 Back to the ThirtiesJacques Riboud Chapter 17 in The Case for a New ECU, 1989, pp 162-170 from Palgrave Macmillan Abstract: Abstract On Thursday 24 October 1929 the New York Stock Exchange experienced a catastrophic fall in share prices. Along with the panic selling of shares and the plummeting prices, an entire world was about to sink into depression on an unprecedented scale, soon to be followed first by poverty and starvation and then by world war. During the following three years, industrial production in the United States fell by 50 per cent and output of capital goods fell by 75 per cent. The official statistics for persons unemployed and in receipt of welfare assistance from the State spoke of a total of ten million, but the real total was probably nearer twenty million — more than a third of the total workforce. In Germany, industrial production over the same period fell by 40 per cent and the number of unemployed reached 6 million. Wholesale prices fell by 40 per cent in France, by 56 per cent in the United Kingdom and by 51 per cent in the United States. The New York Stock Exchange Index stood at 216 at the beginning of September 1929: by June 1932 it had fallen to 34, a fall of 80 per cent. Keywords: Interest Rate; Money Supply; Bank Lending; Wholesale Prex; York Stock Exchange (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-09730-2_17 Ordering information: This item can be ordered from DOI: 10.1007/978-1-349-09730-2_17 Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
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