It paved a path that led to the Emerald City, which stood for Washington DC. The gold standard caused deflation in the economy, which hurt farmers. Deflation was good for the banks because the farmers would pay loans back to the banks and they would be worth more money. These symbols were vital to the 1896 election and The Wizard of Oz. The characters in the movie are also based off important people from the 1896 election.
The farmers’ anger was further deepened at the government when the crisis remained unresolved. The farmers’ had reached boiling point when Congress passed the Sherman Silver Purchase Act, which allowed a limited amount of silver coinage, but did not solve the problem. The United States population and money in circulation between 1865 and 1895, demonstrates that between the time periods the population had almost double however the amount of money in circulation had grown only half as much. Farmer’s discontent came with the rise
Witte believed the only way to modernise Russia and play catch-up with the West was through State Capitalism (control of the economy by the government). The country needed to raise capital for investment in industry, which he did in several interlinking ways: large foreign loans which brought money into the country; heavy tax and interest rates in Russia which brought more money for the government. While bringing money into the country, Witte protected the small developing industries of Russia by limiting imports (but risked other countries doing the same to Russian goods in retaliation) In 1897, he put Russian currency on Gold Standard. This created financial stability and in turn encouraged huge foreign investment in Russia. Conversely, the higher-value rouble helped increase the prices of goods.
Document 1 [Ye Chunji] gives a quote about how Chunji has noticed the social gap and how the upper class is becoming increasingly unsatisfied and greedy; whereas document 3 [Wang Xijue]tells more of the economic social gap between the two main classes and explains how the economy is aiding the social gap through the harvest. In document 7 [He Qiaoyuan] another Ming court official talks about how China makes goods that are worth maybe 100 silver coins but sells them for triple that amount. All three of these documents also contribute to the fact that the Ming dynasty played a major role in the global trade of silver. During this time the economic impact of silver in Spain can be seen in Documents 2 and 6. Document 2 [Tomas de Mercado] shows that the ballast stones used in the ships on the outgoing trip were replaced by silver during their return trips; while document 6 [Antonio Vazquez de Espinos] claims that from 1545 to 1624 a total of approximately 326,000,000 silver coins were taken out of the mines in Potosi.
The heavy flow of the silver greatly affected China's economy. The silver coin soon became scarce and put the Ming economy at risk when people weren’t able to pay for their taxes. In 1593, the Ming emperor realized the need of silver coin in China. Wang Xijue probably felt that the decline in economy would most likely cause problems in the society and they would soon have to deal with rebellions (doc 3). He Qianyuan was also a court official and he insists, also, that Ming economy was declining by appealing to the emperor on repealing the ban on foreign trade.
Roosevelt had a great impact on America by changing the relationship between the national government and the people changed drastically. The government took on a greater role in the everyday social and economic lives of the people. Theodore Roosevelt had a great effect on the great depression because he happened to be the right guy at a very bad time. Roosevelt had a plan called the New Deal to help America back on its feet. The New Deal programs of FDR created a liberal political alliance made up of labor unions, blacks and other ethnic and religious minorities, intellectuals, the poor, and some farmers.
Because of the Panic of 1873, governments depegged their currencies, to save money. After the Civil War cotton that had escaped destruction was sized by federal troops. As with the Great Depression, the private investment banks felt the change first. Bankruptcy
The authors of a court official in the Ming dynasty, after nearly 20 years of the domestic silver tax, attempts to address the difficulties faced by farmers. Wang believes that that the silver tax is responsible for increasing poverty by farmers in the courtside. A court order, issued in the 1570s soon after the imposition of the silver tax, may be attempting to refute this opinion. The emphasis of the author on a frugal man and an extravagant man in document 1, while advocating the frugality of silver use, may be attempting to assuage the fears of the average Chinese people that this tax will be financially deleterious to
With significantly reduced wealth, spending decline, banks failed and on top of this drought conditions contributed to a lack of good crops. The Great Depression was the result of an unlucky combination of factors, but mainly the use of margin is to blame (Doc . Worldwide, there was increased unemployment, decreased government revenue, and a drop in international trade. At the height of the Great Depression in 1933, more than a quarter of the US labor force was unemployed. Some countries saw a change in leadership as a result of the economic turmoil.
Wizard of Oz/Populist Movement The populist movement started in 1890 and ended in 1896. It all started when many farmers encountered problems concerning prices. Overproduction caused prices to drop, which resulted in less profit. Equipment prices increased along with rail road prices which made the transport of everything even more difficult. However the farmers weren't the only ones who had problems.