On average, more than banks failed each year between and Those failures led to the end of many state deposit insurance programs. The failed banks were primarily small, rural banks, and people in metropolitan areas were generally unconcerned. Investors and other businessmen thought that the failing institutions were weak and badly managed and that those failures served to strengthen the banking system.
Ford Motor Company History Before The Auto Industry Begins Prior tothe automobile was really a novelty item, not yet a major force that represented an industry. While many developments contributed to the birth of the modern automobile, most automotive history buffs and the Library of Congress credit German inventor Karl Benz with creating the first modern automobile.
The three-wheeled 'Motorwagen,' first created by Benz inbecame the first production automobile. Benz made several improvements in the Motorwagen, which eventually featured four wheels, a fuel tank, and rear brakes. Cars Are Marketed to the Average Family During the first few years of the twentieth century, automobiles had a fairly limited audience.
Because they were expensive and time consuming to produce, most cars were too costly for the general public.
However, Colorado State University reports that between anddifferent firms began producing cars aimed at the American consumer. InFord Motor Company created the Model T, the first car aggressively marketed to the average family.
By widening the sales base for the automobile, Ford did a great deal to create an industry for cars and car products. When Henry Ford invented the assembly line inhe was able to make the Model T even more affordable and accessible.
Bryant University reports that by half of American car consumers owned Model Ts. Later, he added Cadillac and Chevrolet. The Dodge brothers, both bicycle builders, created the four-cylinder Dodge Model 30 in The Automobile Takes Off The roaring 20s were a time of great growth for the auto industry, as more and more consumers bought their first cars.
The Chrysler Corporation was started inand many other small car companies began during this decade.
Bythe year of the stock market crash that began the Great Depression, car companies were producing and selling 5. Many automotive historians estimate that up to half of all car companies failed during the s. At the start of the Great Depression, car companies were mostly small and specialized.
By the end of the decade, they had been consolidated into larger, stronger corporations. There was less specialization, but the 'Big Three' emerged as an important force. The Great Depression was also an important time for organized labor.The Long Depression. The Great Depression in the United States officially began in with the Stock Market Crash.
However, throughout much of the United States economic hardship had preceded the financial downturn that would engulf the entire country. The immigration law and the Great Depression kept immigration below traditional levels. And Americans greatly reduced their fertility in response to the dire economic times, cutting total population growth for the decade nearly in half from each of the previous three decades.
During the Great Depression, the American government forcibly deported between 1 and 2 million American citizens and legal residents of Mexican descent. This mass deportation, known as the Mexican Repatriation, took place from to and was fueled by .
the s contributed to the severity of the Great Depression because it created obstacles to investment in new construction, or redevelopments, during the s.
In the early s, education in Alabama still suffered from short school terms, low funding, and racism. In one county, for instance, the average length of the school year was 72 days for white students and only 34 days for African Americans students. Many of them, however, remained trapped in a purgatory of sorts, looking for a better life but unable to get it, not unlike the people in The Great Gatsby's valley of ashes.
Economically, the s boasted great financial gain, at least for those of the upper class.