Rex Todhunter Stout ( / s t aʊ t / ; December 1, 1886–October 27, 1975) was an American writer noted for his detective fiction . His best-known characters are the detective Nero Wolfe and his assistant Archie Goodwin , who were featured in 33 novels and 39 novellas or short stories between 1934 and 1975.
101-525: In 1959, Stout received the Mystery Writers of America 's Grand Master Award. The Nero Wolfe corpus was nominated Best Mystery Series of the Century at Bouchercon XXXI , the world's largest mystery convention, and Rex Stout was nominated as Best Mystery Writer of the Century. In addition to writing fiction, Stout was a prominent public intellectual for decades. Stout was active in the early years of
202-634: 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,
303-418: 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
404-668: A Communist is and you don't." Stout was one of many American writers closely watched by J. Edgar Hoover 's FBI. Hoover considered him an enemy of the bureau and either a Communist or a tool of Communist-dominated groups. Stout's leadership of the Authors League of America during the McCarthy era was particularly irksome to the FBI. About a third of Stout's FBI file is devoted to his 1965 novel The Doorbell Rang . In later years, Stout alienated some readers with his hawkish stance on
505-541: A debate with the Socialist civil libertarian Norman Thomas . Stout charged “that Japanese-Americans include more fifth columnists than any other comparable group in the United States.” When Thomas condemned the military's role as a “disgrace to our democracy” and comparable to “the powers of totalitarian dictators,” Stout responded that moving “Japanese-Americans inland hardly constitutes Totalitarianism.” During
606-857: A designer who had studied with Josef Hoffmann in Vienna . Rex Stout began his literary career in the 1910s writing for magazines, particularly pulp magazines , writing more than 40 stories that appeared between 1912 and 1918. Stout's early stories appeared most frequently in All-Story Magazine and its affiliates, but he was also published in magazines as varied as Smith's Magazine , Lippincott's Monthly Magazine , Short Stories , The Smart Set , Young's Magazine , and Golfers Magazine . The early stories spanned genres including romance, adventure, science fiction/fantasy, and detective fiction, including two murder mystery novellas ("Justice Ends at Home" and The Last Drive ) that prefigured elements of
707-706: A female private detective who is an early and significant example of the female PI as fictional protagonist. Bonner would also appear as a character in some later Nero Wolfe stories. Stout also created two other detective protagonists, Tecumseh Fox (who appeared in three books) and Alphabet Hicks (one book). His novel Red Threads featured Inspector Cramer , a familiar character from the Wolfe books, working on his own. After 1938, Stout wrote no fiction but mysteries, and after 1941, almost entirely Nero Wolfe stories. During World War II, Stout cut back on his detective writing to focus on war-related activities. For four years, he chaired
808-604: 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
909-467: 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
1010-600: 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
1111-402: A monetary contraction first-hand were forced to join the deflationary policy since higher interest rates in countries that performed a deflationary policy led to a gold outflow in countries with lower interest rates. Under the gold standard's price–specie flow mechanism , countries that lost gold but nevertheless wanted to maintain the gold standard had to permit their money supply to decrease and
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#17327754899781212-765: A political thriller The President Vanishes (1934), which was originally published anonymously. Fer-de-Lance was the first of 72 Nero Wolfe stories (33 novels and 39 novellas) that Stout published from 1934 to 1975. Stout continued writing the Nero Wolfe series for the rest of his life. Beginning in 1940, Nero Wolfe began to appear in novellas as well as full-length novels, at the behest of his editors at The American Magazine . Stout wrote at least one Nero Wolfe story every through 1966 (except in 1943, when war-related activities took priority). Stout's rate of production declined somewhat after 1966, but he still published four further Nero Wolfe novels prior to his death in 1975, at
1313-628: A school banking system around 1916, which he promoted with his brother Robert. About 400 U.S. schools adopted his system for keeping track of the money that school children saved in accounts at school. Royalties from this work provided Stout with enough money to travel in Europe extensively during the 1920s. In 1916, Stout married Fay Kennedy of Topeka, Kansas . They divorced in February 1932 and, in December 1932, Stout married Pola Weinbach Hoffmann ,
1414-469: A series of jobs in six states, including cigar-store clerk. In 1910–11, Stout sold three short poems to the literary magazine The Smart Set . Between 1912 and 1918, he published more than forty works of fiction in various magazines, ranging from literary publications such as Smith's Magazine and Lippincott's Monthly Magazine to pulp magazines like the All-Story Weekly . Stout invented
1515-567: 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
1616-480: 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
1717-713: 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
1818-846: A stormy, mountainous landscape in which a cluster of plants has metamorphosed into a group of vigilant owls. Stout is also mentioned in Ian Fleming's James Bond book On Her Majesty's Secret Service (1963). The Rex Stout Archive anchors Boston College 's collection of American detective fiction. The collection was donated by the Stout family and includes manuscripts, correspondence, legal papers, personal papers, publishing contracts, photographs, and ephemera. It also includes first editions, international editions, and archived reprints of Stout's books, as well as volumes from Stout's personal library, many of which found their way into Nero Wolfe's office. The comprehensive archive at Burns Library also includes
1919-480: A term as president of the Mystery Writers of America in 1959. Stout was born in Noblesville, Indiana , in 1886, but shortly afterwards his Quaker parents John Wallace Stout and Lucetta Elizabeth Todhunter Stout moved their family (nine children in all) to Kansas . His father was a teacher who encouraged his son to read, leading to Rex having read the entire Bible twice by the age of four. At age thirteen he
2020-504: A virulently anti-Communist broadcaster, likening him to Hitler and Mussolini. Stout continued writing until just before his death. He died on October 27, 1975, at the age of 88 at his estate, High Meadow, on the New York/Connecticut border. If he had done nothing more than to create Archie Goodwin, Rex Stout would deserve the gratitude of whatever assessors watch over the prosperity of American literature. For surely Archie
2121-658: 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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#17327754899782222-424: Is expressed by Nero Wolfe in the 1942 novella " Not Quite Dead Enough ". On August 9, 1942, Stout conducted the first of 62 wartime broadcasts of Our Secret Weapon on CBS Radio . The idea for the counterpropaganda series had been that of Sue Taylor White, wife of Paul White , the first director of CBS News . Research was done under White's direction. "Hundreds of Axis propaganda broadcasts, beamed not merely to
2323-399: Is one of the folk heroes in which the modern American temper can see itself transfigured. "A number of the paintings of René Magritte (1898–1967), the internationally famous Belgian painter, are named after titles of books by Rex Stout," wrote Harry Torczyner, Magritte's attorney and friend. "He read Hegel, Heidegger and Sartre, as well as Dashiell Hammett , Rex Stout and Georges Simenon ,"
2424-493: 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
2525-619: The Times Higher Education Supplement wrote of Magritte. "Some of his best titles were 'found' in this way." Magritte's 1942 painting Les compagnons de la peur ("The Companions of Fear") bears the title given to The League of Frightened Men (1935) when it was published in France by Gallimard (1939). It is one of Magritte's series of "leaf-bird" paintings, created during the Nazi occupation of Brussels. It depicts
2626-539: 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
2727-691: The American Civil Liberties Union and a founder of the Vanguard Press . He served as head of the Writers' War Board during World War II, became a radio celebrity through his numerous broadcasts, and was later active in promoting world federalism . He was the long-time president of the Authors Guild and sought to benefit authors by lobbying for improvement of authors' rights under the copyright laws. He also served
2828-653: The Central Park jogger case, the organization withdrew the honor. The Raven Awards are recorded in the Edgars Database of the Mystery Writers of America. 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
2929-806: The Edgar Award , a small bust of Edgar Allan Poe , to mystery or crime writers every year. It presents the Raven Award to non-writers who contribute to the mystery genre. The category of Best Juvenile Mystery is also part of the Edgar Award, with such notable recipients as Barbara Brooks Wallace having won the honor twice for The Twin in the Tavern in 1994 and Sparrows in the Scullery in 1998, and Tony Abbott for his novel The Postcard in 2009. John Dickson Carr , who also served as president of
3030-582: 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
3131-535: The Vietnam War and with the contempt for communism expressed in certain of his works. The latter viewpoint is given voice in the 1952 novella " Home to Roost " (first published as "Nero Wolfe and the Communist Killer") and most notably in the 1949 novel The Second Confession . In this work, Archie and Wolfe express their dislike for "Commies", while at the same time Wolfe arranges for the firing of
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3232-491: The Writers' War Board , which coordinated the volunteer services of American writers to help the war effort. He also joined the Fight for Freedom organization and hosted three weekly radio shows. After the war, in addition to continuing to write the Nero Wolfe books, Stout supported democracy and world government. He served as president of the Authors Guild and of the Mystery Writers of America , which in 1959 presented Stout with
3333-539: 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,
3434-474: 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 the Wall Street crash, after which the slide continued for three years, which
3535-447: 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
3636-561: The Allied countries but to neutrals, were sifted weekly", wrote Stout's biographer John McAleer. "Rex himself, for an average of twenty hours a week, pored over the typewritten yellow sheets of accumulated data ... Then, using a dialogue format – Axis commentators making their assertions, and Rex Stout, the lie detective, offering his refutations – he dictated to his secretary the script of the fifteen-minute broadcast." By November 1942, Berlin Radio
3737-813: 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
3838-530: The Depression. Businessmen ignored the mounting national debt and heavy new taxes, redoubling their efforts for greater output to take advantage of generous government contracts. During World War I many countries suspended their gold standard in varying ways. There was high inflation from WWI, and in the 1920s in the Weimar Republic , Austria , and throughout Europe. In the late 1920s there
3939-521: 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
4040-489: 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
4141-535: The Grand Master Award – the pinnacle of achievement in the mystery field. Stout was a longtime friend of British humorist P. G. Wodehouse , writer of the Jeeves novels and short stories. Each was a fan of the other's work, and parallels are evident between their characters and techniques. Wodehouse contributed the foreword to Rex Stout: A Biography , John McAleer's Edgar Award -winning 1977 biography of
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4242-442: 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
4343-642: 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
4444-697: The MWA, won a Grand Master Award in 1949 and 1962. The Grand Master Award is the highest honor bestowed by the Mystery Writers of America. It recognizes lifetime achievement and consistent quality. (The award was presented irregularly up to 1978; from 1979 to 2008, it was given to one writer each year. Since 2009, as many as three authors have been honored annually.) In 2018, the Mystery Writers of America announced that it would honor best-selling author and former prosecutor Linda Fairstein with one of its Grand Master Awards for literary achievement. But two days after controversy erupted in connection with her alleged role in
4545-481: 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
4646-544: 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
4747-490: 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
4848-622: 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
4949-543: 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
5050-406: The Wolfe stories. By 1916, Stout grew tired of writing a story whenever he needed money. He decided to stop writing until he had made enough money to support himself through other means, so he would be able to write when and as he pleased. He wrote no fiction for more than a decade, until the late 1920s, when he had saved substantial money through his school banking system. Ironically, just as Stout
5151-513: The advocacy group Friends of Democracy, chaired the Writers' War Board (a propaganda organization), and supported the embryonic United Nations . He lobbied for Franklin D. Roosevelt to accept a fourth term as president. He developed an extreme anti-German attitude and wrote the provocative essay "We Shall Hate, or We Shall Fail" which generated a flood of protests after its January 1943 publication in The New York Times . The attitude
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#17327754899785252-485: The age of 88. The characters of Wolfe and Goodwin are considered among Stout's main contributions to detective fiction. Wolfe was described by reviewer Will Cuppy as "that Falstaff of detectives". Stout also wrote several non-Wolfe mystery novels during the 1930s, but none approached the success of the Nero Wolfe books. In 1937, Stout's novel The Hand in the Glove introduced the character of Theodolinda "Dol" Bonner,
5353-509: The author (reissued in 2002 as Rex Stout: A Majesty's Life ). Wodehouse also mentions Rex Stout in several of his Jeeves books, as both Bertie and his Aunt Dahlia are fans. In the fall of 1925, Roger Nash Baldwin appointed Rex Stout to the board of the American Civil Liberties Union 's powerful National Council on Censorship; Stout served one term. Stout helped start the radical Marxist magazine The New Masses , which succeeded The Masses and The Liberator in 1926. He had been told that
5454-460: 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
5555-465: 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
5656-462: 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
5757-532: The commercial press of the day. He served as Vanguard's first president from 1926 to 1928, and continued as vice president until at least 1931. During his tenure, Vanguard issued 150 titles, including seven books by Scott Nearing and three of Stout's own novels— How Like a God (1929), Seed on the Wind (1930), and Golden Remedy (1931). In 1942, Stout described himself as a "pro-Labor, pro- New Deal , pro-Roosevelt left liberal". During World War II , he worked with
5858-475: 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
5959-625: 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
6060-633: 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
6161-408: 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
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#17327754899786262-435: 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
6363-402: 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
6464-427: 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
6565-576: 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
6666-500: 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
6767-630: The extensive personal collection of Stout's official biographer John McAleer, the Rex Stout collection of bibliographer Judson C. Sapp, and a collection of Nero Wolfe's magazine appearances donated by Ed Price. Mystery Writers of America Mystery Writers of America ( MWA ) is a professional organization of mystery and crime writers, based in New York City . The organization was founded in 1945 by Clayton Rawson , Anthony Boucher , Lawrence Treat , and Brett Halliday . It presents
6868-503: 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
6969-700: The first three with Vanguard and the fourth at Farrar & Rinehart , to which he was recruited by editor John C. Farrar . In the 1930s, Stout turned to writing detective fiction, a genre that he and Farrar thought might be more financially rewarding than his previous novels. In 1933, he wrote Fer-de-Lance , which introduced Nero Wolfe and his assistant Archie Goodwin . The novel was published by Farrar & Rinehart in October 1934, and in abridged form as "Point of Death" in The American Magazine (November 1934). The same year, Stout also published
7070-505: 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
7171-606: 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
7272-519: 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,
7373-527: 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
7474-563: 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
7575-704: The later part of the war and the post-war period, he also led the Society for the Prevention of World War III which lobbied for a harsh peace for Germany. When the war ended, Stout became active in the United World Federalists . House Committee on Un-American Activities chairman Martin Dies called him a Communist, and Stout is reputed to have said to him, "I hate Communists as much as you do, Martin, but there's one difference between us. I know what
7676-518: The magazine was primarily committed to bringing arts and letters to the masses, but he realized after a few issues "that it was Communist and intended to stay Communist", and he ended his association with it. Stout was one of the officers and directors of the Vanguard Press , a publishing house established with a grant from the Garland Fund to reprint left-wing classics at an affordable cost and publish new books otherwise deemed "unpublishable" by
7777-465: 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 ,
7878-414: 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
7979-423: 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
8080-502: 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
8181-427: 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
8282-582: 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
8383-483: 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
8484-480: 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
8585-406: 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
8686-434: 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
8787-476: 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
8888-673: 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
8989-493: The world. The economic contagion began in 1929 in the United States , the largest economy in the world, with the devastating Wall Street stock market crash of October 1929 often considered 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
9090-778: 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
9191-658: 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
9292-478: 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
9393-500: 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
9494-474: 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
9595-426: 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
9696-500: 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
9797-446: 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
9898-436: Was reporting that "Rex Stout himself has cut his own production in detective stories from four to one a year and is devoting the entire balance of his time to writing official war propaganda." Newsweek described Stout as "stripping Axis short-wave propaganda down to the barest nonsensicals ... There's no doubt of its success." In September 1942, Stout defended FDR's policy of sending Japanese Americans to concentration camps in
9999-480: Was starting to write fiction again, he lost most of the money that he had made as a businessman in the Great Depression of 1929. In 1929, Stout wrote his first published book, How Like a God , an unusual psychological story written in the second person. The novel was published by the Vanguard Press , which he had helped to found. Stout published a total of four psychological novels between 1929 and 1933,
10100-470: 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
10201-468: Was the state spelling bee champion. Stout attended Topeka High School, Kansas , and the University of Kansas, Lawrence . His sister, Ruth Stout , also authored several books on no-work gardening and some social commentaries. He served in the U.S. Navy from 1906 to 1908 (including service as a yeoman on Theodore Roosevelt 's presidential yacht) and then spent about the next four years working at
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