ABSTRACT
Throughout 1929 and even some way into 1930 few people appreciated that the world was on the point of experiencing one of the worst depressions in history. Even after the dramatic collapse of the American stock market in October 1929 and the sharp check to economic activity in the latter half of that year there were still many people, especially in the United States, who were prepared to believe that these events represented merely a temporary and moderate hiccup in the rate of expansion, a view that gathered some force in the first half of 1930 when the US economy showed some signs of revival. By the middle of 1932, however, all such illusions had been shattered completely. After nearly three years of precipitous decline and a severe financial crisis in Europe and America no one could be in any doubt about the gravity of the situation. At that point in time the burning question was when was recovery going to take place? It was not long before this question was answered.
