Great Depression

The Republican Party, also known as the Grand Old Party (GOP), is a conservative and right-wing political party in the United States. It emerged as the main rival of the Democratic Party in the 1850s, and the two parties have dominated American politics since then.

The Republican Party was founded in 1854 by anti-slavery activists opposing the Kansas–Nebraska Act and the expansion of slavery into U.S. territories. It rapidly gained support in the North, drawing in former Whigs and Free Soilers. Abraham Lincoln's election in 1860 led to the secession of Southern states and the outbreak of the American Civil War. Under Lincoln and a Republican-controlled Congress, the party led efforts to preserve the Union, defeat the Confederacy, and abolish slavery. During the Reconstruction era, Republicans sought to extend civil rights protections to freedmen, but by the late 1870s the party shifted its focus toward business interests and industrial expansion. In the late 19th and early 20th centuries, it dominated national politics, promoting protective tariffs, infrastructure development, and laissez-faire economic policies, while navigating internal divisions between progressive and conservative factions. The party's support declined during the Great Depression, as the New Deal coalition reshaped American politics. Republicans returned to national power with the 1952 election of Dwight D. Eisenhower, whose moderate conservatism reflected a pragmatic acceptance of many New Deal-era programs.

Franklin Delano Roosevelt (January 30, 1882 – April 12, 1945), also known as FDR, was the 32nd president of the United States, serving from 1933 until his death in 1945. He is the longest-serving U.S. president, as well as the only one to have served more than two terms. His first two terms were centered on combating the Great Depression, while his third and fourth saw him shift his focus to U.S. involvement in World War II. A member of the Democratic Party, Roosevelt previously served in the New York State Senate from 1911 to 1913, the assistant secretary of the Navy under President Woodrow Wilson from 1913 to 1920, and as the 44th governor of New York from 1929 to 1932.

Born into the prominent Delano and Roosevelt families in Hyde Park, New York, Roosevelt graduated from Harvard University with a Bachelor of Arts. He entered Columbia Law School in 1904, but dropped out in 1907 after passing the New York bar examination. Roosevelt was elected to the New York State Senate from 1911 to 1913 before serving as the assistant secretary of the Navy under President Wilson during World War I. Roosevelt was James M. Cox's running mate on the Democratic ticket in the 1920 presidential election, which Cox lost to Republican nominee Warren G. Harding. In 1921, Roosevelt contracted a paralytic illness that permanently paralyzed his legs. However, he returned to the public office upon being elected governor of New York in 1928, partly through the encouragement of his wife Eleanor, and during his tenure as governor of New York, he promoted programs to combat the Great Depression. After receiving the Democratic nomination, Roosevelt defeated President Herbert Hoover in a landside victory in the 1932 presidential election.

Nazi Germany, officially the German Reich and later the Greater German Reich, was the German state between 1933 and 1945, when Adolf Hitler and the Nazi Party controlled the country, transforming it into a totalitarian dictatorship. The Third Reich, meaning "Third Realm" or "Third Empire", referred to the Nazi claim that Nazi Germany was the successor to the earlier Holy Roman Empire (800–1806) and German Empire (1871–1918). The Third Reich, which the Nazis referred to as the Thousand-Year Reich, ended in May 1945, after 12 years, when the Allies defeated Germany and entered the capital, Berlin, ending World War II in Europe.

After Hitler was appointed Chancellor of Germany in 1933, the Nazi Party began to eliminate political opposition and consolidate power. A 1934 German referendum confirmed Hitler as sole Führer (leader). Power was centralised in Hitler's person, and his word became the highest law. The government was not a co-ordinated, cooperating body, but rather a collection of factions struggling to amass power. To address the Great Depression, the Nazis used heavy military spending, extensive public works projects, including the Autobahnen (motorways) and a massive secret rearmament program, forming the Wehrmacht (armed forces), all financed by deficit spending. The return to economic stability and end of mass unemployment boosted the regime's popularity. Hitler made increasingly aggressive territorial demands, seizing Austria in the Anschluss of 1938, and the Sudetenland region of Czechoslovakia. Germany signed a non-aggression pact with the Soviet Union and invaded Poland in 1939, launching World War II in Europe. In alliance with Fascist Italy and other Axis powers, Germany conquered most of Europe by 1940 and threatened Britain.

The Empire of Japan, also known as the Japanese Empire or Imperial Japan, was the Japanese nation state that existed from the Meiji Restoration on January 3, 1868, until the Constitution of Japan took effect on May 3, 1947. From August 1910 to September 1945, it included the Japanese archipelago, the Kurils, Karafuto, Korea, and Taiwan. The South Seas Mandate and concessions such as the Kwantung Leased Territory were de jure not internal parts of the empire but dependent territories. In the closing stages of World War II, with Japan defeated alongside the rest of the Axis powers, the formalized surrender was issued on September 2, 1945, in compliance with the Potsdam Declaration of the Allies, and the empire's territory subsequently shrunk to cover only the Japanese archipelago resembling modern Japan.

Under the slogans of "Enrich the Country, Strengthen the Armed Forces" and "Promote Industry" which followed the Boshin War and the restoration of power to the emperor from the shogun, Japan underwent a period of large-scale industrialization and militarization, often regarded as the fastest modernization of any country to date. All of these aspects contributed to Japan's emergence as a great power following the First Sino-Japanese War, the Boxer Rebellion, the Russo-Japanese War, and World War I. Economic and political turmoil in the 1920s, including the Great Depression, led to the rise of militarism, nationalism, statism and authoritarianism, during which Japan joined the Axis alliance with Nazi Germany and Fascist Italy, conquering a large part of the Asia–Pacific; during this period, the Imperial Japanese Army (IJA) and the Imperial Japanese Navy (IJN) committed numerous atrocities and war crimes, including the Nanjing Massacre. There has been a debate over defining the political system of Japan as a dictatorship, which has been disputed due by the absence of a dictator, and over calling it fascist. The other suggested terms were para-fascism, militarism, corporatism, totalitarianism, and police state.

In economics and political science, fiscal policy is the use of government revenue collection (taxes or tax cuts) and expenditure to influence a country's economy. The use of government revenue expenditures to influence macroeconomic variables developed in reaction to the Great Depression of the 1930s, when the previous laissez-faire approach to economic management became unworkable. Fiscal policy is based on the theories of the British economist John Maynard Keynes, whose Keynesian economics theorised that government changes in the levels of taxation and government spending influence aggregate demand and the level of economic activity. Fiscal and monetary policy are the key strategies used by a country's government and central bank to advance its economic objectives. The combination of these policies enables these authorities to target inflation and to increase employment. In modern economies, inflation is conventionally considered "healthy" in the range of 2%–3%. Additionally, it is designed to try to keep GDP growth at 2%–3% and the unemployment rate near the natural unemployment rate of 4%–5%. This implies that fiscal policy is used to stabilise the economy over the course of the business cycle.

Changes in the level and composition of taxation and government spending can affect macroeconomic variables, including:

The 1932 Summer Olympics (officially the Games of the X Olympiad and also known as Los Angeles 1932) were an international multi-sport event held from July 30 to August 14, 1932, in Los Angeles, California, United States. The Games were held during the worldwide Great Depression, with some nations not traveling to Los Angeles as a result; 37 countries competed, compared to the 46 at the 1928 Games in Amsterdam, and even then-U.S. President Herbert Hoover did not attend the Games. The organizing committee did not report the financial details of the Games, although contemporary newspapers stated that the Games had made a profit of US$1 million (equivalent to US$18.67 million in 2024).

Herbert Clark Hoover (August 10, 1874 – October 20, 1964) was the 31st president of the United States, serving from 1929 to 1933. A wealthy mining engineer before his presidency, Hoover led the wartime Commission for Relief in Belgium and was the director of the U.S. Food Administration, followed by post-war relief of Europe. As a member of the Republican Party, he served as the third United States secretary of commerce from 1921 to 1928 before being elected president in 1928. His presidency was dominated by the Great Depression, and his policies and methods to combat it were seen as lackluster. Amid his unpopularity, he decisively lost reelection to Franklin D. Roosevelt in 1932.

Born to a Quaker family in West Branch, Iowa, Hoover grew up in Oregon. He was one of the first graduates of the new Stanford University in 1895. Hoover took a position with a London-based mining company working in Australia and China. He rapidly became a wealthy mining engineer. In 1914, the outbreak of World War I, he organized and headed the Commission for Relief in Belgium, an international relief organization that provided food to occupied Belgium. When the U.S. entered the war in 1917, President Woodrow Wilson appointed Hoover to lead the Food Administration. He became famous as his country's "food dictator". After the war, Hoover led the American Relief Administration, which provided food to the starving millions in Central and Eastern Europe, especially Russia. His wartime service made him a favorite of many progressives, and he unsuccessfully sought the Republican nomination in the 1920 United States presidential election.

Harlem is a neighborhood in Upper Manhattan, New York City. It is bounded roughly by the Hudson River on the west; the Harlem River and 155th Street on the north; Fifth Avenue on the east; and 110th Street on the south. The greater Harlem area encompasses several other neighborhoods and extends west and north to 155th Street, east to the East River, and south to Martin Luther King Jr. Boulevard, Central Park, and East 96th Street.

Originally a Dutch village, formally organized in 1658, it is named after the city of Haarlem in the Netherlands. Harlem's history has been defined by a series of economic boom-and-bust cycles, with significant population shifts accompanying each cycle. Harlem was predominantly occupied by Jewish and Italian Americans in the late 19th century, while African-American residents began to arrive in large numbers during the Great Migration in the early 20th century. In the 1920s and 1930s, Central and West Harlem were the center of the Harlem Renaissance, a major African-American cultural movement. With job losses during the Great Depression of the 1930s and the deindustrialization of New York City after World War II, rates of crime and poverty increased significantly. In the 21st century, crime rates decreased significantly, and Harlem started to gentrify.

The Harlem Renaissance was an intellectual and cultural movement of African-American music, dance, art, fashion, literature, theater, politics, and scholarship centered in Harlem, Manhattan, New York City, spanning the 1920s and 1930s. At the time, it was known as the "New Negro Movement", named after The New Negro, a 1925 anthology edited by Alain Locke. The movement also included the new African-American cultural expressions across the urban areas in the Northeastern United States and the Midwestern United States affected by a renewed militancy in the general struggle for civil rights, combined with the Great Migration of African-American workers fleeing the racist conditions of the Jim Crow Deep South, as Harlem was the final destination of the largest number of those who migrated north.

Though geographically tied to Harlem, few of the associated visual artists lived in the area itself, while those who did (such as Aaron Douglas) had migrated elsewhere by the end of World War II. Many francophone black writers from African and Caribbean colonies who lived in Paris, France, were also influenced by the movement. Harlem had also seen significant Black immigration from British, French and other colonies in the Caribbean. The zenith of this "flowering of Negro literature", as James Weldon Johnson described the Harlem Renaissance, took place between approximately 1924—when Opportunity: A Journal of Negro Life hosted a party for black writers where many white publishers were in attendance—and 1929, the year of the stock-market crash and the beginning of the Great Depression. The Harlem Renaissance is considered to have been a creative crucible for African-American art-making and its institutionalisation within white-dominated museums and cultural institutions.

John Maynard Keynes, 1st Baron Keynes CB, FBA (/keɪnz/ KAYNZ; 5 June 1883 – 21 April 1946), was an English economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Originally trained in mathematics, he built on and greatly refined earlier work on the causes of business cycles. One of the most influential economists of the 20th century, he produced writings that are the basis for the school of thought known as Keynesian economics, and its various offshoots. His ideas, reformulated as New Keynesianism, are fundamental to mainstream macroeconomics. He is known as the "father of macroeconomics".

Keynes was educated at King's College at the University of Cambridge, where he graduated in 1904 with a B.A. in mathematics. During the Great Depression of the 1930s, Keynes spearheaded a revolution in economic thinking, challenging the ideas of neoclassical economics that held that free markets would, in the short to medium term, automatically provide full employment, as long as workers were flexible in their wage demands. He argued that aggregate demand (total spending in the economy) determined the overall level of economic activity, and that inadequate aggregate demand could lead to prolonged periods of high unemployment, and since wages and labour costs are rigid downwards the economy will not automatically rebound to full employment. Keynes advocated the use of fiscal and monetary policies to mitigate the adverse effects of economic recessions and depressions. After the 1929 crisis, Keynes also turned away from a fundamental pillar of neoclassical economics: free trade. He criticized Ricardian comparative advantage theory (the foundation of free trade), considering the theory's initial assumptions unrealistic, and became definitively protectionist. He detailed these ideas in his magnum opus, The General Theory of Employment, Interest and Money, published in early 1936. By the late 1930s, leading Western economies had begun adopting Keynes's policy recommendations. Almost all capitalist governments had done so by the end of the two decades following Keynes's death in 1946. As a leader of the British delegation, Keynes participated in the design of the international economic institutions established after the end of World War II but was overruled by the American delegation on several aspects.

The Coinage Act of 1834 was passed by the United States Congress on June 28, 1834. It raised the silver-to-gold weight ratio from its 1792 level of 15:1 (established by the Coinage Act of 1792) to 16:1 thus setting the mint price for silver at a level below its international market price.

The Act redefined the U.S. Eagle coin (ten U.S. Dollars) as containing 232 grains of fine gold, compared to 247.5 grains in the prior Act. This fixed the official basis of the dollar as $20.69 per troy ounce. This standard prevailed until 1933, when the official price rose to $35 as a consequence of the Great Depression.

Of Mice and Men is a 1937 novella written by American author John Steinbeck. It describes the experiences of George Milton and Lennie Small, two displaced migrant ranch workers, as they move from place to place in California, searching for jobs during the Great Depression.

Steinbeck based the novella on his own experiences as a teenager working alongside migrant farm workers in the 1910s, before the arrival of the Okies whom he would describe in his novel The Grapes of Wrath. The title is taken from Robert Burns' poem "To a Mouse": "The best laid schemes o' mice an' men / Gang aft agley" ("The best-laid plans of mice and men / Often go awry").

The 1930s (pronounced "nineteen-thirties" and commonly abbreviated as "the '30s" or "the Thirties") was a decade that began on January 1, 1930, and ended on December 31, 1939. In the United States, the Dust Bowl led to the nickname the "Dirty Thirties".

The decade was defined by a global economic and political crisis that culminated in the Second World War. It saw the collapse of the international financial system, beginning with the Wall Street crash of 1929, the largest stock market crash in American history. The subsequent economic downfall, called the Great Depression, had traumatic social effects worldwide, leading to widespread poverty and unemployment, especially in the economic superpower of the United States and in Germany, which was already struggling with the payment of reparations for the First World War. The Dust Bowl in the United States (which led to the nickname the "Dirty Thirties") exacerbated the scarcity of wealth. U.S. President Franklin D. Roosevelt, who took office in 1933, introduced a program of broad-scale social reforms and stimulus plans called the New Deal in response to the crisis. The Soviet Union's second five-year plan gave heavy industry top priority, putting the Soviet Union not far behind Germany as one of the major steel-producing countries of the world, while also improving communications. First-wave feminism made advances, with women gaining the right to vote in South Africa (1930, whites only), Brazil (1933), and Cuba (1933). Following the rise of Adolf Hitler and the emergence of the NSDAP as the country's sole legal party in 1933, Germany imposed a series of laws which discriminated against Jews and other ethnic minorities.

A skilled worker is any worker who has special skill, training, or knowledge which they can then apply to their work. A skilled worker may have learned their skills through work experience, on-the-job training, an apprenticeship program or formal education. These skills often lead to better outcomes economically. The definition of a skilled worker has seen change throughout the 20th century, largely due to the industrial impact of the Great Depression and World War II. Further changes in globalisation have seen this definition shift further in Western countries, with many jobs moving from manufacturing based sectors to more advanced technical and service based roles. Examples of formally educated skilled labor include engineers, scientists, doctors and teachers, while examples of less formally educated workers include crane operators, CDL truck drivers, machinists, drafters, plumbers, craftsmen, cooks and bookkeepers.

Harvard University is a private Ivy League research university in Cambridge, Massachusetts, United States. Founded in 1636 as New College, and later named for its first benefactor, the Puritan clergyman John Harvard, it is the oldest institution of higher learning in the United States. Its influence, wealth, and rankings have made it one of the most prestigious universities in the world.

Harvard was founded and authorized by the Massachusetts General Court, the governing legislature of colonial-era Massachusetts Bay Colony. While never formally affiliated with any Protestant denomination, Harvard trained Congregational clergy until its curriculum and student body were gradually secularized in the 18th century. By the 19th century, Harvard had emerged as the most prominent academic and cultural institution among the Boston elite. Following the American Civil War, under Harvard president Charles William Eliot's long tenure from 1869 to 1909, Harvard developed multiple professional schools, which transformed it into a modern research university. In 1900, Harvard co-founded the Association of American Universities. James B. Conant led the university through the Great Depression and World War II, and liberalized admissions after the war.

Economic collapse, also called economic meltdown, is any of a broad range of poor economic conditions, ranging from a severe, prolonged depression with high bankruptcy rates and high unemployment (such as the Great Depression of the 1930s), to a breakdown in normal commerce caused by hyperinflation (such as in Weimar Germany in the 1920s), or even an economically caused sharp rise in the death rate and perhaps even a decline in population (such as in countries of the former USSR in the 1990s). Often economic collapse is accompanied by social chaos, civil unrest and a breakdown of law and order.

The Nazi Party, officially the National Socialist German Workers' Party (German: Nationalsozialistische Deutsche Arbeiterpartei  or NSDAP), was a far-right political party in Germany active between 1920 and 1945 that created and supported the ideology of Nazism. Its precursor, the German Workers' Party (Deutsche Arbeiterpartei; DAP), existed from 1919 to 1920. The Nazi Party emerged from the extremist German nationalist ("Völkisch nationalist"), racist, and populist Freikorps paramilitary culture, which fought against communist uprisings in post–World War I Germany. The party was created to draw workers away from communism and into völkisch nationalism. Initially, Nazi political strategy focused on anti-big business, anti-bourgeoisie, and anti-capitalism, disingenuously using socialist rhetoric to gain the support of the lower middle class; that was later downplayed to gain the support of business leaders. By the 1930s, the party's main focus shifted to antisemitic and anti-Marxist themes. The party had little popular support until the Great Depression, when worsening living standards and widespread unemployment drove Germans into political extremism.

Central to Nazism were themes of racial segregation expressed in the idea of a "people's community" (Volksgemeinschaft). The party aimed to unite "racially desirable" Germans as national comrades while excluding those deemed to be either political dissidents, physically or intellectually inferior, or of a foreign race (Fremdvölkische). The Nazis sought to strengthen the Germanic people, the "Aryan master race", through racial purity and eugenics, broad social welfare programs, and a collective subordination of individual rights, which could be sacrificed for the good of the state on behalf of the people. To protect the supposed purity and strength of the Aryan race, the Nazis sought to disenfranchise, segregate, and eventually exterminate Jews, Romani, Slavs, the physically and mentally disabled, homosexuals, Jehovah's Witnesses, and political opponents. The persecution reached its climax when the party-controlled German state set in motion the Final Solution – an industrial system of genocide that carried out mass murders of around 6 million Jews and millions of other targeted victims in what has become known as the Holocaust.

Presidential elections were held in the United States on November 8, 1932. Against the backdrop of the Great Depression, the Republican ticket of incumbent President Herbert Hoover and incumbent Vice President Charles Curtis were defeated in a landslide by the Democratic ticket of Franklin D. Roosevelt, the governor of New York and John Nance Garner, the Speaker of the House. This realigning election marked the effective end of the Fourth Party System, which had been dominated by Republicans, and the beginning of an era of Democratic dominance under the New Deal coalition.

Despite disastrous economic conditions due to the Great Depression, Hoover faced little opposition at the 1932 Republican National Convention. Roosevelt was widely considered the front-runner at the start of the 1932 Democratic National Convention, but was not able to clinch the nomination until the fourth ballot of the convention. The Democratic convention chose a leading Southern Democrat, Speaker of the House John Nance Garner of Texas, as the party's vice presidential nominee. Roosevelt united the party, campaigning on the failures of the Hoover administration. He promised recovery with a "New Deal" for the American people.

Within the budgetary process, deficit spending is the amount by which spending exceeds revenue over a particular period of time, also called simply deficit, or budget deficit, the opposite of budget surplus. The term may be applied to the budget of a government, private company, or individual. A central point of controversy in economics, government deficit spending was first identified as a necessary economic tool by John Maynard Keynes in the wake of the Great Depression.