A war memorial is a building, statue or other edifice to celebrate a war or victory, or to commemorate those who died or were injured in a war. The oldest war memorial in the United Kingdom is Oxford University's All Souls College, it was founded in 1438 with the provision that its fellows should pray for those killed in the long wars with France. War memorials for the Franco-Prussian War were the first in Europe to have rank-and-file soldiers commemorated by name; every soldier, killed was granted a permanent resting-place as part of the terms of the Treaty of Frankfurt. To commemorate the millions who died in World War I, war memorials became commonplace in communities large and small around the world. In modern times the main intent of war memorials is not to glorify war, but to honor those who have died. Sometimes, as in the case of the Warsaw Genuflection of Willy Brandt, they may serve as focal points of increasing understanding between previous enemies. Using modern technology an international project is archiving all post-1914 Commonwealth war graves and Commonwealth War Graves Commission memorials to create a virtual memorial.
During the First World War, many nations saw massive loss of life. More people lost their lives in the east than in the west. In the west, in response to the victory there obtained, most of the cities in the countries involved in the conflict erected memorials, with the memorials in smaller villages and towns listing the names of each local soldier, killed in addition to their names being recorded on military headstones against the will of those directly involved, without any opportunity of choice in the British Empire. Massive British monuments commemorating thousands of dead with no identified war grave, such as the Menin Gate at Ypres and the Thiepval memorial on the Somme, were constructed; the Liberty Memorial, located in Kansas City, Missouri, is a memorial dedicated to all Americans who served in the Great War. For various reasons connected with their character, the same may be said to apply to certain governmental memorials in the United Kingdom. In Maryland, in the center of the city of Baltimore facing the Baltimore City Hall to the west is a geometric paved tree-lined plaza with the War Memorial Building to the east with a large marble decorated civic auditorium and historical and veterans museum below, designed by Laurence Hall Fowler, dedicated 1925.
After World War I, some towns in France set up pacifist war memorials. Instead of commemorating the glorious dead, these memorials denounce war with figures of grieving widows and children rather than soldiers; such memorials provoked anger among the military in general. The most famous is at Gentioux-Pigerolles in the department of Creuse. Below the column which lists the name of the fallen stands an orphan in bronze pointing to an inscription'Maudite soit la guerre'. Feelings ran so high that the memorial was not inaugurated until 1990 and soldiers at the nearby army camp were under orders to turn their heads when they walked past. Another such memorial is in the small town of Équeurdreville-Hainneville in the department of Manche. Here the statue is of a grieving widow with two small children. There seems to be no exact equivalent form of a pacifist memorial within the United Kingdom but evidently sentiments were in many cases identical. Thus, although it seems that this has never been recognized, it can be argued that there was throughout the United Kingdom a construction of war memorials with reference to the concept of peace.
In many cases, World War I memorials were extended to show the names of locals who died in the World War II in addition. Since that time memorials to the dead in other conflicts such as the Korean War and Vietnam War have noted individual contributions, at least in the West. In relation to actions which may well in point of fact be connected with the world wars if this happens, for whatever reason, not to be a matter of general discussion similar and architecturally significant memorials are designed and constructed. War memorials can differ in type and composition. Many war memorials take the form of a traditional monument or statue, while others consist of entire buildings containing a museum, while yet others are simple plaques. War memorials can take a variety of other forms, but not limited to, commemorative gardens, eternal flames, urban pl
Canada is a country in the northern part of North America. Its ten provinces and three territories extend from the Atlantic to the Pacific and northward into the Arctic Ocean, covering 9.98 million square kilometres, making it the world's second-largest country by total area. Canada's southern border with the United States is the world's longest bi-national land border, its capital is Ottawa, its three largest metropolitan areas are Toronto and Vancouver. As a whole, Canada is sparsely populated, the majority of its land area being dominated by forest and tundra, its population is urbanized, with over 80 percent of its inhabitants concentrated in large and medium-sized cities, many near the southern border. Canada's climate varies across its vast area, ranging from arctic weather in the north, to hot summers in the southern regions, with four distinct seasons. Various indigenous peoples have inhabited what is now Canada for thousands of years prior to European colonization. Beginning in the 16th century and French expeditions explored, settled, along the Atlantic coast.
As a consequence of various armed conflicts, France ceded nearly all of its colonies in North America in 1763. In 1867, with the union of three British North American colonies through Confederation, Canada was formed as a federal dominion of four provinces; this began an accretion of provinces and territories and a process of increasing autonomy from the United Kingdom. This widening autonomy was highlighted by the Statute of Westminster of 1931 and culminated in the Canada Act of 1982, which severed the vestiges of legal dependence on the British parliament. Canada is a parliamentary democracy and a constitutional monarchy in the Westminster tradition, with Elizabeth II as its queen and a prime minister who serves as the chair of the federal cabinet and head of government; the country is a realm within the Commonwealth of Nations, a member of the Francophonie and bilingual at the federal level. It ranks among the highest in international measurements of government transparency, civil liberties, quality of life, economic freedom, education.
It is one of the world's most ethnically diverse and multicultural nations, the product of large-scale immigration from many other countries. Canada's long and complex relationship with the United States has had a significant impact on its economy and culture. A developed country, Canada has the sixteenth-highest nominal per capita income globally as well as the twelfth-highest ranking in the Human Development Index, its advanced economy is the tenth-largest in the world, relying chiefly upon its abundant natural resources and well-developed international trade networks. Canada is part of several major international and intergovernmental institutions or groupings including the United Nations, the North Atlantic Treaty Organization, the G7, the Group of Ten, the G20, the North American Free Trade Agreement and the Asia-Pacific Economic Cooperation forum. While a variety of theories have been postulated for the etymological origins of Canada, the name is now accepted as coming from the St. Lawrence Iroquoian word kanata, meaning "village" or "settlement".
In 1535, indigenous inhabitants of the present-day Quebec City region used the word to direct French explorer Jacques Cartier to the village of Stadacona. Cartier used the word Canada to refer not only to that particular village but to the entire area subject to Donnacona. From the 16th to the early 18th century "Canada" referred to the part of New France that lay along the Saint Lawrence River. In 1791, the area became two British colonies called Upper Canada and Lower Canada collectively named the Canadas. Upon Confederation in 1867, Canada was adopted as the legal name for the new country at the London Conference, the word Dominion was conferred as the country's title. By the 1950s, the term Dominion of Canada was no longer used by the United Kingdom, which considered Canada a "Realm of the Commonwealth"; the government of Louis St. Laurent ended the practice of using'Dominion' in the Statutes of Canada in 1951. In 1982, the passage of the Canada Act, bringing the Constitution of Canada under Canadian control, referred only to Canada, that year the name of the national holiday was changed from Dominion Day to Canada Day.
The term Dominion was used to distinguish the federal government from the provinces, though after the Second World War the term federal had replaced dominion. Indigenous peoples in present-day Canada include the First Nations, Métis, the last being a mixed-blood people who originated in the mid-17th century when First Nations and Inuit people married European settlers; the term "Aboriginal" as a collective noun is a specific term of art used in some legal documents, including the Constitution Act 1982. The first inhabitants of North America are hypothesized to have migrated from Siberia by way of the Bering land bridge and arrived at least 14,000 years ago; the Paleo-Indian archeological sites at Old Crow Flats and Bluefish Caves are two of the oldest sites of human habitation in Canada. The characteristics of Canadian indigenous societies included permanent settlements, complex societal hierarchies, trading networks; some of these cultures had collapsed by the time European explorers arrived in the late 15th and early 16th centuries and have only been discovered through archeological investigations.
The indigenous population at the time of the first European settlements is estimated to have been between 200,000
Technology is the collection of techniques, skills and processes used in the production of goods or services or in the accomplishment of objectives, such as scientific investigation. Technology can be the knowledge of techniques and the like, or it can be embedded in machines to allow for operation without detailed knowledge of their workings. Systems applying technology by taking an input, changing it according to the system's use, producing an outcome are referred to as technology systems or technological systems; the simplest form of technology is the use of basic tools. The prehistoric discovery of how to control fire and the Neolithic Revolution increased the available sources of food, the invention of the wheel helped humans to travel in and control their environment. Developments in historic times, including the printing press, the telephone, the Internet, have lessened physical barriers to communication and allowed humans to interact on a global scale. Technology has many effects, it has allowed the rise of a leisure class.
Many technological processes produce unwanted by-products known as pollution and deplete natural resources to the detriment of Earth's environment. Innovations have always influenced the values of a society and raised new questions in the ethics of technology. Examples include the rise of the notion of efficiency in terms of human productivity, the challenges of bioethics. Philosophical debates have arisen over the use of technology, with disagreements over whether technology improves the human condition or worsens it. Neo-Luddism, anarcho-primitivism, similar reactionary movements criticize the pervasiveness of technology, arguing that it harms the environment and alienates people; the use of the term "technology" has changed over the last 200 years. Before the 20th century, the term was uncommon in English, it was used either to refer to the description or study of the useful arts or to allude to technical education, as in the Massachusetts Institute of Technology; the term "technology" rose to prominence in the 20th century in connection with the Second Industrial Revolution.
The term's meanings changed in the early 20th century when American social scientists, beginning with Thorstein Veblen, translated ideas from the German concept of Technik into "technology." In German and other European languages, a distinction exists between technik and technologie, absent in English, which translates both terms as "technology." By the 1930s, "technology" referred not only to the study of the industrial arts but to the industrial arts themselves. In 1937, the American sociologist Read Bain wrote that "technology includes all tools, utensils, instruments, clothing and transporting devices and the skills by which we produce and use them." Bain's definition remains common among scholars today social scientists. Scientists and engineers prefer to define technology as applied science, rather than as the things that people make and use. More scholars have borrowed from European philosophers of "technique" to extend the meaning of technology to various forms of instrumental reason, as in Foucault's work on technologies of the self.
Dictionaries and scholars have offered a variety of definitions. The Merriam-Webster Learner's Dictionary offers a definition of the term: "the use of science in industry, etc. to invent useful things or to solve problems" and "a machine, piece of equipment, etc., created by technology." Ursula Franklin, in her 1989 "Real World of Technology" lecture, gave another definition of the concept. The term is used to imply a specific field of technology, or to refer to high technology or just consumer electronics, rather than technology as a whole. Bernard Stiegler, in Technics and Time, 1, defines technology in two ways: as "the pursuit of life by means other than life," and as "organized inorganic matter."Technology can be most broadly defined as the entities, both material and immaterial, created by the application of mental and physical effort in order to achieve some value. In this usage, technology refers to tools and machines that may be used to solve real-world problems, it is a far-reaching term that may include simple tools, such as a crowbar or wooden spoon, or more complex machines, such as a space station or particle accelerator.
Tools and machines need not be material. W. Brian Arthur defines technology in a broad way as "a means to fulfill a human purpose."The word "technology" can be used to refer to a collection of techniques. In this context, it is the current state of humanity's knowledge of how to combine resources to produce desired products, to solve problems, fulfill needs, or satisfy wants; when combined with another term, such as "medical technology" or "space technology," it refers to the state of the respective field's knowledge and tools. "State-of-the-art technology" refers to the high technology available to humanity in any field. Technology can be viewed as an activity that changes culture. Additionally, technology is the application of math, science, an
A bookmobile or mobile library is a vehicle designed for use as a library. Bookmobiles expand the reach of traditional libraries by transporting books to potential readers, providing library services to people in otherwise-underserved locations and/or circumstances. Bookmobile services and materials, may be customized for the populations served. In addition to motor vehicles, bookmobiles have been based on various means of conveyance, including bicycles and trains, as well as elephants, horses and donkeys. In the United States of America, The American School Library was a traveling frontier library published by Harper & Brothers; the Smithsonian Institution's National Museum of American History has the only complete original set of this series complete with its wooden carrying case. The British Workman reported in 1857 about a perambulating library operating in a circle of eight villages, in Cumbria. A Victorian merchant and philanthropist, George Moore, had created the project to "diffuse good literature among the rural population".
The Warrington Perambulating Library, set up in 1858, was another early British mobile library. This horse-drawn van was operated by the Warrington Mechanics' Institute, which aimed to increase the lending of its books to enthusiastic local patrons. One of the earliest mobile libraries in the United States was a mule-drawn wagon carrying wooden boxes of books, it was created in 1904 by the People's Free Library of Chester County, South Carolina, served the rural areas there. Another early mobile library service was developed by Mary Lemist Titcomb; as a librarian in Washington County, Titcomb was concerned that the library was not reaching all the people it could. The annual report for 1902 listed 23 "branches", each being a collection of 50 books in a case, placed in a store or post office throughout the county. Realizing that this did not reach the most rural residents, the Washington County Free Library began a "book wagon" in 1905, taking the library materials directly to people's homes in remote parts of the county.
With the rise of motorized transport in America, a pioneering librarian in 1920 named Sarah Byrd Askew began driving her specially outfitted Model T to provide library books to rural areas in New Jersey. The automobile remained rare, in Minneapolis, the Hennepin County Public Library operated a horse-drawn book wagon starting in 1922. Following the Great Depression in the United States, a WPA effort from 1935 to 1943 called the Pack Horse Library Project covered the remote coves and mountainsides of Kentucky and nearby Appalachia, bringing books and similar supplies on foot and on hoof to those who could not make the trip to a library on their own. Sometimes these "packhorse librarians" relied on a centralized contact to help them distribute the materials. At Fairfax County, county-wide bookmobile service was begun in 1940, in a truck loaned by the Works Progress Administration; the WPA support of the bookmobile ended in 1942. The "Library in Action" was a late-1960s bookmobile program in the Bronx, NY, run by interracial staff that brought books to teenagers of color in under-served neighborhoods.
Bookmobiles reached their height of popularity in the mid-twentieth century. Bookmobiles are still in use, operated by libraries, schools and other organizations. Although some feel the bookmobile is an outmoded service, giving reasons like high costs, advanced technology and ineffectiveness, others cite the ability of the bookmobile to be more cost-efficient than building more branch libraries would be and its high use among its patrons as support for its continuation. To meet the growing demand for "greener" bookmobiles that deliver outreach services to their patrons, some bookmobile manufacturers have introduced significant advances to reduce their carbon footprint, such as solar/battery solutions in lieu of traditional generators, all-electric and hybrid-electric chassis. Bookmobiles have taken on an updated form in the form of m libraries known as mobile libraries in which patrons are delivered content electronically The Internet Archive runs its own bookmobile to print out-of-copyright books on demand.
The project has spun off similar efforts elsewhere in the developing world. The Free Black Women's Library is a mobile library in Brooklyn. Founded by Ola Ronke Akinmowo in 2015, this bookmobile features books written by black women. Titles are available in exchange for other titles written by black female authors. National Bookmobile Day, sponsored by the American Library Association, is celebrated in April each year, on the Wednesday of National Library Week. In Kenya, the Camel Mobile Library Service is funded by the National Library Service of Kenya and by Book Aid International and it operates in Garissa and Wajir, near the border with Somalia; the service started with three camels in October 1996 and had 12 in 2006, delivering more than 7,000 books —in English and Swahili. Masha Hamilton used this service as a background for her 2007 novel The Camel Bookmobile. "Donkey Drawn Electro-Communication Library Carts" were being employed in Zimbabwe in 2002 as "a centre for electric and electronic communication: radio, fax, e-mail, Internet".
In Indonesia in 2015, Ridwan Sururi and his horse "Luna" started a mobile library called Kudapustaka. The goal is to improve access to books for villagers in a region that has more than 977,000 illiterate adults; the duo travel between villages in central Java with books balanced on Luna's back. Sururi visits schools three times a week. I
Law is a system of rules that are created and enforced through social or governmental institutions to regulate behavior. It has been defined both as "the Science of Justice" and "the Art of Justice". Law is a system that regulates and ensures that individuals or a community adhere to the will of the state. State-enforced laws can be made by a collective legislature or by a single legislator, resulting in statutes, by the executive through decrees and regulations, or established by judges through precedent in common law jurisdictions. Private individuals can create binding contracts, including arbitration agreements that may elect to accept alternative arbitration to the normal court process; the formation of laws themselves may be influenced by a constitution, written or tacit, the rights encoded therein. The law shapes politics, economics and society in various ways and serves as a mediator of relations between people. A general distinction can be made between civil law jurisdictions, in which a legislature or other central body codifies and consolidates their laws, common law systems, where judge-made precedent is accepted as binding law.
Religious laws played a significant role in settling of secular matters, is still used in some religious communities. Islamic Sharia law is the world's most used religious law, is used as the primary legal system in some countries, such as Iran and Saudi Arabia; the adjudication of the law is divided into two main areas. Criminal law deals with conduct, considered harmful to social order and in which the guilty party may be imprisoned or fined. Civil law deals with the resolution of lawsuits between individuals and/or organizations. Law provides a source of scholarly inquiry into legal history, economic analysis and sociology. Law raises important and complex issues concerning equality and justice. Numerous definitions of law have been put forward over the centuries; the Third New International Dictionary from Merriam-Webster defines law as: "Law is a binding custom or practice of a community. The Dictionary of the History of Ideas published by Scribner's in 1973 defined the concept of law accordingly as: "A legal system is the most explicit, institutionalized, complex mode of regulating human conduct.
At the same time, it plays only one part in the congeries of rules which influence behavior, for social and moral rules of a less institutionalized kind are of great importance." There have been several attempts to produce "a universally acceptable definition of law". In 1972, one source indicated. McCoubrey and White said that the question "what is law?" has no simple answer. Glanville Williams said that the meaning of the word "law" depends on the context in which that word is used, he said that, for example, "early customary law" and "municipal law" were contexts where the word "law" had two different and irreconcilable meanings. Thurman Arnold said that it is obvious that it is impossible to define the word "law" and that it is equally obvious that the struggle to define that word should not be abandoned, it is possible to take the view that there is no need to define the word "law". The history of law links to the development of civilization. Ancient Egyptian law, dating as far back as 3000 BC, contained a civil code, broken into twelve books.
It was based on the concept of Ma'at, characterised by tradition, rhetorical speech, social equality and impartiality. By the 22nd century BC, the ancient Sumerian ruler Ur-Nammu had formulated the first law code, which consisted of casuistic statements. Around 1760 BC, King Hammurabi further developed Babylonian law, by codifying and inscribing it in stone. Hammurabi placed several copies of his law code throughout the kingdom of Babylon as stelae, for the entire public to see; the most intact copy of these stelae was discovered in the 19th century by British Assyriologists, has since been transliterated and translated into various languages, including English, Italian and French. The Old Testament dates back to 1280 BC and takes the form of moral imperatives as recommendations for a good society; the small Greek city-state, ancient Athens, from about the 8th century BC was the first society to be based on broad inclusion of its citizenry, excluding women and the slave class. However, Athens had no legal science or single word for "law", relying instead on the three-way distinction between divine law, human decree and custom.
Yet Ancient Greek law contained major constitutional innovations in the development of democracy. Roman law was influenced by Greek philosophy, but its detailed rules were developed by professional jurists and were sophisticated. Over the centuries between the rise and decline of the Roman Empire, law was adapted to cope with the changing social situations and underwent major codification under Theodosius II and Justinian I. Although codes were replaced by custom and case law during the Dark Ages, Roman law was rediscovered around the 11th century when medieval legal scholars began to research Roman codes and adapt their concepts. Latin legal maxims were compiled for guidance. In medieval England, royal
A CD-ROM is a pre-pressed optical compact disc that contains data. Computers can read—but not write to or erase—CD-ROMs, i.e. it is a type of read-only memory. During the 1990s, CD-ROMs were popularly used to distribute software and data for computers and fourth generation video game consoles; some CDs, called enhanced CDs, hold both computer data and audio with the latter capable of being played on a CD player, while data is only usable on a computer. The CD-ROM format was developed by Japanese company Denon in 1982, it was an extension of Compact Disc Digital Audio, adapted the format to hold any form of digital data, with a storage capacity of 553 MiB. CD-ROM was introduced by Denon and Sony at a Japanese computer show in 1984; the Yellow Book is the technical standard. One of a set of color-bound books that contain the technical specifications for all CD formats, the Yellow Book, standardized by Sony and Philips in 1983, specifies a format for discs with a maximum capacity of 650 MiB. CD-ROMs are identical in appearance to audio CDs, data are stored and retrieved in a similar manner.
Discs are made from a 1.2 mm thick disc of polycarbonate plastic, with a thin layer of aluminium to make a reflective surface. The most common size of CD-ROM is 120 mm in diameter, though the smaller Mini CD standard with an 80 mm diameter, as well as shaped compact discs in numerous non-standard sizes and molds, are available. Data is stored on the disc as a series of microscopic indentations. A laser is shone onto the reflective surface of the disc to read the pattern of lands; because the depth of the pits is one-quarter to one-sixth of the wavelength of the laser light used to read the disc, the reflected beam's phase is shifted in relation to the incoming beam, causing destructive interference and reducing the reflected beam's intensity. This is converted into binary data. Several formats are used for data stored on compact discs, known as the Rainbow Books; the Yellow Book, published in 1988, defines the specifications for CD-ROMs, standardized in 1989 as the ISO/IEC 10149 / ECMA-130 standard.
The CD-ROM standard builds on top of the original Red Book CD-DA standard for CD audio. Other standards, such as the White Book for Video CDs, further define formats based on the CD-ROM specifications; the Yellow Book itself is not available, but the standards with the corresponding content can be downloaded for free from ISO or ECMA. There are several standards that define how to structure data files on a CD-ROM. ISO 9660 defines the standard file system for a CD-ROM. ISO 13490 is an improvement on this standard which adds support for non-sequential write-once and re-writeable discs such as CD-R and CD-RW, as well as multiple sessions; the ISO 13346 standard was designed to address most of the shortcomings of ISO 9660, a subset of it evolved into the UDF format, adopted for DVDs. The bootable CD specification was issued in January 1995, to make a CD emulate a hard disk or floppy disk, is called El Torito. Data stored on CD-ROMs follows the standard CD data encoding techniques described in the Red Book specification.
This includes cross-interleaved Reed–Solomon coding, eight-to-fourteen modulation, the use of pits and lands for coding the bits into the physical surface of the CD. The structures used to group data on a CD-ROM are derived from the Red Book. Like audio CDs, a CD-ROM sector contains 2,352 bytes of user data, composed of 98 frames, each consisting of 33-bytes. Unlike audio CDs, the data stored in these sectors corresponds to any type of digital data, not audio samples encoded according to the audio CD specification. To structure and protect this data, the CD-ROM standard further defines two sector modes, Mode 1 and Mode 2, which describe two different layouts for the data inside a sector. A track inside a CD-ROM only contains sectors in the same mode, but if multiple tracks are present in a CD-ROM, each track can have its sectors in a different mode from the rest of the tracks, they can coexist with audio CD tracks as well, the case of mixed mode CDs. Both Mode 1 and 2 sectors use the first 16 bytes for header information, but differ in the remaining 2,336 bytes due to the use of error correction bytes.
Unlike an audio CD, a CD-ROM cannot rely on error concealment by interpolation. To achieve improved error correction and detection, Mode 1, used for digital data, adds a 32-bit cyclic redundancy check code for error detection, a third layer of Reed–Solomon error correction using a Reed-Solomon Product-like Code. Mode 1 therefore contains 288 bytes per sector for error detection and correction, leaving 2,048 bytes per sector available for data. Mode 2, more appropriate for image or video data, contains no additional error detection or correction bytes, having therefore 2,336 available data bytes per sector. Note that both modes, like audio CDs, still benefit from the lower layers of error correction at the frame level. Before being stored on a disc with the techniques described above, each CD-ROM sector is scrambled to prevent some problematic patterns from showing up; these scrambled sectors follow the same encoding process described in the Red Book in order to be stored
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