History Lecture Great Depression

History Lecture Great Depression - THE GREAT DEPRESSION...

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1 THE GREAT DEPRESSION [Music: Victoria Spivey, Detroit Moan (1936) Barbeque Bob, We Sure Got Hard Times (1930) Rudy Valle, Brother, Can You Spare a Dime ," lyrics by Yip Harburg, music by Jay Gorney (1931] Slide : Henry Ford and automobile The “new economy” that emerged after WWI was organized by an industrial, manufacturing foundation embodied by the automobile industry and facilitated by advertising and consumption 192529: per capita supply of finished manufactured products in the U.S. was 2 times that of GB and Germany, the next 2 most successful economies. 1924-1935: total national income of U.S. averaged three times more than that of Great Britain, 4 times more than Germany, 5 times more than France or Russia (Evans) Per capita gross domestic product 1924-1935: U.S. 100%, G.B. 89%, France 72%, Germany 63%, USSR 25% (Evans) l929 U.S. was producing as much electricity as the rest of the world combined Slide : Automobile industry becomes a key factor in the economy; dependent on govt. aid in the form of highway construction; creates a dependent market: tires, spark plugs, paint, glass, nickel, and petroleum products; rise of tourist industry Even Lenin in USSR admired Henry Ford and sought to emulate the “Fordist” forms of production After WWI, U.S. was as rich as Europe; roughly 40% of world's wealth was in U.S. hands (Garraty) During the l920s, many Americans assumed the success of capitalism was complete Slide : Bernard Baruch, War Industries Board chairman in WWI and businessman: "The economic condition of the world seems on the verge of a great forward movement." Irving Fischer, econ. prof. at Yale: "Stock market prices have reached what looks like a permanently high plateau."
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1 THE GREAT DEPRESSION Slide : Even the American left found little to criticize: exSocialist Walter Lippman: "The more or less unconscious and unplanned activities of businessmen are for once more novel, more daring; and in general more revolutionary, than the theories of the progressives." (l928) Slide : Lincoln Steffens: "Big business in America is producing what the Socialists held up as their goal." (l928) The stock market crash that began the Depression came as a total surprise to the U.S. Slide : Black Tuesday on Wall Street 24 Oct. l929: l3 million stock market shares changed hands 29 Oct. 1929: l6 million changed: Black Tuesday By l3 Nov. $30 billion in market value of listed stocks was wiped out; by l932 these loses had increased to $75 billion. Between 1929 and 1933, U.S. economic output plunged almost 30%, unemployment exceeded 25%, more than 9,000 banks failed, and overall prices plunged about 10% per year As wages, prices and real estate values spiraled downward, millions of homeowners and businesses struggled to pay their debts. Slides
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History Lecture Great Depression - THE GREAT DEPRESSION...

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