How the Stock Market Crash of 1929 Affected the United States Essay Example for Free

How the Stock Market Crash of 1929 Affected the United States Essay The year of 1929 is marked by the Stock Market Crash in which most consider to be the beginning of the Great Depression. This was not the sole cause of the Great Depression, though. The Stock Market Crash was caused by an economy that was not stable enough to handle the high stock prices. The Stock Market Crash helped bring on the Great Depression which forced the United States government to make changes in the regulation of stock exchanges, providing much greater protection for investors. The United States was a young nation and was not always as powerful as it is now or was in 1929. The United States was formed from European citizens who wanted to start their lives over. So the United States had relatively little money compared to the financial status of the rest of the world. London at the time was considered the center of finance. The United States borrowed money from England and other countries to spur its industry. By 1960 it seemed that the United States would inevitably be the worlds most important business and financial power. The Civil War provided a boost for industry, which jump-started the gradual shift of financial power from London to New York. The United States had a valuable asset in the form of land. â€Å"The United States was forced to develop itself before it could worry about competing with the world. Hence, the amount of capital was far greater once available to be spent outside the United States. The year of 1914 can be considered the point at which the United States would never be second in the world again.† (Axon, 32) Europe was stricken with war and the United States was turned to for supplies. The â€Å"wealthy European countries were ravaged by war because of casualties, economic losses, and expensed of war over four years.† (Axon, 33) The United States only was in the war for a year and did not have its country damaged by the war. The United States emerged from World War I being owed billions of dollars for having financed most of the war and was acknowledged to be the leader of the Western world. The early 1920s were a time of booming industry, of soaring hope and confidence. The ups and downs of the stock market were hardly noticed by the average American. The average American was more concerned with their daily life than the state of the stock market. The economy was such that many new products and services were available to almost everyone, including the automobile, radios, and other products for the home. The stock market was controlled by professionals that worked for large firms who had good financial backing which made it easier to use the market advantageously. Small investors were never shut out of Wall Street but the professionals paid for stock tips and also rigged the market so that certain stocks would rise and fall. This gave small investors a much harder time in making money through the stock market. As the market began to grow more small investors entered the game and were really just gambling their money. Most were not successful but some got lucky or got a good stock tip and rode the rising market until they lost their money too with the Stock Market Crash. At this time nobody had any reason to believe that the stock market would not keep rising. â€Å"Throughout the 1920s a long boom took stock prices to peaks never before seen. From 1920 to 1929 stocks more than quadrupled in value. Many investors became convinced that stocks were a sure thing and borrowed heavily to invest more money in the market.† (PBS) As the market grew, the stock market became a way of life and was a highly discussed topic among common Americans who were eager to get a piece of the pie. Americans no longer were connected by the common bond of making a life for themselves like at the birth of the nation. The 1920s were an era of revolution in ideas, beliefs, inventions, and ways of living. â€Å"The nation was totally different after World War I than before. The United States experimented with Prohibition. The Jazz age rose from the streets of Harlem, NY. Women got the right to vote. The whole of society was convinced that anything was possible, not only in the stock market and finances, but also in every facet of life.† (Sherrow, 12) Most of this is taken for granted now because what was considered a new idea seems commonplace and because the Stock Market Crash of 1929 overshadowed the great improvements in society. Societys attitude affected Wall Street, though. The large investing firms thought that the government should not be allowed to interfere with the speculation of finances. This is a common feeling when the economy is booming, that the government is always trying to oppress. The exact opposite is seen when the economy is in a depression and everyone turns to the government for help. The federal government was very limited in its control of the market and could not impose new control efforts at the time because the nation would not agree. As we know now, the stock market would have been better off if the government would have stepped in when the stock market became dangerously high. One of the main causes for the stock market to become dangerous was because large firms or groups of individuals practiced unfair techniques when buying and selling stocks. This was known as rigging the market. The stock market flows more smoothly through normal buying and selling activity but when certain groups tried to make money in an unfair way they hurt others in the process which concentrated capital. Large pools could control prices more than was healthy for the stock market. Some made fortunes others lost everything. An example was â€Å"a cigar stock at the time was selling for $115 a share. The market collapsed. I got a call from the company president. Could I loan him $200 million?† (Blaszczyk and Scranton, 337) To the public, the stock market seemed as though it would surely make them money, and were buying. The craze was a â€Å"frenzied finance that made Ponzi look like an amateur. (Blaszczyk and Scranton, 337) The insiders were controlling the market though, setting the stage for the greatest crash of all time. The booming economy in the United States was not typical of the whole world. England had its share of problems concerning currency. The people wanted gold to again be used as it was before the war. They felt that it was a valuable metal and provided a solid backing for currency. The British government finally agreed, after a lot of pressure, to re-instate the gold standard but it was a new version where gold would be used to back up paper money and gold would be used to handle international debts. The pound was put into use, which created a problem. The pound was overvalued in terms of other currencies meaning that people had to pay more to by British goods. Naturally, people bought goods elsewhere to avoid the currency exchange rate of the pound. Instead of realizing what was happening, the British tried to lower the price, which in turn lowered wages and caused strikes to break out in England around 1926. Germans were not better off. Of course their country was destroyed physically by war, but the financial system was very poor at this time in Germany. Germany was forced to pay reparations according to the Treaty of Versailles plus the inflation was so bad that German currency was absolutely worthless. The German public was enraged about this and the fact that they lost a lot of what they considered their land because of the war. The new government installed in Germany after the war called the Weimar republic was a democracy. The German public could not adjust to this making governmental intervention a difficult task. France and the rest of Europe faced the same effects. Inflation was uncontrolled and the political systems were thrown into upheaval. Since the United States was so financially secure at this time, countries like Britain and France naturally asked for assistance. They appealed to the Federal Reserve Board to make cuts in interest rates in the United States. This would make the United States less attractive to investors and would maybe cause investment in Europe instead. By increasing the money supply in the United States, the dollar would be worth less and make American goods more expensive while lowering the price of foreign goods. At this time the United States thought that this would not benefit it at this time. After all, the economy was booming, nearly everyone was working, people were making money from the stock market, and life was generally pleasant. Taking actions that would have hurt the United States would not have been appreciated by businessmen and normal citizens as well. The United States paid little attention to these pleas. There has always been talk that if the Federal Reserve Board would have stepped in that there would have been no boom in speculation, greatly reducing the risk of a crash. The argument against this is the fact that the Federal Reserve Banking system has little control of the economy, but can only make changes spurring growth or decline. Other theories put the blame on foreign countries too. One allegation states that stock speculation and gambling the market was a trait the United States adopted from Europe. However, the get rich quick attitude of Americans is just as great as the Europeans. The California Gold Rush and the Florida Real Estate Boom prove this. The United States Government can still consume most of the blame. At that day and age, it was hard to expect economists to predict exactly what would happen with the stock market rising so rapidly. They could have realized that it was a dangerous situation. The government felt too threatened by  business. When the government stepped in businessmen, bankers, and society in general criticized them for trying to take action when none was deemed necessary. By 1928 the stock market had reached the point of no return. The stock market fluctuated greatly and the risk of the stock market became greater. The rigging of stocks became so common that people of great esteem thought nothing wrong of manipulating stocks in way that actually defrauded the public. By† the inevitability of a market collapse was upon the United States but nobody expected that a full-fledged business depression was to come about because of it.† (Axon, 47) At this time three million shares were traded each day. Slowly it rose to four and five million shares per day. By November 1928 a daily volume of six million shares was reached. It must be realized that industrial stocks rose at a normal rate at this time, approximately growing by a third. The individual stocks are what marked disaster. For example, the Radio Corporation of America (RCA) grew an unheard of 400 percent in 1928. In 1929 the stock market continued to grow at a dangerous pace. People borrowed money at high interest rates figuring to make enough in the stock market to cover the interest and still profit greatly. With people concentrating so much energy in the stock market, few realized that production could not keep up with the stock market. The automobile and construction industries had a small decline but people disregarded it as normal. Few Americans decided to sell-out for a profit. Most refused to believe the boom was coming to a halt. Stock market prices were now driven up by the sheer power of speculative demand. In other words, there was nothing concrete to back up the stock prices. By mid-October, the stock market was in a bad state. No major boom could revive the quality stocks that took a sharp dive. Fear began to take the place of greed in Wall Street. The word sell was now heard more than the word buy. Brokers asked for more margins or more cash from the customer to be paid into their accounts. The customers, of course, could not afford it and the brokers sold the stock. This pushed stock prices even lower. Everyone began banking the large operators on Wall Street would step in because they had much more to lose than the small investor. The problem was that they could not afford to because they were already in trouble because of the sharp decline in their stocks. October 24, 1929 was called Black Thursday because this hope was squashed and stock prices plummeted. Even after this there was still some hope. That same day, bankers moved in trying to restore some of the mess. They were trying to restore some of the optimism in the market. This was not the case as the following Monday, October 28, 1929, the market was flooded with selling orders. The big bankers were no longer there because they were in their own trouble. The people that were hurt the most are those that put their whole lives into the stock market and now walked the streets, stunned about their losses. â€Å"Some of the more badly declining stocks from 1929 to 1933 are as follows: Consolidated Cigar common stock fell from $115 to $3. General Foods dropped from $82 to less than $20. General Motors fell from $91 to less than $8. US Steel dropped drastically from $261 to just over $21. The railroad stocks were hit the hardest. The New York Central Railroad alone fell to $9 from $256.† (Klingaman, 111) The Stock Market Crash of 1929 marked a new era that was not immediately realized. Just as the rising stock market had provided industry with the capital to expand, the falling market caused industry to move into recession.

Scarlet Letter :: essays research papers fc

Scarlet Letter In Hawthorne’s, The Scarlet Letter, life evolves around a rigid and harsh Puritan view. In this society people are not free to express themselves as well as they are today. This is very sad because it is a necessity for humans to be able to express their deepest thoughts and desires. Unfortunately the Puritan society did not permit this so people had to find other ways to satisfy their needs. For two of these characters the satisfying of their urges condemn their fate in life. Hester and Dimmesdale, a reverend, have an affair, which costs Hester life, as she knew it. The only place where these two people were free was in the confinements of the forest. As much as freedom and confinement is a paradox it makes perfect sense. You will gain the freedom of expression in the confinement of that expression. The forest was the only place this could be accomplished. The forest was Hester and Dimmesdale’s sanctuary throughout the novel because they could freely com municate their love, their sin, and their future plans. Being able to confess to someone a sin you have committed is one of the finest feelings. The forest provided that ability to Hester and Dimmesdale. At one point Hester comes right out and brings up the committed sin. â€Å"What we did had a consecration of its own. We felt it so!† (pg. 179) When Dimmesdale first hears this bold statement he is somewhat distraught and tells Hester to â€Å"Hush!† and then he realizes the freedom they have. â€Å" May God forgive us both! We are not†¦the worst sinners in the world.† (pg. 179) There is no way that Dimmesdale would have become this bold if he were in spectacle of the Puritan society. Once again a warm blanket that the forest lay upon Hester and Dimmesdale. It is apparent that there is a mutual love between Hester and Dimmesdale. Although there are very few quotes which will directly state this fact there are many that will allude to this obvious fact. At o ne point Hester begs for Dimmesdale’s forgiveness and he grants it to her. I don’t think he grants it to her because of his religious beliefs but because he loves Hester. I also don’t believe that Hester would be so worried about Dimmesdale’s forgiveness if she did not love him. â€Å" ‘Though shalt forgive me! Though shalt forgive†¦ Will though yet forgive me?

In what ways has Sainsbury’s gained, kept or lost competitive advantage?

During this assignment we will be trying to find out the ways in which Sainsbury's has gained, kept or lost competitive advantage. Competitive advantage is something that makes a business, like Sainsbury's, better than its competitors such as Tesco or Asda. The ways in which Sainsbury's may have gained, kept or lost competitive advantage is through innovation, reputation and relationships; therefore these are the three factors we will be looking into to discover whether or not they have been able to have competitive advantage within their company. The innovation within the company will come from the introduction of new products and finding new ways of doing things within the company however, it also involves being innovative throughout the whole company and looking at how the employees think. Reputation and relationships come from the company being innovative, for example, if a company introduces new products better than other companies can then they will develop a reputation but they can also develop a reputation by keeping their prices low and appealing to a range of consumers. If a company is able to appeal to a wide range of consumers they are able to gain good relationships with customers, which is what a business needs to be successful. A good company also needs a close relationship with employees and suppliers as without these people a company would find it difficult to be able to run. However it is not only these three aspects that we will be looking at but also how Sainsbury's may add added value, the profit they make and their market research. We will be deciding whether or not Sainsbury's has gained, kept or lost its competitive advantage by undertaking a number of methods to successfully decide how the company has performed. These methods will include primary research, which will involve an interview or questionnaires, and secondary research such as the Sainsbury's website, newspaper articles or company accounts. I feel that Sainsbury's will have lost competitive advantage however by using the research we undertake we will be able to find the answer to our question. Research Findings Competitive advantage is gained through good innovation, a good reputation and good relationships. Since doing research on Sainsbury's we have discovered that they are losing their touch and customers because of mistakes they have made when it comes to innovation. However, through primary research in the form of an interview an employee of Sainsbury's feels that they are still pleasing customers. What innovative products have Sainsbury's introduced? * Nectar Card * Using Accenture * Internet Shopping How do you keep a strong relationship with customers? * All customers who are signed up to Nectar Card and other clubs receive regular newsletters and money-off coupons to show them we care about their custom. How does Sainsbury's feel they add value to their products? * Quality Service * Quality Food What market research does Sainsbury's undertake to keep giving people what they want? * Customers are regularly subject to in store questionnaires that they can fill out to tell us what they want. This helps Sainsbury's know how to please customers and to think how we can achieve this. How do you cope with competition? * Sainsbury's satisfies customers because we know what they want which is due to good market research. We also keep our prices competitively low and make sure that everything we do is of a high standard. Do you feel that you will ever regain enough market share to become market leader? * NO COMMENT How are shareholders taking the slump in share prices? * Any shareholders of Sainsbury's receive quality service from us and all of them are happy and proud to be associated with the Sainsbury's brand. Sainsbury's decided to outsource their IT capability to Accenture1 believing that they would benefit from huge cost savings giving them competitive advantage on their rivals. However, four years later Sainsbury's are losing a large percentage of their market share to rivals like Tesco1. When Accenture was first announced to be taking over Sainsbury's IT, Sir Peter Davis, who was Chief Executive at the time, said he felt that Accenture would ‘help us achieve real competitive advantage and efficiencies quickly and cost effectively.'2 However all this new system has done has send Sainsbury's into a slow deterioration failing to get goods onto shelves, which in turn has meant customers are unable to buy the goods they require. This problem is affecting the impact that Sainsbury's has on the market but they have tried to improve the situation with the introduction of the ‘Nectar Card', which is a card that customers can use to collect points when they purchase goods and in turn the points can be used to buy goods. Internet shopping has also been introduced by Sainsbury's where customers can buy all goods on the net and have them delivered to their door, however this is also an idea favored by Tesco, Waitrose and Asda. Tesco is market leader at the present moment with Asda following closely behind meaning that Sainsbury's is slowly slipping and are making their first ever loss this year3. Sainsbury's is now trying to regain the faith of customers by making sure that any relationship they build is a good and stable one. Sainsbury's aim to ensure that all colleagues have opportunities to develop their abilities and are well rewarded for their contribution to the success of the business. The company feels that if they meet their customers needs effectively by providing the best quality and choice to meet everyday shoppers needs they will thereby be providing shareholders with good, sustainable financial returns. The tactics that Sainsbury's has used to gain, keep or lose competitive advantage have all been discussed above and using this research we now have to decide whether or not the company has been successful in the ways it has used. Discussion Shareholders of Sainsbury's should be disappointed this year as it is the first time they have made a loss which in turn means that all stakeholders will lose out if they decided to sell their shares. It could also have a long term effect on the company because if shareholders decided to sell shares quickly before prices slumped anymore they would be unable to sell them on because people are not going to buy shares of a failing company or any company who has had financial problems in recent years. However if we were to look at the primary research undertaken we would see that an employee of Sainsbury's feels that any stakeholders of Sainsbury's, including shareholders, is happy to be with the company despite it losing money and no longer being market leader. The question asked about market share was passed by the employee but through secondary research we can see that Tesco is market leader and Sainsbury's isn't even in second place showing the rapid decline in peoples faith in the Sainsbury's brand. Sainsbury's are trying to keep competitive advantage through innovation, reputation and relationships but during my primary research we can see that they feel they have introduced innovative products in Internet shopping, Accenture and the Nectar Card. However, many other supermarkets favour Internet shopping which means they are not a monopoly in this market and are far from leading it by looking at their overall market share. Accenture is a system they introduced but has so far failed to work and is causing problems within stores, which means that because goods are failing to get onto shelves customers are deciding to do their shopping somewhere else. Not only has Accenture not been innovative but it has also destroyed relationships with stakeholders of Sainsbury's because they don't have faith in the company when it comes to stocking the goods they want and need. Research shows that Sainsbury's reputation is falling because it seems that Sainsbury's no longer holds a high stake of market share and has been overtaken as market leader. We can also see that the Sainsbury's employee feels relationships with all stakeholders in great with customers receiving regular newsletters and in store questionnaires. This is showing customers that they care but they are still losing custom because of mistakes and newsletters won't stop customers from going elsewhere if they think they'll get a better quality of service, food and value for money. One thing that Sainsbury's does well is appeal to all markets: those with children, single people, the elderly and married couples. The way they are able to do this is because the products sold is the stores are items that everybody needs but then they also have ‘clubs' that are open to different types of people, some of the examples of the clubs are Little Ones Club and Drinks Club. They are use their innovative Nectar Card to appeal to everyone and because you can use them in different stores they appeal to a wider variety of people rather than if they were just for use at Sainsbury's. To appeal to the public Sainsbury's also uses celebrity chef, Jamie Oliver, to advertise its goods, which is a way of bringing in a good reputation and appealing to all markets. If customers think that a celebrity is involved with a brand name they are more likely to use it because a celebrity involved often makes the public think that a place is worthwhile. Sainsbury's is faced with a lot of competition and although they are not market leader at the present they feel they are trying to regain a large chunk of the market share and win customers back. As we discovered during research, Sainsbury's are making their first ever loss this year which means that competitors are able to push further ahead in order to win over customers and make themselves market leader with a huge market share. During the interview with the Sainsbury's employee we can see that they feel the way they feel that Sainsbury's add value is through quality service and food. However through secondary research we found that service was poor due to Accenture as Sainsbury's were unable to get products on shelves as they ran out. This was due to Accenture being a failure to the company and losing them huge money. As the company's service was poor if customers weren't able to get the products they required it is most likely they would have gone to a competitor supermarket, which is why Sainsbury's are no longer market leader. Market research is often carried out in Sainsbury's according to the interview that was undertaken with the employee. They stated that customers of the company are often subject to in store questionnaires and asked what they want, how they feel and what changes they would like to see being made. However if we were to then look at secondary research it seems unlikely that any comments made by customers are actually taken into consideration as food is still unable to get on shelves and once again this shows by the fact that Sainsbury's are making their first ever loss this year. The employee stated that Sainsbury's care about their customers because they say that newsletters are regularly sent out however, we cannot see that what customers think is taken into account as Sainsbury's still seem to be running in the same poor quality way. Conclusion This assignment was to discover whether or not Sainsbury's have gained, kept or lost competitive advantage. To do this we had to do a mixture of primary and secondary research into the way Sainsbury's is run and the way the company is performing at the present moment. Once research was carried out we then discussed it and decided that there were a large number of factors that interconnected to what is felt has lost Sainsbury's competitive advantage. Looking at the discussion where we have analysed the research that was conducted we can see that Sainsbury's are a slowly failing company and this decline has been mostly since the introduction of Accenture. The innovation that Sainsbury's has had, has either been very poor for example Accenture, or has also been favoured by other companies including the current market leader, meaning that Sainsbury's has no competitive edge on other companies. We also saw that Sainsbury's felt that they added value to the company by quality of service and products but as we also saw in the discussion that led nowhere. To read this assignment and the research that was carried out to go with it you would automatically feel that this company was a failing establishment that was going nowhere and was sinking. It is possible that Sainsbury's could turn their misfortune around with help from experts who could help them appeal more to the public and reconstruct the way their stores work for example, once the contract with Accenture has run out do not renew it but until then improve all the other problems associated with failing. Sainsbury's will not become market leader for long time, if at all, if they do make the changes that are needed but to be able to be thought of as a ‘good' supermarket they need to change. Overall, to answer the title question it is evident that Sainsbury's have lost competitive advantage by ways that have been spoken about during research and the discussion and as read above we can see how it is possible for Sainsbury's to change themselves. Appendix During researching into Sainsbury's competitive advantage a telephone call was made to their head office in order for primary research to be carried out. We were transferred to their Corporate Communications Department and when they were asked about the competitive advantage they felt Sainsbury's had gained, kept or lost, we were informed that no information could be given at this time and were directed to the Internet to look for our own research.

The Apartheid Of South Africa - 1240 Words

Question 3: Throughout the history of apartheid in South Africa, there is a clear trail of causes and effects that tell us how institutionalized racism has impacted its people on a political, social, and economical scale. It started with the many political parties and labor organizations that were created around the same time South Africa was made a country and established its constitution. When apartheid started in South Africa, it was instituted by a party known as the Afrikaner National Party in 1948. They did this as a means to control the social and economical system in South Africa. The original reason for implementing apartheid was to make sure that the whites remained on top and that racial segregation was to be expanded. A major factor that institutionalized racism has impacted the political system was when the Afrikaner National Party eliminated the voting rights of colored people. On top of that, a factor that impacted the economical system of South Africa was when t he Bantu Education Act denied blacks the right to get higher education. This impacted the economical system because if blacks were not allowed to get a higher education then there was very little no no chance that they could get a good paying job and contribute to the economy as an avid spender, therefore the economy took a hit. Added to that, in 1960, the African government banned any African political organization. This resulted in imprisonment of arguably one of the most prolific leadersShow MoreRelatedApartheid in South Africa1118 Words   |  5 PagesApartheid In South Africa APARTHEID Apartheid is the political policy of racial segregation. In Afrikaans, it means apartness, and it was pioneered in 1948 by the South African National Party when it came to power. Not only did apartheid separate whites from non-whites, it also segregated the Blacks (Africans) from the Coloureds (Indians, Asians). All things such as jobs, schools, railway stations, beaches, park benches, public toilets and even parliament. Apartheid alsoRead MoreThe Apartheid Of South Africa1159 Words   |  5 PagesDuring the year of 1948, the lives of south Africans changed forever. The National Party, which was an all-white government, gained power and created hell for non-white citizens, their goal was to have white people continue to dominate the country and to keep each race separated from each other; even though at the time whites were only 20% of the population. The apartheid, which literally means â€Å"apartness† lasted until 1991, and during this time many acts were passed. One being that â€Å"non-white AfricansRead MoreThe Apartheid Of South Africa Essay1742 Words   |  7 PagesNelson Mandela and protesters during South Africa s journey away from apartheid. It’s a curious ponder, in fact, that America’s and South Africa’s ascents from racial discrimination were possibly involved with each other. 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In their stride to achieve this, the laws they imposed on them made their lives harder; despite this, the persecuted sought freedom. Through all this some belie ve that the apartheid was easily ended. It can be argued this from the factRead MoreApartheid in South Africa711 Words   |  3 PagesRacial discrimination dominated South Africa in 1948, and this was further witnessed when the ruling party made the discriminatory apartheid policy into law, in the same year (Pfister, 2005). The Afrikaans word, which literally translates to racial discrimination ‘apartheid’, was legislated and it started with the Dutch and the British rulers. The initiators of apartheid applied it to all social nature of the South African people. For instance, the majority of the population who were Africans wasRead MoreThe Apartheid Of South Africa Essay788 Words   |  4 PagesSouth Africa, after experiencing the apartheid, is trying their best to overcome the apartheid. Now, the country even has its own leader. 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