A residential area is a land used in which housing predominates, as opposed to industrial and commercial areas .
93-606: Katong (commonly referred to as Tanjong Katong ) is a residential neighbourhood in the eastern portion of the Central Region of Singapore , within the Marine Parade planning area. The Katong district stretches from Fort Road area to the Joo Chiat area . It used to be located by the sea , before land reclamation towards the south to East Coast Park was created for housing and recreational purposes beginning in
186-405: A bespoke / customized house or mansion for their family. Poor urban people lived in shantytowns or in tenements built for rental. Single-family houses were seldom built on speculation , that is for future sale to residents not yet identified. When cities and the middle class expanded greatly and mortgage loans became commonplace, a method that had been rare became commonplace to serve
279-634: 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,
372-563: A shipyard . In order to expedite the growth of the shipping industry, the Chinese settlers living there were given compensation for moving out. By the 1860s, the ship yards were flourishing. Many wealthy Chinese, English, Portuguese, Jewish, and Anglo-French settlers bought parcels of land in Katong beside the sea to cultivate plantations, and built business empires from trading in commodities such as cotton , coconut and gambier . One of them
465-418: 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
558-417: A day. Many techniques which had made the automobile affordable made housing affordable: standardization of design and small, repetitive assembly tasks, advertising, and a smooth flow of capital. Mass production resulted in a similar uniformity of product, and a more comfortable lifestyle than cramped apartments in the cities. With the advent of government-backed mortgages, it could actually be cheaper to own
651-531: A food district with a variety of shophouse restaurants serving Peranakan cuisine and particularly, a spicy Singaporean noodle soup known as Katong laksa . Its famous icons include Joo Chiat Road's "food street", Dunman food center, Koon Seng Road & Everitt Road's Peranakan conservation house, Eurasian Heritage Gallery. Tanjong Katong derived from the popular beach shoreline along the East Coast . In Malay , Tanjong means cape whilst Katong refers to
744-604: 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
837-467: 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
930-499: A house in a new residential development than to rent. As with other products, continual refinements appeared. Curving streets, greenbelt parks, neighborhood pools, and community entry monumentation appeared. Diverse floor plans with differing room counts, and multiple elevations (different exterior "looks" for the same plan) appeared. Developers remained competitive with each other on everything, including location, community amenities, kitchen appliance packages, and price. Today,
1023-600: 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
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#17327880499171116-402: 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
1209-432: A now extinct species of turtles as well as "the effect of a sea mirage " when looking at the shoreline. This coastal feature was located near the present Tanjong Katong Flyover across East Coast Parkway and has since disappeared due to land reclamation. In 1822, Sir Stamford Raffles designated a plot of land between the tip of Sandy Point (present day Tanjong Rhu) and Deep Water Point (present day Tanjong Katong) as
1302-434: A prominent property owner in early-20th-century Singapore. The inhabitants of Kampong Amber were mostly Malay fishermen, who lived in thatched timber houses on stilts, irregularly clustered into a porous urban fabric. Between these houses were many large communal spaces, where the inhabitants spent much of their time, engaging in activities such as plucking beansprout, pounding chili paste, and talking to their neighbors. Since
1395-567: 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
1488-480: 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
1581-547: A smaller FAR ( floor area ratio ) than business, commercial or industrial/manufacturing zoning. The area may be large or small. In certain residential areas, especially rural , large tracts of land may have no services whatever, such that residents seeking services must use a motor vehicle or other transportation, so the need for transportation has resulted in land development following existing or planned transport infrastructure such as rail and road. Development patterns may be regulated by restrictive covenants contained in
1674-713: 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
1767-749: A typical residential development in the United States might include traffic calming features such as a slowly winding street , dead-end road , or looped road lined with homes. Suburban developments help form the stereotypical image of a "suburban America" and are generally associated with the American middle-class . Most offer homes in a narrow range of age, price, size and features, thus potential residents having different needs, wishes or resources must look elsewhere. Some residential developments are gated communities or residential communities . Criticisms of residential developments may include
1860-453: Is real estate development for residential purposes. Some such developments are called a subdivision , when the land is divided into lots with houses constructed on each lot. Such developments became common during the late nineteenth century, particularly in the form of streetcar suburbs . In previous centuries, residential development was mainly of two kinds. Rich people bought a townlot, hired an architect and/or contractor, and built
1953-658: 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
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#17327880499172046-989: Is part of the Marine Parade Group Representation Constituency whose Member of Parliament is Former Prime Minister and Emeritus Senior Minister Goh Chok Tong ( Marine Parade ), Fatimah Lateef (Geylang Serai) and Edwin Tong (Joo Chiat) of the People's Action Party . More than half of Katong falls under SM Goh's Marine Parade constituency. Residential neighbourhood Housing may vary significantly between, and through, residential areas. These include single-family housing , multi-family residential , or mobile homes . Zoning for residential use may permit some services or work opportunities or may totally exclude business and industry. It may permit high density land use or only permit low density uses. Residential zoning usually includes
2139-493: 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
2232-558: Is the Wee family where Thiam Siew Avenue is named after them, now being The Continuum Condo. Many of these plantations can be seen along Grove Road (now Mountbatten Road). In fact, one such plantation was the Grove Estate, a coconut plantation owned by Thomas Dunman , Singapore's first commissioner of police . Katong developed from a weekend seaside retreat into a home for the wealthy, who built immense colonial seaside bungalows away from
2325-491: Is traditionally associated with the Eurasian and Peranakan community. However, many high-rise apartment blocks now stand alongside the traditional shophouses and Peranakan terrace houses. In 1993, the Joo Chiat neighbourhood which comprises the historical centre of Katong, with its uniquely Singaporean architecture mixing Chinese, Peranakan and English colonial styles, was designated a national heritage conservation area by
2418-539: 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
2511-582: 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
2604-836: The United States , the largest economy in the world, with the devastating Wall Street stock market crash of October 1929 often considered 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
2697-539: 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,
2790-430: The deeds to the properties in the development and may also result from or be reinforced by zoning . Restrictive covenants are not easily changed when the agreement of all property owners (many of whom may not live in the area) is required. The area so restricted may be large or small. Residential areas may be subcategorized in the concentric zone model and other schemes of urban geography . Residential development
2883-527: The salty soil was unfriendly to agriculture, the villagers largely depended on the ocean for their livelihoods. Just across Amber Road were the beachfront bungalows of wealthy Peranakan businessmen, notably Lee Choon Guan and his wife, who owned the land which Kampong Amber sits on. Mr and Mrs Lee allowed the villagers to live in Kampong Amber rent-free; as a show of appreciation, the villagers held an annual parade on Mrs Lee's birthday. As part of
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2976-447: 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
3069-535: The 1960s to 1970s. Katong was the location of many villas and mansions of the wealthy elite in the late 19th to the mid-20th centuries. They made their fortunes in the Far East and built seaside resorts, villas and manors along the beachfront of Katong, beginning from Katong Park to the end of the East Coast. Katong's rich cultural mix has contributed to its unique cuisine. Katong is well known among locals as
3162-431: The 1971 Concept Plan, land reclamation along the East Coast was carried out between 1963 and 1985. This reclaimed land transformed the swampy coastline with its foul smells into a scenic vista of white sandy beaches, and made it a desirable location for high-end residential developments; at the same time, the reclaimed land and increased motor vehicle traffic on the road combined to separate the villagers of Kampong Amber from
3255-813: 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
3348-518: The British in 1894, the Chinese Swimming Club was sponsored by wealthy philanthropist Lee Choon Guan. The club went on to become a social gathering place, a training location for many world-class athletes, and a prominent local landmark that drew visits from figures including Prime Minister Lee Kuan Yew , President Wee Kim Wee , and President Tony Tan Keng Yam . Today, the club extends membership to non-Chinese residents. The area
3441-471: 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
3534-521: 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
3627-489: 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
3720-442: 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
3813-642: 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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3906-481: 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
3999-715: The Singapore Government. The conservation area consists of many shop houses which are refurnished into cafes as well as specialty shops. It was home to the earlier scions of the Englishmen Lord Mountbatten of Burma and Cathay Organisation film magnate, Loke Wan Tho . Its illustrious residents include the ancestral family of Minister Mentor Lee Kuan Yew and Senior Minister Goh Chok Tong . The former President Sellapan Ramanathan lived in Katong in his primary residence on Ceylon Road. Also home to performance artist Nicholas Tee . Katong
4092-544: 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
4185-435: 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
4278-622: 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
4371-543: 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
4464-638: 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
4557-460: 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
4650-465: 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
4743-462: 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
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#17327880499174836-475: 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 downturn, they fail to account for its severity and longevity; they argue that these were caused by
4929-625: 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
5022-633: 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
5115-408: 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
5208-435: 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
5301-402: 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
5394-427: 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
5487-576: 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
5580-775: The expanding demand for home ownership. Post–World War II economic expansion in major cities of the United States, especially New York City and Los Angeles produced a demand for thousands of new homes, which was largely met by speculative building. Its large-scale practitioners disliked the term "property speculator" and coined the new name "residential development" for their activity. Entire farms and ranches were subdivided and developed, often with one individual or company controlling all aspects of entitlement (permits), land development (streets and grading), infrastructure (utilities and sewage disposal), and housing. Communities like Levittown, Long Island or Lakewood south of Los Angeles saw new homes sold at unprecedented rates—more than one
5673-500: 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
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#17327880499175766-503: 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
5859-505: 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
5952-448: The following: [REDACTED] The dictionary definition of residential at Wiktionary Great Depression The Great Depression 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
6045-606: 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
6138-519: 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,
6231-566: The hustle and bustle of town life. The wealthy suburb stretched along Meyer Road and Mountbatten Road from Katong Park to Tanjong Katong. By 1928 Katong had grown to the extent that the Inspector-General of the Singapore Police Force H. Fairburn remarked: "The development of the area from Katong to Joo Chiat , which has been so rapid in the past two years, promises to continue, and from every point of view one sees
6324-527: 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
6417-563: 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
6510-521: 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 ,
6603-414: 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
6696-423: 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
6789-502: 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
6882-427: 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
6975-782: The necessity of providing for a sub-divisional station in the suburb. The suburb at present possess no police station." From then on Katong encroached into Joo Chiat area from Tanjong Katong to Telok Kurau Road. East Coast Road (now divided into East Coast Road and Upper East Coast Road) had many upper-class family homes. During the Japanese Occupation of Singapore (1942-1945), shophouses between Wilkinson Road and Goodman Road in Tanjong Katong Road were used to house comfort women from Indonesia and Korea . The present Katong area stretches from Mountbatten Road, East Coast Road to Siglap. The Joo Chiat area of Katong
7068-582: 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
7161-456: The ocean on which they depended. As Singapore continued to industrialise through the 1970s, Kampong Amber was among the kampongs destroyed to make room for economic developments: first four- to eight-storey residential buildings, then high-rise flats. The occupants were relocated to newly-built, government-subsidised flats. In a 2003 master plan, the land was parcelled out for further development. A few remnants of earlier Kampong Amber survived
7254-483: 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
7347-480: 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
7440-459: 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
7533-576: The process of industrialization. The iconic car porch of the Butterfly House, a beachfront bungalow built in 1912 by Regent A. J. Bidwell, was incorporated into a new 18-storey condo. Another surviving early Kampong Amber landmark is the Chinese Swimming Club, founded in 1909 and moved to a permanent site at Amber Road in 1921. Originally a Chinese response to the European-only Singapore Swimming-club founded by
7626-434: 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
7719-476: 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
7812-673: 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
7905-778: 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
7998-658: 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
8091-478: 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
8184-474: 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
8277-552: Was formerly an ethnic enclave of Eurasians fleeing congestion, pollution, and overcrowding in Singapore after the Great Depression . In the early twentieth century, Kampong Amber, a Malay fishing village between East Coast Road and Amber Road, was a prominent landmark in the coastal area of Katong. The village was named after the adjacent Amber Road, which was in turn named after the clan name of Joseph Aaron Elias ,
8370-426: 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
8463-500: 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
8556-446: 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
8649-470: 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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