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The listener
1934. Businesses went under by the hundreds, debt and foreclosures boomed, and breadlines grew in many American cities. In the midst of this misery, some folks explored unscrupulous ways to make money. Angel-faced John Partlow and carnival huckster Ginger LaFrance are among the worst of this lot. Joining together they leave their small time confidence scams behind to attempt an elaborate kidnapping-for-ransom scheme in New Orleans. In a different part of town, Curtis Mayhew, a young black man who works as a redcap for the Union Railroad Station, has a reputation for mending quarrels and misunderstandings among his friends. What those friends don't know is that Curtis has a special talent for listening ... and he can sometimes hear things that aren't spoken aloud. One day, Curtis Mayhew's special talent allows him to overhear a child's cry for help, which draws him into the dangerous world of Partlow and LaFrance.
Book
The Crisis of the 1930s and American Antisemitism
This article explores the economic and psychological impact of the Great Depression on the American population, emphasizing the rise of antisemitism during the 1930s. We begin with a historical overview of the economic downturn following the Wall Street Crash of 1929, with an emphasis on the ensuing unemployment and social despair. We argue that the representation of the Great Depression diverged from reality, with public discourse constructing an ‘imagined crisis’ that amplified fears and uncertainties. This crisis rhetoric led to the scapegoating of the Jewish community, which was unjustly blamed for the nation’s hardships. The article provides an in-depth analysis of how Henry Ford’s dissemination of “The Protocols of the Elders of Zion” and Father Charles E. Coughlin’s radio broadcasts contributed to spreading antisemitic sentiments by exploiting economic anxieties and promoting a narrative of Jewish conspiracy. Furthermore, the article discusses the historical context of American antisemitism, identifying it as a complex phenomenon influenced by various factors, including religious, economic, and political antisemitism. Despite efforts to combat antisemitic rhetoric, figures like Ford and Coughlin played a significant role in shaping public perceptions and directing blame towards the Jewish community during times of crisis. We conclude that the crisis of the 1930s, marked by unprecedented economic hardship and social unrest, was exacerbated by ideological discourses that targeted Jews as scapegoats, reflecting a disturbing pattern of prejudice and discrimination that has echoed into contemporary times.
Journal Article
Routes into the abyss
Examining the 1930s and the different reactions to the crisis, this volume offers a global comparative perspective that includes a comparison across time to give insight into the contemporary global recession. Germany, Italy, Austria and Spain with their antidemocratic, authoritarian or fascistic answers to the economic crisis are compared not only to an opposite European perspective - the Swedish example - but also to other global perspectives and their political consequences in Japan, China, India, Turkey, Brazil and the United States. The book offers no recipe for economic, social or political action in today's recession, but it shows a wide range of reactions in the past, some of which led to catastrophe.
eBook
Between Violence, Racism and Reform
The effects of the Great Depression on the important cocoa plantation sector of the archipelago of São Tomé e Príncipe – a Portuguese colonial laboratory for social change in plantation agriculture shifting between coercive practices and attempts at accommodation – were drastic: initially backed by a right-wing authoritarian government, plantation managements lowered workers’ wages and made already repressive conditions of worker exploitation worse. This article highlights the processes of degradation in plantation workers’ life. However, in ways that might seem paradox at first glance, the crisis years of the 1930s also opened the ways to changes in social experiences in the plantations.
Labour inspectors were increasingly called upon to scrutinize existing abuses on the plantations, and although this might have been in the first phase simply lip service to certain international debates on good standards in colonialism, inspectors internalized the need for reform and turned out to be critical observers. At the same time, the workers expanded their repertoire of responses – from individual resistance to ever better-organized escape strategies and the manipulation of offers of settlement schemes for small groups of workers. By 1937, these trends were important precursors to changes that would achieve their full impact in the 1950s.
Journal Article
Essays on the great depression
Few periods in history compare to the Great Depression. Stock market crashes, bread lines, bank runs, and wild currency speculation were worldwide phenomena--all occurring with war looming in the background. This period has provided economists with a marvelous laboratory for studying the links between economic policies and institutions and economic performance. Here, Ben Bernanke has gathered together his essays on why the Great Depression was so devastating.
This broad view shows us that while the Great Depression was an unparalleled disaster, some economies pulled up faster than others, and some made an opportunity out of it. By comparing and contrasting the economic strategies and statistics of the world's nations as they struggled to survive economically, the fundamental lessons of macroeconomics stand out in bold relief against a background of immense human suffering. The essays in this volume present a uniquely coherent view of the economic causes and worldwide propagation of the depression.
eBook
Narrative Economics
This address considers the epidemiology of narratives relevant to economic fluctuations. The human brain has always been highly tuned toward narratives, whether factual or not, to justify ongoing actions, even such basic actions as spending and investing. Stories motivate and connect activities to deeply felt values and needs. Narratives \"go viral\" and spread far, even worldwide, with economic impact. The 1920-1921 Depression, the Great Depression of the 1930s, the so-called Great Recession of 2007-2009, and the contentious political-economic situation of today are considered as the results of the popular narratives of their respective times. Though these narratives are deeply human phenomena that are difficult to study in a scientific manner, quantitative analysis may help us gain a better understanding of these epidemics in the future.
Journal Article
The Relationship of Historical Redlining with Present-Day Neighborhood Environmental and Health Outcomes: A Scoping Review and Conceptual Model
Following the Great Depression and related home foreclosures, the federal government established new agencies to facilitate access to affordable home mortgages, including the Home Owners’ Loan Corporation (HOLC) and Federal Housing Administration (FHA). HOLC and FHA directed widespread neighborhood appraisals to determine investment risk, referred to as “redlining,” which took into account residents’ race. Redlining thereby contributed to segregation, disinvestment, and racial inequities in opportunities for homeownership and wealth accumulation. Recent research examines associations between historical redlining and subsequent environmental determinants of health and health-related outcomes. In this scoping review, we assess the extent of the current body of evidence, the range of outcomes studied, and key study characteristics, examining the direction and strength of the relationship between redlining, neighborhood environments, and health as well as different methodological approaches. Overall, studies nearly universally report evidence of an association between redlining and health-relevant outcomes, although heterogeneity in study design precludes direct comparison of results. We critically consider evidence regarding HOLC’s causality and offer a conceptual framework for the relationship between redlining and present-day health. Finally, we point to key directions for future research to improve and broaden understanding of redlining’s enduring impact and translate findings into public health and planning practice.
Journal Article
Formative Experiences and Portfolio Choice: Evidence from the Finnish Great Depression
We trace the impact of formative experiences on portfolio choice. Plausibly exogenous variation in workers' exposure to a depression allows us to identify the effects and a new estimation approach makes addressing wealth and income effects possible. We find that adversely affected workers are less likely to invest in risky assets. This result is robust to a number of control variables and it holds for individuals whose income, employment, and wealth were unaffected. The effects travel through social networks: individuals whose neighbors and family members experienced adverse circumstances also avoid risky investments.
Journal Article
Network Contagion and Interbank Amplification during the Great Depression
Interbank networks amplified the contraction in lending during the Great Depression. Panics induced banks in the hinterland to withdraw interbank deposits from Federal Reserve member banks located in reserve and central reserve cities. These correspondent banks responded by curtailing lending to businesses. Between the peak in the summer of 1929 and the banking holiday in the winter of 1933, interbank amplification reduced aggregate commercial bank lending by an estimated 15 percent.
Journal Article