The Forest Theater is an outdoor amphitheater in Carmel-by-the-Sea, California . Founded in 1910, it is one of the oldest outdoor theaters west of the Rocky Mountains . The performer and director Herbert Heron and author Mary Austin were founding forces. The facility also includes a smaller indoor theatre and a school.
132-583: Beginning in 1910, Heron staged plays by authors from Carmel-by-the-Sea, California , with local residents as performers, under the name Forest Theater Society. He approached James Franklin Devendorf , co-founder of the Carmel Development Company , and obtained permission to use the space rent-free. He assisted in the clearing the land and building the stage of the 540-seat outdoor amphitheater . The first theatrical production, David ,
264-634: A deflationary spiral started in 1931. Farmers faced a worse outlook; declining crop prices and a Great Plains drought crippled their economic outlook. At its peak, the Great Depression saw nearly 10% of all Great Plains farms change hands despite federal assistance. At first, the decline in the U.S. economy was the factor that triggered economic downturns in most other countries due to a decline in trade, capital movement, and global business confidence. Then, internal weaknesses or strengths in each country made conditions worse or better. For example,
396-418: A silver standard , almost avoided the depression entirely. The connection between leaving the gold standard as a strong predictor of that country's severity of its depression and the length of time of its recovery has been shown to be consistent for dozens of countries, including developing countries . This partly explains why the experience and length of the depression differed between regions and states around
528-489: A 1922 production of Shaw 's Caesar and Cleopatra , directed by Edward G. Kuster . Also in 1922, Carmel's Serra festival featured Garnet Holme's Carmel Mission play Serra at the theater. Remsen produced Inchling in 1922 and Mr. Bunt in 1924. The overabundance of plays became a strain on resources, and the quality of theater in Carmel began to decline. In 1924, the competing producing organizations disbanded, and under
660-438: A clubhouse in 1907. By 1914, the club had achieved national recognition. In 1911, the town began a tradition of presenting plays by Shakespeare with a production of Twelfth Night , directed by Garnet Holme of UC Berkeley and featuring future mayors Perry Newberry and Herbert Heron. Twelfth Night was again presented in 1940 at Heron's inaugural Carmel Shakespeare Festival, and was repeated in 1942 and 1956. In 1915, during
792-563: A community organization to help the city maintain the theater. In 1958, the City Council also instituted an Arts Commission, charged with operation and maintenance of Forest Theater. Heron continued to write, produce, direct, and star in productions. The guild began to produce plays by local authors, Shakespeare, and classic drama. In 1960, Heron finished his 50th year with the theater with his own play, Pharaoh . The guild disbanded in 1961, and Forest Theater ceased most operations in 1961. By
924-562: A down payment, little or no interest, and whatever they could afford to pay on a monthly basis. In 1906, the San Francisco Call devoted a full page to the "artists, writers and poets at Carmel-by-the-Sea". The Carmel Arts and Crafts Club held exhibitions, lectures, dances, and produced plays and recitals at numerous locations, including the Pine Inn Hotel, before purchasing a lot on Casanova Street, where they built
1056-604: A former privately run bank, bearing no relation to the U.S. government (not to be confused with the Federal Reserve ). Unable to pay out to all of its creditors, the bank failed. Among the 608 American banks that closed in November and December 1930, the Bank of United States accounted for a third of the total $ 550 million deposits lost and, with its closure, bank failures reached a critical mass. In an initial response to
1188-467: A greater reduction in credit. On 5 April 1933, President Roosevelt signed Executive Order 6102 making the private ownership of gold certificates , coins and bullion illegal, reducing the pressure on Federal Reserve gold. British economist John Maynard Keynes argued in The General Theory of Employment, Interest and Money that lower aggregate expenditures in the economy contributed to
1320-600: A modern industrial city handled shortages of money and resources. Often they updated strategies their mothers used when they were growing up in poor families. Cheap foods were used, such as soups, beans and noodles. They purchased the cheapest cuts of meat—sometimes even horse meat—and recycled the Sunday roast into sandwiches and soups. They sewed and patched clothing, traded with their neighbors for outgrown items, and made do with colder homes. New furniture and appliances were postponed until better days. Many women also worked outside
1452-402: A monetary contraction first-hand were forced to join the deflationary policy since higher interest rates in countries that performed a deflationary policy led to a gold outflow in countries with lower interest rates. Under the gold standard's price–specie flow mechanism , countries that lost gold but nevertheless wanted to maintain the gold standard had to permit their money supply to decrease and
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#17327651066771584-567: A serious issue in the 1930s. Support for increasing welfare programs during the depression included a focus on women in the family. The Conseil Supérieur de la Natalité campaigned for provisions enacted in the Code de la Famille (1939) that increased state assistance to families with children and required employers to protect the jobs of fathers, even if they were immigrants. In rural and small-town areas, women expanded their operation of vegetable gardens to include as much food production as possible. In
1716-467: A six-act biblical drama written by Constance Lindsay Skinner , under the direction of Garnet Holme of Berkeley, inaugurated the Forest Theater on July 9, 1910. More than 1,000 theatergoers attended the production. Heron produced and acted in the play as David , Helen MacGowan Cooke played the character Michal , Joseph W. Hand as Hushai , in a cast of Carmel area residents. Before electricity
1848-480: A small cadre of Labour, but the vast majority of Labour leaders denounced MacDonald as a traitor for leading the new government. Britain went off the gold standard , and suffered relatively less than other major countries in the Great Depression. In the 1931 British election, the Labour Party was virtually destroyed, leaving MacDonald as prime minister for a largely Conservative coalition. In most countries of
1980-713: A standstill agreement froze Germany's foreign liabilities for six months. Germany received emergency funding from private banks in New York as well as the Bank of International Settlements and the Bank of England. The funding only slowed the process. Industrial failures began in Germany, a major bank closed in July and a two-day holiday for all German banks was declared. Business failures were more frequent in July, and spread to Romania and Hungary. The crisis continued to get worse in Germany, bringing political upheaval that finally led to
2112-658: Is a consensus that the Federal Reserve System should have cut short the process of monetary deflation and banking collapse, by expanding the money supply and acting as lender of last resort . If they had done this, the economic downturn would have been far less severe and much shorter. Modern mainstream economists see the reasons in Insufficient spending, the money supply reduction, and debt on margin led to falling prices and further bankruptcies ( Irving Fisher 's debt deflation). The monetarist explanation
2244-597: Is a town in Monterey County, California , located on the Central Coast of California . As of the 2020 census , the town had a population of 3,220, down from 3,722 at the 2010 census . Situated on the Monterey Peninsula , Carmel is a tourist destination, known for its natural scenery and artistic history. The Spanish founded a settlement in 1797, when Mission San Carlos Borromeo de Carmelo
2376-425: Is located on the Monterey Peninsula , situated on the southern portion of Monterey Bay , on the Central Coast of California . Carmel Pinnacles State Marine Reserve , Carmel Bay State Marine Conservation Area , Point Lobos State Marine Reserve and Point Lobos State Marine Conservation Area are marine protected areas in the waters around Carmel. Carmel-by-the-Sea is situated in a moderate seismic risk zone,
2508-727: Is represented by Supervisor Mary Adams. In the California State Assembly , Carmel is in the 29th Assembly District , represented by Democrat Robert Rivas . In the California State Senate , Carmel in the 17th Senate District , represented by Democrat John Laird . In the United States House of Representatives , Carmel is in California's 19th Congressional District , represented by Democrat Jimmy Panetta . Carmel
2640-692: Is served by the Carmel Unified School District , which operates nearby schools including Carmel High School , Carmel Middle School, Tularcitos Elementary School and Carmel River School . The Californian , formerly The Carmel Sun , was published weekly in 1936-1937 by E.F. Bunch in Carmel-By-The-Sea. The Carmel Pine Cone is the town's weekly newspaper and has been published since 1915, covering local news, politics, arts, entertainment, opinions and real estate. Great Depression The Great Depression
2772-493: Is supported by the contrast in how the crisis progressed in, e.g., Britain, Argentina and Brazil, all of which devalued their currencies early and returned to normal patterns of growth relatively rapidly and countries which stuck to the gold standard , such as France or Belgium. Frantic attempts by individual countries to shore up their economies through protectionist policies – such as the 1930 U.S. Smoot–Hawley Tariff Act and retaliatory tariffs in other countries – exacerbated
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#17327651066772904-493: Is thought that he named the river running through the valley Rio Carmelo in honor of the three Carmelite friars serving as chaplains for the voyage. The Spanish did not attempt to colonize the area until 1770, when Gaspar de Portolá , along with Franciscan priests Junípero Serra and Juan Crespí , visited the area in search of a mission site. Portolà and Crespí traveled by land while Serra traveled with supplies aboard ship, arriving eight days later. The colony of Monterey
3036-539: The 1932 election , Hoover was defeated by Franklin D. Roosevelt , who from 1933 pursued a series of " New Deal " policies and programs to provide relief and create jobs, including the Civilian Conservation Corps , Federal Emergency Relief Administration , Tennessee Valley Authority , and Works Progress Administration . Historians disagree on the effects of the New Deal, with some claiming that
3168-465: The Carmel Development Company was formed in 1902, Carmel became an art colony and seaside resort , which incorporated in 1916. The first Europeans to see Carmel were mariners led by Juan Rodríguez Cabrillo in 1542, who sailed up the California coast without landing. Another sixty years passed before Spanish explorer, Sebastián Vizcaíno landed in what is now known as Carmel Valley in 1602. It
3300-467: The Carmel Highlands in 1962, a few miles south of town. Carmel is a general law city governed by a mayor and four city council members. The current mayor is Dave Potter. Elected councilmembers are Carrie Theis, Jeff Baron, Bobby Richards and Jan Reimers. Chip Rerig is the newest City Administrator. The City of Carmel-by-the-Sea has established a "sphere of influence" that includes
3432-714: The Carmel River from Lafayette F. Loveland in 1859. He built the Martin Ranch on 216 acres (87 ha) that went as far as the Carmel River to the homes along Carmel-by-the-Sea. The ranch became known as the Mission Ranch because it was so close to the Carmel Mission. They farmed potatoes and barley and had a milk dairy. In 1888, Escolle and Santiago J. Duckworth filed a subdivision map with
3564-629: The Golden Bough Playhouse and Sunset Center , and needed a permanent place for their activities. In 1969, Hovick formed a new production entity called the Staff Players Repertory Company, staging classic drama on the small Indoor Forest Theater stage. In 1971, a second Forest Theater Guild was established by Cole Weston , and the group began producing summer musicals and community plays on the outdoor stage. In 2010, after 50 years, CET ceased operations, and
3696-582: The New York Bank of United States – which produced panic and widespread runs on local banks, and the Federal Reserve sat idly by while banks collapsed. Friedman and Schwartz argued that, if the Fed had provided emergency lending to these key banks, or simply bought government bonds on the open market to provide liquidity and increase the quantity of money after the key banks fell, all the rest of
3828-883: The Panama–Pacific International Exposition in San Francisco , various items showcasing Carmel were featured in the Monterey County exhibit within the California Building. This exhibit included natural and industrial products of this part of the state. As part of Carmel's involvement in the Exposition, the Junipero Serra or The Padres performance from the Forest Theater took place on July 30–31, 1915, within
3960-539: The coming to power of Hitler's Nazi regime in January 1933. The world financial crisis now began to overwhelm Britain; investors around the world started withdrawing their gold from London at the rate of £2.5 million per day. Credits of £25 million each from the Bank of France and the Federal Reserve Bank of New York and an issue of £15 million fiduciary note slowed, but did not reverse,
4092-447: The 1937 recession that interrupted it). The common view among most economists is that Roosevelt's New Deal policies either caused or accelerated the recovery, although his policies were never aggressive enough to bring the economy completely out of recession. Some economists have also called attention to the positive effects from expectations of reflation and rising nominal interest rates that Roosevelt's words and actions portended. It
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4224-813: The British crisis. The financial crisis now caused a major political crisis in Britain in August 1931. With deficits mounting, the bankers demanded a balanced budget; the divided cabinet of Prime Minister Ramsay MacDonald's Labour government agreed; it proposed to raise taxes, cut spending, and most controversially, to cut unemployment benefits 20%. The attack on welfare was unacceptable to the Labour movement. MacDonald wanted to resign, but King George V insisted he remain and form an all-party coalition " National Government ". The Conservative and Liberals parties signed on, along with
4356-639: The City of Carmel-by-the-Sea in 1964, renaming the venue the Sunset Theatre. In 2003, following a $ 22 million renovation, the Sunset Center re-opened with the 66th annual Carmel Bach Festival. In 1949, the first Forest Theater Guild was organized. For most of the 1960s, the outdoor theater lay unused and neglected, with the original Forest Theater Guild having ceased operations in 1961. In 1968, Marcia Hovick's Children's Experimental Theater leased
4488-609: The County Recorder of Monterey County. By 1889, 200 lots had been sold. The name "Carmel" was earlier applied to another place on the north bank of the Carmel River 13 miles (21 km) east-southeast of the present-day Carmel. A post office called Carmel opened in 1889, closed in 1890, re-opened in 1893, moved in 1902, and closed for good in 1903. Abbie Jane Hunter , founder of the San Francisco-based Women's Real Estate Investment Company, first used
4620-697: The Court of the Universe. This pageant, written and directed by Perry Newberry , was a tribute to Father Junipero Serra and featured prominent citizens of Carmel in its cast, such as Frederick R. Bechdolt and Grant Wallace . Around twenty-five thousand individuals attended these performances. In 1925, Paul Aiken Flanders built the Flanders Mansion and used his home as a model for the Hatton Fields subdivision. The City of Carmel purchased
4752-530: The Depression. Businessmen ignored the mounting national debt and heavy new taxes, redoubling their efforts for greater output to take advantage of generous government contracts. During World War I many countries suspended their gold standard in varying ways. There was high inflation from WWI, and in the 1920s in the Weimar Republic , Austria , and throughout Europe. In the late 1920s there
4884-521: The Dow returning to 294 (pre-depression levels) in April 1930, before steadily declining for years, to a low of 41 in 1932. At the beginning, governments and businesses spent more in the first half of 1930 than in the corresponding period of the previous year. On the other hand, consumers, many of whom suffered severe losses in the stock market the previous year, cut expenditures by 10%. In addition, beginning in
5016-489: The Federal Reserve did not act to limit the decline of the money supply was the gold standard . At that time, the amount of credit the Federal Reserve could issue was limited by the Federal Reserve Act , which required 40% gold backing of Federal Reserve Notes issued. By the late 1920s, the Federal Reserve had almost hit the limit of allowable credit that could be backed by the gold in its possession. This credit
5148-604: The Flanders Mansion and adjoining 14.9 acres (6.0 ha) in 1972, from the Flanders heirs for US$ 275,000 (equivalent to $ 2,003,103 in 2023). It has become part of the 34-acre (14 ha) Mission Trail Nature Preserve. In 1932, the city developed the Devendorf Park that occupies the block of Ocean Avenue and Junipero Street. The city park is Carmel's central gathering place for outdoor events. Carmel
5280-442: The Great Depression is right, or the traditional Keynesian explanation that a fall in autonomous spending, particularly investment, is the primary explanation for the onset of the Great Depression. Today there is also significant academic support for the debt deflation theory and the expectations hypothesis that – building on the monetary explanation of Milton Friedman and Anna Schwartz – add non-monetary explanations. There
5412-642: The Great Depression. According to the U.S. Senate website, the Smoot–Hawley Tariff Act is among the most catastrophic acts in congressional history. Many economists have argued that the sharp decline in international trade after 1930 helped to worsen the depression, especially for countries significantly dependent on foreign trade. Most historians and economists blame the Act for worsening the depression by seriously reducing international trade and causing retaliatory tariffs in other countries. While foreign trade
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5544-481: The New Deal prolonged the Great Depression, as they argue that National Industrial Recovery Act of 1933 and National Labor Relations Act of 1935 restricted competition and established price fixing. John Maynard Keynes did not think that the New Deal under Roosevelt single-handedly ended the Great Depression: "It is, it seems, politically impossible for a capitalistic democracy to organize expenditure on
5676-475: The School of Dramatic Arts. On April 23, 2014, the facility was shuttered due to health and safety issues caused by years of deferred maintenance. On May 5, 2014, the city council declared a "cultural community emergency" and planned to reopen the theatre as soon as possible. In January 2015, anticipating delays in the renovations, the city announced that the reopening of the theatre would be postponed until 2016, and
5808-544: The U.K. economy, which experienced an economic downturn throughout most of the late 1920s, was less severely impacted by the shock of the depression than the U.S. By contrast, the German economy saw a similar decline in industrial output as that observed in the U.S. Some economic historians attribute the differences in the rates of recovery and relative severity of the economic decline to whether particular countries had been able to effectively devaluate their currencies or not. This
5940-490: The U.S. unemployment rate down below 10%. World War II had a dramatic effect on many parts of the American economy. Government-financed capital spending accounted for only 5% of the annual U.S. investment in industrial capital in 1940; by 1943, the government accounted for 67% of U.S. capital investment. The massive war spending doubled economic growth rates, either masking the effects of the Depression or essentially ending
6072-775: The United States in 1848, when Mexico ceded California as a result of the Mexican–American War . In the 1850s, "Rancho Las Manzanitas", the area that was to become Carmel-by-the-Sea, was purchased by French businessman Honoré Escolle . Escolle was known and prosperous in the City of Monterey, owning the first commercial bakery, pottery kiln, and brickworks in Central California. William Martin of Scotland arrived in Monterey in 1856 by ship with his family. His son, John Martin (1827–1893), bought land around
6204-622: The United States, agricultural organizations sponsored programs to teach housewives how to optimize their gardens and to raise poultry for meat and eggs. Rural women made feed sack dresses and other items for themselves and their families and homes from feed sacks. In American cities, African American women quiltmakers enlarged their activities, promoted collaboration, and trained neophytes. Quilts were created for practical use from various inexpensive materials and increased social interaction for women and promoted camaraderie and personal fulfillment. Oral history provides evidence for how housewives in
6336-543: The United States, remained on the gold standard into 1932 or 1933, while a few countries in the so-called "gold bloc", led by France and including Poland, Belgium and Switzerland, stayed on the standard until 1935–36. According to later analysis, the earliness with which a country left the gold standard reliably predicted its economic recovery. For example, The UK and Scandinavia, which left the gold standard in 1931, recovered much earlier than France and Belgium, which remained on gold much longer. Countries such as China, which had
6468-638: The Wall Street crash, after which the slide continued for three years, which was accompanied by a loss of confidence in the financial system. By 1933, the U.S. unemployment rate had risen to 25 percent, about one-third of farmers had lost their land, and about half of the country's 25,000 banks had gone out of business. Many people, unable to pay mortgages or rent, became homeless and relied on begging or charities to feed themselves. The U.S. federal government initially did little to help. President Herbert Hoover , like many of his fellow Republicans , believed in
6600-413: The advent of World War II , however, mandatory blackouts were ordered for coastal towns and cities. The residents of Carmel participated and halted all Forest Theater activity, essentially closing the facility in 1943–44, and again in 1946. From 1947 to 1949, the facility resumed annual productions of Shakespeare and local authors. In 1949, Heron and twenty villagers started the first Forest Theater Guild,
6732-543: The afternoon. September and October ( Indian summer ) offer the most pleasant weather of the year, with an average high of 72 °F (22 °C). The wet season is from October to May. Average annual rainfall in Carmel-by-the-Sea is 20 inches (500 mm) per year, and the average temperature is 57 °F (14 °C). The town has historically pursued a strategy of planned development to enhance its natural coastal beauty and to retain its character, which
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#17327651066776864-643: The auspices of the Carmel Arts and Crafts Club, the Forest Theater Corporation was created to produce and manage the plays staged at Forest Theater. In 1927, the Carmel Arts and Crafts Club and Forest Theater were sold to the Abalone League, and the proceeds were used to pay off the theater's debts. Productions at the Forest Theater became a village affair, with residents volunteering their time to build sets, make costumes and act;
6996-460: The banks would not have fallen after the large ones did, and the money supply would not have fallen as far and as fast as it did. With significantly less money to go around, businesses could not get new loans and could not even get their old loans renewed, forcing many to stop investing. This interpretation blames the Federal Reserve for inaction, especially the New York branch . One reason why
7128-573: The beginning of the Depression. The Depression was preceded by a period of industrial growth and social development known as the " Roaring Twenties ". Much of the profit generated by the boom was invested in speculation , such as on the stock market , which resulted in growing wealth inequality . Banks were subject to minimal regulation under laissez-faire economic policies, resulting in loose lending and widespread debt. By 1929, declining spending had led to reductions in manufacturing output and rising unemployment . Share values continued to rise until
7260-465: The behavior of housewives. The common view among economic historians is that the Great Depression ended with the advent of World War II . Many economists believe that government spending on the war caused or at least accelerated recovery from the Great Depression, though some consider that it did not play a very large role in the recovery, though it did help in reducing unemployment. The rearmament policies leading up to World War II helped stimulate
7392-485: The business district and restricting the size of residential houses and lots. No sidewalks in the residential area, no streetlights, no commercial development on the beach, preservation of the native trees, one or two stories height limitation, no chain restaurants, and no billboards. These ordinances have helped preserve Carmel's character as a village. On the Monterey County Board of Supervisors, Carmel
7524-572: The businesses, cottages and houses have no street numbers . The 2010 United States Census reported that Carmel-by-the-Sea had a population of 3,722. The population density was 3,445.5 inhabitants per square mile (1,330.3/km ). The racial makeup of Carmel-by-the-Sea was 3,464 (93.1%) White, 11 (0.3%) African American, 8 (0.2%) Native American, 111 (3.0%) Asian, 6 (0.2%) Pacific Islander, 45 (1.2%) from other races, and 77 (2.1%) from two or more races. Hispanic or Latino of any race were 174 persons (4.7%). The Census reported that 3,722 people (100% of
7656-518: The city's general plan describes as "a village in a forest overlooking a white sand beach". Carmel-by-the-Sea was incorporated in 1916 and by 1925 the town adopted a vision of its future as "primarily, essentially and predominantly a residential community" (Carmel-by-the-Sea City Council, 1929). New buildings must be built around existing trees and new trees are required on lots that are deemed to have an inadequate number. The one-square-mile village has no street lights or parking meters. In addition,
7788-462: The collapse in global trade, contributing to the depression. By 1933, the economic decline pushed world trade to one third of its level compared to four years earlier. While the precise causes for the occurrence of the Great depression are disputed and can be traced to both global and national phenomena, its immediate origins are most conveniently examined in the context of the U.S. economy, from which
7920-482: The communities of Carmel Woods , Hatton Fields , Mission Fields, Mission Tract, Carmel Point , and Carmel Hills. These neighborhoods are officially parts of unincorporated Monterey County , which provides most primary services, including law enforcement, street repairs, and public transit. Except for several shopping areas at the mouth of Carmel Valley, these satellite areas contain few, if any, businesses and serve primarily as bedroom communities to Carmel-by-the-Sea and
8052-475: The crash was a mere symptom of more general economic trends of the time, which had already been underway in the late 1920s. A contrasting set of views, which rose to prominence in the later part of the 20th century, ascribes a more prominent role to failures of monetary policy . According to those authors, while general economic trends can explain the emergence of the downtown, they fail to account for its severity and longevity; they argue that these were caused by
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#17327651066778184-625: The crisis, the U.S. Congress passed the Smoot–Hawley Tariff Act on 17 June 1930. The Act was ostensibly aimed at protecting the American economy from foreign competition by imposing high tariffs on foreign imports. The consensus view among economists and economic historians (including Keynesians , Monetarists and Austrian economists ) is that the passage of the Smoot–Hawley Tariff had, in fact, achieved an opposite effect to what
8316-498: The cypresses and rocks of Point Lobos, the always varying sunsets and the intriguing shadows of the sand dunes offered a rich field for color experiments." According to the Library of Congress, where over 18,000 of his negatives and prints are on file, Genthe "became famous for his impressionistic portrayals of society women, artists, dancers, and theater personalities." Photographer Edward Weston moved to Carmel in 1929 and shot
8448-633: The decade. The Depression had devastating economic effects on both wealthy and poor countries: all experienced drops in personal income , prices ( deflation ), tax revenues, and profits. International trade fell by more than 50%, and unemployment in some countries rose as high as 33%. Cities around the world , especially those dependent on heavy industry , were heavily affected. Construction virtually halted in many countries, and farming communities and rural areas suffered as crop prices fell by up to 60%. Faced with plummeting demand and few job alternatives, areas dependent on primary sector industries suffered
8580-408: The depression. Not all governments enforced the same measures of protectionism. Some countries raised tariffs drastically and enforced severe restrictions on foreign exchange transactions, while other countries reduced "trade and exchange restrictions only marginally": The gold standard was the primary transmission mechanism of the Great Depression. Even countries that did not face bank failures and
8712-435: The domestic price level to decline ( deflation ). There is also consensus that protectionist policies, and primarily the passage of the Smoot–Hawley Tariff Act , helped to exacerbate, or even cause the Great Depression. Some economic studies have indicated that the rigidities of the gold standard not only spread the downturn worldwide, but also suspended gold convertibility (devaluing the currency in gold terms) that did
8844-402: The drop in demand. Monetarists believe that the Great Depression started as an ordinary recession, but the shrinking of the money supply greatly exacerbated the economic situation, causing a recession to descend into the Great Depression. Economists and economic historians are almost evenly split as to whether the traditional monetary explanation that monetary forces were the primary cause of
8976-427: The economies of Europe in 1937–1939. By 1937, unemployment in Britain had fallen to 1.5 million. The mobilization of manpower following the outbreak of war in 1939 ended unemployment. The American mobilization for World War II at the end of 1941 moved approximately ten million people out of the civilian labor force and into the war. This finally eliminated the last effects from the Great Depression and brought
9108-576: The end of the month. A large sell-off of stocks began in mid-October. Finally, on 24 October, Black Thursday , the American stock market crashed 11% at the opening bell. Actions to stabilize the market failed, and on 28 October, Black Monday, the market crashed another 12%. The panic peaked the next day on Black Tuesday, when the market saw another 11% drop. Thousands of investors were ruined, and billions of dollars had been lost; many stocks could not be sold at any price. The market recovered 12% on Wednesday but by then significant damage had been done. Though
9240-500: The explanations of the Keynesians and monetarists. The consensus among demand-driven theories is that a large-scale loss of confidence led to a sudden reduction in consumption and investment spending. Once panic and deflation set in, many people believed they could avoid further losses by keeping clear of the markets. Holding money became profitable as prices dropped lower and a given amount of money bought ever more goods, exacerbating
9372-402: The factions were eventually reconciled and returned to the Forest Theater. In 1915, a season of 11 productions included Newberry's Junipero Serra premiered, a historical pageant about Father Junípero Serra with Frederick Bechdolt as Serra. Joseph Hand had his farewell appearance on August 7, 1915, in the play The Man from Home , by Harry Leon Wilson and Booth Tarkington . In 1916 two of
9504-503: The few women in the labor force, layoffs were less common in the white-collar jobs and they were typically found in light manufacturing work. However, there was a widespread demand to limit families to one paid job, so that wives might lose employment if their husband was employed. Across Britain, there was a tendency for married women to join the labor force, competing for part-time jobs especially. In France, very slow population growth, especially in comparison to Germany continued to be
9636-752: The first bakery on Ocean Avenue, called the Carmel Bakery . In 1910, the Carnegie Institution established the Coastal Laboratory, and a number of scientists moved to the area. Carmel incorporated in 1916. In 1905, the Carmel Arts and Crafts Club was formed to support and produce artistic works. After the 1906 San Francisco earthquake , the village was inundated with musicians, writers, painters and other creatives. These new residents were offered home lots—ten dollars as
9768-416: The first of numerous nature photographs, many set at Point Lobos, on the south side of Carmel Bay. In 1936, Weston became the first photographer to receive a Guggenheim Fellowship for his work in experimental photography. In 1948, after the onset of Parkinson's disease, he took his last photograph, an image of Point Lobos. Weston had traveled extensively with legendary photographer Ansel Adams , who moved to
9900-505: The first week of June, 540 million in the second, and 150 million in two days, 19–20 June. Collapse was at hand. U.S. President Herbert Hoover called for a moratorium on payment of war reparations . This angered Paris, which depended on a steady flow of German payments, but it slowed the crisis down, and the moratorium was agreed to in July 1931. An International conference in London later in July produced no agreements but on 19 August
10032-606: The government tried to reshape private household consumption under the Four-Year Plan of 1936 to achieve German economic self-sufficiency. The Nazi women's organizations, other propaganda agencies and the authorities all attempted to shape such consumption as economic self-sufficiency was needed to prepare for and to sustain the coming war. The organizations, propaganda agencies and authorities employed slogans that called up traditional values of thrift and healthy living. However, these efforts were only partly successful in changing
10164-483: The greater Monterey Peninsula . In July 2024, Carmel-by-the-Sea City Council voted to establish street addresses for the first time in the city. There remains no home mail-delivery in Carmel-by-the-Sea (by contrast with adjacent, "county-Carmel" residential districts). Argyll Campbell served as city attorney of Carmel from 1920 to 1937. He was responsible for drawing up many of Carmel's first zoning laws and ordinances. Campbell backed zoning ordinances that limited
10296-519: The home, or took boarders, did laundry for trade or cash, and did sewing for neighbors in exchange for something they could offer. Extended families used mutual aid—extra food, spare rooms, repair-work, cash loans—to help cousins and in-laws. In Japan, official government policy was deflationary and the opposite of Keynesian spending. Consequently, the government launched a campaign across the country to induce households to reduce their consumption, focusing attention on spending by housewives. In Germany,
10428-510: The idea for the outdoor stage. In 1906, San Francisco photographer Arnold Genthe joined the Carmel arts colony, where he was able to pursue his pioneering work in color photography. His first attempts were taken in his garden, primarily portraits of his friends, including the leading Shakespearean actor and actress of the period, Edward Sothern and Julia Marlowe, who were costumed as Macbeth and Lady Macbeth. Of his new residence, he wrote, "My first trials with this medium were made at Carmel where
10560-520: The indoor theater and continued until 2010. In 1972, a new Forest Theater Guild was incorporated and continues to produce musicals, adding a film series in 1997. In 1905, novelist Mary Austin moved to Carmel. She is best known for her tribute to the deserts of the American Southwest, The Land of Little Rain . Her play, Fire , which she also directed, had its world premiere at the Forest Theater in 1913. Austin has bee credited as suggesting
10692-527: The initial crisis spread to the rest of the world. In the aftermath of World War I , the Roaring Twenties brought considerable wealth to the United States and Western Europe. Initially, the year 1929 dawned with good economic prospects: despite a minor crash on 25 March 1929, the market seemed to gradually improve through September. Stock prices began to slump in September, and were volatile at
10824-563: The lack of an adequate response to the crises of liquidity that followed the initial economic shock of 1929 and the subsequent bank failures accompanied by a general collapse of the financial markets. After the Wall Street Crash of 1929 , when the Dow Jones Industrial Average dropped from 381 to 198 over the course of two months, optimism persisted for some time. The stock market rose in early 1930, with
10956-512: The lease on the school was then given to Pacific Repertory Theatre for its School of Dramatic Arts. The main stage remained unused, and in 1971, the Cultural Commission considered closing the theater for good. Residents of Carmel voiced opposition. A second Forest Theater Guild was created, this time as a nonprofit organization, with former president Cole Weston as the new Guild President. To raise needed funds and draw attention to
11088-521: The market entered a period of recovery from 14 November until 17 April 1930, the general situation had been a prolonged slump. From 17 April 1930 until 8 July 1932, the market continued to lose 89% of its value. Despite the crash, the worst of the crisis did not reverberate around the world until after 1929. The crisis hit panic levels again in December 1930, with a bank run on the Bank of United States ,
11220-414: The mid-1930s, a severe drought ravaged the agricultural heartland of the U.S. Interest rates dropped to low levels by mid-1930, but expected deflation and the continuing reluctance of people to borrow meant that consumer spending and investment remained low. By May 1930, automobile sales declined to below the levels of 1928. Prices, in general, began to decline, although wages held steady in 1930. Then
11352-531: The mid-1960s, the Forest Theater Guild had closed and abandoned the facility, and, with a few minor exceptions, no plays were shown on the main stage. The city began to use the site for other purposes, such as Boy Scout camps. From 1968 to 2010, Marcia Hovick's Children's Experimental Theatre (CET) leased the facility's indoor theater. Formed in 1960 by Marcia Hovick to develop "creative confidence" through theatre training, CET had been using space at
11484-423: The monetary base and by not injecting liquidity into the banking system to prevent it from crumbling, the Federal Reserve passively watched the transformation of a normal recession into the Great Depression. Friedman and Schwartz argued that the downward turn in the economy, starting with the stock market crash, would merely have been an ordinary recession if the Federal Reserve had taken aggressive action. This view
11616-502: The most to make recovery possible. Every major currency left the gold standard during the Great Depression. The UK was the first to do so. Facing speculative attacks on the pound and depleting gold reserves , in September 1931 the Bank of England ceased exchanging pound notes for gold and the pound was floated on foreign exchange markets. Japan and the Scandinavian countries followed in 1931. Other countries, such as Italy and
11748-427: The most. The outbreak of World War II in 1939 ended the Depression, as it stimulated factory production, providing jobs for women as militaries absorbed large numbers of young, unemployed men. The precise causes for the Great Depression are disputed. One set of historians, for example, focuses on non-monetary economic causes. Among these, some regard the Wall Street crash itself as the main cause; others consider that
11880-432: The name "Carmel-by-the-Sea" on a promotional postcard. In 1902, James Franklin Devendorf and Frank Hubbard Powers , on behalf of the Carmel Development Company , filed a subdivision map of the core village that became Carmel. They asked Michael J. Murphy to help build the houses. From 1902 to 1940, he built nearly 350 buildings in Carmel. The Carmel post office opened the same year. In 1899, Fritz Schweninger opened
12012-403: The nearby Sunset Center signed a 30-year lease with the city of Carmel to manage the site. In 2019, the Forest Theater Guild, announced that Sunset Center management had drastically cut back the guild's 12-week season, offering only 12 dates at the historic theatre for film presentations, and no dates for their theatrical productions. The Guild asked the city council to intervene. In 2020, the venue
12144-582: The need to balance the national budget and was unwilling to implement expensive welfare spending . In 1930, Hoover signed the Smoot–Hawley Tariff Act , which taxed imports with the intention of encouraging buyers to purchase American products, which worsened the Depression because foreign governments retaliated with tariffs on American exports. In 1932, Hoover established the Reconstruction Finance Corporation , which offered loans to businesses and support to local governments. In
12276-518: The next few years, including the 1911 production of the play The Land of Heart's Desire given by the Carmel Arts and Crafts Club , and the 1912 production of The Toad , by Carmel resident Bertha Newberry , the wife of Perry Newberry . That year, the first children's play was staged at Forest Theater, Alice in Wonderland , adapted by Newberry and painter Arthur Honywood Vachell. In 1913
12408-541: The nonprofit to manage the venue for the next five years, with a five-year renewal option. The Forest Theater Guild was designated an "historic user". The venue continues to host events produced by the Forest Theater Guild, Pacific Repertory Theatre, the Monterey Symphony, as well as other small arts organizations, films and civic events. Carmel-by-the-Sea, California Carmel-by-the-Sea ( / k ɑːr ˈ m ɛ l / ), commonly known simply as Carmel ,
12540-553: The older facility and renamed it the Golden Bough Playhouse. In 1949, after remounting By Candlelight , the playhouse again burned to the ground. It was rebuilt and reopened in 1952. In 1931, the Carmel Sunset School constructed a new auditorium, complete with Gothic-inspired architecture, with seating for 700. Often doubling as a performing arts venue for the community, the facility was bought by
12672-579: The outdoor stage, beginning with Jeffers' Medea . PacRep reactivated the Carmel Shakespeare Festival in 1990. PacRep continued to stage productions at the Forest Theater every September and October, expanding into August in 2000. Meanwhile, over the last decades of the 20th century, the Forest Theater Guild produced over 20 plays, including Moon for the Misbegotten and Long Day's Journey into Night . In 2005, PacRep presented
12804-514: The outdoor stage. The site re-opened as The Carmel Shakespeare Festival , with Heron as its director, and, with the exception of the World War II years of 1943–44, the festival continued through the late 1940s. The festival offered Shakespeare, including Macbeth , Hamlet , Julius Caesar and As You Like It , as well as the works of Carmel authors, including the first local production of Robinson Jeffers ' The Tower Beyond Tragedy . With
12936-483: The physical volume of exports fall, but also the prices fell by about 1 ⁄ 3 as written. Hardest hit were farm commodities such as wheat, cotton, tobacco, and lumber. Governments around the world took various steps into spending less money on foreign goods such as: "imposing tariffs, import quotas, and exchange controls". These restrictions triggered much tension among countries that had large amounts of bilateral trade, causing major export-import reductions during
13068-480: The policies prolonged the Depression instead of shortening it. Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%; in the U.S., the Depression resulted in a 30% contraction in GDP. Recovery varied greatly around the world. Some economies, such as the U.S., Germany and Japan started to recover by the mid-1930s; others, like France, did not return to pre-shock growth rates until later in
13200-459: The political situation in Europe. In their book, A Monetary History of the United States , Milton Friedman and Anna J. Schwartz also attributed the recovery to monetary factors, and contended that it was much slowed by poor management of money by the Federal Reserve System . Chairman of the Federal Reserve (2006–2014) Ben Bernanke agreed that monetary factors played important roles both in
13332-627: The population) lived in households, 0 (0%) lived in non-institutionalized group quarters, and 0 (0%) were institutionalized. There were 2,095 households, out of which 254 (12.1%) had children under the age of 18 living in them, 831 (39.7%) were opposite-sex married couples living together, 138 (6.6%) had a female householder with no husband present, 50 (2.4%) had a male householder with no wife present. There were 81 (3.9%) unmarried opposite-sex partnerships , and 20 (1.0%) same-sex married couples or partnerships . 934 households (44.6%) were made up of individuals, and 471 (22.5%) had someone living alone who
13464-425: The population) lived in owner-occupied housing units and 1,524 people (40.9%) lived in rental housing units. In 1907, the town's first cultural center and theatre, the Carmel Arts and Crafts Clubhouse, was built. Poets Austin and Sterling performed their "private theatricals" there. By 1913, The Arts and Crafts Club had begun organizing lessons for aspiring painters, actors, and craftsmen. Theatrical activities in
13596-729: The possible closure, the new group produced a staged reading of Robinson Jeffers' Medea and The Tower Beyond Tragedy , which featured actress Dame Judith Anderson . In 1971, the guild officially incorporated. Mayor Gunnar Norberg and Weston, recognizing the theater's cultural significance and historical value, rallied the community to a preserve the theatre. In 1972, to raise funds for the Theater's preservation, Norberg and Weston staged their first full production of William Shakespeare 's Twelfth Night . In 1984, Pacific Repertory Theatre (PacRep), originally called GroveMont Theatre, started producing classics, children's theater and musicals on
13728-947: The principal threats being the San Andreas Fault , which is approximately thirty miles northeast, and the Palo Colorado Fault which traces offshore through the Pacific Ocean several miles away. More minor potentially active faults nearby are the Church Creek Fault and the San Francisquito Fault. Carmel-by-the-Sea experiences a cool summer Mediterranean climate ( Köppen climate classification Csb ) normal in coastal areas of California. Summers are typically mild, with overcast mornings produced by marine layer clouds which can bring drizzles that typically give way to clear skies in
13860-503: The productions were Yolanda of Cyprus and The Piper , for which the scenery was painted by Carmel artists William Frederic Ritschel and Laura W. Maxwell , who also appeared in the plays. Other notable artists acted at, or designed sets for, the theater include Frederick R. Bechdolt , Josephine M. Culbertson , Xavier Martinez , Jo Mora , Ira Mallory Remsen and Herman Rosse . Forest Theater reached its peak production between 1915 and 1924, with 50 plays and musicals staged, including
13992-561: The resulting success enabled the Carmel Arts and Crafts Club to buy the land from the Carmel Development Company in 1925. During the Great Depression , Forest Theater accumulated debt. In 1934, it celebrated its 100th production, The Man Who Married a Dumb Wife by Anatole France , a comedy directed by Heron. In September 1936, Remsen's Inchling was presented again; which, together with a village fair at
14124-434: The scale necessary to make the grand experiments which would prove my case—except in war conditions." According to Christina Romer , the money supply growth caused by huge international gold inflows was a crucial source of the recovery of the United States economy, and that the economy showed little sign of self-correction. The gold inflows were partly due to devaluation of the U.S. dollar and partly due to deterioration of
14256-645: The seasonal rains. This too, was a temporary church until a permanent stone edifice was built. In 1784, Serra died and was buried, at his request, at the Mission in the Sanctuary of the San Carlos Church, next to Crespí, who had died the previous year. Serra was buried with full military honors. Carmel Mission contains the state's first library. When Mexico gained independence from Spain in 1821, Carmel became Mexican territory . Carmel became part of
14388-415: The stipulation that the facility would be a public park and continue to offer outdoor performances. Forest Theatre was closed during the three years of renovations. In 1937, the property was deeded to the City of Carmel-by-the-Sea to qualify for federal funding, and in 1939 the site became a Works Progress Administration (WPA) project. The WPA rebuilt the outdoor theatre and created an indoor facility beneath
14520-442: The theater companies cancelled their upcoming seasons. After a contentious design period, a two-phase project was approved by the city council. Phase 1 addressed the safety and ADA compliance requirements, while phase 2 was planned to upgrade the concessions and restroom facilities, and make other improvements. In June 2016, the theater reopened and began performances again, including The Wizard of Oz and Twelfth Night . In 2017,
14652-510: The theater grounds, helped reduced the theater's debt. When repairs were needed and no local donors could be found, the theater looked into applying for WPA money. Funds were only available to government entities, and the private non-profit Arts and Crafts Club was not eligible. In 1937, the Club decided to deed the theater to the City of Carmel-by-the-Sea to obtain WPA funds for major renovations, with
14784-582: The theater's highest-attended production, Disney 's Beauty and the Beast ; more than 10,000 people bought tickets. In 1997, the guild began Films in the Forest , a series of first-run movies, classic feature films, and documentary film screenings. In 2011, following the closure of the CET, the City of Carmel awarded the year-round lease of the indoor theater at Forest Theater to PacRep for its educational program,
14916-531: The theatre produced four new productions: a Robin Hood drama, Runnymede ; Newberry's play for children, Aladdin ; Mary Hunter Austin 's Fire starring George Sterling and directed by Austin; and Takeshi Kanno's poem-play Creation-Dawn . A split in the ranks of the Forest Theater Society caused Sterling and Heron to found an alternative theater society, the California (or Western) Drama Society;
15048-574: The town grew, that between 1922 and 1924, two competing indoor theatres were built—the Arts & Crafts Hall and the Theatre of the Golden Bough, designed and built by Edward G. Kuster and originally located on Ocean Avenue. In 1935, after a production of By Candlelight , the Golden Bough was destroyed by fire. Kuster, who had previously bought out the Arts and Crafts Theatre, moved his operation to
15180-476: The world, recovery from the Great Depression began in 1933. In the U.S., recovery began in early 1933, but the U.S. did not return to 1929 GNP for over a decade and still had an unemployment rate of about 15% in 1940, albeit down from the high of 25% in 1933. There is no consensus among economists regarding the motive force for the U.S. economic expansion that continued through most of the Roosevelt years (and
15312-673: The world. The financial crisis escalated out of control in mid-1931, starting with the collapse of the Credit Anstalt in Vienna in May. This put heavy pressure on Germany, which was already in political turmoil. With the rise in violence of National Socialist ('Nazi') and Communist movements, as well as investor nervousness at harsh government financial policies, investors withdrew their short-term money from Germany as confidence spiraled downward. The Reichsbank lost 150 million marks in
15444-778: The worldwide economic decline and eventual recovery. Bernanke also saw a strong role for institutional factors, particularly the rebuilding and restructuring of the financial system, and pointed out that the Depression should be examined in an international perspective. Women's primary role was as housewives; without a steady flow of family income, their work became much harder in dealing with food and clothing and medical care. Birthrates fell everywhere, as children were postponed until families could financially support them. The average birthrate for 14 major countries fell 12% from 19.3 births per thousand population in 1930, to 17.0 in 1935. In Canada, half of Roman Catholic women defied Church teachings and used contraception to postpone births. Among
15576-402: Was 59.2 years. For every 100 females, there were 77.6 males. For every 100 females age 18 and over, there were 76.9 males. There were 3,417 housing units at an average density of 3,163.1 per square mile (1,221.3/km ), of which 1,182 (56.4%) were owner-occupied, and 913 (43.6%) were occupied by renters. The homeowner vacancy rate was 5.3%; the rental vacancy rate was 8.8%. 2,198 people (59.1% of
15708-413: Was 65 years of age or older. The average household size was 1.78. There were 1,019 families (48.6% of all households); the average family size was 2.39. The population was spread out, with 381 people (10.2%) under the age of 18, 114 people (3.1%) aged 18 to 24, 544 people (14.6%) aged 25 to 44, 1,355 people (36.4%) aged 45 to 64, and 1,328 people (35.7%) who were 65 years of age or older. The median age
15840-658: Was a scramble to deflate prices to get the gold standard's conversation rates back on track to pre-WWI levels, by causing deflation and high unemployment through monetary policy. In 1933 FDR signed Executive Order 6102 and in 1934 signed the Gold Reserve Act . The two classic competing economic theories of the Great Depression are the Keynesian (demand-driven) and the Monetarist explanation. There are also various heterodox theories that downplay or reject
15972-505: Was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty; drastic reductions in liquidity , industrial production, and trade; and widespread bank and business failures around the world. The economic contagion began in 1929 in the United States , the largest economy in the world, with the devastating Wall Street stock market crash of October 1929 often considered
16104-478: Was a small part of overall economic activity in the U.S. and was concentrated in a few businesses like farming, it was a much larger factor in many other countries. The average ad valorem (value based) rate of duties on dutiable imports for 1921–1925 was 25.9% but under the new tariff it jumped to 50% during 1931–1935. In dollar terms, American exports declined over the next four years from about $ 5.2 billion in 1929 to $ 1.7 billion in 1933; so, not only did
16236-474: Was endorsed in 2002 by Federal Reserve Governor Ben Bernanke in a speech honoring Friedman and Schwartz with this statement: Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression, you're right. We did it. We're very sorry. But thanks to you, we won't do it again. The Federal Reserve allowed some large public bank failures – particularly that of
16368-598: Was established at the same time as the second mission in Alta California and soon became the capital of California, remaining so until 1849. From the late 18th through the early 19th century most of the Ohlone population died from European diseases (against which they had no immunity), as well as overwork and malnutrition at the missions where the Spanish forced them to live. Mission San Carlos Borromeo de Carmelo
16500-466: Was founded on June 3, 1770, in the nearby settlement of Monterey , but was relocated to Carmel Valley by Junípero Serra due to interactions between soldiers stationed at the nearby Presidio and the native Indians. In December 1771, a stockade of approximately 130x200 became the new Mission Carmel. Simple buildings of plastered mud were the first church and dwellings until a structure was built of wood from nearby pine and cypress trees to last through
16632-426: Was given by American economists Milton Friedman and Anna J. Schwartz . They argued that the Great Depression was caused by the banking crisis that caused one-third of all banks to vanish, a reduction of bank shareholder wealth and more importantly monetary contraction of 35%, which they called "The Great Contraction ". This caused a price drop of 33% ( deflation ). By not lowering interest rates, by not increasing
16764-500: Was in the form of Federal Reserve demand notes. A "promise of gold" is not as good as "gold in the hand", particularly when they only had enough gold to cover 40% of the Federal Reserve Notes outstanding. During the bank panics, a portion of those demand notes was redeemed for Federal Reserve gold. Since the Federal Reserve had hit its limit on allowable credit, any reduction in gold in its vaults had to be accompanied by
16896-445: Was installed at the theater in 1912, limelight floodlights were brought by covered wagon from Monterey to light the stage. Two bonfires were also lit in semi-circular stone firepits on opposite ends of the proscenium, a tradition which continues today. In July 1911, William Shakespeare 's Twelfth Night opened the second season at Forest Theater. Garnet Holme was the producer. Forest Theater Society produced several other plays in
17028-446: Was intended. It exacerbated the Great Depression by preventing economic recovery after domestic production recovered, hampering the volume of trade; still there is disagreement as to the precise extent of the Act's influence. In the popular view, the Smoot–Hawley Tariff was one of the leading causes of the depression. In a 1995 survey of American economic historians, two-thirds agreed that the Smoot–Hawley Tariff Act at least worsened
17160-527: Was once again closed, this time due to the COVID-19 pandemic . In 2021, the Sunset Center sought an early end to their 30-year lease agreement. The city of Carmel solicited proposals for a new organization to manage the venue. In August 2021, the theater reopened with a seven-week run of Shrek , put on by PacRep. In early 2022, the city of Carmel entered into a lease with Pacific Repertory Theatre for
17292-524: Was relocated by St. Junípero Serra from Monterey. Mission Carmel served as the headquarters of the Californian mission system , until the Mexican secularization act of 1833 , when the area was divided into rancho grants . The settlement was largely abandoned by the U.S. Conquest of California in 1848 and stayed undeveloped until Santiago J. Duckworth set out to build a summer colony in 1888. When
17424-470: Was the rollback of those same reflationary policies that led to the interruption of a recession beginning in late 1937. One contributing policy that reversed reflation was the Banking Act of 1935 , which effectively raised reserve requirements, causing a monetary contraction that helped to thwart the recovery. GDP returned to its upward trend in 1938. A revisionist view among some economists holds that
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