Starting towards the end of 1929, the Great Depression would strike and hard and fast. Within two weeks, $30 billion was lost from the U.S. economy. What started as a small drop quickly grew as panic spread, exasperating the problem and turning it into a cyclical downturn. The economic contraction continued until 1933, by which point the GNP had dropped 30.5% and consumer prices fell 24.4%. During this same time, industrial production fell 45%, house-building fell 80%, and more than 5000 banks had gone out of business. By the end of the contraction, 13,000,000 people were out of work, equated to unemployment rates of 25% of all workers and 37% of all non-farm workers. Businesses began to hang "No men wanted" to ward off the those looking for jobs and most of the people that were still employed still felt the fiscal tightening, either in reduction of pay or forced, uncompensated leave. The financial stresses of the contraction alone impacted many, leading to the anecdotal examples of the period's simultaneous downturn in mood, even causing some to take their own lives.
After the end of the primary contraction in 1933, the United States was still on a long road to recovery. Although actions were taken, like the creation of the WPA (the Works Progress Administration)and progress was made, the impacts of the depression continued to linger. Dropped again in 1937 by another decline, the U.S. wouldn't truly escape the Great Depression until the onset of the United States' involvement in World War II, starting in the early 1940's. With the revitalized industrial production and the job openings created by soldiers leaving for war, the economic recovery was underway, unemployment even dipping below 2% in 1943.
The picture American Smelting and Refining Company, largest iron smelter in the world was taken in November, 1938, still in the throws of the Great Depression. This given with the aforementioned statistic that industrial production had fallen by 45% (although by 1938 the United States was starting to see the signs of recovery, times were still bad since the additional recession in 1937) means that the American Smelting and Refining Company was very likely not doing very well, experiencing a large drop in production, leading to a drop in revenue, and finally leading to either a drop in wages or hours of work or outright layoffs as was the case with many industries.
The knowledge of this context deepens the impact of first, not seeing any people (workers) in the image (although the smoke stacks in the background are still churning giving indication of work being done, the lack of people creates the sense that the factory is more of an automaton than a place of work), and, second, the piles of scrap just sitting in the yard (likely not being used simply because the demand for product wasn't big enough). Also, at 1938, approaching nearly a decade of severe national economic depression, focusing on the scrap yard side, with not only its scrap/waste in the yard but the more run-down buildings, reflects the tired and run-down sense of the era.
Broad, Mark. "I remember the Wall Street Crash." BBC News. BBC News, 6 Oct. 2008. Web. 17 Feb. 2010. (Site)
Smiley, Gene. "Great Depression." Library of Economics and Liberty. Library of Economics and Liberty, n.d. Web. 17 Feb. 2010 (Site)
After the end of the primary contraction in 1933, the United States was still on a long road to recovery. Although actions were taken, like the creation of the WPA (the Works Progress Administration)and progress was made, the impacts of the depression continued to linger. Dropped again in 1937 by another decline, the U.S. wouldn't truly escape the Great Depression until the onset of the United States' involvement in World War II, starting in the early 1940's. With the revitalized industrial production and the job openings created by soldiers leaving for war, the economic recovery was underway, unemployment even dipping below 2% in 1943.
The picture American Smelting and Refining Company, largest iron smelter in the world was taken in November, 1938, still in the throws of the Great Depression. This given with the aforementioned statistic that industrial production had fallen by 45% (although by 1938 the United States was starting to see the signs of recovery, times were still bad since the additional recession in 1937) means that the American Smelting and Refining Company was very likely not doing very well, experiencing a large drop in production, leading to a drop in revenue, and finally leading to either a drop in wages or hours of work or outright layoffs as was the case with many industries.
The knowledge of this context deepens the impact of first, not seeing any people (workers) in the image (although the smoke stacks in the background are still churning giving indication of work being done, the lack of people creates the sense that the factory is more of an automaton than a place of work), and, second, the piles of scrap just sitting in the yard (likely not being used simply because the demand for product wasn't big enough). Also, at 1938, approaching nearly a decade of severe national economic depression, focusing on the scrap yard side, with not only its scrap/waste in the yard but the more run-down buildings, reflects the tired and run-down sense of the era.
Broad, Mark. "I remember the Wall Street Crash." BBC News. BBC News, 6 Oct. 2008. Web. 17 Feb. 2010. (Site)
Smiley, Gene. "Great Depression." Library of Economics and Liberty. Library of Economics and Liberty, n.d. Web. 17 Feb. 2010 (Site)