Jews or Jewish people are an ethnoreligious group and a nation, originating from the Israelites and Hebrews of historical Israel and Judah. Jewish ethnicity and religion are interrelated, as Judaism is the traditional faith of the Jewish people, while its observance varies from strict observance to complete nonobservance. Jews originated as an ethnic and religious group in the Middle East during the second millennium BCE, in the part of the Levant known as the Land of Israel; the Merneptah Stele appears to confirm the existence of a people of Israel somewhere in Canaan as far back as the 13th century BCE. The Israelites, as an outgrowth of the Canaanite population, consolidated their hold with the emergence of the kingdoms of Israel and Judah; some consider that these Canaanite sedentary Israelites melded with incoming nomadic groups known as'Hebrews'. Though few sources mention the exilic periods in detail, the experience of diaspora life, from the Ancient Egyptian rule over the Levant, to Assyrian captivity and exile, to Babylonian captivity and exile, to Seleucid Imperial rule, to the Roman occupation and exile, the historical relations between Jews and their homeland thereafter, became a major feature of Jewish history and memory.
Prior to World War II, the worldwide Jewish population reached a peak of 16.7 million, representing around 0.7% of the world population at that time. 6 million Jews were systematically murdered during the Holocaust. Since the population has risen again, as of 2016 was estimated at 14.4 million by the Berman Jewish DataBank, less than 0.2% of the total world population. The modern State of Israel is the only country, it defines itself as a Jewish and democratic state in the Basic Laws, Human Dignity and Liberty in particular, based on the Declaration of Independence. Israel's Law of Return grants the right of citizenship to Jews who have expressed their desire to settle in Israel. Despite their small percentage of the world's population, Jews have influenced and contributed to human progress in many fields, both and in modern times, including philosophy, literature, business, fine arts and architecture, music and cinema, science and technology, as well as religion. Jews have played a significant role in the development of Western Civilization.
The English word "Jew" continues Iewe. These terms derive from Old French giu, earlier juieu, which through elision had dropped the letter "d" from the Medieval Latin Iudaeus, like the New Testament Greek term Ioudaios, meant both "Jew" and "Judean" / "of Judea"; the Greek term was a loan from Aramaic Y'hūdāi, corresponding to Hebrew יְהוּדִי Yehudi the term for a member of the tribe of Judah or the people of the kingdom of Judah. According to the Hebrew Bible, the name of both the tribe and kingdom derive from Judah, the fourth son of Jacob. Genesis 29:35 and 49:8 connect the name "Judah" with the verb yada, meaning "praise", but scholars agree that the name of both the patriarch and the kingdom instead have a geographic origin—possibly referring to the gorges and ravines of the region; the Hebrew word for "Jew" is יְהוּדִי Yehudi, with the plural יְהוּדִים Yehudim. Endonyms in other Jewish languages include the Yiddish ייִד Yid; the etymological equivalent is in use in other languages, e.g. يَهُودِيّ yahūdī, al-yahūd, in Arabic, "Jude" in German, "judeu" in Portuguese, "Juif" /"Juive" in French, "jøde" in Danish and Norwegian, "judío/a" in Spanish, "jood" in Dutch, "żyd" in Polish etc. but derivations of the word "Hebrew" are in use to describe a Jew, e.g. in Italian, in Persian and Russian.
The German word "Jude" is pronounced, the corresponding adjective "jüdisch" is the origin of the word "Yiddish". According to The American Heritage Dictionary of the English Language, fourth edition, It is recognized that the attributive use of the noun Jew, in phrases such as Jew lawyer or Jew ethics, is both vulgar and offensive. In such contexts Jewish is the only acceptable possibility; some people, have become so wary of this construction that they have extended the stigma to any use of Jew as a noun, a practice that carries risks of its own. In a sentence such as There are now several Jews on the council, unobjectionable, the substitution of a circumlocution like Jewish people or persons of Jewish background may in itself cause offense for seeming to imply that Jew has a negative connotation when used as a noun. Judaism shares some of the characteristics of a nation, an ethnicity, a religion, a culture, making the definition of, a Jew vary depending on whether a religious or national approach to identity is used.
In modern secular usage Jews include three groups: people who were born to a Jewish family regardless of whether or not they follow the religion, those who have some Jewish ancestral background or lineage, people without any Jewish ancestral background or lineage who have formally converted to Judaism and therefore are followers of the religion. Historical definitions of Jewish identity have traditionally been based on halakhic definitions of matrilineal descent, halakhic conversions; these definitions of, a Jew date back to the codification of the Oral
Manhattan referred to locally as the City, is the most densely populated of the five boroughs of New York City and its economic and administrative center, cultural identifier, historical birthplace. The borough is coextensive with New York County, one of the original counties of the U. S. state of New York. The borough consists of Manhattan Island, bounded by the Hudson and Harlem rivers. S. mainland, physically connected to the Bronx and separated from the rest of Manhattan by the Harlem River. Manhattan Island is divided into three informally bounded components, each aligned with the borough's long axis: Lower and Upper Manhattan. Manhattan has been described as the cultural, financial and entertainment capital of the world, the borough hosts the United Nations Headquarters. Anchored by Wall Street in the Financial District of Lower Manhattan, New York City has been called both the most economically powerful city and the leading financial center of the world, Manhattan is home to the world's two largest stock exchanges by total market capitalization: the New York Stock Exchange and NASDAQ.
Many multinational media conglomerates are based in Manhattan, the borough has been the setting for numerous books and television shows. Manhattan real estate has since become among the most expensive in the world, with the value of Manhattan Island, including real estate, estimated to exceed US$3 trillion in 2013. Manhattan traces its origins to a trading post founded by colonists from the Dutch Republic in 1624 on Lower Manhattan. Manhattan is documented to have been purchased by Dutch colonists from Native Americans in 1626 for 60 guilders, which equals $1038 in current terms; the territory and its surroundings came under English control in 1664 and were renamed New York after King Charles II of England granted the lands to his brother, the Duke of York. New York, based in present-day Manhattan, served as the capital of the United States from 1785 until 1790; the Statue of Liberty greeted millions of immigrants as they came to the Americas by ship in the late 19th and early 20th centuries and is a world symbol of the United States and its ideals of liberty and peace.
Manhattan became a borough during the consolidation of New York City in 1898. New York County is the United States' second-smallest county by land area, is the most densely populated U. S. county. It is one of the most densely populated areas in the world, with a census-estimated 2017 population of 1,664,727 living in a land area of 22.83 square miles, or 72,918 residents per square mile, higher than the density of any individual U. S. city. On business days, the influx of commuters increases this number to over 3.9 million, or more than 170,000 people per square mile. Manhattan has the third-largest population of New York City's five boroughs, after Brooklyn and Queens, is the smallest borough in terms of land area. Manhattan Island is informally divided into three areas, each aligned with its long axis: Lower and Upper Manhattan. Many districts and landmarks in Manhattan are well known, as New York City received a record 62.8 million tourists in 2017, Manhattan hosts three of the world's 10 most-visited tourist attractions in 2013: Times Square, Central Park, Grand Central Terminal.
The borough hosts many prominent bridges, such as the Brooklyn Bridge. Chinatown incorporates the highest concentration of Chinese people in the Western Hemisphere, the Stonewall Inn in Greenwich Village, part of the Stonewall National Monument, is considered the birthplace of the modern gay rights movement; the City of New York was founded at the southern tip of Manhattan, the borough houses New York City Hall, the seat of the city's government. Numerous colleges and universities are located in Manhattan, including Columbia University, New York University, Cornell Tech, Weill Cornell Medical College, Rockefeller University, which have been ranked among the top 40 in the world; the name Manhattan derives from the Munsee dialect of the Lenape language'manaháhtaan'. The Lenape word has been translated as "the place where we get bows" or "place for gathering the bows". According to a Munsee tradition recorded in the 19th century, the island was named so for a grove of hickory trees at the lower end, considered ideal for the making of bows.
It was first recorded in writing as Manna-hata, in the 1609 logbook of Robert Juet, an officer on Henry Hudson's yacht Halve Maen. A 1610 map depicts the name as Manna-hata, twice, on both the west and east sides of the Mauritius River. Alternative folk etymologies include "island of many hills", "the island where we all became intoxicated" and "island", as well as a phrase descriptive of the whirlpool at Hell Gate; the area, now Manhattan was long inhabited by the Lenape Native Americans. In 1524, Florentine explorer Giovanni da Verrazzano – sailing in service of King Francis I of France – became the first documented European to visit the area that would become New York City, he entered the tidal strait now known as The Narrows and named the land around Upper New York
Marvel Comics is the brand name and primary imprint of Marvel Worldwide Inc. Marvel Publishing, Inc. and Marvel Comics Group, a publisher of American comic books and related media. In 2009, The Walt Disney Company acquired Marvel Worldwide's parent company. Marvel started in 1939 the common name in the Golden Age was Timely Comics, by the early 1950s, had become known as Atlas Comics; the Marvel era began in 1961, the year that the company launched The Fantastic Four and other superhero titles created by Steve Ditko, Stan Lee, Jack Kirby and many others. The Marvel brand had been used over the years, but solidified as the company's only brand with in a couple of years. Marvel counts among its characters such well-known superheroes as Captain America, Iron Man, the Hulk, Spider-Man, Black Panther, Doctor Strange, the Silver Surfer, Ghost Rider, the Punisher and Deadpool, such teams as the Avengers, the X-Men, the Fantastic Four, the Midnight Sons, the Defenders, the Guardians of the Galaxy, supervillains including Galactus, Doctor Doom, Ultron, Green Goblin, Red Skull, Doctor Octopus and Venom.
Most of Marvel's fictional characters operate in a single reality known as the Marvel Universe, with most locations mirroring real-life places. Pulp-magazine publisher Martin Goodman founded the company known as Marvel Comics under the name Timely Publications in 1939. Goodman, who had started with a Western pulp in 1933, was expanding into the emerging—and by already popular—new medium of comic books. Launching his new line from his existing company's offices at 330 West 42nd Street, New York City, he held the titles of editor, managing editor, business manager, with Abraham Goodman listed as publisher. Timely's first publication, Marvel Comics #1, included the first appearance of Carl Burgos' android superhero the Human Torch, the first appearances of Bill Everett's anti-hero Namor the Sub-Mariner, among other features; the issue was a great success. While its contents came from an outside packager, Inc. Timely had its own staff in place by the following year; the company's first true editor, writer-artist Joe Simon, teamed with artist Jack Kirby to create one of the first patriotically themed superheroes, Captain America, in Captain America Comics #1.
It, proved a hit, with sales of nearly one million. Goodman formed Timely Comics, Inc. beginning with comics cover-dated April 1941 or Spring 1941. While no other Timely character would achieve the success of these three characters, some notable heroes—many of which continue to appear in modern-day retcon appearances and flashbacks—include the Whizzer, Miss America, the Destroyer, the original Vision, the Angel. Timely published one of humor cartoonist Basil Wolverton's best-known features, "Powerhouse Pepper", as well as a line of children's funny-animal comics featuring characters like Super Rabbit and the duo Ziggy Pig and Silly Seal. Goodman hired his wife's cousin, Stanley Lieber, as a general office assistant in 1939; when editor Simon left the company in late 1941, Goodman made Lieber—by writing pseudonymously as "Stan Lee"—interim editor of the comics line, a position Lee kept for decades except for three years during his military service in World War II. Lee wrote extensively for Timely.
Goodman's business strategy involved having his various magazines and comic books published by a number of corporations all operating out of the same office and with the same staff. One of these shell companies through which Timely Comics was published was named Marvel Comics by at least Marvel Mystery Comics #55; as well, some comics' covers, such as All Surprise Comics #12, were labeled "A Marvel Magazine" many years before Goodman would formally adopt the name in 1961. The post-war American comic market saw superheroes falling out of fashion. Goodman's comic book line dropped them for the most part and expanded into a wider variety of genres than Timely had published, featuring horror, humor, funny animal, men's adventure-drama, giant monster and war comics, adding jungle books, romance titles and medieval adventure, Bible stories and sports. Goodman began using the globe logo of the Atlas News Company, the newsstand-distribution company he owned, on comics cover-dated November 1951 though another company, Kable News, continued to distribute his comics through the August 1952 issues.
This globe branding united a line put out by the same publisher and freelancers through 59 shell companies, from Animirth Comics to Zenith Publications. Atlas, rather than innovate, took a proven route of following popular trends in television and movies—Westerns and war dramas prevailing for a time, drive-in movie monsters another time—and other comic books the EC horror line. Atlas published a plethora of children's and teen humor titles, including Dan DeCarlo's Homer the Happy Ghost and Homer Hooper. Atlas unsuccessfully attempted to revive superheroes from late 1953 to mid-1954, with the Human Torch, the Sub-Mariner, Captain America. Atlas did not achieve any breakout hits and, according to Stan Lee, Atlas survived chiefly because it produced work cheaply, at a passable quality; the first modern comic books under the Marvel Comics brand w
Publishing is the dissemination of literature, music, or information. It is the activity of making information available to the general public. In some cases, authors may be their own publishers, meaning originators and developers of content provide media to deliver and display the content for the same; the word "publisher" can refer to the individual who leads a publishing company or an imprint or to a person who owns/heads a magazine. Traditionally, the term refers to the distribution of printed works such as newspapers. With the advent of digital information systems and the Internet, the scope of publishing has expanded to include electronic resources such as the electronic versions of books and periodicals, as well as micropublishing, blogs, video game publishers, the like. Publishing includes the following stages of development: acquisition, copy editing, printing and distribution. Publication is important as a legal concept: As the process of giving formal notice to the world of a significant intention, for example, to marry or enter bankruptcy As the essential precondition of being able to claim defamation.
Self-publishing: The author has to meet the total expense to get the book published. The author should retain full rights known as vanity publishing. Publishing became possible with the invention of writing, became more practical upon the introduction of printing. Prior to printing, distributed works were copied manually, by scribes. Due to printing, publishing progressed hand-in-hand with the development of books; the Chinese inventor Bi Sheng made movable type of earthenware circa 1045, but there are no known surviving examples of his printing. Around 1450, in what is regarded as an independent invention, Johannes Gutenberg invented movable type in Europe, along with innovations in casting the type based on a matrix and hand mould; this invention made books less expensive to produce, more available. Early printed books, single sheets and images which were created before 1501 in Europe are known as incunables or incunabula. "A man born in 1453, the year of the fall of Constantinople, could look back from his fiftieth year on a lifetime in which about eight million books had been printed, more than all the scribes of Europe had produced since Constantine founded his city in A.
D. 330."Eventually, printing enabled other forms of publishing besides books. The history of modern newspaper publishing started in Germany in 1609, with publishing of magazines following in 1663. Publishing has been handled by publishers, with the history of self-publishing progressing until the advent of computers brought us electronic publishing, made evermore ubiquitous from the moment the world went online with the Internet; the establishment of the World Wide Web in 1989 soon propelled the website into a dominant medium of publishing, as websites are created by anyone with Internet access. The history of wikis started shortly thereafter, followed by the history of blogging. Commercial publishing progressed, as printed forms developed into online forms of publishing, distributing online books, online newspapers, online magazines. Since its start, the World Wide Web has been facilitating the technological convergence of commercial and self-published content, as well as the convergence of publishing and producing into online production through the development of multimedia content.
Book and magazine publishers spend a lot of commissioning copy. At a small press, it is possible to survive by relying on commissioned material, but as activity increases, the need for works may outstrip the publisher's established circle of writers. For works written independently of the publisher, writers first submit a query letter or proposal directly to a literary agent or to a publisher. Submissions sent directly to a publisher are referred to as unsolicited submissions, the majority come from unpublished authors. If the publisher accepts unsolicited manuscripts the manuscript is placed in the slush pile, which publisher's readers sift through to identify manuscripts of sufficient quality or revenue potential to be referred to acquisitions editors for review; the acquisitions editors send their choices to the editorial staff. The time and number of people involved in the process are dependent on the size of the publishing company, with larger companies having more degrees of assessment between unsolicited submission and publication.
Unsolicited submissions have a low rate of acceptance, with some sources estimating that publishers choose about three out of every ten thousand unsolicited manuscripts they receive. Many book publishers around the world maintain a strict "no unsolicited submissions" policy and will only accept submissions via a literary agent; this policy shifts the burden of assessing and developing writers out of the publisher and onto the literary agents. At these publishers, unsolicited manuscripts are thrown out, or sometimes returned, if the author has provided pre-paid postage. Established authors may be represented by a literary agent to market their work to publishers and n
Timely Comics is the common name for the group of corporations, the earliest comic book arm of American publisher Martin Goodman, the entity that would evolve by the 1960s to become Marvel Comics. Founded in 1939, during the era called the Golden Age of comic books, "Timely" was the umbrella name for the comics division of pulp magazine publisher Goodman, whose business strategy involved having a multitude of corporate entities all producing the same product; the company first publication in 1939 used Timely Publications, based at his existing company in the McGraw-Hill Building at 330 West 42nd Street in New York City. In 1942, it moved to the 14th floor of the Empire State Building, where it remained until 1951. In 2016, Marvel announced that Timely Comics would be the name of a new imprint of low-priced reprint comics. In 1939, with the emerging medium of comic books proving hugely popular, the first superheroes setting the trend, pulp-magazine publisher Martin Goodman founded Timely Publications, basing it at his existing company in the McGraw-Hill Building at 330 West 42nd Street in New York City.
Goodman – whose official titles were editor, managing editor, business manager, with Abraham Goodman listed as publisher – contracted with the newly formed comic-book "packager" Funnies, Inc. to supply material. His first effort, Marvel Comics #1, featured the first appearances of writer-artist Carl Burgos' android superhero, the Human Torch, Paul Gustavson's costumed detective the Angel; as well, it contained the first published appearance of Bill Everett's anti-hero Namor the Sub-Mariner, created for the unpublished movie-theater giveaway comic Motion Picture Funnies Weekly earlier that year, with the eight-page original story now expanded by four pages. Included were Al Anders' Western hero the Masked Raider. A painted cover by veteran science-fiction pulp artist Frank R. Paul featured the Human Torch, looking much different from the interior story; that initial comic, cover-dated October 1939 sold out 80,000 copies, prompting Goodman to produce a second printing, cover-dated November 1939.
The latter is identical except for a black bar over the October date in the inside-front-cover indicia, the November date added at the end. That sold 800,000 copies. With a hit on his hands, Goodman began assembling an in-house staff, hiring Funnies, Inc. writer-artist Joe Simon as editor. Simon brought along artist Jack Kirby, followed by artist Syd Shores. Goodman formed Timely Comics, Inc. beginning with comics cover-dated April 1941 or Spring 1941. There is evidence that "Red Circle Comics" – a name that would be used for an unrelated imprint of Archie Comics in the 1970s and 1980s – may have been a term in use as Goodman prepared to publish his first comic book. Historian Les Daniels, referring to Goodman's pulp-magazine line, describes the name Red Circle as "a halfhearted attempt to establish an identity for what was described loosely as'the Goodman group' when a new logo was adopted: a red disk surrounded by a black ring that bore the phrase'A Red Circle Magazine.' But it appeared only intermittently.
Historian Jess Nevins, writes that, "Timely Publications Goodman's group had become known. The Grand Comics Database identifies 23 issues of Goodman comic books from 1944 to 1959 with Red Circle, Inc. branding, a single 1948 issue under Red Circle Magazines Corp. Marvel Comics was rechristened Marvel Mystery Comics with issue #2. Timely began publishing additional series, beginning with Daring Mystery Comics #1, Mystic Comics #1, Red Raven Comics #1, The Human Torch #2, Captain America Comics #1. Going on sale in December 1940, a year before the bombing of Pearl Harbor and showing the hero punching Hitler, that first issue sold nearly one million copies. With the hit characters Human Torch and Sub-Mariner now joined by Simon & Kirby's seminal patriotic hero Captain America, Timely had its "big three" stars of the era fans and historians call the Golden Age of Comic Books. Rival publishers National Comics Publications / All-American Comics, the sister companies that would evolve into DC Comics had their own "big three": Superman and Batman plus the soon-to-debut Wonder Woman.
Timely's other major competitors were Fawcett Publications. Other Timely characters, many seen both in modern-day retroactive-continuity appearances and in flashbacks, include the Angel, the next-most-popular character in terms of number of appearances.
Stan Lee was an American comic book writer, editor and producer. He rose through the ranks of a family-run business to become Marvel Comics' primary creative leader for two decades, leading its expansion from a small division of a publishing house to a multimedia corporation that dominated the comics industry. In collaboration with others at Marvel—particularly co-writer/artists Jack Kirby and Steve Ditko—he co-created numerous popular fictional characters, including superheroes Spider-Man, the X-Men, Iron Man, the Hulk, the Fantastic Four, Black Panther, Doctor Strange, Scarlet Witch and Ant-Man. In doing so, he pioneered a more naturalistic approach to writing superhero comics in the 1960s, in the 1970s he challenged the restrictions of the Comics Code Authority, indirectly leading to changes in its policies. In the 1980s he pursued development of Marvel properties with mixed results. Following his retirement from Marvel in the 1990s, he remained a public figurehead for the company, made cameo appearances in films and television shows based on Marvel characters, on which he received an executive producer credit.
Meanwhile, he continued independent creative ventures into his 90s, until his death in 2018. Lee was inducted into the comic book industry's Will Eisner Award Hall of Fame in 1994 and the Jack Kirby Hall of Fame in 1995, he received the NEA's National Medal of Arts in 2008. Lee was raised in a Jewish family. In a 2002 survey of whether he believed in God, he stated, "Well, let me put it this way... No, I'm not going to try to be clever. I don't know. I just don't know."From 1945 to 1947, Lee lived in the rented top floor of a brownstone in the East 90s in Manhattan. He married Joan Clayton Boocock from Newcastle, England, on December 5, 1947, in 1949, the couple bought a house in Woodmere, New York, on Long Island, living there through 1952, their daughter Joan Celia "J. C." Lee was born in 1950. Another daughter, Jan Lee, died three days after delivery in 1953; the Lees resided in the Long Island town of Hewlett Harbor, New York, from 1952 to 1980. They owned a condominium on East 63rd Street in Manhattan from 1975 to 1980, during the 1970s owned a vacation home in Remsenburg, New York.
For their move to the West Coast in 1981, they bought a home in West Hollywood, California owned by comedian Jack Benny's radio announcer Don Wilson. In September 2012, Lee underwent an operation to insert a pacemaker, which required cancelling planned appearances at conventions. On July 6, 2017, his wife of 69 years, died of complications from a stroke, she was 95 years old. In April 2018, The Hollywood Reporter published a report that claimed Lee was a victim of elder abuse. In August 2018, Morgan was issued a restraining order to stay away from Lee, his daughter, or his associates for three years. Stanley Martin Lieber was born on December 28, 1922, in Manhattan, New York City, in the apartment of his Romanian-born Jewish immigrant parents and Jack Lieber, at the corner of West 98th Street and West End Avenue in Manhattan, his father, trained as a dress cutter, worked only sporadically after the Great Depression, the family moved further uptown to Fort Washington Avenue, in Washington Heights, Manhattan.
Lee had one younger brother named Larry Lieber. He said in 2006 that as a child he was influenced by books and movies those with Errol Flynn playing heroic roles. By the time Lee was in his teens, the family was living in an apartment at 1720 University Avenue in The Bronx. Lee described it as "a third-floor apartment facing out back". Lee and his brother shared the bedroom. Lee attended DeWitt Clinton High School in the Bronx. In his youth, Lee enjoyed writing and entertained dreams of writing the "Great American Novel" one day, he said that in his youth he worked such part-time jobs as writing obituaries for a news service and press releases for the National Tuberculosis Center. At fifteen, Lee entered a high school essay competition sponsored by the New York Herald Tribune, called "The Biggest News of the Week Contest." Lee claimed to have won the prize for three straight weeks, goading the newspaper to write him and ask him to let someone else win. The paper suggested he look into writing professionally, which Lee claimed "probably changed my life."
He graduated from high school early, aged sixteen and a half, in 1939 and joined the WPA Federal Theatre Project. The Stan Lee Foundation was founded in 2010 to focus on literacy and the arts, its stated goals include supporting programs and ideas that improve access to literacy resources, as well as promoting diversity, national literacy and the arts. Lee donated portions of his personal effects to the University of Wyoming at various times, between 1981 and 2001. Lee died at the age of 95 at Cedars-Sinai Medical Center in Los Angeles, California, on November 12, 2018, after being rushed there in a medical emergency earlier in the day. Earlier that year, Lee revealed to the public that he had been battling pneumonia and in February was rushed to the hospital for worsening conditions at around the same time; the immediate cause
The Great Depression was a severe worldwide economic depression that took place during the 1930s, beginning in the United States. The timing of the Great Depression varied across nations, it was the longest and most widespread depression of the 20th century. In the 21st century, the Great Depression is used as an example of how intensely the world's economy can decline; the Great Depression started in the United States after a major fall in stock prices that began around September 4, 1929, became worldwide news with the stock market crash of October 29, 1929. Between 1929 and 1932, worldwide gross domestic product fell by an estimated 15%. By comparison, worldwide GDP fell by less than 1% from 2008 to 2009 during the Great Recession; some economies started to recover by the mid-1930s. However, in many countries the negative effects of the Great Depression lasted until the beginning of World War II; the Great Depression had devastating effects in countries both poor. Personal income, tax revenue and prices dropped, while international trade plunged by more than 50%.
Unemployment in the U. S. rose to 25% and in some countries rose as high as 33%. Cities around the world were hit hard those dependent on heavy industry. Construction was halted in many countries. Farming communities and rural areas suffered as crop prices fell by about 60%. Facing plummeting demand with few alternative sources of jobs, areas dependent on primary sector industries such as mining and logging suffered the most. Economic historians attribute the start of the Great Depression to the sudden devastating collapse of U. S. stock market prices on October 29, 1929, known as Black Tuesday. However, some dispute this conclusion and see the stock crash as a symptom, rather than a cause, of the Great Depression. After the Wall Street Crash of 1929 optimism persisted for some time. John D. Rockefeller said "These are days. In the 93 years of my life, depressions have gone. Prosperity has always returned and will again." The stock market turned upward in early 1930. This was still 30% below the peak of September 1929.
Together and business spent more in the first half of 1930 than in the corresponding period of the previous year. On the other hand, many of whom had suffered severe losses in the stock market the previous year, cut back their expenditures by 10%. In addition, beginning in the mid-1930s, a severe drought ravaged the agricultural heartland of the U. S. By mid-1930, interest rates had dropped to low levels, but expected deflation and the continuing reluctance of people to borrow meant that consumer spending and investment were depressed. By May 1930, automobile sales had declined to below the levels of 1928. Prices in general began to decline, although wages held steady in 1930. A deflationary spiral started in 1931. Farmers faced a worse outlook. At its peak, the Great Depression saw nearly 10% of all Great Plains farms change hands despite federal assistance; the decline in the U. S. economy was the factor. Frantic attempts to shore up the economies of individual nations through protectionist policies, such as the 1930 U.
S. Smoot–Hawley Tariff Act and retaliatory tariffs in other countries, exacerbated the collapse in global trade. By 1933, the economic decline had pushed world trade to one-third of its level just four years earlier. Change in economic indicators 1929–32 The two classical competing theories of the Great Depression are the Keynesian and the monetarist explanation. There are various heterodox theories that downplay or reject the explanations of the Keynesians and monetarists; the consensus among demand-driven theories is that a large-scale loss of confidence led to a sudden reduction in consumption and investment spending. Once panic and deflation set in, many people believed they could avoid further losses by keeping clear of the markets. Holding money became profitable as prices dropped lower and a given amount of money bought more goods, exacerbating the drop in demand. Monetarists believe that the Great Depression started as an ordinary recession, but the shrinking of the money supply exacerbated the economic situation, causing a recession to descend into the Great Depression.
Economists and economic historians are evenly split as to whether the traditional monetary explanation that monetary forces were the primary cause of the Great Depression is right, or the traditional Keynesian explanation that a fall in autonomous spending investment, is the primary explanation for the onset of the Great Depression. Today the controversy is of lesser importance since there is mainstream support for the debt deflation theory and the expectations hypothesis that building on the monetary explanation of Milton Friedman and Anna Schwartz add non-monetary explanations. There is consensus that the Federal Reserve System should have cut short the process of monetary deflation and banking collapse. If they had done this, the economic downturn would have been much shorter. British economist John Maynard Keynes argued in The General Theory of Employment and Money that lower aggregate expenditures in the economy contributed to a massive decline in income and to employment, well below the average.
In such a situation, the economy reached equilibrium at low levels of economic activity and high unemployment. Keynes' basic idea was simple