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The roaring 1920s and the Crash 1929. The roaring 1920s and the Crash 1929 April 20, 2008 – Comments (11) I'm going to do a two part series about the 1929-1932 bear market and the following great Depression. First a write up and then some nice videoclips of the time with more information and showing the mood back then! The roaring 1920s and the great bull market: The roaring 20s were a time of great prosperity and with many technological developments. Of course the stock market also rose.
So since the last bear market 1920 the Dow Jones Industrials rose 5 fold to 381 on September 3, 1929. Chart from djindexes.com who have a nice article with more details of the 1920-1929 bull market. The bear market 1929-1932: There were no real news that caused the crash. After that the market recovered until April 1930 when it reached 294. Chart from Millionaires became beggars, family fortunes were destroyed, the small investor lost everything. Part 1 (4 min) Part 2 (3 min) Part 3 (4:30) Part 4 (4 min) Part 5 (3 min)
The Great Depression, the gold standard and FDR. The Great Depression, the gold standard and FDR April 26, 2008 – Comments (8) This is the second part, this time on the Great Depression. Sorry for the length but I just kept on writing, it is a fascinating theme. I hope this piece is interesting and worth your time. You can read the first part on the roaring 1920s and the stock market crash 1929 here. The Great Depression (GD) was a period were economies worldwide contracted over several years. The USA was one of the hardest hit, as from 1929-1933 their economy contracted 30% and unemployment rose to 25% by 1933 from 4%. After the huge stock bull market during the 1920s, the Fed started to raise rates early in 1929 to reduce speculation. So, huge fortunes were destroyed in the crash of 1929.
Today we live in a system of flexible currency rates. Back then however it was thought that currencies had to be stable and that flexible currencies were bad for international trade. In November 1936 FDR was reelected as President of the USA. Pablo Picasso. Picasso, Henri Matisse and Marcel Duchamp are regarded as the three artists who most defined the revolutionary developments in the plastic arts in the opening decades of the 20th century, responsible for significant developments in painting, sculpture, printmaking and ceramics.[4][5][6][7] Picasso demonstrated extraordinary artistic talent in his early years, painting in a realistic manner through his childhood and adolescence. During the first decade of the 20th century, his style changed as he experimented with different theories, techniques, and ideas. His work is often categorised into periods. While the names of many of his later periods are debated, the most commonly accepted periods in his work are the Blue Period (1901–1904), the Rose Period (1904–1906), the African-influenced Period (1907–1909), Analytic Cubism (1909–1912), and Synthetic Cubism (1912–1919).
Early life Pablo Picasso and his sister Lola, c.1889 Picasso showed a passion and a skill for drawing from an early age. Fame.
Employment. Funny Stuff. Freemasonry. Freemasonry is a fraternal organisation that traces its origins to the local fraternities of stonemasons, which from the end of the fourteenth century regulated the qualifications of masons and their interaction with authorities and clients. The degrees of freemasonry, its gradal system, retain the three grades of medieval craft guilds, those of Apprentice, journeyman or fellow (now called Fellowcraft), and Master Mason. These are the degrees offered by craft, or blue lodge Freemasonry. There are additional degrees, which vary with locality and jurisdiction, and are now administered by different bodies than the craft degrees. The basic, local organisational unit of Freemasonry is the lodge. Masonic Lodge Palazzo Roffia, Lodge in Italy set out for French (Moderns) ritual The Masonic Lodge is the basic organisational unit of Freemasonry. The bulk of Masonic ritual consists of degree ceremonies.
There is very little consistency in Freemasonry. Ritual and symbolism Organisations of lodges. The Lost Symbol - Trailer. Secret societies: Band of brothers. Rockefeller family. The Rockefeller family /ˈrɒkɨfɛlər/ is an American industrial, political, and banking family that made one of the world's largest fortunes in the oil business during the late 19th and early 20th centuries, with John D. Rockefeller and his brother William Rockefeller primarily through Standard Oil.[1] The family is also known for its long association with and control of Chase Manhattan Bank.[2] They are considered to be one of the most powerful families, if not the most powerful family,[3] in the history of the United States.
Real Estate and Institutions[edit] The Rockefeller Center and the RCA Building, December 1933 The family was heavily involved in numerous real estate construction projects in the U.S. during the 20th century.[4] Chief among them: Conservation[edit] The family was honored for its conservation efforts in November, 2005, by the National Audubon Society, one of America's largest and oldest conservation organizations, at which over 30 family members attended. Rothschild family. A house formerly belonging to the Viennese branch of the family (Schillersdorf Palace). Schloss Hinterleiten, one of the many palaces built by the Austrian Rothschild dynasty. Donated to charity by the family in 1905. Beatrice de Rothschild's villa on the Côte d'Azur, France The Rothschild family is a family descending from Mayer Amschel Rothschild, a court Jew to the German Landgraves of Hesse-Kassel, in the Free City of Frankfurt, who established his banking business in the 1760s.[1] Unlike most previous court Jews, Rothschild managed to bequeath his wealth, and established an international banking family through his five sons.[2] Five lines of the Austrian branch of the family have been elevated to Austrian nobility, being given five hereditary titles of Barons of the Habsburg Empire by Emperor Francis II in 1816.
Family overview[edit] The first member of the family who was known to use the name "Rothschild" was Izaak Elchanan Rothschild, born in 1577. Families by country: Wine[edit]
Sino-US relationship. Policy. Problems ahead. Keynesian - paradox of thrift. The paradox of thrift is a central component of Keynesian economics, and has formed part of mainstream economics since the late 1940s, though it is criticized on a number of grounds. Overview[edit] The argument is that, in equilibrium, total income (and thus demand) must equal total output, and that total investment must equal total saving.
Assuming that saving rises faster as a function of income than the relationship between investment and output, then an increase in the marginal propensity to save, other things being equal, will move the equilibrium point at which income equals output and investment equals savings to lower values. In this form it represents a prisoner's dilemma as saving is beneficial to each individual but deleterious to the general population. This is a "paradox" because it runs contrary to intuition. This paradox can be explained by analyzing the place, and impact, of increased savings in an economy. History[edit] Related concepts[edit] During April 2009, U.S.
Sources. Keynesian - Liquidity preference. According to Keynes, demand for liquidity is determined by three motives:[1] the transactions motive: people prefer to have liquidity to assure basic transactions, for their income is not constantly available. The amount of liquidity demanded is determined by the level of income: the higher the income, the more money demanded for carrying out increased spending.the precautionary motive: people prefer to have liquidity in the case of social unexpected problems that need unusual costs.
The amount of money demanded for this purpose increases as income increases.speculative motive: people retain liquidity to speculate that bond prices will fall. When the interest rate decreases people demand more money to hold until the interest rate increases, which would drive down the price of an existing bond to keep its yield in line with the interest rate. Thus, the lower the interest rate, the more money demanded (and vice versa). Alternatives[edit] Criticisms[edit] See also[edit] References[edit] Western Philosophy Map. If I Am Not For Myself, Who Will Be For Me? Some Moral Dilemmas. The Trolley Problem, not in Grassian. Suggested by Philippa Foot (1920-2010), daughter of Esther, the daughter of President Grover Cleveland, but of British birth because of her father, William Sidney Bence Bosanquet.
A trolley is running out of control down a track. In its path are five people who have been tied to the track by a mad philosopher. Fortunately, you could flip a switch, which will lead the trolley down a different track to safety. Unfortunately, there is a single person tied to that track. Should you flip the switch or do nothing? This is a classic "right vs. good" dilemma. The Costly Underwater Tunnel Compare: 112 men were killed during the construction of Hoover Dam on the Nevada-Arizona border (the "official" number was 98, but others had died from causes more difficult to identify -- or easier to ignore -- like by carbon monoxide poisoning): The first to die was a surveyor, J.G. The Manifesto of the Communist Party. Socialism (Marxism) In Marxist theory, socialism (also called lower-stage communism or the socialist mode of production) refers to a specific historical phase of economic development and its corresponding set of social relations that supersede capitalism in the schema of historical materialism.
Socialism is defined as a mode of production where the sole criterion for production is use-value and therefore the law of value no longer directs economic activity. Production for use is coordinated through conscious economic planning, while distribution of economic output is based on the principle of To each according to his contribution. The social relations of socialism are characterized by the working-class effectively owning the means of production and the means of their livelihood, either through cooperative enterprises or by public ownership and self management, so that the social surplus accrues to the working class and society as a whole.[1] Mode of production Intermediate phases Social relations See also.
Production for use. This principle is broad and can refer to an array of different configurations that vary based on the underlying theory of economics employed. In its classic definition, production for use implied an economic system whereby the law of value and law of accumulation no longer directed economic activity, whereby a direct measure of utility and value is used in place of the abstractions of the price system, money and capital.[3] Alternative conceptions of socialism that don't utilize the profit system such as the Lange model involve the use of a price system and monetary calculation. The central critique of the profits system by socialists is that the accumulation of capital ("making money") becomes increasingly detached from the process of producing economic value, leading to waste, inefficiency, and social issues. Exposition[edit] Usage[edit] Eugene V.
Description[edit] Production for use in some form was the historically dominant modality until the initial primitive accumulation of capital. Allegory of the Cave - Plato. Plato realizes that the general run of humankind can think, and speak, etc., without (so far as they acknowledge) any awareness of his realm of Forms. The allegory of the cave is supposed to explain this. In the allegory, Plato likens people untutored in the Theory of Forms to prisoners chained in a cave, unable to turn their heads. All they can see is the wall of the cave. Behind them burns a fire. From Great Dialogues of Plato (Warmington and Rouse, eds.) Here are some students’ illustrations of Plato’s Cave Go back to lecture on the Phaedo Go back to lecture on the “One Over Many” Argument Go to next lecture on Criticism of Forms Need a quick review of the Theory of Forms? Return to the PHIL 320 Home Page Copyright © 2006, S.
Heterodox economics: Marginal revolutionaries. Austrian School. The Austrian School is a school of economic thought that is based on the analysis of the purposeful actions of individuals (see methodological individualism).[1][2][3][4] It originated in late-19th and early-20th century Vienna with the work of Carl Menger, Eugen von Böhm-Bawerk, Friedrich von Wieser, and others.[5] Current-day economists working in this tradition are located in many different countries, but their work is referred to as Austrian economics. Among the theoretical contributions of the early years of the Austrian School are the subjective theory of value, marginalism in price theory, and the formulation of the economic calculation problem, each of which has become an accepted part of mainstream economics.[6] Many economists are critical of the current-day Austrian School and consider its rejection of econometrics, and aggregate macroeconomic analysis to be outside of mainstream economic theory, or "heterodox.
Methodology[edit] Economist Paul A. Fundamental tenets[edit] Luca Pacioli - Father of Accounting. Fra Luca Bartolomeo de Pacioli (sometimes Paccioli or Paciolo; 1445–1517) was an Italian mathematician, Franciscan friar, collaborator with Leonardo da Vinci, and seminal contributor to the field now known as accounting, and is also referred as Father of Bookkeeping(in fact,he is the Father of double entry system of Book-keeping).[2] He was also called Luca di Borgo after his birthplace, Borgo Sansepolcro, Tuscany. Life[edit] Luca Pacioli was born in 1445 in Sansepolcro (Tuscany) where he received an abbaco education. This was education in the vernacular (i.e. the local tongue) rather than Latin and focused on the knowledge required of merchants. He moved to Venice around 1464, where he continued his own education while working as a tutor to the three sons of a merchant.
In 1475, he started teaching in Perugia, first as a private teacher, from 1477 holding the first chair in mathematics. Mathematics[edit] Pacioli published several works on mathematics, including: Chess[edit] See also[edit] Leonardo da Vinci. Leonardo daVinci (1452-1519) It may seem unusual to include Leonardo da Vinci in a list of paleontologists and evolutionary biologists. Leonardo was and is best known as an artist, the creator of such masterpieces as the Mona Lisa, Madonna of the Rocks, and The Last Supper. Yet Leonardo was far more than a great artist: he had one of the best scientific minds of his time. He made painstaking observations and carried out research in fields ranging from architecture and civil engineering to astronomy to anatomy and zoology to geography, geology and paleontology.
In the words of his biographer Giorgio Vasari: The most heavenly gifts seem to be showered on certain human beings. Leonardo's scientific and technical observations are found in his handwritten manuscripts, of which over 4000 pages survive, including the one pictured on the right, showing some rock formations (click on it to view an enlargement). How did those shells come to lie at the tops of mountains? Law of averages. Libertarianism: a nice idea, but doomed. Russ Roberts: Why Friedrich Hayek is Making a Comeback. What’s Wrong with Keynes. The Critical Flaw in Keynes's System. John Forbes Nash, Jr. Why I agree with (some of) Friedrich Hayek. A Beautiful Mind (2001. What is Game Theory? Arabic numerals. EconStories.tv | Fear the Boom and Bust. 20 Best Websites To Download Free EBooks.
Gadgets. Vincent van Gogh.