Wall Street

In 1938, and in the teeth of the longest and fiercest depression that the linked States had ever known, capital spending hit an all epoch high. Thats right! In 1938 the men who owned America began to stream millions of Dollars into new plant and equipment as if there was no tomorrow. We foolt think much ab show up it today, beca apply it has been a long clipping since the United States has experienced a real bone nervy economic slow ingest. The fact is, however, that the very best time for the industrialist to adorn in new technologies is in the middle of a depression. This is because it is at such times that labor, raw materials, and new equipment can be purchased at rock bottom prices. Henry Ford may have jumped the gun a fleck. He shut down his River Rouge plant for two years starting in 1932 so that it could be completely rebuilt. Being a bit of a genius, Ford used his time and money to design the plant to create one of the most powerful infinitesimal engines ever built: the Ford V8. This engine was so cracking that it was modified only slightly to equip certain aircraft for use in World War II. It also powered a series of red hot Ford cars all the stylus through the 1950s.

At the same time that Ford was construct his River Rouge plant, Joseph Alois Schumpeter, an Austrian economist who had migrated to Harvard University, was hard at take in on a concur that would explain the paradox suggested above, viz. the timing of business cycles and technological change. In this all besides forgotten work one of our most famous economists spelled out the secrets of the business cycle, that is the same old pattern of boom and photograph that may be coming back to haunt us now. Many, if not most, American college students know Schumpeters name because of his work in defense of free enterprise called Capitalism, Socialism, and Democracy. This was not, however, the book that Schumpeter was working on as America slogged through the mean and hungry 1930s. The book published by Schumpeter in 1939 is called ... If you want to get a full essay, order it on our website: Orderessay

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