The Great Depression of the 1930s

Jon-Arild Johannessen
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Jon-Arild Johannessen: Kristiania University College and Nord University

Chapter 6 in Innovations Lead to Economic Crises, 2017, pp 111-124 from Springer

Abstract: Abstract This chapter examines the assumption that there is a relationship between innovations and economic crises economic crises , with a special focus on the economic crisiseconomic crisis in the 1930s. The following question is considered: Is there a relationship between innovations and the economic crisis crisis of the 1930s? The purpose of the investigation is to discover which innovations triggered the social mechanismssocial mechanisms that led to the economic crisis of the 1930s. The findings presented reveal that the following innovations, working through social mechanismssocial mechanisms , brought about the crisiscrisis of the 1930s: The founding of the Soviet UnionThe founding of the Soviet Union (institutional and political innovationsinnovation ). ElectrificationElectrification ; the combustion enginethe combustion engine ; the Bessemer Converterthe Bessemer Converter in steelsteel productionproduction ; the steamsteam turbine the steam turbine ; the light bulbthe light bulb ; the discovery of electromagnetic waveselectromagnetic waves ; the radiothe radio ; the telephonethe telephone ; ammonia synthesisammonia synthesis ; aspirinaspirin ; assembly linesassembly lines ; the electric motor in vehicles (amongst other devices); electrification of trains; diesel enginesdiesel engines (1893); the first aircraftaircraft ; tractors, etc. (all economic, technological product innovations). The zeitgeist’s ethosThe zeitgeist’s ethos : Get rich quick without working hard (institutional, cultural innovation).

Date: 2017
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DOI: 10.1007/978-3-319-41793-6_6

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