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Stock Market Crash (Black Tuesday)
The Stock Market Crash of 1929, also known as Black Tuesday, refers to a dramatic decrease in stocks due to a number of economic fault factors including buying on credit. The crash signaled the begining of the Great Depression a general era of economic uncertainty, left empty from a lack of confidence on part of the American public. The stock market crash was reffered to as one of the most severe economic failures in US history considering its repercussions on the general public of America. -
Bank Runs
Bank runs refer to the rapid withrawaling of savings from banks that are predicted to fail by the general populace. Bank runs occured after the stock market failure and were a product of a general lack of confidence in the banking system. Bank runs often incited several public incidents and resulted in police forces to be called upon to resolve situations. The bank runs of 1929 resulted in the failure of numerous banks and worsened the economic scenario of the US. -
Import Subsitution Industrialization
Import substitution industrialization is a trade and economic policy based on the concept that a nation should reduce its foreign dependency through the local production of industrialized products. This practice implies 20th century development economics policies, specifically refering to Latin America and the institution of the policy in Argentina and Brazil to assist in economic recovery and indepence for both nations after the Great Depression. -
Hawley-Smoot Tariff Act
The Tariff Act of 1930 or Hawley–Smoot Tariff, was an act supported by both Senator Reed Smoot and Representative Willis C. Hawley and signed into law on March 30th, 1930, that raised U.S. tariffs on over 17,000 imported goods to record levels since the past century. This tariff was imposed to promote the creation of domestic goods and to downplay the importation of many goods into the United States, so as to aid with economic recovery on the homefront until its demise by FDR in 1933. -
British North America Act Enactment No. 16
The British North America Act refers to one of the enactments in a series of legislation in Canada that gave power to the individual provinces of Canada so in order to allow them to deal with their own economic issues. William Lyon Mackenzie King was infamously known for hiding behind this legislation and using it to create a reason for his inaction that occured during the majority of his presidency. -
Inauguration of R. B. Bennett
Richard Bedford Bennett, statesmen and prime minister of Canada, served his position for most of the Great Depression (1930-1935). Bennett was leader of the conservative party and proposed bold legislative programs similar to FDR's New Deal. However, his laissez-faire polcies and lackluster effort to motivate the public led an eventual downfall in his popularity and a subsequent failure of relection in the 1935 race against his predeccesor, William Lyon Mackenzie King. -
Argentinian Coup d'etat (September Revolution)
The 1930 Argentine coup d'etat is also known as the September Revolution, involved the overthrow of the Argentine government of Hipolito Yrigoyen by forces loyal to General Jose Uriburu. The coup d'etat occured on September 6th, 1930 when the General, Uriburu, led a small number of troops loyal to him into the capital, experiencing no significant opposition and taking control of the Casa Rosada. Large masses of crowds formed in Buenos Aires in support of the coup and thus it was a success. -
Inauguration of Getulio Vargas
Getulio Vargas served as dictatorial president of Brazil from 1930 until 1945. Vargas sought to transform Brazil from a plantation-based economy into an industrialized one under the guidance of government intervention. Vargas's motivation for industrialization was expressed by lending protection to domestic industries and in a heavy investment budget aimed at kick-starting "strategic" sectors and setting up infrastructure for the country. -
Implementation of Concordancia in Argentina
The Concordia was a political alliance between Agustín Justo, Roberto Ortiz, and Ramón Castillo, who became three joint presidents in accordance with the beginning of the "Infamous Decade". This occurred through a coup d'état which deposed the aging President Hipólito Yrigoyen on September 6, 1930. The regime of the Concordancia reflected agricultural oriented interests in its policies and lead to an era of corruption and fraud. -
The Bonus March
The Bonus Army was the popular name of a gathering of several thousands marchers; World War I veterans, their families, and others associated,who gathered in Washington, D.C., in the first half of 1932 to demand cash-payment redemption of their service certificates. It was led by Walter Waters, a former sergeant in the army. However, President Hoover ordered Douglas McArthur to use overly excessive methods to remove the strikers and subsequently caused settlements to be burned down. -
Inauguration of Franklin Delano Roosevelt
Franklin Delano Roosevelt, a Democrat and 32nd president of the United States, wasa prominent statesman who was responsible for leading the US through the Great Depression and WWII. After succeeding Herbert Hoover and inheriting an economically damaged nation, he decided to start passing legislation for economic recovery known as the "New Deal". This legislation lead to the creation of organizations such as the FDIC and the NRA, which he would promote through the usage of radio fireside chats. -
Emergency Banking Act
The Emergency Banking Act was an act passed by the United States Congress in 1933 in an attempt to stabilize the economy in response to the Great Depression. Through the creation of this act, President Franklin Delano Roosevelt set out to rebuild confidence in the nation's banking system, first declaring a four-day banking holiday that shut down the banking system, including the Federal Reserve. The Emergency Banking Act additionally established credible banking corporations and ended others. -
Establishment of Public Works Administration
The Public Works Administration was part of the New Deal of 1933, it was a large-scale public works construction agency in the United States headed by Secretary of the Interior. The PWA was created by the National Industrial Recovery Act in June of 1933 in a reaction to the Great Depression. It built extensive public works such as dams, bridges, schools, and medical centers as well. Its goals were to spend $3 billion in its first year, and $6 billion in all to stabilize public employment. -
Dust Bowl
The Dust Bowl refers to an ecological disaster that occurred during the 1930s due to an erosion of top soil and heavy winds that was a product of poor farming methods used up until the early 20th century. The Dust Bowl decimated much of the United States's farmland and caused a massive exodus of many agricultural workers out of their homesteads. It took many years of agricultural adjustment policies to solve this issue and many new farming practices were implemented as a result of this disaster. -
Bank of Canada Established
Through the suggestion of Richard Bedford Bennet in the previous year (1933), the Bank of Canada was established in 1934 to centralize the finances of the Canadian state. While established in 1934, the Bank of Canada opened its doors in March of 1935, operating from rented space in the Victoria Building on Ottawa's Wellington Street. The Bank of Canada was and is responsible for managing the country's finances and assisted in the economic recovery of Canada while following its future interests. -
Brazillian Coffee Burning
In order to prevent any loss of profits due to a drastic drop in coffee prices as a result of the Great Depression, the Brazllians started to burn coffee to prevent an excess of it. Furthermore, coffee would be used as a building material to strengthen infrastructure and get a usage out of the excessive product. The burning of coffee also led to an eventual diversification from the standard plantation oriented crops that were being grown for use as a main export. -
On-to-Ottawa Trek
The On-to Ottawa trek refers to an ncredibly long journey undertaken by thousands of unemployed men who protested the dismal conditions in federal relief camps scattered around in remote areas of Western Canada. The men lived at these camps for many months woring for 20 cents a day until they walked out on strike in April of 1935. Eventually they boarded hundreds of boxcars headed east and incited many riots and disturbances, including the Regina Riots, which would shake the government severly. -
Hoover Dam Completion
The Hoover Damn is a massive concrete arch dam that is placed on the Colorado River. It was constructed between 1931 and 1935 as a project to help create jobs for many jobless men who would come to gain work through the construction of this massive hydo-electric dam. The damn was the result of a massive effort on part of thousands of workers and ended up costing over a hundred lives. It eventually was completed through several feats of inginueity and signified American willpower in struggles. -
Inauguration of William Lyon Mackenzie King
William Lyon Mackenzie King served as the tenth prime minister of Canda and was prominantly known for serving during the beginning of the Great Depression. King is mostly know for laying down the foundations for the Canadian Welfare state. He led the Liberal part for 29 years and is was responsible for establishing Canada's reputation as an inernational power committed to world order. During the Second World War, he was known for establishing many military groups to support the war efforts. -
Completion of Mount Rushmore
The Mount Rushmore National Memorial is a sculpture carved into the granite face of Mount Rushmore,near Keystone, South Dakota, in the United States. Sculpted by Danish-American Gutzon Borglum, Mount Rushmore portrays 60-foot sculptures of the heads of four United States presidents: George Washington, Thomas Jefferson, Theodore Roosevelt, and Abraham Lincoln. Mount Rushmore symbolized a rejuvenation in American spirit and left a landmark that would symbolize the US for eons.
