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Ruhr Crisis
The Ruhr Crisis occurred after the failure of Germany to pay WWI reparations. France and Belgium invaded the Ruhr to forcibly collect payments. The situation was further exemplified by France's desire to weaken Germany militarily and economically. The two invaders targeted mines and factories; workers refused to comply and resorted to destroying their resources. The Ruhr Crisis led to economic disaster in Germany. The Weimar Republic resorted to printing more money, resulting in heavy inflation. -
U.K. General Strike
The general council of the Trades Union Congress (TUC) called this strike. The ten-day effort aimed to coerce the government to prevent wage reductions and poor conditions for coal minors. Despite the lack of resources due to the strike, the government was able to continue services with the aid of volunteers. The TUC resigned with little violence. Although the strike resulted in little long-term impacts on industrial relations, it signified the experiences and moods of the laboring class. -
Wall Street Crash
The Wall Street Crash of 1929, also known as Black Tuesday, resulted when stock prices experienced a stark decline. This drop resulted in the decimation of wealth not only across the United States but also through the masses of countries it interacted with. Its immediate effects included the rise of panic, bank runs, and bank shutdowns. It also signified the beginning of the ten-year Great Depression. -
Adoption of the Young Plan / Discontinuation of the Dawes Plan
In 1929 the Dawes plan, an American initiative to give loans to the countries of Europe, was discontinued as the United States no longer had the economic stability to support Europe. The Young Plan (enacted in 1930) was subsequently created to manager Germany's war reparations, reducing them by about 20 percent. Although the Young Plan partially eased the stress of reparations, the discontinuation of loans to Germany and other countries cut off funds necessary to maintain a failing economy. -
Smoot-Hawley Tariff Act Enacted
This act, signed into law by President Herbet Hoover, raised U.S. tariffs on foreign imported goods in an effort to promote American industries and increase the amount of revenue that remained in the country. Its effects were widely counterproductive. It severed American exports with other countries and negatively affected European industries that depended on American business. -
Heinrich Bruning Appointed as Chancellor of Germany; Restricts Wage and Salary Increases
Heinrich Bruning was Chancellor of Germany from 1930 to 1932 during the Weimar Republic. Faced with issues of the Great Depression, Bruning decided to restrict increases in wage and salary, and tightened credit. He also established a 'presidential government' under the authority of emergency decrees (without approval from the Reichstag). Under his authority, unemployment rose and the Weimar Republic enetered a period of instability. -
Construction of the Hoover Dam Begins
The construction of this dam represented one of many large projects that provided jobs to unemployed workers during the Depression. As well as providing work, the dam also resulted in hydroelectric power, flood control, and water storage. At the time, the creation of such a large concrete structure had a positive impact on American morale. -
Bonus Army Marches on Washington
After WWI, unemployed veterans were granted bonuses in the form of bonds by the World War Adjusted Compensation Act. However, they could not collect these payments until 1945, which was incredibly probelematic during the Depression when these funds were essential to thrive. A group of thosands of veterans, known as the Bonus Army, marched at Washington to demand the immediate payment of these bonds in cash. The Bonus Army soon died after the marchers were driven out and their shelters burned. -
The Means to Prosperity Published by Keynes
Keynes, an English economist, published this book in the height of the Great Depression. Although it was addressed to the U.K., the book also gave advice to other governments on policy during a global recession (a copy was even sent to President Roosevelt). The Means to Prosperity also marked one of the first instances in which Keynes discussed the multiplier effect that, in reference to money, measures how much the money supply increases in response to change in a monetary base. -
Hitler Appointed as Chancellor in Germany; Promises to Improve Economy
In the previous year, 1932, Hitler began an ascent to power as the economic situation in Germany worsened. He aimed to solve Germany's issues by nullifying the terms of the Treaty of Versailles and dispelling of any groups considered to be unbeneficial, such as the Jewish population and political dissidents. As well as this, Hitler gained support against the Weimar Republic, which was often blamed for the country's issues. As chancellor, Hitler quickly instituted a one-party state. -
Emergency Banking Act
This act attempted to stabilize the economy during President Roosevelt's four-day banking holiday. The law allowed the Federal Reserve Banks to issue currency based on sound assets to financially secure banks, allowing them to reopen and meet any legitimate needs. The act also aimed to end the prevalence of bank runs, where large numbers of people tried to withdraw their deposits in cash money, thus stripping the bank of worth and destroying savings. -
First Fireside Chat by President Roosevelt on the Banking Crisis
This public speech on radio began the first broadcast of a legacy. In this 'fireside chat', President Roosevelt communicated his intentions of policies and explained the mechanics and purpose of the banking holiday. Through these broadcasts, the public's trust and fondness of Roosevelt grew during the harsh conditions of the Depression. President Roosevelt gave thirty of these chats during his four-term presidency. -
Civilian Conservation Corps (CCC) Created
As part of his New Deal program, President Roosevelt created several organizations that focused on public welfare, strengthening the economy, and creating jobs. The CCC, a work relief program that focused on developing natural resources, was one of these programs. During its time, CCC workers planted close to three billion trees, built a network of roads in rural areas, and updated forest fire fighting methods, along with other projects. -
National Recovery Administration (NRA) Created
The goal of the NRA was to eliminate competition in business by combining the government, industry, and labor factions. Under it, the Federal Deposit Insurance Corporation (FDIC) was created to make codes of practice and set prices. These codes assisted workers by setting minimum wages and maximum hours. In the long term, the NRA resulted in the increase and effectiveness of labor unions. However, it was ruled unconstitutional in 1935 on the grounds that it broke the separation of powers. -
Share the Wealth Created by Huey Long
Huey Long was one of the disputants to the New Deal. Long argued that Roosevelt's provisions were not substantial enough to close the gap between the rich and the poor. Provoked by the state of poor Americans, he created the Share the Wealth movement which advocated for the restriction of the wealthy in favor of poorer citizens. Some of its provisions included the limitation of personal assets, taxes on the richest members of society, free education, and a pension for the elderly. -
Works Progress Administration (WPA) Created
The WPA was the largest program created under the New Deal. It employed millions to complete public works projects, such as the construction of buildings and roads. The WPA also hired an assortment of writers, actors, musicians, and other artists to create literacy programs and public art. Its primary goal was to provide a subsistence-wage job to low-income families. At its peak in 1938, the WPA employed three million people. It was later dissolved because of the low unemployment rates of WWII. -
Social Security Act Passed
This act created the still-existent Social Security system in the U.S. Its primary aim was to provide monetary benefits to elderly, disabled, and unemployed people living below the poverty line to ensure their general health and welfare. Through its provisions, many Americans recieved essential assistance. -
Formation of the Popular Front
In France, the Popular Front was an alliance of left-wing parties and movements. These included the French Communist Party, the French Section of the Workers' International, and the Radical and Socialist Party. The group won the legislative elections in 1936 and subsequently enacted many social reforms, such as instilling a two-week paid vacation and strengthening unions' rights. However, the Popular Front failed to resurrect France's economy and soon lost power. -
Court Packing Scheme
In the aftermath of unfavorabe rulings against New Deal legislation, President Roosevelt tried to pass the Judicial Procedures Reform Bill. The bill would have granted him the power to appoint up to six additional Justices to the Supreme Court, effectively tipping its balance in his favor. However, the bill failed and fueled the President's opposition. Dissidents to Roosevelt's administration accused him as unconstitutional and ineffective. -
Grapes of Wrath Published
The Grapes of Wrath, written by John Steinbeck, was a realist novel that focused on the struggles of a poor family during the Dust Bowl, a period of severe dust storms that damaged soil and the crop output of farmers. The book plots the experiences of economic hardship, bank foreclosures that forced farmers from their homes, and the hopeful migration to the West in seatch of jobs. -
Attack on Pearl Harbor
Although legislation enacted by President Roosevelt's New Deal greatly increased the number of jobs and improved the country's economic situation, the effects of the Great Depression were not fully solved until the economic boom during WWII. The surprise military strike by Japan on Pearl Harbor, Hawaii, led to the United States' entry into the war. As a result of this, demand for workers grew and the country's exports, especially in heavy industry, increased.
