Great Depression/Timelines: Difference between revisions
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1850-1918 11 US recessions [http://www.nber.org/cycles/] including the [[panic of 1893]] | |||
1914-18 First World War | |||
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1918 | |||
:Treaty of Versailles: war reparations. | |||
1925 | |||
:Britain rejoins the gold standard. | |||
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1931 | 1931 | ||
:Britain | :Britain, Sweden and Japan leave the [[gold standard]] [http://www.econ.iastate.edu/classes/econ355/choi/1931sep21a.html] | ||
Revision as of 05:30, 8 January 2009
1850-1918 11 US recessions [1] including the panic of 1893
1914-18 First World War
1918
- Treaty of Versailles: war reparations.
1925
- Britain rejoins the gold standard.
1929
- The stock market crash of 1929
1930
- Hawley-Smoot Tariff Act [2][3]
- US 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
- Britain, Sweden and Japan leave the gold standard [4]
1932
- Reconstruction Finance Corporation [5] created
- Federal Home Loan Act [6]
- Unemployment is 25 percent.
- National income is 50 percent below that of 1929.
- Stock market is 75 percent below its 1929 high.
- 10,000 banks have failed since 1929, (40 percent of the 1929 total).
1933
- Franklin D. Roosevelt elected president.
- President declares a banking holiday and temporarily closes all U.S. banks using the Emergency Banking Act 1933[7].
- The National Recovery Administration and the Public Works Administration created by the National Recovery Act 1933 [8]
- Federal Deposit Insurance Corporation [9] created
- Money supply is 40 percent lower than 1929.
- Approximately 4,000 commercial banks fail.
- 1,700 S&Ls fail
1934
- US recovery begins: GNP rises 7.7 percent, and unemployment falls to 21.7 percent.
1935
- US recovery continues: the GNP grows another 8.1 percent, and unemployment falls to 20.1 percent.
1936
1937
- US Recession of 1937 [10]: industrial production down 40 percent; unemployment rises by 4 million; stock market drps by 48 percent.
1938
1939