INDEX
AAA. See Agricultural Adjustment Act
AB. See Aid to the Blind
Abnormal Importation Act (1931), 311
Abramovitz, Moses, 298
AC. See alternating current technology
Acheson, Dean, 251, 253–254, 256
Acheson-Warburg group, 253
ACLU. See American Civil Liberties Union
Adams, Edward Dean, 26
ADC. See Aid to Dependent Children
AFL. See American Federation of Labor
African Americans. See blacks
Agricultural Adjustment Act (AAA), 264, 276
Thomas Amendment to, 248–249, 250
Agricultural Marketing Act, 142
agriculture
cultural loss, 105
economics of, 105
farm price index drop, 247
global crisis, 308–310, 309 (fig.)
Great Depression and, 103
Hoover, H., relief policy, 142–144, 306
New Deal bill, 262
parity ratio, 247
Roosevelt, F., monetary policy for, 246
US crop and meat prices, 104–105, 104 (fig.)
See also farms
Aid to Dependent Children (ADC), 270
Aid to the Blind (AB), 270
Alabama Sharecroppers’ Union, 69
Alcoa. See Aluminum Company of America
Allen, Frederick Lewis, 62
Alternating current (AC) technology, 77, 80–81, 294, 295
manufacturing productivity and, 98
Aluminum Company of America (Alcoa) monopoly, 100–101
American Civil Liberties Union (ACLU), 58
American Federation of Labor (AFL), 289
American Municipal Association, 108–109
American Psychological Association, 63
American Rolling Mill Company (ARMCO), 102
American Sociological Association, 63
Anari, Ali, 314
ANB. See Austrian National Bank
Anderson, Sherwood, 42
Anthei, Georges, 20
anti-monopoly, electrical utility company backlash of, 28–29
ARMCO. See American Rolling Mill Company
Armstrong, Louis, 46
Army Corps of Engineers, 269
asset risk, 153
AT&T telephone market, 40
banking crisis in, 149
Ferdinand assassination response, 4
Kreditanstalt bank of, 234–235
stand-still agreements, 235
Versailles Peace Conference and, 14, 304
Austrian National Bank (ANB), 234
credit line from Bank of England, BIS, and Federal Reserve, 235
automobile industries, 34, 77, 84–91, 97
Ford domination of, 38
1923 sales year, 93
1929 increase in, 135
See also specific automobile industries
market crash of 1920, 90
as mobile houses of prostitution, 56–57
Muncie, Indiana affordable, 55
Bagehot, Walter, 183
Baker, Josephine, 47
bank crises, of Great Depression, 154
bank holidays, 149, 152–153, 264
fundamental failures, 150
risk management, 153
sale of banks, 151 (photo)
Bank for International Settlements (BIS)
ANB credit line from, 235
as Young Plan reparations agent, 228
bank holidays, 149, 152–153, 264
Bank of England, 184–185, 214, 232
ANB credit line from, 235
post WWI progress, 209
Bank of France, 308
pegging franc to dollar, 219
price stability maintained by, 232
Bank of the United States (BUS), 149, 151
banking, cooperation end, 224
bankruptcies
of Ivar Kreuger companies, 167–177
of farms, 310
banks
deplorable conditions of German, 317
failures in rural areas, 150–151, 248
margin lending reductions, 226
See also specific banks
Barton, Bruce, 82
The Beautiful and the Damned (Fitzgerald, S.), 19, 20
BEF. See British Expeditionary Force
beggar-my-neighbor policies, 239, 255, 256
Belgium, 1
Germany war declaration against, 4
Ruhr region invasion by, 191, 193, 197
WWI losses, 14
Benchley, Robert, 41
Benny, Jack, 41
Benz, Karl, 31
Bergdorf Goodman, 49
Berlin, Germany, 13, 95, 191, 222, 226, 317
post WWI condition, 304
stock market drop, 235
Berlin, Irving, 107
Bernanke, Ben, 153, 314, 321, 322
Bethlehem Steel, 160
Biblical literalism, 62
bill of exchange, in British World System, 182–183
binders, in real estate, 106–107
BIS. See Bank for International Settlements
von Bismarck, Otto, 5
Black Monday, 120
Black Thursday, 174
Black Tuesday, 120
blacks
anti-black movement, 46
in Harlem, New York, 46
mass population movement North, 45–46, 76
Bloc National, 218
blue-collar workers, 52, 293, 295
unemployment of, 137
bonds
capital tax exemption for foreign purchasers, 226
Federal Reserve System issuance of, 73–74
Germany issuance of, in 1927, 226–227
for Germany war reparations, 190
Kreuger forged, 177
The Book of the Month Club, 42
book publishing, 42
Booms and Depressions (Fisher, I.), 130–131, 134
Boyle, Mike, 79
Bresnahan, Timothy, 295
Brewster, Walter, 155
Briand, Aristide, 217, 219, 223, 317, 319
Bridges, Harry, 257
British Expeditionary Force (BEF), 9–10, 11
The British Gazette, 216
broker loans, Federal Reserve system on, 112
Brooks, Louise, 44
Brown, Christopher, 313
Brüning, Heinrich, 236, 308, 317
Bryan, William Jennings, 58, 60–62, 107
Budenz, Louis, 267
Buick Motor Company
Durant, W., financing of, 84–85
Model B, 84
racing entry, 86
building boom, in Miami, Florida, 106, 107
Bureau of Standards, 128
BUS. See Bank of the United States
Byrd, Richard, 42
Cadillac Motor company, 32, 86, 87
Caldwell Corporation, 150
Calloway, Cab, 46
Calomiris, Charles, 150, 153, 314, 319–320
capital account, in Great Britain, 208
capital risk, 153
capital tax exemption, for foreign bond purchasers, 226
Carnegie, Andrew, 101
Cartel des Gauches, 218
Casablanca (movie), 44
Cather, Willa, 42
Catholics, American, 62
CBS. See Columbia Broadcasting System
CCC. See Civilian Conservation Corps
Cerf, Bennett, 42
Champion, Albert, 86
Chandler, Lester, 133
Chevrolet Company
Model T competition from, 92
Chicago
franchises and politics in, 79
Great Depression impact on, 140–141
Churchill, Winston, 2, 238, 318
on Great Britain return to gold standard, 210–213
on Hoover, H., 126
on Roosevelt Statement, 252
Civil War, American, 2
Civilian Conservation Corps (CCC), 262, 266–267
Civilian Works Administration (CWA), 262, 267–268
Clarke, Stephen V. O., 238–239
Clémenceau, Georges, 14, 15 (photo)
Cocteau, Jean, 20
Colt, Samuel, 97
Columbia Broadcasting System (CBS), 41
Columbia Graphophone, 112
commensurate taxation, of Germany, 201
Commercial and Financial Chronicle, 264
Commission for Relief in Belgium (CRB), 125–126
elevation of, 246
common people
rising incomes, 23
shift post WWI, 22
Commonwealth Edison company, of Chicago, 78, 155, 161
communication hub, New York City as, 41
complete markets, 321
construction
employment collapse, 137
Great Depression influence on, 109
consumer credit, 54–55, 260, 314
consumer society, post WWI, 23
Continental Securities, 171
Continental Shares, 158, 165–166
contraception, 57
Cooley, Charles Horton, 271
Coolidge, Calvin “Silent Cal,” 128, 187, 196–197, 227
Cooper, Lady Diana, 21
corporate capital flotations, 1926–1938, 163 (fig.)
Corporation Securities Company (CSC), of Chicago, 159–160
Coughlin, Charles, 257, 259 (photo), 260
five dollar per day wage, 37–38, 296
Cox, James M., 249
Crane, Hart, 42
Crawford, Joan, 44
CRB. See Commission for Relief in Belgium
credit
ANB line of, 235
France deflation, 233
in Germany, 316
CSC. See Corporation Securities Company
Cullen, Countee, 46
cultural changes, post WWI, 22–23
agriculture loss, 105
cultural transgression, in couture industry, 48–49
currency
bank crises hoarding of, 151–152
banking management of, 222–223
Germany Reischsmark plunge, 192, 193 (photo), 195
inflation local devaluation of, 184
Rentenmark, in Germany, 195
Stresemann-Schacht 1924 reform of, 316
World Monetary and Economic Conference stabilization agreement, 249–250
current account, in Great Britain, 207 (fig.), 208
Curtius, Julius, 225
customs union, in Austria, 317, 319
CWA. See Civilian Works Administration
Daily News, 41
Daimler, Gottlieb, 31
Daimler-Benz Co., 31
Darwin, John, 182
Dawes Plan, 195–205, 223, 225, 315
DC. See direct current technology
de Rothschild, Edouard, 220
de Wendel, François, 220
Dearborn Engineering Laboratory, 94
death toll, during WWI, 8, 10, 12, 13
deflation, 104, 105, 109, 133, 134, 233
global, in 1930, 308
Mellon on, 197
Roosevelt, F., and, 264
Dempsey, Jack, 40
deposit risk, 153
Depression
France and, 239
of Germany, 240
global agricultural glut, 306
gold-based currencies, 306
international catastrophe, 306
world trade collapse, 306
WWI and, 303
See also Great Depression
The Descent of Man (Darwin), 60
Detroit
Great Depression impact on, 141
Detroit Edison generating plant, 30–31
devaluation
of franc, 217–220, 231, 239, 308
of local currency, inflation and, 184
Dickens, Charles, 107
Dietrich, Marlene, 44
DIJA. See Dow Jones Industrial Average
Dillon, Clarence, 112
Dillon, Read and Company, 112, 197
direct current (DC) technology
manufacturing productivity and, 98
disarmament, of Germany, 203, 223
dollar
bulging, of Fisher, I., 131
franc pegged to, 231
Dos Passos, John, 20
Double Indemnity (movie), 44
double-decime, 218
Douglas, Lewis, 251
Dow Jones Industrial Average (DIJA), 120, 122
monthly close, 122 (fig.)
Dow Jones Industrial Index, 110–111, 113, 158
Dreadnought battleship building, Germany, 7
Dreiser, Theodore, 42
Drift and Mastery (Lippmann), 271
DSGE. See dynamic stochastic general equilibrium
Dulles, John Foster, 124
Durant, Ariel, 42
Durant, William Crapo “Billy,” 85–86, 90–91, 120, 121
Buick Model B financing by, 84
holding company creation, 87–88
United Motors Company consolidation by, 88
Duryea, Frank, 31
Duryea, Charles, 31
Dust Bowl, 142
dynamic stochastic general equilibrium (DSGE) model, 265
Eaton, William, 86
Ebert, Friederich, 13
Eccles, Marriner, 284
The Economic Consequences of Mr. Churchill (Keynes), 213–215, 228, 237
The Economic Consequences of the Peace (Keynes), 15, 197–198, 316
The Economist, 183
on internal French prices, 232
electric lighting system of, 24–25
Commonwealth Edison, of Chicago, 78, 155, 161
efficient market theorists, 110
Eichengreen, Barry, 255, 256, 312
Eisenhower, Dwight, 147
Electric Bond and Share Company, 156
electric lighting system, of Edison, 24–25
electric power industry, TFP growth and, 300
electrical utility companies, 78
Ellington, Duke, 46
Elmer Gantry (Lewis), 56
embezzlement
Whitney, R., conviction for, 121
employment
construction collapse, 137
manufacturing decrease, 137
See also unemployment
Ernst & Ernst accounting, 172
Europe
Germany economic and military power, 8
gold standard return, 203
military spending, 7, 7 (fig.)
proportional representation in, 192
scientific evidence for, 60
teaching of, 58
Fair Labor Standards Acts, 289, 296
Farm Credit Administration, of Roosevelt, F., 248
farm price index, 255 (fig.)
farms
bankruptcies, 310
in Muncie, Indiana, 50, 53, 103
parity ratio of, 247
price collapse, 309, 309 (fig.)
productivity, 299
federal
liabilities increase during New Deal, 263, 263 (fig.)
New Deal debt, 278
Federal Emergency Relief Administration (FERA), 262, 267
Federal Housing Administration (FHA), on short blocks, 108
Federal Reserve System, 113, 187, 212, 308
ANB credit line from, 235
on broker loans, 112
Friedman and Schwartz on deflation arrest by, 133
Wicker on, 253
WWI and, 72
Federal Trade Commission, 144, 272
Feis, Herbert, 249
FERA. See Federal Emergency Relief Administration
Ferguson, Thomas, 319
FHA. See Federal Housing Administration
Field, Alexander, 108, 109, 298, 300, 314, 319
Field, Marshall, 78
fiscal consequences, of WWI
GNP, 74–75, 75 (fig.), 77, 130
productivity shocks, 77
tight labor market, 76
war expenditures, 73
Fisher, Carl, 106
on dollar bulging, 131
Fisher Body company, 88–89, 106
Fisherian debt, 310
Fitzgerald, Scott, 19–22, 41, 42, 44, 48
Fitzgerald, Zelda, 19–22, 41, 48
Flagler, Henry, 106
Flaming Youth (movie), 55–56, 56 (fig.)
food relief programs, of Hoover, H., 126
Ford, Edsel, 92
Ford, Henry, 33–36, 39, 101, 141
automobile industry domination, 38
at Detroit Edison generating plant, 30–31
five dollar per day wage, 37–38, 296
Malcomson Model A (1903 original) financing, 32
assembly line, 36 (photo)
Model A (1927 model), 71, 93–95
Model T, 34–35, 38–39, 55, 69, 77, 92–94, 247
productivity, 97
sales, 33, 34, 39, 87, 93, 96 (fig.)
worker recruitment and retention, 36–38
Fordney-McCumber tariff, 311
Ford-style plants, in Muncie, Indiana, 51–52
Fourteen Points, of Wilson, W., 14
franc
devaluation of, 217–220, 231, 239, 308
French Monetary Law and new gold, 231–232
pegged to dollar, 231
France
credit deflation, 233
double-decime, 218
foreign exchange, 232
franc devaluation, 217–220, 231, 239, 308
German war declaration against, 4
National Union Government, 219
primitive monetary system, 217
reconstruction debt, 217
Ruhr region invasion by, 191, 193, 197
Ruhr withdrawal by, 202, 218, 292
on war debts and reparations moratorium, 236
WWI war strategy, 9
Franco-Prussian War (1870–1871), 2, 9, 204–205, 225
French Monetary Law (1928), new gold franc, 231–232
French Radical Party, 249
Friedman, Milton, 132, 149, 283, 285, 314, 318
fundamental failures, in banks, 150
The Fundamentals, 59
Galbraith, John Kenneth, 110, 116
Garanta company, 171
Garbo, Greta. See Gustafsson, Greta
Garfield, John, 45
GDP. See gross domestic product
General Electric (GE)
Marconi’s Wireless purchase by, 40
power management group approach, 98
radio market, 40
General Motors (GM), 32, 38, 77, 115–116, 121
Pontiac division, 86
sales, 86, 89, 91, 93, 96 (fig.), 102
George, David Lloyd, 14, 15 (photo)
George V (king), 243
banks deplorable conditions, 317
bond issuance, of 1927, 226–227
credit, 316
Dreadnought battleship building, 7
foreign money and inflation, 225–226
France and Belgium war declaration by, 4
Great Britain war declaration against, 4
international accounts frozen, 237
Kennedy on economic and military power of, 8
Kreuger match monopoly, 173–174
military opposition, 7
politics conditions, 317
prewar industrial output, 206
weapon technologies, 8
WWI Belgium attack by, 9
WWI war reparations, 15–16, 181, 187, 189–195, 190 (fig.), 224
See also Berlin
Germany, 1919–1925, 189–190, 190 (fig.)
commensurate taxation of, 201
disarmament mandates ignored by, 203
hyperinflation, 194, 194 (fig.), 201
national railroad system privatization, 201
November Revolution in, 191
postwar poverty, 225
Reischsmark currency plunge, 192, 193 (photo), 195
Rentenmark currency in, 195
Ruhr region invasion by France and Belgium, 191, 193, 197
war trials, 203
Weimar Republic in, 191–192, 228, 307, 316
Gilbert, S. Parker, 203, 226–227
Girdler, Tom, 161
Gish, Lillian, 20
global agricultural glut, of Depression, 306
global agriculture crisis, 308–310, 309 (fig.)
global deflation, in 1930, 308
global monetary gains, in New York City, 40
global trading relations, Great Britain and, 182
GM. See General Motors
GNP. See Gross National Product
gold
foreign exchange loss and, 235, 237
reserve, Reichsmark creation of, 201
US holdings of, 232
gold standard, 75–76, 136, 182–187, 238
Austrian standstill agreements, 234, 237
Europe return to, 203
gold-exchange standard from, 188
Great Britain departure from, 149, 152, 239, 311
Great Britain return to, 208–213, 306, 307
Kreditanstalt, of Austria, standstill agreement, 234
US off of, 249
gold-based currencies, at prewar parities, 306–308
golden age, of Weimar Republic, 228
gold-exchange standard, from gold standard, 188
Goldman Sachs, 110
The Grammar of Science (Pearson, K.), 63
Germany war declaration by, 4
global trading relations, 182
gold and foreign exchange reserves loss, 237
gold standard departure, 149, 152, 239, 311
industrial production, 206, 237
Industrial Revolution and, 182, 206
merchandise trade deficit, 184
post WWI, 315
return to gold standard, 208–213, 306, 307
stock market drop, 120
unemployment doubling, 237
US alliance with, 231
war loans, 189
Great Britain, 1919–1925
Bank of England financials progress, 209
capital account, 208
current account balances, 207 (fig.), 208
invisibles account, 184, 207–208, 207 (fig.), 237
merchandise account, 208
prewar steel leadership, 207
recession, 212
return to gold standard, 208–213
sheltered goods, 215
US industrial output compared to, 206
wartime inflation, 209
The Great Crash, 1929 (Galbraith), 110
Great Depression, 139 (photo), 307–312
automobile industry and, 294–295
bank crises of, 149–154, 264, 268
construction hit during, 109
deflationary momentum, 306
Detroit impacted by, 141
Detroit relief program, 138–139
Muncie, Indiana and, 50
national morale and, 138
New York City relief efforts, 140
rural collapse and, 103, 139–142, 144
Smoot-Hawley tariff negative impact on, 144, 311
unemployment among industries, 296–297
The Great Gatsby (Fitzgerald, S.), 21
The Great Illusion (Angell), 5–6
Great Recession, of 2007, 263, 322
gross domestic product (GDP), 72, 77, 113, 287, 289
WWI war effort and, 73
gross national product (GNP)
US real and nominal, 1929–1937, 131 (fig.)
WWI fiscal consequences in, 74–75, 75 (fig.), 77, 130
Gustafsson, Greta (Greta Garbo), 44, 172
Hadden, Brit, 41
Haig, Douglas, 8
Halsey, Stewart and Company, 82, 162–163
Hamlin, Charles, 308
Harding, Warren, 76, 127–128, 196
Harlem, black people in, 46
“Harlem Renaissance,” 46
Hart, Liddel, 3
The Harvard Classics, 42
Hatry, Clarence, 120
Haynes, Elwood, 31
Henderson, Arthur, 237
Herriot, Édouard, 202, 204, 218, 249
high-end service industries, 49
History of Crises Under the National Banking System (Sprague), 133–134
Hofstadter, Richard, 62
HOLC. See Home Owners’ Loan Corporation
holding companies
Durant, W., creation of, 87–88
Holiday, Billie, 46
home mortgage finance industry, 314
Home Owners’ Loan Corporation (HOLC), 273, 274–275, 278, 314
Hoover, Herbert, 122–124, 127, 187, 197
agriculture relief policy, 142–144, 306
aid to poor opposition, 145
Bureau of Standards, 128
Churchill and Leuchtenburg on, 126
farm programs, 306
humanitarian work, 125
PECE, 138
RFC of, 136, 145, 152, 244, 253–254, 263, 264, 273, 278, 284
social spending, 272–273, 273 (fig.)
tariff increase policy, 144–145, 311
US food relief programs, 126
veteran bonus marchers and, 145–148, 146 (photo)
war debts and reparations moratorium, 236
Hoover, J. Edgar, 76
Hoover, Lou Henry, 124
Hope, Bob, 41
Hopkins, Harry, 267–269, 277, 284
hourly pay, of workers
changes in, 291–292, 291 (fig.)
House, Edward, 14
House of Baring collapse, 184–185
“hucksterism” of stock brokers, 112
Hughes, Charles Evans, 197
humanism, Lippman on, 64
Hume, David, 184
Hundred Days legislative program, of Roosevelt, F., 267
Hurston, Zora Neale, 46
hyperinflation, in Germany, 194, 194 (fig.), 201
Icahn, Carl, 161
Import Duties Act (1932), 311
industrial agriculture, 246–247
industrial production
1920–1929, 113–114, 114 (fig.)
1933–1940, 280 (fig.)
See also manufacturing productivity; total factor productivity
Industrial Revolution, 182, 206
industrial unions, 50–51, 79, 282, 289
industries
Great Depression-era unemployment among, 296–297
in post WWI recession, 77
See also specific industries
inflation
automobile market crash of 1920, 90
farmers and, 134
German foreign money and, 225–226
Great Britain wartime, 209
local currency devalued in, 184
1914 rate of, 72
Rathenau on German, 193
US, 214
Inherit the Wind (movie), 61, 62
Insull, Samuel, 24–29, 154, 164–166
Commonwealth Edison of, 78, 155, 161
Eaton, C., holdings purchase from, 158–164
Peoples Gas, Light, and Coke Company of, 155
Public Service of Northern Illinois of, 155
sales strategies, 81
union dealings, 79
Insull Securities Company (IUI), of Chicago, 159–163
interbank payments clearing, 228
international catastrophe, of Depression, 306
international finance, 181, 187, 237
International Harvester, 104, 142
International Match, 170, 172, 173
International Telephone and Telegraph (IT&T), 176–177
Interstate Commerce Commission, 262
invisibles account, in Great Britain, 184, 207–208, 207 (fig.), 237
Irwin, Douglas, 312
IT&T. See International Telephone and Telegraph
IUI. See Insull Securities Company
The Jazz Singer (movie), 44
Jeffers, Robinson, 42
Jenkins, Roy, 213
Jolson, Al, 44
Jones, Jesse, 254
Josephson, Matthew, 194
Kaiser Aluminum, 101
Keegan, John, 3
Kennedy, Paul, 8
Kerr, Robert, 21
Keynes, John Maynard, 4–5, 15, 132, 188, 197–198, 210, 316
on deflation, 234
on Great Britain sheltered goods, 215
on Hoover, H., 127
on Roosevelt Statement, 252
on sticky wages, 288
Kindleberger, Charles, 253, 264, 309, 315
Knopf, Alfred A., 42
Kreditanstalt bank, of Austria, 234–235
Kreuger, Ivar, 154
forged Italian bonds, 177
fraud of, 168
French bond business theft, 173
holdings, 168 (fig.)
IT&T controlling position sale, 176–177
Ponzi game, 176
Krutch, Joseph Wood, 64
Kuhn, Loeb and Company, 197
labor market, post WWI, 76
Lamont, Thomas, 13, 119, 187, 197, 199, 202, 236
Land O’Lakes butter cooperative, 142
Lange, Jessica, 45
Lardner, Ring, 41
League of Nations, 16, 196, 203
Lebergott, Stanley, 288
Lee, Higgison investment company, 170, 172, 174–175
Leffingwell, Russell, 188, 307
Legion of Decency, 44
Leuchtenburg, William, 126
Lewis, John L., 80
Liberty airplane engine, 72
Liberty Bonds, 73
Lincoln Motor Company, 32
Lindbergh, Charles, 42
Lippman, Walter, 41, 64, 244, 271
Liveright, Horace, 42
Lloyd, Harold, 55
Lloyd, Henry Demarest, 271
Locarno Treaties (1925), 223–224, 228, 231
Lodge, Henry Cabot, 126
Lombard Street (Bagehot), 183
Long, Huey, 258–260, 259 (photo)
Long, Lois, 48
Long-Term Capital Management (LTCM), 321
Lorre, Peter, 44
LTCM. See Long-Term Capital Management
Luce, Henry, 41
Luther, Hans, 235–236, 317–318
MacArthur, Douglas, 147
MacDonald, Ramsay, 204, 237, 238, 243–244, 249
Macfadden, Bernarr, 41
MacLeish, Archibald, 20
Macmillan Report, 237
Madsen, Jakob, 308–309, 310, 311, 312
Maginot Line, 224
majoritarianism, 63
Malcomson, Alexander, 32
Malkiel, Burton, 113
The Maltese Falcon (movie), 44–45
Manufacturing general
changes in hours, real and nominal wages, 291–292, 291 (fig.)
employment collapse, 137
payrolls and gross revenues, 289–290, 290 (fig.)
US durable/nondurable production and pricing strategies, 293, 293 (fig.)
US prices and gross revenues, 292 (fig.)
worker hourly pay, 1919–1941, 261 (fig.). 260
Manufacturing productivity, 97–99
Marconi’s Wireless
General Electric purchase of, 40
Sarnoff as wireless operator at, 40
Marsh & McLennan insurance, 160
Marshall, George, 266
mass manufacturing technologies, 23, 34
mass population movement, of blacks North, 45–46, 76
McCarthy, Joe, 257
McKenna, Reginald, 211
media use, by Roosevelt, F., 257–258
Mellon, Andrew, 101, 121, 122, 197, 223, 227, 236
Meltzer, Allan H., 113
merchandise account, in Great Britain, 208
Miami, Florida
real estate collapse, 108
Middle West Utilities (MWU), 155–158, 161–163
Mildred Pierce (movie), 44
military spending, European, 7, 7 (fig.)
Miller, G. William, 320
Mills, Ogden, 221
mining, in Great Britain, 215
Minsky, Hyman, 176
Mishkin, Frederic S., 313
Modern Library, 42
The Modern Temper (Krutch), 64
Moley, Raymond, 248–249, 250–251
von Moltke, Helmuth “the Elder,” 1–2
von Moltke, Helmuth “the Younger,” 1–2, 10–11
Mondrian, Piet, 20
monetary gold, 228
maldistribution of, 186
Roosevelt, F., on, 249
US control of, 196
Monetary History of the United States (Friedman and Schwartz), 132, 149, 150, 283
monopoly
anti-, electrical utility companies and, 28–29
“Moon Shines in Coral Gables” (song), 107
Moore, George Gordon, 21
1927 Long Island conference, 221–224
franc pegged to dollar by, 231
Moret, Clément, 238
Morgan, John Pierpont (“J. P.”), 24, 26, 101, 119, 197
caricature of, 111 (fig.)
Morgan, John Pierpont, Jr. (“Jack”), 175, 177, 198
Roosevelt, F., policies support by, 265
Morgenthau, Henry, 248, 251, 252, 253, 283
Mott, Charles Stewart, 85
Mumford, Lewis, 49
Muncie, Indiana
affordable automobile in, 55
contraception, 57
cosmetics and clothing standards, 54
factory workers bleakness, 52–53
Great Depression and, 50
industrial accidents, 51
Lynd, R. and Lynd, H., study of, 50, 99
Murphy, Frank, 141
Murphy, Thomas, 32
MWU. See Middle West Utilities
My Years with General Motors (Sloan), 90–91
The Naked City (movie), 44
The Nation and Athenaeum (Keynes), 200
National Broadcasting Company (NBC), 40
National Bureau of Economic Research (NBER), 115–116, 290, 309
National Industrial Conference Board (NICB), 289
National Industrial Recovery Act (NIRA), 44, 262, 271–272, 296
National Labor Relations Act (Wagner Act), 272, 282, 289, 296
National Union Government, in France, 219
nationalization, of companies, 73
NBC. See National Broadcasting Company
NBER. See National Bureau of Economic Research
New Deal, 73, 144, 165, 240, 272–274
federal debt, 278
federal liabilities increase, 263, 263 (fig.)
New York City
BUS failure, 149
as communication hub, 40
global monetary gains in, 40
Great Depression relief efforts, 140
Harlem black people, 46
high-end service industries, 49
mass population movements, 45
national print media concentration in, 41
relief efforts, 140
skyscrapers in, 49
New York Evening Graphic, 41
New York Stock Exchange, 113, 119–123
Niagara electrical project, 24–29, 27 (fig.), 80
NICB. See National Industrial Conference Board
Nicholas (Tsar), 4
Nicholson, Jack, 45
1929 stock market crash, 313
Black Monday, 120
Black Thursday, 174
Black Tuesday, 120
Great Britain market drop, 120
“hucksterism” of stock brokers, 112
industrial production, 1920–1929, 113–114, 114 (fig.)
margin regulation, 112
rapid growth in, 110
NIRA. See National Industrial Recovery Act
Norman, Montagu, 197, 235, 238, 307, 318
1927 Long Island conference, 221–224
on Great Britain return to gold standard, 210–213
North, mass black population movement into, 45–46, 76
November Revolution, in Germany, 191
Noyes, Alexander Dana, 122, 281
OASI. See Old Age and Survivors’ Insurance
Ohanian, Lee, 286
Old Age and Survivors’ Insurance (OASI), 270
Olds, Ransom, 31
Olds Motor Vehicle Company, 86
Olney, Martha, 313
On the Waterfront (movie), 44
O’Neill, Eugene, 42
Only Yesterday (Allen), 62
Orlando, Vittorio, 15 (photo)
Otis and Company, 158
Otto, Nikolaus, 31
Painlevé, Paul, 219
Paley, William, 41
Palmer, A. Mitchell, 76
parity ratio, of farms, 247
Partnoy, Frank, 176
Payne, John Barton, 140
payrolls and gross revenues, in manufacturing, 289–290, 290 (fig.)
Peabody, Endicott, 254
Pearson, Frank A., 252–253, 256
Pearson, Karl, 63
PECE. See President’s Emergency Committee on Employment
Pegler, Westbrook, 41
Peoples Gas, Light, and Coke Company, 155
Perkins, Maxwell, 42
Pickford, Mary, 21
Pinchot, Gifford, 140
Poincaré, Raymond, 173, 176, 197, 218, 219–220, 231
politics
in Chicago, 79
in Germany, 317
Pontiac division, of GM, 86
Ponzi, Charles, 176
Ponzi game, 176
The Postman Always Rings Twice (movie), 44
poverty, postwar, 225
A Preface to Morals (Krutch), 64
President’s Council of Economic Advisors, 322
President’s Emergency Committee on Employment (PECE), 138
price-specie flow mechanism, 184
Principles of Mining (Hoover, H.), 125
print media, 41
private nonfarm economy, 299
productivity
farms, 299
Ford Motors, 97
growth, 1920–1941, 298–299, 299 (fig.)
shocks, 77
See also industrial production; manufacturing productivity; total factor productivity
Progressive Era, 28
Prohibition, 57
proportional representation, in Europe, 192
Prosser, Seward, 140
Protestantism, 59
Public Service of Northern Illinois, 155
Public Works Administration (PWA), 267, 268 (photo), 269, 284
Race to the Sea, 11
Radio Corporation of America (RCA), 40
Raff, Daniel, 295
railroads
Germany national system privatization, 201
TFP and, 300
Rappleyea, George, 58
rate of interest, 183
RCA. See Radio Corporation of America
real estate, 109
Miami collapse, 108
rearmament drive, in Germany, 203–204
recession, of 1937, 279–285, 294–295
See also Great Recession, of 2007
recession, post WWI, 76
industries in, 77
reconstruction debt, of France, 217
Reconstruction Finance Corporation (RFC), 136, 145, 264
federal borrowings, 263, 278, 284
gold price raised through, 253–254
Red Scare, by Hoover, J., and Palmer, 76
commodity price elevation, 246
farm bloc and, 246
Roosevelt, F., support of, 264
US and Great Britain position of, 250–251
Reichsbank, Germany, 225, 235, 236, 317–318
Reichsmark currency plunge, in Germany, 192, 193 (photo), 201
Reinhold, Peter, 226
Rentenmark currency, in Germany, 195
reparations, Germany, 15–16, 181, 187, 189–195, 190 (fig.), 315, 316
bonds for, 190
Lamont on moratorium for, 236
from new foreign loans, 225
possible loan defaults, 225
Reparations Commission, 189–190
commensurate taxation of Germany, 201
Dawes Plan, 195–205, 223, 225, 315
France withdrawal from Ruhr, 292
on Germany hyperinflation, 201
on Germany national railroad system privatization, 201
Germany phase in of payments, 201
Germany temporary transport tax, 201
Gilbert as agent of, 203
Great Britain support of, 202
Young Plan, 195–205, 227–228, 236, 317
The Report of the First Committee of Experts to the Reparation Commission, 200
residual, in TFP growth factors, 298
return to normalcy campaign, of Harding, 76
Reuther, Walter, 289
Review of Economics and Statistics, for 1937, 279
Reynolds Aluminum, 101
RFC. See Reconstruction Finance Corporation
Rhineland, withdrawal from, 204, 224
risk management, in bank crises, 153
1927 Long Island conference, 221
Rizzo, Fiore, 266
Robeson, Paul, 47
Rockefeller, John D., 106, 115, 121, 158, 169–170
Rockefeller, Percy, 115, 172–173
Roosevelt, Franklin, 48, 127, 148, 240, 278 (fig.)
background of, 244
on deflation and reflation, 264
dollar devaluation, 247
Farm Credit Administration of, 248
Hundred Days legislative program of, 267
on monetary gold, 249
Morgan, J. P., Jr., policies support, 265
social spending, 272–273, 273 (fig.)
tax on net undistributed earnings, 285
World Monetary and Economic Conference delegation of, 249–251
WWII declaration of war, 300
Roosevelt Statement, to World Monetary and Economic Conference, 251–252, 264
Rope of Sand (movie), 44
Ross, Harold, 41
Ruhr, Germany invasion by France and Belgium, 191, 193, 197
France withdrawal from, 202, 218, 292
Runyon, Damon, 41
rural
collapse, in Great Depression, 103, 139–142, 144
unemployment, 296
Russell, Bertrand, 64
SAE. See Society of Automobile Engineers
Sarnoff, David, 40
Save Me the Waltz (Fitzgerald, Z.), 21–22
Schacht, Hjalmar, 194–195, 197, 204, 225, 232
bank margin lending reductions, 226
1927 Long Island conference, 221–224
capital tax exemption for foreign bond purchasers, 226
discount rates dropped by, 226
stock market and, 226
Schecter Poultry v. United States, 272
Schlesinger, Arthur, Jr., 250
Schuker, Stephen, 218
Schwartz, Anna Jacobson, 132, 149, 283, 285, 314, 318
scientific progressivism, 63–65
Securities Exchange Commission (SEC), 157, 262
Seldes, Gilbert, 20
Sellers, Coleman, Jr., 26
service industries, high-end, 49
Share Our Wealth program, of Long, H., 259–260
sharecropping, 69
Shaw, Hannah, 69
sheltered goods, of Great Britain, 215
short blocks, of FHA, 108
Sion, John, 238
Skidelsky, Robert, 214
skyscrapers, 49, 101, 109, 110, 115, 169
Slater, Samuel, 293
Sloan, Alfred, 84–91, 90, 95–96
Smith, Al, 128
Snowden, Philip, 228, 237, 238
revised reparation schedule, 227
Social Security, 262
social spending, of Hoover, H., 272–273, 273 (fig.)
Society of Automobile Engineers (SAE), 102
Solow, Robert, 298
Sprague, Oliver M. W., 133–134, 244, 250, 308
St. Vincent Millay, Edna, 41
Standard Oil, 100, 106, 121, 258
stand-still agreements, Austria and, 235
steam power, 80
steel industry, 91, 101, 102, 115, 119, 160, 207
Stein, Gertrude, 20
Stevens, Wallace, 42
sticky prices, 292
sticky wages, 288
Stinnes, Hugo, 199
stock market, 226
Great Britain drop in, 120
See also 1929 stock market crash
Stravinsky, Igor, 20
Stresemann, Gustav, 194, 195, 204, 223, 225
death of, 228
on revised reparation schedule, 227
Stresemann-Schacht 1924 currency reform, 316
Strong, Benjamin, 133, 187, 197, 200, 231
1927 Long Island conference, 221–224
death of, 222
on Great Britain return to gold standard, 209–213, 307
Sunday, Billy, 59
Survey of Current Business, 135
on agriculture, of 1929, 104
Hoover, H., creation of, 128
on industrial production, in 1929, 114–115
Swedish Bank Inspection Board, 171
tariffs
Fordney-McCumber, 311
Hoover increase policy, 144–145, 311
telephone, AT&T market of, 40
Temin, Peter, 150, 152–153, 264, 319
Tender Is the Night (Fitzgerald, S.), 20–21
Texaco, 100
TFP. See total factor productivity
This Side of Paradise (Fitzgerald, S.), 19
Thomas, Elmer, 248
Thomas Amendment, to AAA, 248–249, 250
Thomson-Houston, 25
Time, 41
Tin Pan Alley, 49
Titanic, 40
Toll, Paul, 169
total factor productivity (TFP)
electric power industry, 300
private nonfarm economy and, 299–300
railroads and, 300
residual in growth factors, 298
wholesale and retail distribution, 300
Townsend, Francis, 259 (photo), 260
Trades Union Congress (TUC), 215–216
Treatise on Money (Keynes), 134
Treaty of Brest-Litovsk (1918), 12
Treaty of Versailles, 187, 189
Germany disarmament mandates ignored, 203
Hitler repudiation of, 240
US Senate failure to ratify, 196
TUC. See Trades Union Congress
Turner, Lana, 45
UAW. See United Auto Workers
UI. See Unemployment Insurance
of blue-collar workers, 137
Great Britain doubling of, 237
Great Depression-era among industries, 296–297
1926–1941 rates of, 138 (fig.)
rural, 296
US, 1929–1940, 287 (fig.), 288
Unemployment Insurance (UI), 270
Union Oil, 100
Union Party, 260
United Auto Workers (UAW), 289
crop and meat prices, 104–105, 104 (fig.)
farming price collapse, 309
gold holdings, 232
Great Britain alliance with, 231
Great Britain industrial output compared to, 206
Great Recession, of 2007, 263, 322
inflation, 214
monetary gold control by, 196
prewar steel production, 207
productivity growth, 1920–1941, 298–299, 299 (fig.)
real and nominal GNP, 1929–1937, 131 (fig.)
Treaty of Versailles ratification failure, 196
unemployment, 1929–1940, 287 (fig.), 288
Versailles Peace Conference
See also Treaty of Versailles
veteran bonus marchers, 145–148, 146 (photo)
Victor phonograph company, 40
Volcker, Paul, 321
Volstead Act, 47
von Hindenburg, Paul, 317
wage cuts, 290–292, 291 (fig.)
Wagner, Robert, 145
Wagner Act. See National Labor Relations Act
Wallis, John, 272
war
Angell on mainstream acceptance of, 5–6
debt settlements, 15–16, 223, 236
expenditures, 73
loans, of Great Britain, 189
costs, 13
trials, of Germany, 203
virtues of, 303
War Industries Board, 73
war reparations, of Germany. See reparations, Germany
Warburg, Max, 6
Warburg, Paul, 133
The Warmth of Other Suns (Wilkerson), 45
Warren, George F., 252–253, 256
gold price target, 260
Warren-Pearson Indices, 252
Waters, Ethel, 47
weapon technologies, of Germany, 8
golden age of, 228
inflationary mechanism, 192, 307
West, Mae, 44
Westinghouse, George, 24, 27–29
Westinghouse Electric, 25
Whiteman, Paul, 41
Whitney, Richard, 119–120, 174
embezzlement conviction, 121
Wicker, Elmus, 150, 152–153, 253
Wiggin, Albert, 121
Wigmore, Barrie, 110–111, 150, 152–153, 264
Wilkerson, Isabel, 45
Wilson, Woodrow, 13, 14, 15 (photo), 72, 73, 181, 196
Winchell, Walter, 41
Winthrop, John, 119
Wolfe, Thomas, 42
Wooley, Monty, 20
workers
blue-collar, 52, 137, 293, 295
Ford Motors recruitment and retention, 36–38
hourly pay of, 261 (fig.). 260, 291–292, 291 (fig.)
Muncie, Indiana bleakness of factory, 52–53
Works Progress Administration (WPA), 270, 276–277, 284, 297
World in Depression (Kindleberger), 309
World Monetary and Economic Conference, 245
Acheson-Warburg group, 253
currency stabilization agreement, 249–250
French deflation position, 250, 251
MacDonald organization of, 243–244
on nationalism in economics, 243
Roosevelt, F., delegation to, 249–251
Roosevelt Statement to, 251–252, 264
US and Great Britain reflation position, 250–251
world trade collapse, 306, 311–312
World War I (WWI), 6–7, 11 (photo)
Belgium losses in, 14
common people shift, 22
death toll during, 8, 10, 12, 13
Depression and, 303
Federal Reserve system and, 72
fiscal consequences of, 73–77, 75 (fig.), 130
France war strategy, 9
GDP and war effort, 73
Germany war reparations, 15–16, 181, 189–195, 190 (fig.), 224
international debt from, 187
military increase, 72
Paris defense, by France, 9–12
Race to the Sea, 11
Russia mobilization during, 1–2
war spending costs, 13
World War I (WWI), post
Bank of England progress, 209
Berlin conditions, 304
common people shift, 22
consumer society, 23
Great Britain, 315
industries in recession, 77
labor market, 76
recession, 76–77, 90, 103, 135–136, 313
World War II (WWII), 300
WPA. See Works Progress Administration
Wright, Gavin, 277
WWI. See World War I
WWII. See World War II
Young, Arthur, 165
Young, Owen D., 195–205, 227–228, 236, 317
Young Plan, 317
BIS reparations agent, 228
Brüning complaint about, 236
revised reparation plan, 227–228
Youngstown Sheet and Tube Company, 160