. banks using the Emergency Banking Act 1933[http://www.fdic.gov/about/history/index.html]. | ||
| Line 80: | Line 83: | ||
1934 | 1934 | ||
: USA: | : USA: GNP rises 7.7 percent, and unemployment falls to 21.7 percent. | ||
1935 | 1935 | ||
: USA: | : USA: GNP grows another 8.1 percent, and unemployment falls to 20.1 percent. | ||
1936 | 1936 | ||
1937 | 1937 | ||
: USA: Recession of 1937 [http://www.answers.com/topic/recession-of-1937]: industrial production down 40 percent; unemployment rises by 4 million; stock market | : USA: Recession of 1937 [http://www.answers.com/topic/recession-of-1937]: industrial production down 40 percent; unemployment rises by 4 million; stock market drops by 48 percent. | ||
1938 | 1938 | ||
: USA: Start of upturn | |||
Revision as of 13:54, 13 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.
1927
- USA: renewed upturn
- US Federal Reserve Bank cuts its discount rate cut from 4% to 3.5%
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 [7]
- US 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"
- USA: 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: Hawley-Smoot Tariff Act [8][9]
- USA 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.
1931
- USA: banking crisis, with the failure of over 1800 banks.
- Britain, Sweden and Japan leave the gold standard [10]
1932
- USA: Reconstruction Finance Corporation [11] created
- USA:Federal Home Loan Act [12]
- USA: Unemployment is 25 percent.
- USA: National income is 50 percent below that of 1929.
- USA: Stock market is 75 percent below its 1929 high.
- USA:10,000 banks have failed since 1929, (40 percent of the 1929 total).
1933
- USA: Trough of depression and start of recovery [13]
- USA:Franklin D. Roosevelt elected president.
- President declares a banking holiday and temporarily closes all U.S. banks using the Emergency Banking Act 1933[14].
- USA: The National Recovery Administration and the Public Works Administration created by the National Recovery Act 1933 [15]
- Federal Deposit Insurance Corporation [16] created
- USA: Money supply is 40 percent lower than 1929.
- USA: Approximately 4,000 commercial banks fail.
- USA: 1,700 S&Ls fail
1934
- USA: 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 [17]: industrial production down 40 percent; unemployment rises by 4 million; stock market drops by 48 percent.
1938
- USA: Start of upturn