november / 23

NOTHING NEW UNDER THE SUN (ALMOST)

23rd November, 1929 : One month after the horrific Wall Street crash the British and United States Governments are moving towards action to lift their domestic economies out of a depression. However, on both sides of the Atlantic, critics accused them of timidity and called for much more radical action to arrest the world slump. With much insistence on fiscal orthodoxy, the Labour Government in Britain is now rejecting sweeping proposals by the former Prime Minister, Mr Lloyd George, and the Liberal economist Maynard Keynes for economic pump-priming. Meanwhile in Washington, President Hoover is asking Congress for extra funds for a Federal construction programme to create jobs. He has appointed a high-powered advisory group of businessmen and bankers. Henry Ford surprised his workers by granting them a pay rise.

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