Great Depression/Timelines: Difference between revisions
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imported>Nick Gardner No edit summary |
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1919-21 | 1919-21 | ||
: UK: Post-war recession [http://www.econ.berkeley.edu/~eichengr/research/floudjohnsonchaptersep16-03.pdf]. | : UK: | ||
:: Post-war recession [http://www.econ.berkeley.edu/~eichengr/research/floudjohnsonchaptersep16-03.pdf]. | |||
1921-23 | 1921-23 | ||
: USA: | : USA: | ||
:: Post-war recession [http://findarticles.com/p/articles/mi_hb5814/is_n3_v29/ai_n28604039]. | |||
1923 | 1923 | ||
: Germany: Hyperinflation [http://www.usagold.com/germannightmare.html] | : Germany: | ||
:France and Belgium invade the Ruhr [http://www.bbc.co.uk/scotland/education/bitesize/standard/other/sos/history/people_and_power/answerpower_52.shtml]. | :: Hyperinflation [http://www.usagold.com/germannightmare.html] | ||
::France and Belgium invade the Ruhr [http://www.bbc.co.uk/scotland/education/bitesize/standard/other/sos/history/people_and_power/answerpower_52.shtml]. | |||
1924 | 1924 | ||
: USA: Start of 1924-26 upturn [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf] | : USA: | ||
: Dawes Plan for German reparations payments [http://www.u-s-history.com/pages/h1371.html]. | :: Start of 1924-26 upturn [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf] | ||
: Germany | |||
:: Dawes Plan for German reparations payments [http://www.u-s-history.com/pages/h1371.html]. | |||
1925 | 1925 | ||
: UK: Britain rejoins the gold standard. | : UK: | ||
:: Britain rejoins the gold standard. | |||
1926 | 1926 | ||
: UK: General strike [http://www.spartacus.schoolnet.co.uk/TUgeneral.htm]. | : UK: | ||
:: General strike [http://www.spartacus.schoolnet.co.uk/TUgeneral.htm]. | |||
1927 | 1927 | ||
: US/UK/France Long Island meeting of central bankers to discuss UK plea to help the £ by raising the US discount rate [http://www.time.com/time/magazine/article/0,9171,929331,00.html]. | USA: | ||
: | :: US/UK/France Long Island meeting of central bankers to discuss UK plea to help the £ by raising the US discount rate [http://www.time.com/time/magazine/article/0,9171,929331,00.html]. | ||
:: Federal Reserve Bank cuts its discount rate cut from 4% to 3.5% and makes large purchases US government securities [http://fraser.stlouisfed.org/docs/meltzer/bogsub050927.pdf]. | |||
:: Renewed economic upturn | :: Renewed economic upturn | ||
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] | : USA: | ||
:: Start of a downturn in economic activity [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf] | |||
:: Federal Reserve Bank raises discount rate to 6%. | :: Federal Reserve Bank raises discount rate to 6%. | ||
:Germany: | :Germany: | ||
:: | :: Collapse of Frankfurter Allgemeine Verischerungs AG and runs on savings banks | ||
October | October | ||
: USA: The stock market [[crash of 1929]]. | : USA: | ||
::24 Black Thursday DJIA falls by 13% | :: The stock market [[crash of 1929]]. | ||
::28 Black Monday DJIA falls by 12.8% | :::24 Black Thursday DJIA falls by 13% | ||
::29 Black Tuesday DJIA falls by 11.7% | :::28 Black Monday DJIA falls by 12.8% | ||
:::29 Black Tuesday DJIA falls by 11.7% | |||
1930-33 | 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. | :: The "Great Contraction" | ||
:: Banking crises | |||
::: 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 | 1930 | ||
Line 93: | Line 107: | ||
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: | ||
::Trough of depression and start of recovery [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf] | |||
:: Franklin D. Roosevelt elected president. | :: 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 102: | Line 117: | ||
:: Approximately 4,000 commercial banks fail. | :: Approximately 4,000 commercial banks fail. | ||
:: 1,700 S&Ls fail | :: 1,700 S&Ls fail | ||
:Germany | |||
:: Fall of Weimar government: Hitler gains power. | |||
1934 | 1934 | ||
Line 118: | Line 136: | ||
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 drops by 48 percent. | : 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 | : USA: Start of upturn |
Revision as of 01:51, 27 January 2009
1850-1918
- 11 US recessions [1] including the panic of 1893
1914-18
- First World War
1918
- Treaty of Versailles: war reparations [2].
1919-21
- UK:
- Post-war recession [3].
1921-23
- USA:
- Post-war recession [4].
1923
1924
1925
- UK:
- Britain rejoins the gold standard.
1926
- UK:
- General strike [9].
1927 USA:
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 [12]
- Federal Reserve Bank raises discount rate to 6%.
- Germany:
- Collapse of Frankfurter Allgemeine Verischerungs AG and runs on savings banks
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%
- The stock market crash of 1929.
1930-33
- USA:
- The "Great Contraction"
- Banking crises
- 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:
- France:
- Failure of Banque Adam and the Oustric Group
1931
- USA:
- Banking crisis, with the failure of over 1800 banks.
- UK:
- Sterling (£) Crisis [16].
- Austria:
- Failure of Creditanstalt
- Germany:
- Banking crisis. Closure of Darmstädter bank.
- France:
- Failure of Banque Nationale de Crédit and bank runs.
- World:
- Britain, Sweden and Japan leave the gold standard [17]
1932
- USA:
- Chicago Banking Panic [18].
- Revenue Act: income tax rates increased and allowances reduced [19].
- Reconstruction Finance Corporation [20] created
- Federal Home Loan Act [21]
- Recorded unemployment reaches 25 percent.
- World
- Lausanne Conference agrees to the suspesion of reparations payments by Germany [22]
1933
- USA:
- Trough of depression and start of recovery [23]
- Franklin D. Roosevelt elected president.
- President declares a banking holiday and temporarily closes all U.S. banks using the Emergency Banking Act 1933[24].
- The National Recovery Administration and the Public Works Administration created by the National Recovery Act 1933 [25]
- Federal Deposit Insurance Corporation [26] created
- Federal Emergency Relief Administration [27] created
- Money supply is 40 percent lower than 1929.
- Approximately 4,000 commercial banks fail.
- 1,700 S&Ls fail
- Germany
- Fall of Weimar government: Hitler gains power.
1934
- USA:
- Social Security Act: unemployment compensation introduced [28].
- GNP rises 7.7 percent, and unemployment falls to 21.7 percent.
- France:
1935
- USA:
- GNP grows another 8.1 percent, and unemployment falls to 20.1 percent.
1936
1937
- USA:
- Recession of 1937 [31]: industrial production down 40 percent; unemployment rises by 4 million; stock market drops by 48 percent.
1938
- USA: Start of upturn