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101-539: There have been two US film adaptations ( 1935 and 1942 ) of the novel. A radio adaptation starring Orson Welles aired on March 10, 1939, as part of his Campbell Playhouse series. The book was also a major influence on the Coen brothers ' 1990 film Miller's Crossing , which features a similar scenario. The Glass Key Award (in Swedish, Glasnyckeln ), named after the novel, has been presented annually since 1992 for

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

404-481: A 20th-century author and book critic, explained what is so complex about Hammett's writing style: "Hammett's strategy is to show the process of detection as motivated by and affecting a friendship between two men. Out of these materials Hammett creates a dynamic structure of uncertain, constantly shifting human relationships." In The Glass Key , Hammett refuses to let the reader into the characters' minds. Perhaps Hammett felt all fiction should lack an inner monologue; in

505-441: A bookie who owes him a great deal of money from a gambling debt, but ends up getting beaten up. Someone sends a series of letters to people close to the crime, hinting that Madvig was the murderer. Suspicion for this falls on Madvig's daughter Opal, the victim's girlfriend. Madvig's political base begins to crumble when he refuses to spring a follower's brother from jail. The follower goes to rival mob boss Shad O'Rory, who eliminates

606-604: 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

707-467: 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

808-600: 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

909-402: 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

1010-432: A political campaign, Paul also plans to marry her. Janet's brother Taylor ( Ray Milland ) is a gambler heavily in debt to O'Rory ( Robert Gleckler ), a gangster whose club Paul intends to put out of business. Taylor, who has been romancing Paul's younger sister Opal ( Rosalind Keith ), is found dead. The temperamental Paul falls under suspicion. Ed pretends to betray Paul while offering to work for O'Rory's organization. He

1111-420: A screenplay by Kathryn Scola and Kubec Glasmon . It was distributed by Paramount Pictures . The lead characters were portrayed by George Raft as Ed [not Ned] Beaumont, Edward Arnold as Paul Madvig, and Claire Dodd as Janet Henry. Another film, also entitled The Glass Key , was released in 1942, directed by Stuart Heisler and produced by Buddy G. DeSylva , with a screenplay by Jonathan Latimer . It

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1212-567: 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

1313-480: 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

1414-713: 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

1515-483: A version called Graft but it was not made. In August 1934, Paramount announced Frank Tuttle would direct George Raft in an adaptation of The Glass Key . Elissa Landi was once announced for the female lead before being replaced by Claire Dodd. Filming started on 25 February 1935. Ann Sheridan was billed as "Nurse" at the bottom of the cast list at the end of the film for her brief speaking role with Raft. Writing for The Spectator , Graham Greene described

1616-441: A witness to the brother's crime. Madvig then declares war on O'Rory, who offers to bribe Beaumont to expose Madvig in the newspaper. Beaumont refuses, is knocked unconscious and wakes captive in a dingy room where he is beaten daily. Hospitalized after his escape, Beaumont tells Madvig and Janet that he was laying a trap for O'Rory; he then struggles out of bed to stop the newspaper from printing its expose. Beaumont confronts O'Rory,

1717-658: 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

1818-508: Is a gambler instead of a detective, a man used to taking risks. Just as he continues to bet while he is on a losing streak, he is willing to make another kind of wager on Janet, despite the great odds of the relationship ending badly. Because he is willing to accept the risks that human commitments entail, Beaumont is, if not Hammett's ideal hero, his most completely human hero". A more obvious theme in The Glass Key shows itself through

1919-441: Is all the detective story has any right to be about anyway. All the rest is spillikins in the parlor". Dashiell Hammett and The Glass Key have influenced many other hardboiled writers. Raymond Chandler wrote in his oft-cited essay " The Simple Art of Murder " that Hammett and other hardboiled writers created a style that removed the puzzle-game intrigues of typical detective novels and instead replaced it with realism: "Where murder

2020-425: Is beaten by Jeff ( Guinn Williams ), a brutal thug who works for O'Rory, and has to flee for his life. Paul is going to face murder charges, but Janet's father knows who is really behind her brother's death. It's up to Ed to get him to reveal the truth. In September 1930, Paramount paid $ 25,000 for the film rights to the novel when it was in galleys. The following year Paramount announced Gary Cooper would star in

2121-458: Is committed for reasons, and people talk and act as real people do". Chandler argued that it is due to these authors that this style was developed and raised from a generic form to a "new level of artistic substance". Together with Hammett's 1929 novel Red Harvest , The Glass Key provided inspiration for the Coen brothers' 1990 film Miller's Crossing . The 1942 film adaptation appears briefly in

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2222-493: 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

2323-586: The New Yorker Dorothy Parker screamed that "there is entirely too little screaming about the work of Dashiell Hammett". Hammett felt that the finished book was his best work, nonetheless because "the clues were nicely placed... although nobody seemed to notice". Reviewers were less sanguine. David T. Bazelon, writing for Commentary , thought that Hammett had attempted a conventional novel, in which characters act for reasons of loyalty, passion or power. Even on those generous grounds, he found

2424-539: 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

2525-582: 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

2626-539: 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,

2727-474: 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

2828-447: 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

2929-813: 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

3030-530: 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

3131-521: 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

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3232-489: 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

3333-442: 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

3434-642: 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

3535-800: The Maltese actor Joseph Calleia . Though not a direct adaptation, the Coen brothers ' 1990 film Miller's Crossing features a similar premise and characters. The Glass Key was adapted by Howard E. Koch for the March 10, 1939, episode of Orson Welles 's CBS Radio series The Campbell Playhouse . The cast included Welles (Paul Madvig), Paul Stewart (Ned Beaumont), Ray Collins (Shad O'Rory), Myron McCormick (Senator Henry), Effie Palmer (Mrs. Madvig), Elspeth Eric (Opal Madvig), Elizabeth Morgan (telephone operator), Everett Sloane (Farr), Howard Smith (Jeff), Laura Baxter (Janet Henry) and Edgar Barrier (Rusty). Another adaptation, by Robert Cenedella,

3636-481: 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

3737-544: 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

3838-490: 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

3939-685: 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

4040-543: 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

4141-467: The actions of the characters. The novel is similar in that respect to later Depression-era novels, such as The Postman Always Rings Twice . Hammett's distinctive and groundbreaking style helped usher in the hardboiled genre. The Glass Key , written in Hammett's later noir years, is a prime example of his stylistic power. Raymond Chandler , a 20th-century author and critic, discussed Hammett's sense of

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4242-652: The author's previous detectives had maintained, such as the Continental Op in Hammett's Red Harvest . Because of this supposed relationship between Ned and Janet, The Glass Key takes on a more traditional story line, that of the detective "hero" and his beautiful heroine, ending with a ride into the sunset of New York. According to Maxfield, "Neither the Op nor [Hammett's detective character] Sam Spade would have gone off with Janet, for as detectives they both strove to be ruled as much as possible by reason. But Beaumont

4343-460: 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

4444-465: 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

4545-441: The best crime novel by a Scandinavian writer. The story revolves around Ned Beaumont. Beaumont is best friend, confidant, and political advisor to the criminal political boss Paul Madvig. Ned finds the body of a senator's son on the street, and Madvig asks him to thwart the D.A.'s investigation, his motive being that he wants to back the corrupt senator in order to marry his daughter, Janet. Ned goes to New York searching for Bernie,

4646-522: The characters and their respective moralities. The novel is set in an unnamed city, a more unassuming place—a smaller, less sophisticated location—than his previous novels. It is thus a locale more obviously open to corruption. Here are elected officials, community figures, and the like who participate in conspiracies of a type more often considered endemic to the underworld. Because of this, the characters openly display more animalistic qualities than in Hammett's previous novels. The characters, perhaps through

4747-462: 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

4848-405: The conversations and describing the surface actions of his characters, never directly presenting their thoughts and feelings". This leaves some ambiguity in the reasoning of Ned Beaumont's actions, such as his suspicions about Janet Henry's father. This makes it hard to determine the nature of Ned's relationship with Janet. While there is disagreement about whether or not they are together at the end,

4949-475: 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

5050-625: 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

5151-633: 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

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5252-408: 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

5353-435: 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

5454-402: 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

5555-427: 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

5656-576: 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

5757-500: 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

5858-407: The fact that there is a relationship at all is indicative of "a different kind of hero". Ned Beaumont does not fit the popular, famous archetype of Jung, nor the weaker, less altruistic "hero" type of Hammett's other works, but is altogether different from either. Hammett's detectives usually avoid relationships, but Ned is different. He does not possess the sort of "immunity" to emotional ties that

5959-503: 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

6060-541: The film as "unimaginatively gangster " and grouped it with the contemporary comedy No More Ladies to describe both as "second rate" and "transient". Nevertheless, the film became one of Raft's biggest box-office hits of the 1930s. 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

6161-505: 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

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6262-606: 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

6363-519: 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,

6464-527: 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

6565-563: 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

6666-521: 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 ,

6767-414: 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

6868-491: The modern world in The Glass Key : The realist in murder writes of a world in which gangsters can rule nations and almost rule cities, ... where no man can walk down a dark street in safety because law and order are things we talk about but refrain from practicing; ... It is not a fragrant world, but it is the world you live in, and certain writers with tough minds and a cool spirit of detachment can make very interesting and even amusing patterns out of it? William Kennedy , also

6969-423: 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

7070-502: 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

7171-427: 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

7272-465: The murder and mystery story. He has made the reader as much interested in the relation of his individuals to each other as in the solution of the story". Somerset Maugham saw in Ned Beaumont "a curious, intriguing character whom any novelist would have been proud to conceive" And Raymond Chandler found "an effect of movement, intrigue, cross-purposes, and the gradual elucidation of character, which

7373-582: 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

7474-430: The novel unsatisfactory: "We never know whether [the] motive in solving the murder is loyalty, job-doing or love... this ambiguity reflects, I think, Hammett's difficulty in writing an unformularized novel-- one in which an analysis of motives is fundamental". Other critics wrote that the novel was "Hammett’s least satisfactory" and that the hero was "mechanical and his emotions were not there". Robert Edenbaum, for basically

7575-543: The novel. This impasse and Beaumont's growing interest in Janet, Madvig's love interest, cause a second rift between the men. Beaumont and Janet pair up to solve the murder. Beaumont uncovers evidence proving the senator killed his own son and turns him over to the police. Beaumont confronts Madvig with his new discovery, and the two depart, not enemies but no longer friends. As noted by the literary critic James F. Maxfield, "Hammett employs an objective approach, merely reporting

7676-491: The objectivity of the writing style, are portrayed as cutthroat and almost feral. One reason for their apparent slippage into violence is most likely related to the early onset of the Great Depression , as the novel was published in 1931. The loss of "luck," as described in the novel ("What good am I if my luck’s gone?" He asks. "You might as well take your punishment and get it over with") is another deciding factor in

7777-451: The passing years Hammett looked more and more harshly on his own fiction but conceded that The Glass Key was "not so bad". Its reception was even better than that of the previous novel, and so were sales, 20,000 copies having been sold eighteen months after publication. Some preferred the Falcon , others said simply that Hammett had written the three best detective stories of all time, and in

7878-483: 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

7979-480: 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

8080-459: The political situation in Europe. In their book, A Monetary History of the United States , Milton Friedman and Anna J. Schwartz also attributed the recovery to monetary factors, and contended that it was much slowed by poor management of money by the Federal Reserve System . Chairman of the Federal Reserve (2006–2014) Ben Bernanke agreed that monetary factors played important roles both in

8181-460: The publisher, and Madvig's daughter Opal. The publisher commits suicide after Beaumont seduces his wife. Next Beaumont interviews Janet, discovering that she wrote the letters and that the Senator knew about the murder before Beaumont found the body. A new clue points to Madvig and when confronted he confesses but he cannot account for the victim's hat, a detail Beaumont pointedly repeats throughout

8282-495: The real world people only understand actions and speech and that is all Hammett's characters give us. By keeping the readers in the dark of his characters true intentions, one analysis argues he intensifies the reader's sense of the ambiguous nature of reality. That is to say, we never can trust if a character is doing what he is doing out of loyalty, or for selfish intentions. There is general agreement that The Maltese Falcon and The Glass Key are Hammett's two finest books. With

8383-534: The same reasons, called The Glass Key Hammett's "least satisfactory novel... [in Hemingway] the mask is lifted every time the character is alone; he admits his misery to himself...exposes his inner life. The Hammett mask is never lifted; the Hammett character never lets you inside. Instead of the potential despair of Hemingway, Hammett gives you unimpaired control and machinelike efficiency". Louis Untermeyer wrote, "Hammett has done something extraordinarily new to

8484-434: 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

8585-465: The season 2 finale of the show Bosch during a conversation between Bosch and the detective on his mother's murder case. The book is a major reference point in the 2017 film, Mercury in Retrograde , whose characters discuss it at length in a climactic book-club scene. The novel was adapted for the 1935 film The Glass Key , directed by Frank Tuttle and produced by E. Lloyd Sheldon , with

8686-476: 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

8787-673: 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

8888-493: 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

8989-778: 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

9090-658: 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

9191-478: 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

9292-500: 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

9393-404: Was also distributed by Paramount Pictures. The film starred Alan Ladd as Ed [not Ned] Beaumont, Brian Donlevy as Paul Madvig, and Veronica Lake as Janet Henry. The Irish mobster Shad O'Rory, who played a major role in both the novel and the first film adaptation (in which he was portrayed by Robert Gleckler ), was replaced in the second film by a Mediterranean mobster, Nick Varna, portrayed by

9494-602: Was based upon the 1931 suspense novel The Glass Key by Dashiell Hammett , The film was remade in 1942, with Alan Ladd in Raft's role, Brian Donlevy and Veronica Lake in the roles previously played by Arnold and Dodd, and William Bendix in Guinn Williams' part. Paul Madvig ( Edward Arnold ) controls crime and politics in the city, helped by the brains and brawn of Ed Beaumont ( George Raft ). As he throws his support behind Janet Henry's ( Claire Dodd ) father, in

9595-474: 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

9696-426: 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

9797-500: 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

9898-446: 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

9999-414: Was originally broadcast May 11, 1949. The Glass Key (1935 film) The Glass Key is a 1935 American crime drama film directed by Frank Tuttle starring George Raft , Edward Arnold , Claire Dodd , Guinn "Big Boy" Williams and Ray Milland . Ann Sheridan has a brief speaking role as Raft's character's nurse in their first film together. Produced and distributed by Paramount Pictures , it

10100-704: Was presented on Hour of Mystery on ABC on July 7, 1946. Kenneth Webb was the director, and Edwin Marshall was the producer. On July 22, 1946, The Lady Esther Screen Guild Theatre presented yet another adaptation by Harry Cronman starring Alan Ladd , Marjorie Reynolds , Ward Bond . Bill Lawrence was both the director and producer. The Glass Key was adapted as part of the Westinghouse Studio One television series by screenwriter Worthington Miner and director George Zachary. TV version starred Donald Briggs, Lawrence Fletcher and Jean Carson and

10201-470: Was the rollback of those same reflationary policies that led to the interruption of a recession beginning in late 1937. One contributing policy that reversed reflation was the Banking Act of 1935 , which effectively raised reserve requirements, causing a monetary contraction that helped to thwart the recovery. GDP returned to its upward trend in 1938. A revisionist view among some economists holds that

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