Historical Events tagged with "economics"
Turns out history loves a label—battles, breakthroughs, and the occasional disaster, all neatly tagged for your browsing pleasure. Because sometimes you just need every weird invention in one place.
Bonus Army Assembles for Cash Bonuses
World War I veterans began gathering in Washington, D.C., to demand cash bonuses for their service. The Bonus Army, composed of thousands of veterans and their families, sought early payment of bonuses promised for 1945, driven by economic hardship during the Great Depression. The assembly symbolized their struggle for recognition and financial support from the government, which they believed had failed to honor its commitments.
Continue ReadingHoover Signs Smoot-Hawley Tariff Act
The Smoot-Hawley Tariff Act, signed into law by President Herbert Hoover, raised U.S. tariffs on over 20,000 imported goods. This significant legislation aimed to protect American industries amidst the economic challenges of the Great Depression. The act was spearheaded by Senator Reed Smoot and Representative Willis C. Hawley, who pushed for protectionist measures to support U.S. farmers and manufacturers. The signing marked a pivotal shift in U.S. trade policy and was met with both domestic and international controversy.
Continue ReadingStock Market Crash Ends Bull Market Era
The New York Stock Exchange experienced a massive crash on October 29, 1929, known as Black Tuesday, marking the end of the Great Bull Market of the 1920s. Panic ensued as stock prices plummeted, causing financial devastation for countless investors. The economic turmoil signaled the onset of the Great Depression, impacting both the U.S. economy and global markets. Key factors included rampant speculation, excessive borrowing, and a lack of regulatory oversight that had characterized the financial environment of the preceding decade.
Continue ReadingMarket Crash Begins with Black Thursday
On a day characterized by panic selling, the New York Stock Exchange experienced a significant drop in stock prices. Investors rushed to sell shares, fearing further declines after a series of smaller sell-offs earlier in the week. The trading volume soared as fear gripped the market, and financial institutions struggled to stabilize the situation. Black Thursday marked the beginning of what would culminate in the Great Depression, impacting countless lives and reshaping the financial landscape.
Continue ReadingWorld Savings Day is Established in Milan
The first International Savings Bank Congress was held in Milan, Italy, where members of the Association announced the establishment of World Savings Day. The initiative aimed to promote savings among the public and emphasize the importance of financial literacy. This congress brought together representatives from various countries, influenced by the rising need for personal financial management during the interwar period. The event highlighted the role of savings banks in fostering economic stability and growth.
Continue ReadingGermany and Soviet Union Re-establish Relations
The Treaty of Rapallo was signed between Germany and the Soviet Union, marking the re-establishment of diplomatic relations. The treaty was negotiated in Rapallo, Italy, by German Foreign Minister Walther Rathenau and Soviet Foreign Minister Georgy Chicherin. It aimed to strengthen economic and military cooperation between the two nations, promoting mutual interests after World War I and the ensuing isolation both faced. This agreement provided a foundation for future collaboration and was pivotal in shaping European political dynamics in the interwar period.
Continue ReadingWest Virginia Enacts Broad Sales Tax Legislation
West Virginia became the first state to enact broad sales tax legislation in 1921. The state aimed to generate revenue amid economic pressures following World War I. While the legislation was significant, it faced substantial delays in implementation due to challenges in enforcement and collection methods. As a result, the sales tax was not executed until several years later, reflecting the complexities of tax legislation during a period of economic transition.
Continue ReadingAdoption of the GOELRO Economic Plan
The GOELRO economic development plan was approved by the 8th Congress of Soviets of the Russian SFSR in a pivotal move aimed at rebuilding the war-torn economy of Soviet Russia. Spearheaded by figures such as Leon Trotsky and Gleb Krzhizhanovsky, it proposed a comprehensive strategy for the electrification and industrialization of the nation. The plan sought to harness and integrate various sectors of the economy to enhance productivity, improve living standards, and lay the foundation for a planned economy, a vision that appealed to the Bolshevik leadership.
Continue Reading1919 Steel Strike Across the United States
A massive steel strike began in Pennsylvania, initiated by the Amalgamated Association of Iron and Steel Workers. The strike quickly spread across the nation as frustrated workers sought better pay, improved working conditions, and recognition of their union. The discontent stemmed from inflation and labor exploitation, following World War I, as steel workers demanded fair treatment and working rights. This labor action engulfed multiple steel mills throughout the industrial heartland, revealing the deep tensions between labor and management in the post-war economy.
Continue Reading