Great Depression/Timelines: Difference between revisions

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'''World Timeline'''
:''(For USA only timeline, see [[http://en.citizendium.org/wiki/Great_Depression_in_the_United_States/Timelines]])''


1850-1918
1850-1918
Line 6: Line 11:
1914-18
1914-18
: First World War
: First World War
: General suspension of the gold standard.
:: General suspension of the gold standard.


1918
1918
: Treaty of Versailles: war reparations [http://www.nationmaster.com/encyclopedia/World-War-I-reparations].
: Treaty of Versailles [http://www.nationmaster.com/encyclopedia/World-War-I-reparations].


1919-21
1919-21
: UK: Post-war recession [http://www.econ.berkeley.edu/~eichengr/research/floudjohnsonchaptersep16-03.pdf].
: UK:
:: Post-war recession [http://www.econ.berkeley.edu/~eichengr/research/floudjohnsonchaptersep16-03.pdf].


1921-23
1921-23
: USA:  post-war recession [http://findarticles.com/p/articles/mi_hb5814/is_n3_v29/ai_n28604039].
: USA:
:Post-war recession [http://findarticles.com/p/articles/mi_hb5814/is_n3_v29/ai_n28604039].
: Germany:
:: War reparations start.
 
1922:
:: Economic and Monetary Conference recommends return  to the gold standard [http://www.cepr.org/meets/wkcn/1/1671/papers/The_Genoa_Conference_finale.pdf].
:: Germany defaults on War Reparations


1923
1923
: Germany: Hyperinflation [http://www.pbs.org/wgbh/commandingheights/shared/minitext/ess_germanhyperinflation.html].
: Germany:
:: France and Belgium invade the Ruhr due to German default on war reparations; Germany declares general strike [http://www.bbc.co.uk/scotland/education/bitesize/standard/other/sos/history/people_and_power/answerpower_52.shtml].
:: Hyperinflation [http://www.usagold.com/germannightmare.html]
:: A new currency (the Schacht Rentenmark) replaces the Reichsmark: price stability restored [http://www.econ.puc-rio.br/gfranco/Ch10.PDF].  


1924
1924
: USA: Start of 1924-26 upturn [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf]
: USA:
:: Fed eases monetary policy.
:: Start of 1924-26 upturn [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf]
: Germany
:: The Reichsmark replaces the Rentenmark and Germany rejoins the gold standard.
:: [[Dawes Plan]] (for the rescheduling of reparations and the provision of loans from the US etc) agreed [http://www.u-s-history.com/pages/h1371.html][http://www.state.gov/r/pa/ho/time/id/100933.htm].


1925
1925
: UK: Britain rejoins the gold standard.
: USA:
::Florida land boom [http://fcit.usf.edu/florida/lessons/ld_boom/ld_boom1.htm].
: UK:
:: Britain rejoins the gold standard.


1926
1926
: UK: General strike.  
: UK:
:: General strike [http://www.spartacus.schoolnet.co.uk/TUgeneral.htm].
: USA:
:: Florida land boom ends due to hurricane.
: Germany
:: Reichsbank acts to restrain stock exchange speculation
 
1927
1927
: USA: renewed upturn
: USA:
: US Federal Reserve Bank cuts its discount rate cut from 4% to 3.5%  
:: Long Island meeting of central bankers to discuss UK plea to help the £ by raising the US discount rate [http://www.time.com/time/magazine/article/0,9171,929331,00.html].
:: Federal Reserve Bank cuts its discount rate cut from 4% to 3.5% and makes large purchases US government securities [http://fraser.stlouisfed.org/docs/meltzer/bogsub050927.pdf].
:: Renewed economic upturn
: Germany
:: Stock market crash[http://www.time.com/time/magazine/article/0,9171,730566,00.html?promoid=googlep]. Outflow of short-term capital. Discount rate increase.


1928
1928
: US Federal Reserve Bank raises its discount rate to 5%
: USA:
:: Federal Reserve Bank raises its discount rate to 5%.
: France
::: France returns to the gold standard.
 
    
    
1929
1929


February
February
: UK: Bank of England raises the bank rate fron 4.5% to 5.5%
: UK
::Bank of England raises the bank rate from 4.5% to 5.5%


August
August
: USA: Start of a downturn in economic activity [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf]
: USA:
: US Federal Reserve Bank raises discount rate to 6%
:: Stock market peaks; start of a downturn in economic activity [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf]
:: Federal Reserve Bank raises discount rate to 6%.
: Germany:
:: Collapse of Frankfurter Allgemeine Verischerungs AG and runs on savings banks


October
October
: USA: The stock market [[crash of 1929]].
: USA:
::24 Black Thursday DJIA falls by 13%
:: The stock market [[crash of 1929]].
::28 Black Monday  DJIA falls by 12.8%
:::24 October: Black Thursday DJIA falls by 13%
::29 Black Tuesday DJIA falls by 11.7%
:::28 October: Black Monday  DJIA falls by 12.8%
:::29 October: Black Tuesday DJIA falls by 11.7%


1930-33
1930-33
: USA: The "Great Contraction"
: USA:
: USA: Three waves of panic create a progressive collapse of the United States banking system, with the failure of nearly half of the banks and heavy. losses by the others.
:: The "Great Contraction"
:: Banking crises [http://www.aei.org/publications/pubID.23014/pub_detail.asp]
::: Three waves of panic create a progressive collapse of the United States banking system, with the failure of nearly half of the banks and heavy. losses by the others.


1930
1930
: USA: Hawley-Smoot Tariff Act [http://law.justia.com/us/codes/title19/chapter4_.html][http://www.encyclopedia.com/doc/1E1-HawleySm.html]
:World
: USA 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.  
::[[Bank for International Settlements]] created. 
 
: USA:
:: Failure of some bank in United States [http://www.spartacus.schoolnet.co.uk/USACbank.htm].
:: Hawley-Smoot Tariff Act [http://law.justia.com/us/codes/title19/chapter4_.html][http://www.encyclopedia.com/doc/1E1-HawleySm.html]
:: 1,350 banks have closed.
: France:
:: Failure of Banque Adam and the Oustric Group.
: Germany
:: 2nd reparations conference at The Hague.
:::Young Plan (further rescheduling reparations payments but giving priority to the repayment of debts to the United States) agreed [http://www.bartleby.com/65/yo/YoungPla.html].  
1931
1931
: USA: banking crisis, with the failure of over 1800 banks.
: USA:
: Sterling (£) Crisis [http://www.nber.org/papers/w6563].
:: Banking crisis, with the failure of over 1800 banks.
: Britain, Sweden and Japan leave the [[gold standard]] [http://www.econ.iastate.edu/classes/econ355/choi/1931sep21a.html]
:: Federal Reserve raises rediscount rates
: UK:
:: Sterling (£) Crisis [http://www.nber.org/papers/w6563].
: Austria:
:: Failure of Creditanstalt
: Germany:
:: Banking crisis.  Runs on banks. Closure of Darmstädter bank. Bank holiday. Credit crunch.
:: President Herbert Hoover announces a one year moratorium on reparations and war debts-and the  provision of a $ 150 million credit to the Reichsbank [http://www.u-s-history.com/pages/h1514.html].
: France:
:: Failure of Banque Nationale de Crédit and bank runs.
: World:
:: Britain, Sweden and Japan leave the [[gold standard]] [http://www.econ.iastate.edu/classes/econ355/choi/1931sep21a.html]


1932
1932
: USA: [[Reconstruction Finance Corporation]] [http://www.constitution.org/norton/norton_07.txt] created
: USA:
: USA:[[Federal Home Loan Act]] [http://www.bobsuniverse.com/BWAH/31-Hoover/19320722a.pdf]
:: Chicago Banking Panic [http://www.nber.org/papers/w4934].
: USA: Unemployment is 25 percent.
:: Revenue  Act: income tax rates increased and allowances reduced [http://www.treasury.gov/education/fact-sheets/taxes/ustax.shtml].
: USA: National income is 50 percent below that of 1929.
 
: USA: Stock market is 75 percent below its 1929 high.
: Germany:
: USA:10,000 banks have failed since 1929, (40 percent of the 1929 total).  
:: Lausanne Conference agrees to the suspension of reparations payments by Germany [http://www.associatedcontent.com/article/735145/the_lausanne_conference.html]


      
      
1933
1933
: USA: Trough of depression and start of recovery [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf]
:: World Economic Conference: US vetoes international currency stabilisation [http://news.bbc.co.uk/2/hi/business/7954532.stm].
: USA:Franklin  D. Roosevelt elected president.
:USA:
::President declares a banking holiday and temporarily closes all U.S. banks using the Emergency Banking Act 1933[http://www.fdic.gov/about/history/index.html].
::Trough of depression and start of recovery [http://nber15.nber.org/bookcv/INDICATORS%20OF%20BUSINESS%20EXPANSIONS%20AND%20CONTRACTIONS-MOORE_GEOFFREY-1967.CV.pdf]
: USA: The [[National Recovery Administration]] and the [[PWA|Public Works Administration]] created by the National Recovery Act 1933 [http://www.civics-online.org/library/formatted/texts/recovery_act.html]
:: Franklin  D. Roosevelt elected president.
:[[Federal Deposit Insurance Corporation]] [http://www.fdic.gov/about/history/index.html] created
::: President declares a banking holiday and temporarily closes all U.S. banks using the [[Emergency Banking Act]] 1933[http://www.fdic.gov/about/history/index.html].
: USA:  Money supply is 40 percent lower than 1929.
:: Approximately 4,000 commercial banks fail.
: USA: Approximately 4,000 commercial banks fail.
:: 1,700 "Savings and Loans" fail
: USA: 1,700 S&Ls fail
:: US abandons gold standard.
: Germany
:: Fall of the Weimar government: Hitler gains power.


1934
1934
: USA: GNP rises 7.7 percent, and unemployment falls to 21.7 percent.
: France:
 
:: Riots in the streets of Paris [http://fh.oxfordjournals.org/cgi/content/abstract/20/3/333][https://www.thoughtequity.com/video/clip/49301053_016.do].
1935
: USA: GNP grows another 8.1 percent, and unemployment falls to 20.1 percent.  


1936
1936
: France:
:: France leaves the gold standard.


1937
1937
: USA: Recession of 1937 [http://www.answers.com/topic/recession-of-1937]: industrial production down 40 percent; unemployment rises by 4 million; stock market drops by 48 percent.
: USA:
 
:: [[Recession of 1937]]
1938
: USA:  Start of upturn

Latest revision as of 00:35, 22 April 2014

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A timeline (or several) relating to Great Depression.

World Timeline

(For USA only timeline, see [[1]])


1850-1918

11 US recessions [2] including the panic of 1893

1914-18

First World War
General suspension of the gold standard.

1918

Treaty of Versailles [3].

1919-21

UK:
Post-war recession [4].

1921-23

USA:
Post-war recession [5].
Germany:
War reparations start.

1922:

Economic and Monetary Conference recommends return to the gold standard [6].
Germany defaults on War Reparations

1923

Germany:
France and Belgium invade the Ruhr due to German default on war reparations; Germany declares general strike [7].
Hyperinflation [8]
A new currency (the Schacht Rentenmark) replaces the Reichsmark: price stability restored [9].

1924

USA:
Fed eases monetary policy.
Start of 1924-26 upturn [10]
Germany
The Reichsmark replaces the Rentenmark and Germany rejoins the gold standard.
Dawes Plan (for the rescheduling of reparations and the provision of loans from the US etc) agreed [11][12].

1925

USA:
Florida land boom [13].
UK:
Britain rejoins the gold standard.

1926

UK:
General strike [14].
USA:
Florida land boom ends due to hurricane.
Germany
Reichsbank acts to restrain stock exchange speculation

1927

USA:
Long Island meeting of central bankers to discuss UK plea to help the £ by raising the US discount rate [15].
Federal Reserve Bank cuts its discount rate cut from 4% to 3.5% and makes large purchases US government securities [16].
Renewed economic upturn
Germany
Stock market crash[17]. Outflow of short-term capital. Discount rate increase.

1928

USA:
Federal Reserve Bank raises its discount rate to 5%.
France
France returns to the gold standard.


1929

February

UK
Bank of England raises the bank rate from 4.5% to 5.5%

August

USA:
Stock market peaks; start of a downturn in economic activity [18]
Federal Reserve Bank raises discount rate to 6%.
Germany:
Collapse of Frankfurter Allgemeine Verischerungs AG and runs on savings banks

October

USA:
The stock market crash of 1929.
24 October: Black Thursday DJIA falls by 13%
28 October: Black Monday DJIA falls by 12.8%
29 October: Black Tuesday DJIA falls by 11.7%

1930-33

USA:
The "Great Contraction"
Banking crises [19]
Three waves of panic create a progressive collapse of the United States banking system, with the failure of nearly half of the banks and heavy. losses by the others.

1930

World
Bank for International Settlements created.
USA:
Failure of some bank in United States [20].
Hawley-Smoot Tariff Act [21][22]
1,350 banks have closed.
France:
Failure of Banque Adam and the Oustric Group.
Germany
2nd reparations conference at The Hague.
Young Plan (further rescheduling reparations payments but giving priority to the repayment of debts to the United States) agreed [23].

1931

USA:
Banking crisis, with the failure of over 1800 banks.
Federal Reserve raises rediscount rates
UK:
Sterling (£) Crisis [24].
Austria:
Failure of Creditanstalt
Germany:
Banking crisis. Runs on banks. Closure of Darmstädter bank. Bank holiday. Credit crunch.
President Herbert Hoover announces a one year moratorium on reparations and war debts-and the provision of a $ 150 million credit to the Reichsbank [25].
France:
Failure of Banque Nationale de Crédit and bank runs.
World:
Britain, Sweden and Japan leave the gold standard [26]

1932

USA:
Chicago Banking Panic [27].
Revenue Act: income tax rates increased and allowances reduced [28].
Germany:
Lausanne Conference agrees to the suspension of reparations payments by Germany [29]


1933

World Economic Conference: US vetoes international currency stabilisation [30].
USA:
Trough of depression and start of recovery [31]
Franklin D. Roosevelt elected president.
President declares a banking holiday and temporarily closes all U.S. banks using the Emergency Banking Act 1933[32].
Approximately 4,000 commercial banks fail.
1,700 "Savings and Loans" fail
US abandons gold standard.
Germany
Fall of the Weimar government: Hitler gains power.

1934

France:
Riots in the streets of Paris [33][34].

1936

France:
France leaves the gold standard.

1937

USA:
Recession of 1937