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The Great Depression: World War Ii
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The Great Depression ended at different times in different countries; for subsequent history see Home front during World War II. The majority of countries set up relief programs, and most underwent some sort of political upheaval, pushing them to the left or right. Liberal democracy was weakened and on the defensive, as dictators such as Adolf Hitler, Joseph Stalin and Benito Mussolini made major gains, which helped set the stage for World War II in 1939.
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In 1929, at the start of the Great Depression, the company established the Byron Jackson Oil Tool Division after acquiring the Dunn Manufacturing Company and some other, smaller companies engaged in manufacturing oil-field tools. It ... purchased the Pacific Cementing Company and commenced servicing drilling operations in the Los Angeles Basin in southern California. Three years later, in 1932, it put the Chemical Process Company in operation in Breckenridge, Texas, where it specialized in oil-well acidizing. Then, in 1938, with new oil-field strikes in the Mid-Continent and Permian Basin regions, BJ built a new manufacturing plant in Houston, its future home base. Two years later, amidst World War II, it also entered into an arrangement with Baker Oil Tools, Schlumberger, and Dowell to provide joint oil-field cementing services under the conglomerate name International Cementers Inc.
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At the worst point of the Great Depression, in 1933, one in four Americans who wanted to work was unable to find a job. Further, it was not until 1941, when World War II was underway, that the official unemployment rate finally fell below 10%. This massive wave of unemployment hit before a food stamp program and unemployment insurance existed. There were few government programs designed to help the poor or those in temporary difficulty. Further, most wives did not work, so if the husband lost his job, all income for that household stopped. An equivalent rate of unemployment today would cause less economic hardship because of the variety of programs (often inspired by the Great Depression) that cushion unemployment and poverty.
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In the late 1930s, the Great Depression was weakening, but many Americans were still poverty stricken. Americans watched as German forces became more powerful and took over neighboring countries. With the invasion of Poland, World War II erupted in Europe.
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It isn't easy to give a brief summary of the Great Depression. It was, without a doubt, the longest and most severe economic downturn in American history. Widely held to begin with the stock market crash of 1929, the Depression lasted until the advent of American involvement in World War II.
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Government intervention (introduced by Franklin Roosevelt’s “New Deal”) helped, but America remained in the grip of the Great Depression until 1941. Not until World War II, when millions of men were drafted and millions of women went to work in factories to support the war effort, did the United States emerge from its darkest economic downturn.
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World War Ii