UD-4 was a discrete four-channel quadraphonic sound system for phonograph records introduced by Nippon Columbia ( Denon ) in 1974. This system had some similarities with the more successful CD-4 process introduced by JVC and RCA in 1972.
96-545: Only about 35 to 40 LP album titles were encoded in this format, and it was marketed only in the UK, Europe and Japan. Most of these releases were marketed by the Denon label. The UMX (universal matrix) standard used for UD-4 contains two subsystems: The UD-4 process modulated both BMX and QMX into a single record. This way, a BMX decoder could be used to decode quadraphonic sound using an existing stereo record player, while by using
192-401: A Mozart concerto without having to flip over multiple, four-minute-per-side 78s, and that pop music fans, who were used to listening to one song at a time, would find the shorter time of the 10-inch LP sufficient. As a result, the 12-inch format was reserved solely for higher-priced classical recordings and Broadway shows . Popular music continued to appear only on 10-inch records. However, by
288-634: 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,
384-418: 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
480-499: A 30 cm diameter flexible plastic disc, with a duration of about ten minutes playing time per side. Victor's early introduction of a long-playing record was a commercial failure for several reasons including the lack of affordable, consumer playback equipment and consumer rejection during the Great Depression . These "Program Transcription" discs, as Victor called them, played at 33 + 1 ⁄ 3 rpm and used
576-604: 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
672-467: 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
768-600: 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
864-402: 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
960-446: A much larger groove, and played at approximately 78 revolutions per minute (rpm), limiting the playing time of a 12-inch diameter record to less than five minutes per side. The new product was a 12- or 10-inch (30 or 25 cm) fine-grooved disc made of PVC ("vinyl") and played with a smaller-tipped "microgroove" stylus at a speed of 33 + 1 ⁄ 3 rpm. Each side of a 12-inch LP could play for about 25 minutes, allowing for
1056-622: A much quieter playing surface. These records could hold up to 15 minutes per side. Beethoven's Fifth Symphony , performed by the Philadelphia Orchestra under Leopold Stokowski , was the first 12-inch recording issued. Compton Pakensham, reviewing the event in The New York Times , wrote, "What we were not prepared for was the quality of reproduction ... incomparably fuller." CBS Laboratories head research scientist Peter Goldmark led Columbia's team to develop
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#17327880876941152-449: A pair of 2-LP sets, Puccini 's La Bohème (SL-1) and Humperdinck 's Hansel and Gretel (SL-2). All 12-inch pressings were of 220 grams vinyl. Columbia may have planned for the Bach album ML 4002 to be the first since the releases came in alphabetical order by composer (the first 54 LPS, ML 4002 thru ML 4055, are in order from Bach to Tchaikovsky ) Nathan Milstein was very popular in
1248-461: A phonograph record that would hold at least 20 minutes per side. Although Goldmark was the chief scientist who selected the team, he delegated most of the experimental work to William S. Bachman, whom Goldmark had lured from General Electric, and Howard H. Scott . Research began in 1939, was suspended during World War II , and resumed in 1945. Columbia Records unveiled the LP at a press conference in
1344-567: 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
1440-480: 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
1536-461: A somewhat finer and more closely spaced groove than typical 78 rpm records. They were to be played with a special "Chromium Orange" chrome-plated steel needle. The 10-inch discs, mostly used for popular and light classical music, were normally pressed in shellac, but the 12-inch discs, mostly used for "serious" classical music, were pressed in Victor's new vinyl-based "Victrolac" compound, which provided
1632-418: A special phono cartridge and a specialized UD-4 demodulator discrete supplementary QMX channels could be extracted (enhancing directional resolution). In theory this allowed backward compatibility with existing players and records, but the system suffered from incompatibility with regular stereo playback due to phase differences between the left and right channels. Phono cartridge set-up for UD-4 playback
1728-713: 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
1824-559: A total runtime of approximately 50 minutes. Despite some earlier experiments and attempts at commercial marketing, the Long Play format did not begin to enjoy commercial popularity until the early 1950s. Starting in 1926, the Edison Records company experimented with issuing Edison Disc Records in long play format of 24 minutes per side. The system and playback system (still mostly wind-up phonographs ) proved unreliable and
1920-409: A vinyl (a copolymer of vinyl chloride acetate) composition disk. Introduced by Columbia Records in 1948, it was soon adopted as a new standard by the entire US record industry and, apart from a few relatively minor refinements and the important later addition of stereophonic sound in 1957, it remained the standard format for record albums during a period in popular music known as the album era . LP
2016-658: 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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#17327880876942112-493: 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
2208-539: 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
2304-582: 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
2400-491: The Waldorf Astoria on June 21, 1948, in two formats: 10 inches (25 centimetres) in diameter, matching that of 78 rpm singles, and 12 inches (30 centimetres) in diameter. The initial release of 133 recordings were: 85 12-inch classical LPs (ML 4001 to 4085), 26 10-inch classics (ML 2001 to 2026), eighteen 10-inch popular numbers (CL 6001 to 6018), and four 10-inch juvenile records (JL 8001 to 8004). According to
2496-539: 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,
2592-474: 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
2688-447: 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
2784-688: The 1940s, however, so his performance of the Mendelssohn concerto was moved to ML 4001. When the LP was introduced in 1948, the 78 was the conventional format for phonograph records. By 1952, 78s still accounted for slightly more than half of the units sold in the United States, and just under half of the dollar sales. The 45 , oriented toward the single song, accounted for just over 30% of unit sales and just over 25% of dollar sales. The LP represented not quite 17% of unit sales and just over 26% of dollar sales. Ten years after their introduction,
2880-588: The 1949 Columbia catalog, issued September 1948, the first twelve-inch LP was Mendelssohn 's Concerto in E Minor by Nathan Milstein on the violin with the New York Philharmonic , conducted by Bruno Walter (ML 4001). Three ten-inch series were released: 'popular', starting with the reissue of The Voice of Frank Sinatra (CL 6001); 'classical', numbering from Beethoven's 8th symphony (ML 2001), and 'juvenile', commencing with Nursery Songs by Gene Kelly (JL 8001). Also released at this time were
2976-464: The 2010s and US vinyl sales in 2017 reached 15.6 million and 27 million for 2020. In 2022, US vinyl sales reached 41 million units, surpassing sales of the Compact Disc for the first time since 1987, once again making the LP the highest selling physical format there. Reel-to-reel magnetic tape recorders posed a new challenge to the LP in the 1950s, but the higher cost of pre-recorded tapes
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3072-813: 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
3168-530: 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
3264-521: 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
3360-489: 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
3456-442: 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
3552-642: 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
3648-551: The LP as a form—as an artistic entity, as they used to say—has complicated how we perceive and remember what was once the most evanescent of the arts", Robert Christgau wrote in Christgau's Record Guide: Rock Albums of the Seventies (1981). "The album may prove a '70s totem—briefer configurations were making a comeback by decade's end. But for the '70s it will remain the basic musical unit, and that's OK with me. I've found over
3744-481: 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
3840-544: 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
3936-490: 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
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4032-622: 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
4128-543: 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
4224-413: The advent of sound film or "talkies", the need for greater storage space made 33 + 1 ⁄ 3 rpm records more appealing. Soundtracks – played on records synchronized to movie projectors in theatres – could not fit onto the five minutes per side that 78s offered. They were not an immediate success, however, as they were released during the height of the Great Depression, and seemed frivolous to
4320-460: 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
4416-465: 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
4512-462: 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
4608-475: 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
4704-625: 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
4800-633: 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
4896-408: 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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#17327880876944992-435: 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
5088-402: 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
5184-558: The early years of that technology, very expensive, so the use of LP-format transcription discs continued into the 1990s. The King Biscuit Flower Hour is a late example, as are Westwood One 's The Beatle Years and Doctor Demento programs, which were sent to stations on LP at least through 1992. In September 1931, RCA Victor launched the first commercially available vinyl long-playing record, marketed as "Program-Transcription" records. These revolutionary discs were designed for playback at 33 + 1 ⁄ 3 rpm and pressed on
5280-427: 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
5376-576: 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
5472-500: 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
5568-503: 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
5664-505: 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
5760-606: 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
5856-519: 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,
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#17327880876945952-527: 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
6048-563: 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
6144-411: The many impoverished of the time. It was not until "microgroove" was developed by Columbia Records in 1948 that Long Players (LPs) reached their maximum playtime, which has continued to modern times. Economics and tastes initially determined which kind of music was available on each format. Recording company executives believed upscale classical music fans would be eager to hear a Beethoven symphony or
6240-521: 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 ,
6336-414: 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
6432-405: The mid-1950s, the 10-inch LP, like its similarly sized 78 rpm cousin, lost the format war and was discontinued. The close spacing of the spiral groove that allowed more playing time on a 33 + 1 ⁄ 3 rpm microgroove LP also allowed a faint pre-echo of upcoming loud sounds. The cutting stylus unavoidably transferred some of the subsequent groove's signal to the previous groove. It
6528-423: 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
6624-502: 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
6720-427: 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
6816-582: 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
6912-483: 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
7008-480: 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
7104-459: 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
7200-434: 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
7296-475: The share of unit sales for LPs in the US was almost 25%, and of dollar sales 58%. Most of the remainder was taken up by the 45; 78s accounted for only 2% of unit sales and 1% of dollar sales. The popularity of the LP ushered in the " album era " of English-language popular music, beginning in the late 1950s, as performers took advantage of the longer playing time to create coherent themes or concept albums. "The rise of
7392-493: The top-selling format, over cassettes, in 1992. Along with phonograph records in other formats, some of which were made of other materials, LPs are now widely referred to simply as "vinyl". Since the late 1990s there has been a vinyl revival . Demand has increased in niche markets, particularly among audiophiles, DJs, and fans of indie music, but most music sales as of 2018 came from online downloads and online streaming because of their availability, convenience, and price. With
7488-476: 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
7584-673: 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
7680-493: 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
7776-778: 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
7872-432: The years that the long-playing record, with its twenty-minute sides and four-to-six compositions/performances per side, suits my habits of concentration perfectly." Although the popularity of LPs (as well as 45s) began to decline in the late 1970s with the advent of Compact Cassettes , and later compact discs , the LP survives as a format to the present day. Vinyl LP records enjoyed a resurgence in popularity throughout
7968-492: Was a commercial failure. By mid-1931 all motion picture studios were recording on optical soundtracks , but sets of soundtrack discs, mastered by dubbing from the optical tracks and scaled down to 12 inches to cut costs, were made as late as 1936 for distribution to theaters still equipped with disc-only sound projectors. Unless the quantity required was very small, pressed discs were a more economical medium for distributing high-quality audio than tape, and CD mastering was, in
8064-658: 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
8160-478: 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
8256-500: 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
8352-563: Was discernible by some listeners throughout certain recordings, and a quiet passage followed by a loud sound would allow anyone to hear a faint pre-echo of the loud sound 1.8 seconds ahead of time. The following are some significant advances in the format: 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
8448-474: 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
8544-426: 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
8640-515: Was greatly improved by better tape formulations and noise-reduction systems. By 1983, cassettes were outselling LPs in the US. The Compact Disc (CD) was introduced in 1982. It offered a recording that was, theoretically, almost noiseless and not audibly degraded by repeated playing or slight scuffs and scratches. At first, the much higher prices of CDs and CD players limited their target market to affluent early adopters and audiophiles ; but prices came down, and by 1988, CDs outsold LPs. The CD became
8736-500: 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
8832-446: 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
8928-482: Was less critical than in CD-4, because the high frequency carrier signals were not as high as those found in the CD-4 system. LP record The LP (from long playing or long play) is an analog sound storage medium , specifically a phonograph record format characterized by: a speed of 33 + 1 ⁄ 3 rpm ; a 12- or 10-inch (30- or 25-cm) diameter; use of the "microgroove" groove specification; and
9024-400: Was one of several factors that confined tape to a niche market. Cartridge and cassette tapes were more convenient and less expensive than reel-to-reel tapes, and they became popular for use in automobiles beginning in the mid-1960s. The LP was not seriously challenged as the primary medium for listening to recorded music at home until the 1970s, however, when the audio quality of the cassette
9120-485: Was originally a trademark of Columbia and competed against the smaller 7-inch sized "45" or "single" format by RCA Victor , eventually ending up on top. Today in the vinyl revival era, a large majority of records are based on the LP format and hence the LP name continues to be in use today to refer to new records. At the time the LP was introduced, nearly all phonograph records for home use were made of an abrasive (and therefore noisy ) shellac compound, employed
9216-470: 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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