Saturday, January 23, 2016
93 > 29?
Strong disclaimer: This is purely an IMPRESSION, not a data point. I don't know if it would stand up to numerical analysis.
Previously I've noted that the 1929 Depression, as viewed through my own ancestors and through Census data, didn't live up to its reputation.
Lately I've been reading about springs and spas, middle-class resorts in the 1800's. One thing that stands out sharply in this history, and also in general discussions of business and farms, is the Panic of 1893. Many of these resorts died in '93, and many farms and businesses as well. "Bankrupt in 1893" is a constant refrain. Those that pulled through '93 tended to be more upper-class.
1929 didn't seem to wipe out nearly as many local businesses in Okla and Kansas. Its effect was mainly on big corporations.
The next Major Extinction for local business began in 1980, when our economy switched purposes. Before 1980 most businesses tried to provide jobs and services and products. Since 1980 increasing share value is the only purpose, and the quickest way to increase share value is to cut jobs and stop producing. This Extinction continues and accelerates today.
Resulting impression: All three periods destroyed a broad range of jobs and businesses, but the focus is different. 1929 focused more on upper-class stuff. 1893 and the present mainly damaged lower and middle-class stuff.
Labels: Make or break
¶ 3:26 AM
