Results for "Great Depression"
New Deal
The New Deal was a sweeping set of federal programs launched between 1933 and 1938 under President Franklin D. Roosevelt that fundamentally re-shaped U.S. government, economy, and society in response to the Great Depression.
PeopleFranklin D. Roosevelt
Franklin Delano Roosevelt (1882-1945) was the 32nd U.S. president whose unprecedented four-term tenure reshaped American government through the New Deal and global affairs during World War II.
Economics & BusinessTariffs
A tariff or import tax is a duty imposed by a national government on imports of goods, serving as a source of revenue and a tool for regulating foreign trade and policy. ## Overview Tariffs are a crucial aspect of international trade, influencing the flow of goods across borders. A tariff is essentially a tax levied on imported goods, paid by the importer, and is a key instrument of **protectionism**. The primary purpose of tariffs is to generate revenue for the government, but they also serve as a means of regulating foreign trade and policy. Tariffs can be used to protect domestic industries from foreign competition, encourage domestic production, and safeguard national security. The imposition of tariffs can have far-reaching consequences, affecting not only the importing country but also the exporting country and the global economy as a whole. Tariffs can be categorized into two main types: **ad valorem** and **specific**. Ad valorem tariffs are a percentage of the goods' value, while specific tariffs are a fixed amount per unit of the goods. Tariffs can also be **unilateral**, imposed by a single country, or **multilateral**, agreed upon by multiple countries through international agreements. The most widely used tariffs are **customs duties**, which are levied on imported goods to raise revenue and protect domestic industries. ## History/Background The use of tariffs dates back to ancient times, with evidence of tariff-like systems in ancient civilizations such as Greece and Rome. However, the modern concept of tariffs as we know it today emerged during the 18th and 19th centuries, with the rise of **mercantilism**. Mercantilism emphasized the importance of accumulating wealth and power through trade, leading to the imposition of tariffs to protect domestic industries and promote exports. The **Smoot-Hawley Tariff Act** of 1930, which raised tariffs on imported goods, is often cited as a prime example of protectionism gone wrong, contributing to the **Great Depression**. ## Key Information - **Types of Tariffs**: Ad valorem, specific, unilateral, and multilateral tariffs. - **Tariff Rates**: Tariff rates can vary widely, ranging from a few percent to hundreds of percent. - **Tariff Revenue**: Tariffs can generate significant revenue for governments, but the amount can vary depending on the type and rate of tariff. - **Tariff Impact**: Tariffs can have both positive and negative effects on the economy, depending on the context and implementation. - **Tariff Agreements**: International agreements such as the **General Agreement on Tariffs and Trade (GATT)** and the **World Trade Organization (WTO)** aim to reduce tariffs and promote free trade. ## Significance Tariffs play a crucial role in shaping international trade and economic policy. The imposition of tariffs can have far-reaching consequences, affecting not only the importing country but also the exporting country and the global economy. Tariffs can be used to protect domestic industries, promote exports, and safeguard national security, but they can also lead to trade wars, economic instability, and reduced economic growth. Understanding the complexities of tariffs is essential for policymakers, businesses, and individuals to navigate the ever-changing landscape of international trade. INFOBOX: - Name: Tariffs - Type: Economic policy instrument - Date: Ancient civilizations (modern concept emerged in 18th and 19th centuries) - Location: Global - Known For: Regulating foreign trade and policy, generating revenue, and protecting domestic industries TAGS: Tariffs, protectionism, trade policy, international trade, customs duties, ad valorem, specific, unilateral, multilateral, mercantilism, Smoot-Hawley Tariff Act, Great Depression, GATT, WTO, economic policy, revenue generation, trade wars, economic instability.
Arts & CultureSocial Realism Art
**Social Realism** is a style of art that emerged in the early 20th century, characterized by its focus on depicting the harsh realities of everyday life, often with a critical or satirical tone. ## Overview **Social Realism** art is a movement that seeks to expose the social injustices and inequalities of modern society. It emerged in the early 20th century, primarily in Europe and the United States, as a response to the growing industrialization and urbanization of the time. Social Realist artists aimed to create a sense of social awareness and critique the status quo by depicting the harsh realities of everyday life. This style of art often featured gritty, realistic scenes of working-class people, poverty, and social inequality. Social Realism art is closely related to other art movements, such as **Socialist Realism** and **Documentary Photography**. The **Social Realism** movement was characterized by its focus on the lives of ordinary people, often in a way that was both poignant and unflinching. Artists used a range of mediums, including painting, printmaking, and photography, to convey their message. Social Realism art often featured bold, expressive brushstrokes and a focus on the emotional and psychological aspects of the human experience. This style of art was not only a reflection of the social and economic conditions of the time but also a call to action, urging viewers to engage with the issues and work towards change. ## History/Background The **Social Realism** movement has its roots in the late 19th and early 20th centuries, when artists began to respond to the growing social and economic inequalities of the time. In Europe, artists such as **Gustave Courbet** and **Jean-François Millet** were already exploring themes of social justice and the struggles of the working class. In the United States, the **Ashcan School** of artists, which included **Robert Henri** and **John Sloan**, was also exploring similar themes. The **Social Realism** movement gained momentum in the 1920s and 1930s, with the rise of the **New Deal** and the **Great Depression**. Artists such as **Dorothea Lange** and **Walker Evans** used their cameras to document the lives of those affected by the economic crisis, while painters such as **Thomas Hart Benton** and **Grant Wood** created powerful works that critiqued the social and economic systems of the time. ## Key Information Some of the key facts and achievements of the **Social Realism** movement include: * **Gustave Courbet**'s painting "The Stone Breakers" (1849) is considered one of the first Social Realist works of art. * **Dorothea Lange**'s photographs of migrant workers during the Great Depression are iconic examples of Social Realism photography. * **Thomas Hart Benton**'s murals for the **New Deal**'s **Federal Art Project** are some of the most famous examples of Social Realist art. * **John Sloan**'s paintings of city life, such as "McSorley's Bar" (1912), are quintessential examples of Social Realism. ## Significance The **Social Realism** movement had a significant impact on the art world and beyond. It helped to raise awareness about social and economic issues, and it paved the way for future social and political movements. Social Realism art also influenced the development of other art movements, such as **Abstract Expressionism** and **Pop Art**. INFOBOX: - Name: Social Realism - Type: Art movement - Date: 20th century - Location: Europe and the United States - Known For: Depicting the harsh realities of everyday life and critiquing social and economic systems TAGS: Social Realism, Art movement, Social justice, Documentary photography, New Deal, Great Depression, Ashcan School, Socialist Realism, Abstract Expressionism, Pop Art.
Economics & BusinessEconomics Encyclopedia Entry 1777896184
** Economics is the social science that studies the production, distribution, and consumption of goods and services in a society, examining how individuals, businesses, governments, and markets interact to allocate resources. **CONTENT:** ### Overview Economics is a vast and complex field that seeks to understand how societies allocate resources to meet their needs and wants. It is a social science that draws on insights from history, politics, sociology, and psychology to analyze the behavior of individuals, businesses, governments, and markets. Economists use a range of tools and techniques, including mathematical models, statistical analysis, and case studies, to understand the workings of economies and to inform policy decisions. At its core, economics is concerned with the allocation of scarce resources among competing ends. This is known as the **scarcity problem**, which arises because the needs and wants of individuals and societies are often greater than the resources available to meet them. Economists study how individuals, businesses, and governments make decisions about how to allocate resources in the face of scarcity, and how these decisions affect the overall performance of the economy. Economics is a dynamic field that has evolved over time, with new ideas and approaches emerging in response to changing economic conditions and technological advancements. From the classical economists of the 18th and 19th centuries, who emphasized the role of markets in allocating resources, to the Keynesian economists of the 20th century, who highlighted the importance of government intervention in stabilizing the economy, economists have continually refined their understanding of how economies work. ### History/Background The study of economics has a long and varied history, with roots in ancient civilizations such as Greece and Rome. However, the modern discipline of economics emerged in the 18th century, with the publication of Adam Smith's **The Wealth of Nations** in 1776. Smith's work laid the foundation for classical economics, which emphasized the role of markets in allocating resources and the benefits of free trade. In the 19th century, economists such as David Ricardo and Thomas Malthus built on Smith's ideas, developing the concept of **comparative advantage** and the **law of diminishing returns**. The late 19th and early 20th centuries saw the rise of **neoclassical economics**, which emphasized the role of individual decision-making in shaping economic outcomes. The Great Depression of the 1930s led to a major shift in economic thought, with the emergence of **Keynesian economics**. John Maynard Keynes argued that government intervention was necessary to stabilize the economy during times of crisis, and his ideas had a profound impact on economic policy in the decades that followed. ### Key Information * **Key concepts:** scarcity, opportunity cost, supply and demand, market equilibrium, comparative advantage, law of diminishing returns * **Key theories:** classical economics, neoclassical economics, Keynesian economics * **Key figures:** Adam Smith, David Ricardo, Thomas Malthus, John Maynard Keynes * **Key events:** Great Depression, World War II, Bretton Woods Agreement ### Significance Economics is a vital field that has a profound impact on our daily lives. It helps us understand how societies allocate resources, how markets work, and how governments can use policy to promote economic growth and stability. Economics also informs our understanding of issues such as poverty, inequality, and environmental sustainability. In addition to its practical applications, economics has a rich intellectual history, with a wide range of theories and approaches that continue to shape our understanding of the economy. From the classical economists of the 18th century to the Keynesians of the 20th century, economists have continually refined their understanding of how economies work, and their ideas continue to shape economic policy and decision-making today. **INFOBOX:** - **Name:** Economics - **Type:** Social science - **Date:** 18th century (emergence of modern discipline) - **Location:** Global (economics is a universal field) - **Known For:** Understanding how societies allocate resources, analyzing the behavior of individuals, businesses, governments, and markets **TAGS:** economics, social science, scarcity, opportunity cost, supply and demand, market equilibrium, comparative advantage, law of diminishing returns, classical economics, neoclassical economics, Keynesian economics, Adam Smith, David Ricardo, Thomas Malthus, John Maynard Keynes, Great Depression, World War II, Bretton Woods Agreement.