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their loans this meant 1929 Stock Market Crash

The 1929 Stock Market Crash
In early 1928 the Dow Jones Average went from a low of 191 early in the year, to a high of 300 in December of 1928 and peaked at 381 in September of 1929. (1929) It was anticipated that the increases in earnings and dividends would continue. (1929) The price to earnings ratings rose from 10 to 12 to 20 and higher for the markets favorite stocks. (1929)  Observers believed that stock market prices in the first 6 months of 1929 were high, while others saw them to be cheap. (1929)  On October 3rd, the Dow Jones Average began to drop, declining through the week of October 14th. (1929)
On the night of Monday, October 21st, 1929, margin calls were heavy and Dutch and German calls came in from overseas to sell overnight for the Tuesday morning opening. (1929)  On Tuesday morning, out-of-town banks and corporations sent in $150 million  of call loans, and Wall Street was in a panic before the New York Stock Exchange opened. (1929)
On Thursday, October 24th, 1929, people began to sell their stocks as fast as they could. Sell orders flooded the market exchanges. (1929) This day became known as Black Thursday. (Black Thursday) On a normal day, only 750-800 members of the New York Stock Exchange started the exchange. (1929) There were 1100 members on the floor for the morning opening. (1929) Furthermore, the exchange directed all employees to be on the floor since there were numerous margin calls and sell orders placed overnight. Extra telephone staff was also arranged at the members boxes around the floor. (1929) The Dow Jones Average closed at 299 that day. (1929)
On Tuesday, October 29th, 1929, the crash began. (1929) Within the first few hours, the price fell so far as to wipe out all gains that had been made the entire previous year. (1929) This day the Dow Jones Average would close at 230. (1929) Between October 29th, and November 13 over 30 billion dollars disappeared from the American economy. (1929) It took nearly 25 years for many of the stocks to recover. (1929)
By mid November, the value of the New York Stock Exchange listings had dropped over 40%, a loss of $26 billion. (1929-1931)  At one point in the crash tickers were 68 minutes behind. (1929-1931) An average of about $50,000,000 a minute was wiped out on the exchange. (1929-1931) A few investors that lost all of their money jumped to their deaths from office buildings. Others gathered in the streets outside the Stock Exchange to learn how much they had lost. (Black Thursday)
The Cause
There are five proposed reasons as to why the stock market crashed. One of the reasons was that stocks were overpriced and the crash brought the share prices back to a normal level. However, some studies using standard measures of stock value, such as Price to Earning ratios and Price to Dividend ratios, argue that the share prices were not too high. Another reason is that there were massive frauds and illegal activity in the 1920s stock market. However, evidence revealed that there was probably very little actual insider trading or illegal manipulation. (1929)
Margin buying is another reason why people believed that the crash happened. Though it is not the main reason, there was very little margin relative to the value of the market. The new President of the Federal Reserve Board, Adolph Miller, tightened the monetary policy and set out to lower the stock prices since he perceived that speculation led stocks to be overpriced, causing damage to the economy. Also, in the beginning of 1929, the interest rate charged on broker loans rose tremendously. This policy reduced the amount of broker loans that originated from banks and lowered the liquidity of non-financial and other corporations that financed brokers and dealers. Lastly, many public officials commented that the stock price was too high. Herbert Hoover publicly stated that stocks were overvalued and that speculation hurt the economy. Hoovers statement suggested to the public the lengths he was willing to go to control the stock market. These kinds of statements encouraged investors to believe that the market would continue to be strong, which could be one of ... more

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Chinese Economic Refrom

Chinese Economic Reform
Two years after the death of Mao Zedong in 1976, it became apparent
to many of China's leaders that economic reform was necessary. During his
tenure as China's premier, Mao had encouraged social movements such as the
Great Leap Forward and the Cultural Revolution which had had as their bases
ideologies such as serving the people and maintaining the class struggle.
By 1978 Chinese leaders were searching for a solution to serious economic
problems produced by Hua Guofeng, the man who had succeeded Mao Zedong as
CCP leader after Mao's death (Shirk 35). Hua had demonstrated a desire to
continue the ideologically based movements of Mao. Unfortunately, these
movements had left China in a state where agriculture was stagnant,
industrial production was low, and the people's living standards had not
increased in twenty years (Nathan 200). This last area was particularly
troubling. While the gross output value of industry and agriculture
increased by 810 percent and national income grew by 420 percent [between
1952 and 1980] ... average individual income increased by only 100 percent
(Ma Hong quoted in Shirk 28). However, attempts at economic reform in
China were introduced not only due to some kind of generosity on the part
of the Chinese Communist Party to increase the populace's living standards.
It had become clear to members of the CCP that economic reform would
fulfill a political purpose as well since the party felt, properly it would
seem, that it had suffered a loss of support. As Susan L. Shirk describes
the situation in The Political Logic of Economic Reform in China,
restoring the CCP's prestige required improving
economic performance and raising living standards.
The traumatic experience of the Cultural Revolution
had eroded popular trust in the moral and political
virtue of the CCP. The party's leaders decided to
shift the base of party legitimacy from virtue to
competence, and to do that they had to demonstrate
that they could deliver the goods.
(23)
This movement from virtue to competence seemed to mark a
serious departure from orthodox Chinese political theory. Confucius
himself had posited in the fifth century BCE that those individuals who
best demonstrated what he referred to as moral force should lead the
nation. Using this principle as a guide, China had for centuries attempted
to choose at least its bureaucratic leaders by administering a test to
determine their moral force. After the Communist takeover of the country,
Mao continued this emphasis on moral force by demanding that Chinese
citizens demonstrate what he referred to as correct consciousness. This
correct consciousness could be exhibited, Mao believed, by the way people
lived. Needless to say, that which constituted correct consciousness was
often determined and assessed by Mao. Nevertheless, the ideal of moral
force was still a potent one in China even after the Communist takeover.
It is noteworthy that Shirk feels that the Chinese Communist
Party leaders saw economic reform as a way to regain their and their
party's moral virtue even after Mao's death. Thus, paradoxically, by
demonstrating their expertise in a more practical area of competence, the
leaders of the CCP felt they could demonstrate how they were serving the
people. To be sure, the move toward economic reform came about as a result
of a changed domestic and international environment, which altered the
leadership's perception of the factors that affect China's national
security and social stability (Xu 247). But Shirk feels that, in those
pre-Tienenmen days, such a move came about also as a result of an attempt
by CCP leaders to demonstrate, in a more practical and thus less obviously
ideological manner than Mao had done, their moral force.
This is not to say that the idea of economic reform was
embraced enthusiastically by all members of the leadership of the Chinese
Communist Party in 1978. To a great extent, the issue of economic reform
became politicized as the issue was used as a means by Deng Xiaoping to
attain the leadership of the Chinese Communist Party. Mao's successor, Hua
Guofeng, had tried to prove himself a worthy successor to Mao by draping
himself in the mantle of Maoist tradition. His approach to economic
development was orthodox Maoism with an up-to-date, international twist
(Shirk 35). This approach was tied heavily to the development of China's
oil reserves. [W]hen [in 1978] estimates of the oil reserves were revised
downward[,] commitments to import plants and expand heavy industry could
not be sustained (Shirk 35). Deng took advantage of this economic crisis
to discredit Hua and aim for leadership of the party. Reform policies
became Deng's platform against Hua for post-Mao leadership ... more

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