154-537: Pepsi is a carbonated soft drink with a cola flavor, manufactured by PepsiCo . As of 2023, Pepsi is the second most valuable soft drink brand worldwide behind Coca-Cola ; the two share a long-standing rivalry in what has been called the " cola wars ". Pepsi, originally created in 1893 by Caleb Bradham and named "Brad's Drink," was first sold in his drugstore in New Bern, North Carolina . Renamed Pepsi-Cola in 1898 due to its supposed digestive benefits, it
308-608: A cult following due to its over the top and nonsensical premise. Pepsi has official sponsorship deals with the National Football League , National Hockey League , and National Basketball Association . In 2007, and from 2013 to 2022, Pepsi sponsored the NFL 's Super Bowl halftime shows . It was the sponsor of Major League Soccer until December 2015 and Major League Baseball until April 2017, both leagues signing deals with Coca-Cola. From 1999 to 2020, Pepsi also had
462-634: 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,
616-418: 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
770-463: A video game for the PlayStation entitled Pepsiman . As the titular character, the player runs "on rails" (forced motion on a scrolling linear path), skateboards, rolls, and stumbles through various areas, avoiding dangers and collecting cans of Pepsi, all while trying to reach a thirsty person as in the commercials. Despite largely being considered a financial failure, Pepsiman has developed
924-567: A $ 5 million marketing campaign to coincide with the release of Madonna 's song " Like a Prayer ", but was cancelled following strong backlash regarding the religious themes in the song's music video. In 1992, the Pepsi Number Fever marketing campaign in the Philippines accidentally distributed 800,000 winning bottle caps for a 1 million peso grand prize, leading to riots and the deaths of five people. In 1996, PepsiCo launched
1078-568: A Pepsi. Another more minor mascot, Pepsiwoman, also featured in a few of her own commercials for Pepsi Twist ; her appearance is basically a female Pepsiman wearing a lemon-shaped balaclava . In 1994, Sega-AM2 released the Sega Saturn version of its arcade fighting game Fighting Vipers . In this game, Pepsiman was included as a special character, with his specialty listed as being the ability to "quench one's thirst." He does not appear in any other version or sequel. In 1999, KID developed
1232-554: A bladder between the generator and the absorption tank to regulate the flow of carbon dioxide , was soon joined by a wide range of others. However, it was not until 1781 that companies specialized in producing artificial mineral water were established and began producing carbonated water on a large scale. The first factory was built by Thomas Henry of Manchester , England. Henry replaced the bladder in Priestley's system with large bellows. While Priestley's discovery ultimately led to
1386-454: A claim that could not apply if there is added sugar or artificial flavorings, which often include citric acid and other fruit acids, predicted to have an impact on human teeth. Carbon dioxide gas dissolved in water creates a small amount of carbonic acid (H 2 CO 3 ): with the concentration of carbonic acid being about 0.17% that of CO 2 . The acid gives carbonated water a slightly tart flavor. Its pH level of between 5 and 6
1540-478: A common sight in bars and in early- to mid-20th-century homes where it became a symbol of middle-class affluence. The gas pressure in a siphon drives soda water up through a tube inside the siphon when a valve lever at the top is depressed. Commercial soda siphons came pre-charged with water and gas and were returned to the retailer for exchange when empty. A deposit scheme ensured they were not otherwise thrown away. Home soda siphons can carbonate flatwater through
1694-465: A container of carbonated water is opened), carbon dioxide effervesces , thereby escaping from the solution. The density of carbonated water is slightly greater than that of pure water. The volume of a quantity of carbonated water can be calculated by taking the volume of the water and adding 0.8 cubic centimetres for each gram of CO 2 . Many alcoholic drinks , such as beer , champagne , cider , and spritzer , were naturally carbonated through
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#17327762097691848-760: A darker paint scheme during nighttime races. Pepsi has remained as one of his sponsors ever since. Pepsi has also sponsored the NFL Rookie of the Year award since 2002. Pepsi has the first global sponsorship deals with the UEFA Champions League and the UEFA Women's Champions League starting in the 2015–16 season along with the sister brand, Pepsi Max and became the global sponsor of the competition. Pepsi also has sponsorship deals in international cricket teams. The Pakistani national cricket team
2002-551: A fine bracer before a race." The advertising theme "Delicious and Healthful" was then used over the next two decades. In 1923, the Pepsi-Cola Company entered bankruptcy—in large part due to financial losses incurred by speculating on the wildly fluctuating sugar prices as a result of World War I . Assets were sold and Roy C. Megargel bought the Pepsi trademark. Megargel was unsuccessful in efforts to find funding to revive
2156-604: 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
2310-461: A fountain drink that was appealing and would aid in digestion and boost energy. In 1903, Bradham moved the bottling of Pepsi from his drugstore to a rented warehouse. That year, Bradham sold 7,968 gallons of syrup. The next year, Pepsi was sold in six-ounce bottles, and sales increased to 19,848 gallons. In 1909, automobile race pioneer Barney Oldfield was the first celebrity to endorse Pepsi, describing it as "A bully drink...refreshing, invigorating,
2464-423: A gas that can be dissolved in water is described by Henry's Law . The coefficient depends on the temperature. In the carbonization process, water is chilled, optimally to just above freezing, to maximize the amount of carbon dioxide that can be dissolved in it. Higher gas pressure and lower temperature cause more gas to dissolve in the liquid. When the temperature is raised or the pressure is reduced (as happens when
2618-467: 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
2772-425: A household remedy for removing stains, particularly those of red wine. 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
2926-467: A large and lucrative business in the Arab world, denied that, saying that economic, rather than political, reasons kept it out of Israel. Pepsiman is an official Pepsi mascot from Pepsi's Japanese corporate branch, created sometime around the mid-1990s. Pepsiman took on three different outfits, each one representing the current style of the Pepsi can in distribution. Twelve commercials were created featuring
3080-400: A light tempura-like texture, which gives the illusion of being lower calorie than regular frying batters. The lightness is caused by pockets of carbon dioxide gas being introduced into the batter (a process which natural rising using yeast also creates) and further expanding when cooked. Since the dissolved gas in carbonated water acts as a temporary surfactant , it has been recommended as
3234-600: 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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#17327762097693388-402: 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
3542-414: A natural flavor profile and offset the acidity of introducing carbon dioxide gas giving one a fizzy sensation. Various carbonated waters are sold in bottles and cans, with some also produced on demand by commercial carbonation systems in bars and restaurants, or made at home using a carbon dioxide cartridge. It is thought that the first person to aerate water with carbon dioxide was William Brownrigg in
3696-684: A paper titled Impregnating Water with Fixed Air in which he describes dripping "oil of vitriol" ( sulfuric acid ) onto chalk to produce carbon dioxide gas, and encouraging the gas to dissolve into an agitated bowl of water. Priestley referred to his invention of this treated water as being his "happiest" discovery. "Within a decade, inventors in Britain and in Europe had taken Priestley's basic idea—get some "fixed air," mix it with water, shake—and created contraptions that could make carbonated water more quickly, in greater quantities. One of those inventors
3850-495: A sales team composed entirely of blacks around the country to promote Pepsi. Racial segregation and Jim Crow laws were still in place throughout much of the U.S.; Boyd's team faced a great deal of discrimination as a result, from insults by Pepsi co-workers to threats by the Ku Klux Klan . On the other hand, it was able to use its anti-racism stance as a selling point, attacking Coke's reluctance to hire blacks and support by
4004-470: A series of "smiles," with the central white band initially arcing at different angles depending on the product. In March 2023, Pepsi unveiled a new logo expected to launch in North America in late-2023, and internationally in 2024. The logo is a modernization of the "vintage" Pepsi logo; accompanying branding elements will also shift from blue to black as their primary color. Walter Mack was named
4158-399: A series of experiments on fermentation and putrefaction. In 1766 Henry Cavendish devised an aerating apparatus that would inspire Joseph Priestley to carry out his own experiments with regard to carbonated waters. Cavendish was also aware of Brownrigg's observations at this time and published a paper on his own experiments on a nearby source of mineral water at the beginning of January in
4312-567: 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
4466-517: A small amount of sodium chloride , sodium citrate , sodium bicarbonate , potassium bicarbonate , potassium citrate , potassium sulfate , or disodium phosphate , depending on the product. These occur naturally in mineral waters but are added artificially to commercially produced waters to mimic a natural flavor profile and offset the acidity of introducing carbon dioxide gas (which creates low 5–6 pH carbonic acid solution when dissolved in water). Artesian wells in such places as Mihalkovo in
4620-480: 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
4774-713: 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
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4928-469: A sweetener, and a flavoring such as cola , ginger , or citrus . Plain carbonated water or sparkling mineral water is often consumed as an alternative to soft drinks. Club soda is carbonated water to which compounds such as sodium bicarbonate or potassium sulfate have been added. Many manufacturers produce unsweetened sparkling water products that are lightly flavored by the addition of aromatic ingredients such as essential oils . Carbonated water
5082-516: A twelve-man team. They came up with advertising portraying black Americans in a positive light, such as one with a smiling mother holding a six pack of Pepsi while her son (a young Ron Brown , who grew up to be Secretary of Commerce ) reaches up for one. Another ad campaign, titled "Leaders in Their Fields", profiled twenty prominent African Americans such as Nobel Peace Prize winner Ralph Bunche and photographer Gordon Parks . Boyd also led
5236-422: A wide range of others, but it was not until 1781 that companies specialized in producing artificial mineral water were established and began producing carbonated water on a large scale. The first factory was built by Thomas Henry of Manchester , England. Henry replaced the bladder in Priestley's system with large bellows. J. J. Schweppe developed a process to manufacture bottled carbonated mineral water based on
5390-554: Is SodaStream . Their products were popular during the 1970s and 1980s in the United Kingdom, and are associated with nostalgia for that period and have experienced a comeback in the 2000s. The process of dissolving carbon dioxide in water is called carbonation . Commercial soda water in siphons is made by chilling filtered plain water to 8 °C (46 °F) or below, optionally adding a sodium or potassium based alkaline compound such as sodium bicarbonate to neutralize
5544-505: Is 30.8 percent, while The Coca-Cola Company's is 42.7 percent. Coca-Cola outsells Pepsi in most parts of the U.S., notable exceptions being central Appalachia , Montana , North Dakota , and Utah . In the city of Buffalo, New York , Pepsi outsells Coca-Cola by a two-to-one margin. As of 2024, Pepsi had fallen behind Coca-Cola and Dr. Pepper as the third most popular soft drink in the United States, losing its second place spot to
5698-658: 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
5852-584: Is a necessary ingredient in many cocktails, such as whiskey and soda or Campari and soda . Carbonated water is increasingly popular in Western cooking as a substitute for plain water in deep-frying batters to provide a lighter texture to doughs similar to tempura . Kevin Ryan, a food scientist at the University of Illinois at Urbana–Champaign , says the effervescent bubbles when mixed with dough provide
6006-486: Is approximately in between apple juice and orange juice in acidity, but much less acidic than the acid in the stomach. A normal, healthy human body maintains pH equilibrium via acid–base homeostasis and will not be materially adversely affected by consumption of plain carbonated water. Carbon dioxide in the blood is expelled through the lungs. Alkaline salts , such as sodium bicarbonate , potassium bicarbonate , or potassium citrate , will increase pH. The amount of
6160-590: Is generally dismissed as a folk etymology . The bottles were produced for many decades, but gradually declined in usage. Since children smashed the bottles to retrieve the marbles, vintage bottles are relatively rare and have become collector items , particularly in the UK. Due to the risk of explosion and injuries from fragmented glass pieces, use of this type of bottle is discouraged in most countries, since other methods of sealing pressurized bottles can more easily incorporate release of unsafe pressures. The Codd-neck design
6314-527: Is made by injecting pressurized carbon dioxide into water. The pressure increases the solubility and allows more carbon dioxide to dissolve than would be possible under standard atmospheric pressure . When the bottle is opened, the pressure is released, allowing gas to exit the solution, forming the characteristic bubbles. Modern sources of CO 2 are from industrial processes, such as burning of fossil fuels like coal and methane at power plants, or steam reforming of methane for hydrogen production . In
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6468-482: Is manufactured on-site using devices known as carbonators. Carbonators use mechanical pumps to pump water into a pressurized chamber where it is combined with carbon dioxide from pressurized tanks at approximately 100 psi (690 kPa). The pressurized carbonated water then flows either directly to taps or mixing heads where flavoring is added before dispensing. Carbonated water is a key ingredient in soft drinks , beverages that typically consist of carbonated water,
6622-581: Is often mixed with fruit juice to make sparkling alcoholic and non-alcoholic punches . Carbonated water is a diluent mixed with alcoholic beverages where it is used to top-off the drink and provides a degree of 'fizz'. Adding soda water to "short" drinks such as spirits dilutes them and makes them "long" (not to be confused with long drinks such as those made with vermouth ). Carbonated water also works well in short drinks made with whiskey , brandy , and Campari . Soda water may be used to dilute drinks based on cordials such as orange squash . Soda water
6776-523: Is one of the teams that the brand sponsors. The team wears the Pepsi logo on the front of their test and ODI test match clothing. The Buffalo Bisons , an American Hockey League team, was sponsored by Pepsi-Cola in its later years; the team adopted the beverage's red, white, and blue color scheme along with a modification of the Pepsi logo (with the word " Buffalo " in place of the Pepsi-Cola wordmark). The Bisons ceased operations in 1970, making way for
6930-513: Is still used for the Japanese soft drink Ramune , and in the Indian drink called Banta . Soda makers or soda carbonators are appliances that carbonate water with multiple-use carbon dioxide canisters. A variety of systems are produced by manufacturers and hobbyists. The commercial units may be sold with concentrated syrup for making flavored soft drinks. One major producer of soda carbonators
7084-493: 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
7238-625: Is tentative evidence that carbonated water may help with constipation among people who have had a stroke . While carbonated water is somewhat acidic, this acidity can be partially neutralized by saliva . A study found that sparkling mineral water is slightly more erosive to teeth than non-carbonated water but is about 1% as corrosive as soft drinks are. A 2017 study by the American Dental Association showed that it would take over 100 years of daily sparkling water consumption to cause damage to human teeth —
7392-519: Is the third most popular carbonated drink in India, with a 15% market share, behind Sprite and Thums Up . In comparison, Coca-Cola is the fourth most popular carbonated drink, occupying a mere 8.8% of the Indian market share. By most accounts, Coca-Cola was India's leading soft drink until 1977, when it left India because of the new foreign exchange laws which mandated majority shareholding in companies to be held by Indian shareholders. The Coca-Cola Company
7546-539: 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
7700-870: The Buffalo Sabres of the NHL. Carbonated water Carbonated water is water containing dissolved carbon dioxide gas, either artificially injected under pressure, or occurring due to natural geological processes. Carbonation causes small bubbles to form, giving the water an effervescent quality. Common forms include sparkling natural mineral water , club soda , and commercially produced sparkling water. Club soda and sparkling mineral water and some other sparkling waters contain added or dissolved minerals such as potassium bicarbonate , sodium bicarbonate , sodium citrate , or potassium sulfate . These occur naturally in some mineral waters but are also commonly added artificially to manufactured waters to mimic
7854-646: The Dissolution of the Soviet Union , Coca-Cola was introduced to the Russian market . As it came to be associated with the new system and Pepsi with the old, Coca-Cola rapidly captured a significant market share that might otherwise have required years to achieve. By July 2005, Coca-Cola enjoyed a market share of 19.4 percent, followed by Pepsi with 13 percent. Pepsi was introduced in Romania in 1966, during
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#17327762097698008-540: The Great Depression and clever marketing strategies like the " Nickel, Nickel " jingle, doubling sales by emphasizing its value. The mid-20th century saw Pepsi targeting the African American market, a then-untapped demographic, with positive portrayals and endorsements from prominent figures, boosting its market share. Despite occasional controversies, such as an aborted Madonna advertisement and
8162-582: 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
8316-549: The Soviet Union via a landmark barter deal and enduring popularity in certain regions over Coca-Cola. As of the early 21st century, Pepsi continues to innovate, both in product variations and marketing strategies, while maintaining a significant presence in the global soft drink industry. Pepsi was first invented in 1893 as "Brad's Drink" by Caleb Bradham, who sold the drink at his drugstore in New Bern, North Carolina. It
8470-836: 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
8624-539: 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,
8778-547: The naming rights to the Pepsi Center , an indoor sports and entertainment facility in Denver, Colorado , until the venue's new naming rights were announced on October 22, 2020. In 1997, after his sponsorship with Coca-Cola ended, retired NASCAR Cup Series driver Jeff Gordon signed a long-term contract with Pepsi, and he drove with the Pepsi logos on his car with various paint schemes for about 2 races each year, usually
8932-559: The " Pepsi Number Fever " fiasco in the Philippines, Pepsi has remained a prominent global brand, partly thanks to innovative marketing campaigns and sponsorships in sports and entertainment. Pepsi's rivalry with Coca-Cola, highlighted by the "cola wars", led to significant cultural and market competition, including the "Pepsi Challenge" taste tests and the introduction of New Coke in response. Pepsi's expansion into international markets has seen varied success, with notable ventures into
9086-564: The 1740s. Joseph Priestley invented carbonated water, independently and by accident, in 1767 when he discovered a method of infusing water with carbon dioxide after having suspended a bowl of water above a beer vat at a brewery in Leeds , Yorkshire . He wrote of the "peculiar satisfaction" he found in drinking it, and in 1772 he published a paper entitled Impregnating Water with Fixed Air . Priestley's apparatus, almost identical to that used by Henry Cavendish five years earlier, which featured
9240-447: 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
9394-515: The Beach" event, where New Orleans children could ride rides at an amusement park in exchange for Pepsi bottle caps. By the end of the event, 125,000 bottle caps been collected. According to The Pepsi Cola World , the New Orleans campaign was a success; once people's supply of bottle caps ran out, the only way they could get more was to buy more Pepsi. According to Consumer Reports, in the 1970s,
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#17327762097699548-758: 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
9702-871: The Bulgarian Rhodope Mountains , Medžitlija in North Macedonia , and most notably in Selters in the German Taunus mountains, produce naturally effervescent mineral waters. By itself, carbonated water appears to have little to no impact on health. Carbonated water, such as club soda or sparkling water, is defined in US law as a food of minimal nutritional value , even if minerals, vitamins , or artificial sweeteners have been added to it. Carbonated water does not appear to have an effect on gastroesophageal reflux disease . There
9856-468: The Coca-Cola Company was offered the opportunity to purchase the Pepsi-Cola Company, which it declined on each occasion. During the Great Depression , Pepsi gained popularity following the introduction in 1934 of a 12-ounce (355 mL) bottle. Prior to that, Pepsi and Coca-Cola sold their drinks in 6.5-ounce (192 mL) servings for about $ 0.05 a bottle. With a radio advertising campaign featuring
10010-471: 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
10164-521: 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
10318-489: 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
10472-442: 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
10626-642: 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
10780-481: 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
10934-544: 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
11088-479: The U.S. Mack realized that Black people were an untapped niche market and that Pepsi stood to gain market share by targeting its advertising directly towards them. To this end, he hired Hennan Smith, an advertising executive "from the Negro newspaper field" to lead an all-black sales team, which had to be cut due to the onset of World War II. In 1947, Walter Mack resumed his efforts, hiring Edward F. Boyd to lead
11242-490: 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
11396-622: 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
11550-427: The United States, plain carbonated water was generally known either as soda water , due to the sodium salts it contained, or seltzer water , deriving from the German town Selters renowned for its mineral springs . Sodium salts were added to plain water both as flavoring (to mimic famed mineral waters , such as naturally effervescent Selters , Vichy water and Saratoga water ) and acidity regulators (to offset
11704-543: 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
11858-638: 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
12012-483: The acid created when pressurizing the water with carbon dioxide (which creates high 8-10 pH carbonic acid -bicarbonate buffer solution when dissolved in water). The gas dissolves in the water, and a top-off fill of carbon dioxide is added to pressurize the siphon to approximately 120 pounds per square inch (830 kPa), some 30 to 40 psi (210–280 kPa) higher than is present in fermenting champagne bottles. In many modern restaurants and bars soda water
12166-399: The acidic 5-6 pH carbonic acid created when carbon dioxide is dissolved in water). In the 1950s the term club soda began to be popularized. Generally, seltzer water has no added sodium salts, while club soda still retains some sodium salts. The soda siphon, or seltzer bottle—a glass or metal pressure vessel with a release valve and spout for dispensing pressurized soda water—was
12320-531: The aforementioned Dr. Pepper, a position it had held since 1985. Overall, Coca-Cola continues to outsell Pepsi in almost all areas of the world. However, exceptions include: Oman , India , Saudi Arabia , Pakistan , the Dominican Republic , Guatemala , the Canadian provinces of Quebec , Newfoundland and Labrador , Prince Edward Island , Nova Scotia and New Brunswick . Pepsi had long been
12474-460: 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
12628-465: 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
12782-435: The brand and soon Pepsi-Cola's assets were purchased by Charles Guth , the president of Loft, Inc. Loft was a candy manufacturer with retail stores that contained soda fountains. He sought to replace Coca-Cola at his stores' fountains after The Coca-Cola Company refused to give him additional discounts on syrup. Guth then had Loft's chemists reformulate the Pepsi-Cola syrup formula. On three occasions between 1922 and 1933,
12936-480: The campaign succeeded in boosting Pepsi's status. From 1936 to 1938, Pepsi-Cola's profits doubled. Pepsi's success under Charles Guth came while the Loft Candy business was faltering. Since he had initially used Loft's finances and facilities to establish the new Pepsi success, the near-bankrupt Loft Company sued Guth for possession of the Pepsi-Cola company. A long legal battle, Guth v. Loft , then ensued, with
13090-485: The case reaching the Delaware Supreme Court and ultimately ending in a loss for Guth. From the 1930s through the late 1950s, " Pepsi-Cola Hits The Spot " was the most commonly used slogan in the days of old-time radio , classic motion pictures and early days of television . Its jingle (conceived in the days when Pepsi cost only five cents) was used in many different forms with different lyrics. With
13244-461: The chairman of The Coca-Cola Company for segregationist governor of Georgia Herman Talmadge . As a result, Pepsi's market share as compared to Coca-Cola's shot up dramatically in the 1950s with African American soft-drink consumers three times more likely to purchase Pepsi over Coke. After the sales team visited Chicago , Pepsi's share in the city overtook that of Coke for the first time. Journalist Stephanie Capparell interviewed six men who were on
13398-419: The character. His role in the advertisements is to appear with Pepsi to thirsty people or people craving soda. Pepsiman happens to appear at just the right time with the product. After delivering the beverage, sometimes Pepsiman would encounter a difficult and action-oriented situation which would result in injury. Pepsiman is mostly silent, and he has no face except for a hole that opens up whenever he delivers
13552-462: 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
13706-482: The company in 1950, support for the black sales team faded and it was cut. Boyd was replaced in 1952 by Harvey C. Russell Jr. , who was notable for his marketing campaigns towards black youth in New Orleans . These campaigns, held at locales attended largely by black children, would encourage children to collect Pepsi bottle caps, which they could then exchange for rewards. One example is Pepsi's 1954 "Pepsi Day at
13860-729: The company. Crawford also had images of the soft drink placed prominently in several of her later films. When Steele died in 1959, Crawford was appointed to the Board of Directors of Pepsi-Cola, a position she held until 1973, although she was not a board member of the larger PepsiCo, created in 1965. Pepsi has been featured in several films, including Back to the Future Part II (1989), Home Alone (1990), Wayne's World (1992), Fight Club (1999), World War Z (2013), and in films directed by Spike Lee . Pepsi marketing has also been marred in controversy. In 1989, Pepsi commissioned
14014-475: 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
14168-702: The creation of the soft drink industry—which began in 1783 when Johann Jacob Schweppe founded Schweppes to sell bottled soda water —he did not benefit financially from his invention. Priestley received scientific recognition when the Council of the Royal Society "were moved to reward its discoverer with the Copley Medal " at the anniversary meeting of the Royal Society on 30 November 1773. Natural and manufactured carbonated waters may contain
14322-625: 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
14476-633: 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
14630-408: 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
14784-585: The discovery of Priestley, founding the Schweppes Company in Geneva in 1783. Schweppes regarded Priestley as "the father of our industry". In 1792, Schweppe moved to London to develop the business there. In 1799 Augustine Thwaites founded Thwaites' Soda Water in Dublin. A London Globe article claims that this company was the first to patent and sell "Soda Water" under that name. The article says that in
14938-435: 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
15092-459: The drink of French-Canadians , and it continues to hold its dominance by relying on local Québécois celebrities (especially Claude Meunier , of La Petite Vie fame) to sell its product. PepsiCo introduced the Quebec slogan "here, it's Pepsi" ( Ici, c'est Pepsi ) in response to Coca-Cola ads proclaiming "Around the world, it's Coke" ( Partout dans le monde, c'est Coke ). As of 2012, Pepsi
15246-402: 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
15400-590: The early 1990s, the term "Pepsi-stroika" began appearing as a pun on " perestroika ", the reform policy of the Soviet Union under Mikhail Gorbachev . Critics viewed the policy as an attempt to usher in Western products in deals there with the old elites. Pepsi, as one of the first American products in the Soviet Union, became a symbol of that relationship and the Soviet policy. This was reflected in Russian author Victor Pelevin 's book Generation P . In 1992, following
15554-493: The early liberalization policies of Nicolae Ceaușescu , opening up a factory at Constanța in 1967. This was done as a barter agreement similar to the one in the USSR, however, Romanian wine would be sold in the United States instead. The product quickly became popular, especially among young people, but due to the austerity measures imposed in the 1980s, the product became scarce and rare to find. Starting from 1991, PepsiCo entered
15708-427: 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
15862-576: 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
16016-500: 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
16170-564: The fermentation process. In 1662 Christopher Merret created 'sparkling wine'. William Brownrigg was apparently the first to produce artificial carbonated water, in the early 1740s, by using carbon dioxide taken from mines. In 1750 the Frenchman Gabriel François Venel also produced artificial carbonated water, though he misunderstood the nature of the gas that caused the carbonation. In 1764, Irish chemist Dr. Macbride infused water with carbon dioxide as part of
16324-503: 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
16478-505: 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
16632-606: 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
16786-507: The highly successful Pepsi Stuff marketing strategy. "Project Blue" was launched in several international markets outside the United States in April. The launch included extravagant publicity stunts, such as a Concorde airplane painted in blue colors (which was owned by Air France ) and a banner on the Mir space station . The Project Blue design was first tested in the United States in June 1997, and
16940-519: 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,
17094-431: The hot summer of 1777 in London "aerated waters" (that is, carbonated) were selling well but there was as yet no mention of "soda water", though the first effervescent drinks were probably made using " soda powders " containing bicarbonate of soda and tartaric acid . The name soda water arose from the fact that soda ( sodium carbonate or bicarbonate ) was often added to adjust the taste and pH. Modern carbonated water
17248-527: 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
17402-563: 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
17556-462: The liquid in the lower container up a tube and out of the device. The globes are surrounded by a wicker or wire protective mesh, as they have a tendency to explode. In 1872, soft drink maker Hiram Codd of Camberwell , London, designed and patented the Codd-neck bottle , designed specifically for carbonated drinks. The Codd-neck bottle encloses a marble and a rubber washer/gasket in
17710-521: 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 ,
17864-414: 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
18018-423: 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
18172-502: 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
18326-427: 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
18480-416: The neck. The bottles were filled upside down, and pressure of the gas in the bottle forced the marble against the washer, sealing in the carbonation. The bottle was pinched into a special shape to provide a chamber into which the marble was pushed to open the bottle. This prevented the marble from blocking the neck as the drink was poured. Soon after its introduction, the bottle became extremely popular with
18634-582: 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
18788-645: The new Romanian market economy, and still maintains a bigger popularity than its competitor, Coca-Cola, introduced in Romania in 1992, despite heavy competition during the 1990s (sometime between 2000 and 2005, Pepsi overtook Coca-Cola in sales in Romania). Pepsi did not sell soft drinks in Israel until 1991. Many Israelis and some American Jewish organizations attributed Pepsi's previous reluctance to expand operations in Israel to fears of an Arab boycott. Pepsi, which has
18942-468: The new president of Pepsi-Cola and guided the company through the 1940s. Mack, who supported progressive causes, noticed that the company's strategy of using advertising for a general audience either ignored African Americans or used ethnic stereotypes in portraying Blacks. Up until the 1940s, the full revenue potential of what was called "the Negro market" was largely ignored by white -owned manufacturers in
19096-427: The next year. In 1767 Priestley discovered a method of infusing water with carbon dioxide by pouring water back and forth above a beer vat at a local brewery in Leeds , England. The air blanketing the fermenting beer—called 'fixed air'—was known to kill mice suspended in it. Priestley found water thus treated had a pleasant taste, and he offered it to friends as a cool, refreshing drink. In 1772, Priestley published
19250-483: 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
19404-480: 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
19558-406: 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
19712-485: The popular jingle "Nickel, Nickel" – first recorded by the Tune Twisters in 1940 – Pepsi encouraged price-conscious consumers to double the volume their nickels could purchase. The jingle is arranged in a way that loops, creating a never-ending tune: "Pepsi-Cola hits the spot / Twelve full ounces, that's a lot / Twice as much for a nickel, too / Pepsi-Cola is the drink for you." Coming at a time of economic crisis,
19866-815: The reformulated drink came to be known, was invented specifically in response to the Pepsi Challenge. However, a consumer backlash led to Coca-Cola quickly reintroducing the original formula as "Coca-Cola Classic". In 1989, Billy Joel mentioned the rivalry between the two companies in the song " We Didn't Start the Fire ". The line "Rock & Roller Cola Wars" refers to Pepsi and Coke's usage of various musicians in advertising campaigns. Coke used Paula Abdul , while Pepsi used Michael Jackson . Both companies then competed to get other musicians to advertise its beverages. According to Beverage Digest ' s 2008 report on carbonated soft drinks, PepsiCo's U.S. market share
20020-421: The rise of radio, Pepsi-Cola utilized the services of a young, up-and-coming actress named Polly Bergen to promote products, oftentimes, lending her singing talents to the classic "...Hits The Spot" jingle. Film actress Joan Crawford , after marrying Pepsi-Cola president Alfred N. Steele became a spokesperson for Pepsi, appearing in commercials, television specials, and televised beauty pageants on behalf of
20174-480: The rivalry continued to heat up the market. Pepsi conducted blind taste tests in stores, in what was called the " Pepsi Challenge ". These tests suggested that more consumers preferred the taste of Pepsi to Coca-Cola. The sales of Pepsi started to climb, and Pepsi kicked off the "Challenge" across the nation. This became known as the "cola wars". In 1985, The Coca-Cola Company , amid much publicity, changed its formula . The theory has been advanced that New Coke , as
20328-434: 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
20482-399: The size. This focus on the market for black people caused some consternation within the company and among its affiliates. It did not want to seem focused on black customers for fear white customers would be pushed away. In a national meeting, Mack tried to assuage the 500 bottlers in attendance by pandering to them, saying "We don't want it to become known as a nigger drink." After Mack left
20636-500: The soft drink and brewing industries mainly in the UK and the rest of Europe, Asia, and Australasia, though some alcohol drinkers disdained the use of the bottle. R. White's , the biggest soft drinks company in London and south-east England when the bottle was introduced, was among the companies that sold their drinks in Codd's glass bottles. One etymology of the term codswallop originates from beer sold in Codd bottles, though this
20790-438: The stage. No group was too small or too large to target for a promotion. Pepsi advertisements avoided the stereotypical images common in the major media that depicted Aunt Jemimas and Uncle Bens , whose role was to draw a smile from white customers. Instead, it portrayed black customers as self-confident middle-class citizens who showed very good taste in their soft drinks. They were economical too, as Pepsi bottles were twice
20944-418: The team in the late 1940s. The team members had a grueling schedule, working seven days a week, morning and night, for weeks on end. They visited bottlers , churches, ladies groups, schools, college campuses, YMCAs , community centers, insurance conventions, teacher and doctor conferences, and various civic organizations. They got famous jazzmen such as Duke Ellington and Lionel Hampton to promote Pepsi from
21098-517: The use of a small disposable steel bulb containing carbon dioxide. The bulb is pressed into the valve assembly at the top of the siphon, the gas injected, then the bulb withdrawn. The gasogene (or gazogene, or seltzogene) is a late Victorian device for producing carbonated water. It consists of two linked glass globes: the lower contained water or other drink to be made sparkling, the upper a mixture of tartaric acid and sodium bicarbonate that reacts to produce carbon dioxide . The produced gas pushes
21252-415: The use of foreign brands was allowed; PepsiCo bought out its partners and ended the joint venture in 1994. In 1993, The Coca-Cola Company returned in pursuance of India's Liberalization policy. In Russia, Pepsi initially had a larger market share than Coke, but it was undercut once The Cold War ended. In 1972, PepsiCo struck a barter agreement with the then government of the Soviet Union, in which PepsiCo
21406-476: 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
21560-673: 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
21714-778: 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
21868-658: 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
22022-478: 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
22176-474: 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
22330-426: 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
22484-438: Was granted exportation and Western marketing rights to Stolichnaya vodka in exchange for importation and Soviet marketing of Pepsi. This exchange led to Pepsi being the first foreign product sanctioned for sale in the Soviet Union. Reminiscent of the way that Coca-Cola became a cultural icon and its global spread spawned words like " cocacolonization ", Pepsi-Cola and its relation to the Soviet system turned it into an icon. In
22638-500: 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
22792-446: 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
22946-406: Was named Johann Jacob Schweppe, who sold bottled soda water and whose business is still around today." —The Great Soda-Water Shake Up, The Atlantic , October 2014. Priestley's apparatus, which was very similar to that invented by Henry Cavendish five years earlier, featured a bladder between the generator and the absorption tank to regulate the flow of carbon dioxide, and was soon joined by
23100-469: Was released that December in preparation for Pepsi's 100th anniversary. It was at this point, the logo began to be referred to as the Pepsi Globe. In October 2008, Pepsi announced that it would redesign its logo and re-brand many of its products by early 2009. In 2009, Pepsi, Diet Pepsi , and Pepsi Max began using all lower-case fonts for name brands. The brand's blue and red globe trademark became
23254-420: Was renamed Pepsi-Cola in 1898, "Pepsi" because it was advertised to relieve dyspepsia (indigestion) and "Cola" referring to the cola flavor . Some have also suggested that "Pepsi" may have been a reference to the drink aiding digestion like the digestive enzyme pepsin , but pepsin itself was never used as an ingredient to Pepsi-Cola. The original recipe also included sugar and vanilla. Bradham sought to create
23408-401: Was shortened to Pepsi in 1961. The beverage's formula initially included sugar and vanilla but not pepsin , despite speculation on the origin of its name. Early on, Pepsi struggled with financial stability, going bankrupt in 1923 but was subsequently purchased and revived by Charles Guth , who reformulated the syrup. Pepsi gained popularity with the introduction of a 12-ounce bottle during
23562-470: 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
23716-528: Was unwilling to dilute its stake in its Indian unit as required by the Foreign Exchange Regulation Act (FERA), thus sharing its formula with an entity in which it did not have majority shareholding. In 1988, PepsiCo gained entry to India by creating a joint venture with the government of Punjab -owned Punjab Agro Industrial Corporation (PAIC) and Voltas India Limited. This joint venture marketed and sold Lehar Pepsi until 1991, when
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