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This further depressed the economy until Roosevelt stepped into office in 1933 and ended the gold standard, thereby ending the deflationary policy. [3] A true understanding of the Great Depression requires not only knowledge of the U.S. monetary system but also the implications of the gold standard on its participatory nations.
The term "The Great Depression" is most frequently attributed to British economist Lionel Robbins, whose 1934 book The Great Depression is credited with formalizing the phrase, [230] though Hoover is widely credited with popularizing the term, [230] [231] informally referring to the downturn as a depression, with such uses as "Economic ...
The Dow climbed on, through the remainder of the 1940s -- interrupted by a shallow bear market after the war's end -- and into the 1950s, when it finally broke through to a new high in 1954.
Herbert Hoover and the Great Depression (1959). scholarly history online; Watkins, T. H. The Great Depression: America in the 1930s. (2009) online; popular history. Wecter, Dixon. The Age of the Great Depression, 1929–1941 (1948), scholarly social history online; Wicker, Elmus. The Banking Panics of the Great Depression (1996) White, Eugene N.
The first great crash of the Great Depression ended on July 8, The fall from a market peak into a crash is inevitably volatile, but the rebound out of a bear market can be every bit as wild.
The Dow Jones Industrial Average, 1928–1930. The "Roaring Twenties", the decade following World War I that led to the crash, [4] was a time of wealth and excess.Building on post-war optimism, rural Americans migrated to the cities in vast numbers throughout the decade with hopes of finding a more prosperous life in the ever-growing expansion of America's industrial sector.
The NRA tried to end the Great Depression by organizing thousands of businesses under codes drawn up by trade associations and industries. Hugh Johnson proved charismatic in setting up publicity that glorified his new NRA. Johnson was recognized for his efforts when Time named him Man of the Year of 1933—choosing him instead of FDR. [45]
The timber market in Finland began to decline in 1929 due to the Great Depression, as well as the Soviet Union's entrance into the market. Financial and political problems culminated in the birth of the fascist Lapua Movement on November 23 in a demonstration in Lapua. The movement's stated aim was Finnish democracy and anti-communism. [27]