Great Depression/Timelines: Difference between revisions
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1918 | 1918 | ||
:Treaty of Versailles: war reparations [http://www.nationmaster.com/encyclopedia/World-War-I-reparations]. | : Treaty of Versailles: war reparations [http://www.nationmaster.com/encyclopedia/World-War-I-reparations]. | ||
1919-21 | 1919-21 | ||
| Line 54: | Line 54: | ||
1930 | 1930 | ||
:Hawley-Smoot Tariff Act [http://law.justia.com/us/codes/title19/chapter4_.html][http://www.encyclopedia.com/doc/1E1-HawleySm.html] | : USA: Hawley-Smoot Tariff Act [http://law.justia.com/us/codes/title19/chapter4_.html][http://www.encyclopedia.com/doc/1E1-HawleySm.html] | ||
: 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. | : 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 | 1931 | ||
: | : USA: banking crisis, with the failure of over 1800 banks. | ||
:Britain, Sweden and Japan leave the [[gold standard]] [http://www.econ.iastate.edu/classes/econ355/choi/1931sep21a.html] | : Britain, Sweden and Japan leave the [[gold standard]] [http://www.econ.iastate.edu/classes/econ355/choi/1931sep21a.html] | ||
1932 | 1932 | ||
:[[Reconstruction Finance Corporation]] [http://www.constitution.org/norton/norton_07.txt] created | : USA: [[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] | : USA:[[Federal Home Loan Act]] [http://www.bobsuniverse.com/BWAH/31-Hoover/19320722a.pdf] | ||
:Unemployment is 25 percent. | : USA: Unemployment is 25 percent. | ||
:National income is 50 percent below that of 1929. | : USA: National income is 50 percent below that of 1929. | ||
:Stock market is 75 percent below its 1929 high. | : USA: Stock market is 75 percent below its 1929 high. | ||
:10,000 banks have failed since 1929, (40 percent of the 1929 total). | : USA:10,000 banks have failed since 1929, (40 percent of the 1929 total). | ||
1933 | 1933 | ||
: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]. | ||
:The [[National Recovery Administration]] and the [[PWA|Public Works Administration]] created by the National Recovery Act 1933 [http://www.civics-online.org/library/formatted/texts/recovery_act.html] | : USA: The [[National Recovery Administration]] and the [[PWA|Public Works Administration]] created by the National Recovery Act 1933 [http://www.civics-online.org/library/formatted/texts/recovery_act.html] | ||
:[[Federal Deposit Insurance Corporation]] [http://www.fdic.gov/about/history/index.html] created | :[[Federal Deposit Insurance Corporation]] [http://www.fdic.gov/about/history/index.html] created | ||
:Money supply is 40 percent lower than 1929. | : USA: Money supply is 40 percent lower than 1929. | ||
:Approximately 4,000 commercial banks fail. | : USA: Approximately 4,000 commercial banks fail. | ||
:1,700 S&Ls fail | : USA: 1,700 S&Ls fail | ||
1934 | 1934 | ||
: | : USA: recovery begins: GNP rises 7.7 percent, and unemployment falls to 21.7 percent. | ||
1935 | 1935 | ||
: | : USA: recovery continues: the 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 drps by 48 percent. | ||
1938 | 1938 | ||
Revision as of 05:10, 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].
1925
- UK: Britain rejoins the gold standard.
1926
- UK: General strike.
1921 - 1929
- USA: Strong economic growth: GDP increases by 42% (growth rates: 10.5% pa 1921-23; 3.4% pa 1923-29)
- USA: Stock market boom: the DJIA index at the 1929 peak is six times its minimum level in 1921 [6].
1927
- 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%
June
- USA: Start of a downturn in economic activity
August
- 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 [7][8]
- 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 [9]
1932
- USA: Reconstruction Finance Corporation [10] created
- USA:Federal Home Loan Act [11]
- 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:Franklin D. Roosevelt elected president.
- President declares a banking holiday and temporarily closes all U.S. banks using the Emergency Banking Act 1933[12].
- USA: The National Recovery Administration and the Public Works Administration created by the National Recovery Act 1933 [13]
- Federal Deposit Insurance Corporation [14] 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: recovery begins: GNP rises 7.7 percent, and unemployment falls to 21.7 percent.
1935
- USA: recovery continues: the GNP grows another 8.1 percent, and unemployment falls to 20.1 percent.
1936
1937
- USA: Recession of 1937 [15]: industrial production down 40 percent; unemployment rises by 4 million; stock market drps by 48 percent.
1938
1939