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137-767: Lawson is frequently cited as the inventor of the airliner and received several of the first air mail contracts, which he ultimately did not fulfill. He founded the Lawson Aircraft Company in Green Bay, Wisconsin , to build military training aircraft and later the Lawson Airplane Company in South Milwaukee, Wisconsin , to build airliners. The crash of his ambitious Lawson L-4 "Midnight Liner" during its trial flight takeoff on May 8, 1921, ended his best chance for commercial aviation success. In 1904, he wrote

274-626: A deflationary spiral started in 1931. Farmers faced a worse outlook; declining crop prices and a Great Plains drought crippled their economic outlook. At its peak, the Great Depression saw nearly 10% of all Great Plains farms change hands despite federal assistance. At first, the decline in the U.S. economy was the factor that triggered economic downturns in most other countries due to a decline in trade, capital movement, and global business confidence. Then, internal weaknesses or strengths in each country made conditions worse or better. For example,

411-593: A jet-powered 100-seat design at the request of Geoffrey de Havilland , involved in the first jet fighters development. After a brief contest, the Type I design was given to the Bristol Aeroplane Company , building on a "100 ton bomber " submission. This evolved into the Bristol Brabazon but this project folded in 1951 as BOAC lost interest and the first aircraft needed a costly wing re-design to accommodate

548-418: A silver standard , almost avoided the depression entirely. The connection between leaving the gold standard as a strong predictor of that country's severity of its depression and the length of time of its recovery has been shown to be consistent for dozens of countries, including developing countries . This partly explains why the experience and length of the depression differed between regions and states around

685-630: A utopian novel, Born Again , in which he developed the philosophy which later became Lawsonomy. Lawson made one start for the Boston Beaneaters and two for the Pittsburgh Alleghenys during the 1890 season . His minor league playing career lasted through 1895. Lawson later managed in the minors from 1905 to 1907. In 1908, Lawson started a new professional baseball league called the Union Professional League . The league took

822-614: A Caravelle successor. The Super-Caravelle was a supersonic transport project of similar size and range to the Caravelle. It was merged with the similar Bristol Aeroplane Company project into the Anglo-French Concorde . The Concorde entered service in January 1967 as the second and last commercial supersonic transport , after large overruns and delays, costing £1.3 billion. All subsequent French airliner efforts were part of

959-651: A Thomas flying boat and became the first air commuter to regularly fly from his country house in Seidler's Beach, New Jersey, to the foot of 75th Street in New York City (about 35 miles). In 1917, utilizing the knowledge gained from ten years of advocating aviation, he built his first airplane, the Lawson Military Tractor 1 (MT-1) trainer, and founded the Lawson Aircraft Corporation. The company's plant

1096-618: A batch of nine. The Ford Trimotor had two engines mounted on the wings and one in the nose, and a slabsided body, it carried eight passengers and was produced from 1925 to 1933. It was an important early airliner in America. It was used by the predecessor to Trans World Airlines , and by other airlines long after production ceased. The Trimotor helped to popularise numerous aspects of modern aviation infrastructure, including paved runways , passenger terminals , hangars , airmail , and radio navigation . Pan Am opened up transoceanic service in

1233-665: A common fuel type – kerosene-based jet fuel – is another advantage. Some variants of airliners have been developed for carrying freight or for luxury corporate use . Many airliners have also been modified for government use as VIP transports and for military functions such as airborne tankers (for example, the Vickers VC10 , Lockheed L-1011 , Boeing 707 ), air ambulance ( USAF / USN McDonnell Douglas DC-9 ), reconnaissance ( Embraer ERJ 145 , Saab 340 , and Boeing 737 ), as well as for troop-carrying roles. Modern jetliners are usually low-wing designs with two engines mounted underneath

1370-538: A distinctive typography. He later propounded a philosophy, Lawsonomy, and the Lawsonian religion . He also developed, during the Great Depression , the populist economic theory of "Direct Credits", according to which banks are the cause of all economic woes, the oppressors of both capital and labor. Lawson believed that the government should replace banks as the provider of loans to business and workers. He predicted

1507-555: A few experimental or military designs, all aircraft built to date have had all of their weight lifted off the ground by airflow across the wings. In terms of aerodynamics , the fuselage has been a mere burden. NASA and Boeing are currently developing a blended wing body design in which the entire airframe, from wingtip to wingtip, contributes lift. This promises a significant gain in fuel efficiency . The major manufacturers with large aircraft airliners currently in production include: The narrow-body and wide-body airliner market

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1644-588: A former privately run bank, bearing no relation to the U.S. government (not to be confused with the Federal Reserve ). Unable to pay out to all of its creditors, the bank failed. Among the 608 American banks that closed in November and December 1930, the Bank of United States accounted for a third of the total $ 550 million deposits lost and, with its closure, bank failures reached a critical mass. In an initial response to

1781-459: A greater reduction in credit. On 5 April 1933, President Roosevelt signed Executive Order 6102 making the private ownership of gold certificates , coins and bullion illegal, reducing the pressure on Federal Reserve gold. British economist John Maynard Keynes argued in The General Theory of Employment, Interest and Money that lower aggregate expenditures in the economy contributed to

1918-898: A growth by 3.5 from 2004 to 2020 is unprecedented and highly unusual for any mature market. In 2016, the deliveries went for 38% in Asia-Pacific, 25% in Europe, 22% in North America, 7% in Middle East, 6% in South America and 2% in Africa. 1,020 narrowbodies were delivered and their backlog reach 10891: 4,991 A320neo, 644 A320ceo; 3,593 737 Max, 835 737NG, 348 CSeries, 305 C919 and 175 MC-21; while 398 widebodies were delivered : 137 Dreamliners and 99 B777 for Boeing (65%) against 63 A330 and 49 A350 for Airbus, more than 2,400 widebodies were in backlog, led by

2055-507: A higher gross weight of 5,500 lb (2,500 kg). Later aircraft were amongst the first airliners to be fitted with flaps for improved landing performance, along with downwards-facing recognition light and metal propellers, which were often retrofitted to older aircraft. It was also used in military roles; civil Dragon Rapides were impressed into military service during the Second World War . Metal airliners came into service in

2192-596: A modern industrial city handled shortages of money and resources. Often they updated strategies their mothers used when they were growing up in poor families. Cheap foods were used, such as soups, beans and noodles. They purchased the cheapest cuts of meat—sometimes even horse meat—and recycled the Sunday roast into sandwiches and soups. They sewed and patched clothing, traded with their neighbors for outgrown items, and made do with colder homes. New furniture and appliances were postponed until better days. Many women also worked outside

2329-402: A monetary contraction first-hand were forced to join the deflationary policy since higher interest rates in countries that performed a deflationary policy led to a gold outflow in countries with lower interest rates. Under the gold standard's price–specie flow mechanism , countries that lost gold but nevertheless wanted to maintain the gold standard had to permit their money supply to decrease and

2466-555: A new teacher with advanced intellectual equipment appears upon earth to lead the people a step or two nearer the one God of everybody". In 1943, he founded the Humanity Benefactor Foundation and University of Lawsonomy in Des Moines , on the site of Des Moines University , to spread his teachings and offer the degree of "Knowledgian", but after various IRS and other investigations it was closed and finally sold in 1954,

2603-563: A serious issue in the 1930s. Support for increasing welfare programs during the depression included a focus on women in the family. The Conseil Supérieur de la Natalité campaigned for provisions enacted in the Code de la Famille (1939) that increased state assistance to families with children and required employers to protect the jobs of fathers, even if they were immigrants. In rural and small-town areas, women expanded their operation of vegetable gardens to include as much food production as possible. In

2740-474: A small cadre of Labour, but the vast majority of Labour leaders denounced MacDonald as a traitor for leading the new government. Britain went off the gold standard , and suffered relatively less than other major countries in the Great Depression. In the 1931 British election, the Labour Party was virtually destroyed, leaving MacDonald as prime minister for a largely Conservative coalition. In most countries of

2877-699: A standstill agreement froze Germany's foreign liabilities for six months. Germany received emergency funding from private banks in New York as well as the Bank of International Settlements and the Bank of England. The funding only slowed the process. Industrial failures began in Germany, a major bank closed in July and a two-day holiday for all German banks was declared. Business failures were more frequent in July, and spread to Romania and Hungary. The crisis continued to get worse in Germany, bringing political upheaval that finally led to

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3014-1054: A survey by Inside MRO and Air Transport World , and this is a reason why Mitsubishi Aircraft Corporation purchased the Bombardier CRJ program. It is an entry barrier for new entrants like the Xian MA700 and Comac C919 , with no credible previous experience with the MA60 , or the Irkut MC-21 after the Sukhoi Superjet 100 . The airliner fleet went from 13,500 in 2000 to 25,700 in 2017: 16% to 30.7% in Asia/Pacific (2,158 to 7,915), 34.7% to 23.6% in USA (4,686 to 6,069) and 24% to 20.5% in Europe (3,234 to 5,272). In 2018, there were 29,398 airliners in service: 26,935 passenger transports and 2,463 freighters, while 2,754 others were stored. The largest fleet

3151-642: Is a consensus that the Federal Reserve System should have cut short the process of monetary deflation and banking collapse, by expanding the money supply and acting as lender of last resort . If they had done this, the economic downturn would have been far less severe and much shorter. Modern mainstream economists see the reasons in Insufficient spending, the money supply reduction, and debt on margin led to falling prices and further bankruptcies ( Irving Fisher 's debt deflation). The monetarist explanation

3288-400: Is dominated by Airbus and Boeing, and the regional airliner market is shared between ATR Aircraft , De Havilland Canada , and Embraer . Setting up a reliable customer support network, ensuring uptime, availability and support 24/7 and anywhere, is critical for the success of airliner manufacturers. Boeing and Airbus are ranked 1 and 2 in customer satisfaction for aftermarket support by

3425-493: Is supported by the contrast in how the crisis progressed in, e.g., Britain, Argentina and Brazil, all of which devalued their currencies early and returned to normal patterns of growth relatively rapidly and countries which stuck to the gold standard , such as France or Belgium. Frantic attempts by individual countries to shore up their economies through protectionist policies – such as the 1930 U.S. Smoot–Hawley Tariff Act and retaliatory tariffs in other countries – exacerbated

3562-523: The 1932 election , Hoover was defeated by Franklin D. Roosevelt , who from 1933 pursued a series of " New Deal " policies and programs to provide relief and create jobs, including the Civilian Conservation Corps , Federal Emergency Relief Administration , Tennessee Valley Authority , and Works Progress Administration . Historians disagree on the effects of the New Deal, with some claiming that

3699-612: The Airbus pan-European initiative. Soon after the war, most of the Soviet fleet of airliners consisted of DC-3s or Lisunov Li-2s . These planes were in desperate need of replacement, and in 1946, the Ilyushin Il-12 made its first flight. The Il-12 was very similar in design to American Convair 240, except was unpressurized. In 1953, the Ilyushin Il-14 made its first flight, and this version

3836-540: The Airbus A300 / A310 , A330 and A350 ; the 767 , 777 and 787 . Regional airliners seat fewer than 100 passengers. These smaller aircraft are often used to feed traffic at large airline hubs to larger aircraft operated by the major mainline carriers , legacy carriers , or flag carriers ; often sharing the same livery. Regional jets include the Bombardier CRJ100/200 and Bombardier CRJ700 series , or

3973-675: The BAC 1-11 , Vickers VC10 , and Hawker Siddeley Trident . The STAC committee was formed to consider supersonic designs and worked with Bristol to create the Bristol 223 , a 100-passenger transatlantic airliner. The effort was later merged with similar efforts in France to create the Concorde supersonic airliner to share the cost. The first batch of the Douglas DC-4s went to the U.S. Army and Air Forces, and

4110-645: The Bleriot-SPAD S.33 was introduced during the early 1920s. It was commercially successful, initially serving the Paris- London route, and later on continental routes. The enclosed cabin could carry four passengers with an extra seat in the cockpit. It was further developed into the Blériot-SPAD S.46 . Throughout the 1920s, companies in Britain and France were at the forefront of the civil airliner industry. By 1921,

4247-909: The Boeing 707 and its competitor the Douglas DC-8 . They were followed by smaller models : the Douglas DC-9 and its MD-80 / MD-90 / Boeing 717 derivatives; the Boeing 727 , 737 and 757 using the 707 cabin cross-section; or the Tupolev Tu-154 , Ilyushin Il-18 , and the Ilyushin Il-62 . Currently produced narrow-body airliners include the Airbus A220 , A320 family , Boeing 737 , Embraer E-Jet family and Comac C919 , generally used for medium-haul flights with 100 to 240 passengers. They could be joined by

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4384-561: The Bristol Proteus engine. The Type II was split between the de Havilland Dove and Airspeed Ambassador conventional piston designs, and the Vickers model powered by newly developed turboprops : first flown in 1948, the VC.2 Viceroy was the first turboprop design to enter service; a commercial success with 445 Viscounts built. The Type III requirement led to the conventional Avro Tudor and

4521-804: The Cessna Caravan and Pilatus PC-12 ; or twin piston-powered aircraft made by Cessna , Piper , Britten-Norman , and Beechcraft . They often lack lavatories , stand-up cabins, pressurization , galleys , overhead storage bins, reclining seats, or a flight attendant . Until the beginning of the Jet Age , piston engines were common on propliners such as the Douglas DC-3. Nearly all modern airliners are now powered by turbine engines, either turbofans or turboprops . Gas turbine engines operate efficiently at much higher altitudes, are more reliable than piston engines, and produce less vibration and noise. The use of

4658-678: The Embraer ERJ family . Currently produced turboprop regional airliners include the Dash-8 series, and the ATR 42 / 72 . Light aircraft can be used as small commuter airliners, or as air taxis . Twin turboprops carrying up to 19 passengers include the Beechcraft 1900 , Fairchild Metro , Jetstream 31 , DHC-6 Twin Otter and Embraer EMB 110 Bandeirante . Smaller airliners include the single-engined turboprops like

4795-750: The Fokker F.II , then the enlarged F.III . These were used by the Dutch airline KLM , including on its Amsterdam-London service in 1921. A relatively reliable aircraft for the era, the Fokkers were flying to destinations across Europe, including Bremen, Brussels, Hamburg, and Paris. The Handley Page company in Britain produced the Handley Page Type W , its first civil transport aircraft. It housed two crew in an open cockpit and 15 passengers in an enclosed cabin. Powered by two 450 hp (340 kW) Napier Lion engines,

4932-549: The Illinois state line, on the east side of the highway. A storm in the spring of 2009 destroyed the sign, although the supporting posts are still visible. On the northbound side of Interstate 94, a sign on the roof of the building nearest the freeway said "Study Natural Law" until being shingled over in October 2014. In 2018, the Town of Mount Pleasant paid $ 933,000 to purchase the property on

5069-565: The New York Bank of United States – which produced panic and widespread runs on local banks, and the Federal Reserve sat idly by while banks collapsed. Friedman and Schwartz argued that, if the Fed had provided emergency lending to these key banks, or simply bought government bonds on the open market to provide liquidity and increase the quantity of money after the key banks fell, all the rest of

5206-475: The coming to power of Hitler's Nazi regime in January 1933. The world financial crisis now began to overwhelm Britain; investors around the world started withdrawing their gold from London at the rate of £2.5 million per day. Credits of £25 million each from the Bank of France and the Federal Reserve Bank of New York and an issue of £15 million fiduciary note slowed, but did not reverse,

5343-468: The stock market , which resulted in growing wealth inequality . Banks were subject to minimal regulation under laissez-faire economic policies, resulting in loose lending and widespread debt. By 1929, declining spending had led to reductions in manufacturing output and rising unemployment . Share values continued to rise until the Wall Street crash, after which the slide continued for three years, which

5480-444: The swept wings , while turboprop aircraft are slow enough to use straight wings. Smaller airliners sometimes have their engines mounted on either side of the rear fuselage. Numerous advantages and disadvantages exist due to this arrangement. Perhaps the most important advantage to mounting the engines under the wings is that the total aircraft weight is more evenly distributed across the wingspan, which imposes less bending moment on

5617-558: The 18-passenger Lawson L-2 . He demonstrated its capabilities in a 2000-mile multi-city tour from Milwaukee to Chicago-Toledo-Cleveland-Buffalo-Syracuse-New York City-Washington, D.C.-Collinsville-Dayton-Chicago and back to Milwaukee, creating a buzz of positive press. The publicity allowed Lawson to secure an additional $ 1 million to build the 26-passenger Midnight Liner . The aircraft crashed on takeoff on its maiden flight. In late 1920, he secured government contracts for three airmail routes and to deliver ten warplanes. However, because of

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5754-412: The 1920s, Lawson promoted health practices, including vegetarianism , and claimed to have found the secret of living to 200. He also developed his own highly unusual theories of physics, according to which such concepts as "penetrability", "suction and pressure" and "zig-zag-and-swirl" were discoveries on par with Einstein 's theory of relativity . He published numerous books on these concepts, all set in

5891-612: The 1930s, the British de Havilland Dragon emerged as a short-haul, low-capacity airliner. Its relatively simple design could carry six passengers, each with 45 lb (20 kg) of luggage, on the London-Paris route on a fuel consumption of 13 gal (49 L) per hour. The DH.84 Dragon entered worldwide service. During early August 1934, one performed the first non-stop flight between the Canadian mainland and Britain in 30 hours 55 minutes, although

6028-419: The 1930s. In the United States, the Boeing 247 , and the 14-passenger Douglas DC-2 , flew during the first half of the decade, while the more powerful, faster, 21–32 passenger Douglas DC-3 first appeared in 1935. DC-3s were produced in quantity for the Second World War and were sold as surplus afterward, becoming widespread within the commercial sector. It was one of first airliners to be profitable without

6165-447: The 1937 recession that interrupted it). The common view among most economists is that Roosevelt's New Deal policies either caused or accelerated the recovery, although his policies were never aggressive enough to bring the economy completely out of recession. Some economists have also called attention to the positive effects from expectations of reflation and rising nominal interest rates that Roosevelt's words and actions portended. It

6302-465: The 1960s, airliners had expanded capabilities, making a significant impact on global society, economics, and politics. During 1913, Igor Sikorsky developed the first large multi-engine airplane, the Russky Vityaz . This aircraft was subsequently refined into the more practical Ilya Muromets , being furnished with dual controls for a pilot and copilot and a comfortable cabin with a lavatory, cabin heating and lighting. This large four-engine biplane

6439-553: The A350 with 753 (31%) then the Boeing 787 with 694 (28%). The most important driver of orders is airline profitability , itself driven mainly by world GDP growth but also supply and demand balance and oil prices , while new programmes by Airbus and Boeing help to stimulate aircraft demand. In 2016, 38% of the 25 years old airliners had been retired, 50% of the 28 years old : there will be 523 aircraft reaching 25 years old in 2017, 1,127 in 2026 and 1,628 in 2041. Deliveries rose by 80% from 2004 to 2016, they represented 4.9% of

6576-597: The British crisis. The financial crisis now caused a major political crisis in Britain in August 1931. With deficits mounting, the bankers demanded a balanced budget; the divided cabinet of Prime Minister Ramsay MacDonald's Labour government agreed; it proposed to raise taxes, cut spending, and most controversially, to cut unemployment benefits 20%. The attack on welfare was unacceptable to the Labour movement. MacDonald wanted to resign, but King George V insisted he remain and form an all-party coalition " National Government ". The Conservative and Liberals parties signed on, along with

6713-410: The Comet took off on the world's first jetliner flight carrying fare-paying passengers and simultaneously inaugurated scheduled service between London and Johannesburg. However, roughly one year after introduction, three Comets broke up mid-flight due to airframe metal fatigue , not well understood at the time. The Comet was grounded and tested to discover the cause, while rival manufacturers heeded

6850-407: The Depression. Businessmen ignored the mounting national debt and heavy new taxes, redoubling their efforts for greater output to take advantage of generous government contracts. During World War I many countries suspended their gold standard in varying ways. There was high inflation from WWI, and in the 1920s in the Weimar Republic , Austria , and throughout Europe. In the late 1920s there

6987-420: The Dow returning to 294 (pre-depression levels) in April 1930, before steadily declining for years, to a low of 41 in 1932. At the beginning, governments and businesses spent more in the first half of 1930 than in the corresponding period of the previous year. On the other hand, consumers, many of whom suffered severe losses in the stock market the previous year, cut expenditures by 10%. In addition, beginning in

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7124-419: The Federal Reserve did not act to limit the decline of the money supply was the gold standard . At that time, the amount of credit the Federal Reserve could issue was limited by the Federal Reserve Act , which required 40% gold backing of Federal Reserve Notes issued. By the late 1920s, the Federal Reserve had almost hit the limit of allowable credit that could be backed by the gold in its possession. This credit

7261-527: The Goliath flew 12 passengers from Toussus-le-Noble to RAF Kenley , near Croydon , despite having no permission from the British authorities to land. Dozens of early airlines subsequently procured the type. One high-profile flight, made on 11 August 1919, involved an F.60 flying eight passengers and a ton of supplies from Paris via Casablanca and Mogador to Koufa, 180 km (110 mi) north of Saint-Louis, Senegal , flying more than 4,500 km (2,800 mi). Another important airliner built in 1919

7398-442: The Great Depression is right, or the traditional Keynesian explanation that a fall in autonomous spending, particularly investment, is the primary explanation for the onset of the Great Depression. Today there is also significant academic support for the debt deflation theory and the expectations hypothesis that – building on the monetary explanation of Milton Friedman and Anna Schwartz – add non-monetary explanations. There

7535-527: The Great Depression. According to the U.S. Senate website, the Smoot–Hawley Tariff Act is among the most catastrophic acts in congressional history. Many economists have argued that the sharp decline in international trade after 1930 helped to worsen the depression, especially for countries significantly dependent on foreign trade. Most historians and economists blame the Act for worsening the depression by seriously reducing international trade and causing retaliatory tariffs in other countries. While foreign trade

7672-433: The Joyce Green airfield in Kent on 13 April 1919. The world's first all-metal transport aircraft was the Junkers F.13 , which also made its first flight in 1919. Junkers marketed the aircraft towards business travellers and commercial operators, and European entrepreneurs bought examples for their private use and business trips. Over 300 Junkers F 13s were built between 1919 and 1932. The Dutch Fokker company produced

7809-423: The Mediterranean area and to London . The Sud-Aviation Caravelle was developed during the late 1950s as the first short range jet airliner. The nose and cockpit layout were licensed from the de Havilland Comet , along with some fuselage elements. Entering service in mid 1959, 172 Caravelles had been sold within four years and six versions were in production by 1963. Sud Aviation then focused its design team on

7946-414: The New Deal prolonged the Great Depression, as they argue that National Industrial Recovery Act of 1933 and National Labor Relations Act of 1935 restricted competition and established price fixing. John Maynard Keynes did not think that the New Deal under Roosevelt single-handedly ended the Great Depression: "It is, it seems, politically impossible for a capitalistic democracy to organize expenditure on

8083-491: The U.K. economy, which experienced an economic downturn throughout most of the late 1920s, was less severely impacted by the shock of the depression than the U.S. By contrast, the German economy saw a similar decline in industrial output as that observed in the U.S. Some economic historians attribute the differences in the rates of recovery and relative severity of the economic decline to whether particular countries had been able to effectively devaluate their currencies or not. This

8220-435: The U.S. unemployment rate down below 10%. World War II had a dramatic effect on many parts of the American economy. Government-financed capital spending accounted for only 5% of the annual U.S. investment in industrial capital in 1940; by 1943, the government accounted for 67% of U.S. capital investment. The massive war spending doubled economic growth rates, either masking the effects of the Depression or essentially ending

8357-542: The US for military transport aircraft and the UK for heavy bombers . That such a policy was suggested or implemented have been disputed, at least by Sir Peter Masefield . British aircraft manufacturers were tied up to fulfill military requirements, and had no free capacity to address other matters though the war. The committee final report pushed four designs for the state-owned airlines British Overseas Airways Corporation (BOAC) and later British European Airways (BEA): three piston-powered aircraft of varying sizes, and

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8494-622: The United States, agricultural organizations sponsored programs to teach housewives how to optimize their gardens and to raise poultry for meat and eggs. Rural women made feed sack dresses and other items for themselves and their families and homes from feed sacks. In American cities, African American women quiltmakers enlarged their activities, promoted collaboration, and trained neophytes. Quilts were created for practical use from various inexpensive materials and increased social interaction for women and promoted camaraderie and personal fulfillment. Oral history provides evidence for how housewives in

8631-543: The United States, remained on the gold standard into 1932 or 1933, while a few countries in the so-called "gold bloc", led by France and including Poland, Belgium and Switzerland, stayed on the standard until 1935–36. According to later analysis, the earliness with which a country left the gold standard reliably predicted its economic recovery. For example, The UK and Scandinavia, which left the gold standard in 1931, recovered much earlier than France and Belgium, which remained on gold much longer. Countries such as China, which had

8768-405: The banks would not have fallen after the large ones did, and the money supply would not have fallen as far and as fast as it did. With significantly less money to go around, businesses could not get new loans and could not even get their old loans renewed, forcing many to stop investing. This interpretation blames the Federal Reserve for inaction, especially the New York branch . One reason why

8905-465: The behavior of housewives. The common view among economic historians is that the Great Depression ended with the advent of World War II . Many economists believe that government spending on the war caused or at least accelerated recovery from the Great Depression, though some consider that it did not play a very large role in the recovery, though it did help in reducing unemployment. The rearmament policies leading up to World War II helped stimulate

9042-475: The capacity of airliners needed to be increased to achieve more favourable economics. The English company de Havilland , built the 10-passenger DH.29 monoplane, while starting work on the design of the DH.32, an eight-seater biplane with a more economical but less powerful Rolls-Royce Eagle engine. For more capacity, DH.32 development was replaced by the DH.34 biplane, accommodating 10 passengers. A commercially successful aircraft, Daimler Airway ordered

9179-410: The collapse in global trade, contributing to the depression. By 1933, the economic decline pushed world trade to one third of its level compared to four years earlier. While the precise causes for the occurrence of the Great depression are disputed and can be traced to both global and national phenomena, its immediate origins are most conveniently examined in the context of the U.S. economy, from which

9316-475: The crash was a mere symptom of more general economic trends of the time, which had already been underway in the late 1920s. A contrasting set of views, which rose to prominence in the later part of the 20th century, ascribes a more prominent role to failures of monetary policy . According to those authors, while general economic trends can explain the emergence of the downturn, they fail to account for its severity and longevity; they argue that these were caused by

9453-442: The crisis, the U.S. Congress passed the Smoot–Hawley Tariff Act on 17 June 1930. The Act was ostensibly aimed at protecting the American economy from foreign competition by imposing high tariffs on foreign imports. The consensus view among economists and economic historians (including Keynesians , Monetarists and Austrian economists ) is that the passage of the Smoot–Hawley Tariff had, in fact, achieved an opposite effect to what

9590-633: The decade. The Depression had devastating economic effects on both wealthy and poor countries: all experienced drops in personal income , prices ( deflation ), tax revenues, and profits. International trade fell by more than 50%, and unemployment in some countries rose as high as 33%. Cities around the world , especially those dependent on heavy industry , were heavily affected. Construction virtually halted in many countries, and farming communities and rural areas suffered as crop prices fell by up to 60%. Faced with plummeting demand and few job alternatives, areas dependent on primary sector industries suffered

9727-408: The depression. Not all governments enforced the same measures of protectionism. Some countries raised tariffs drastically and enforced severe restrictions on foreign exchange transactions, while other countries reduced "trade and exchange restrictions only marginally": The gold standard was the primary transmission mechanism of the Great Depression. Even countries that did not face bank failures and

9864-500: The domestic price level to decline ( deflation ). There is also consensus that protectionist policies, and primarily the passage of the Smoot–Hawley Tariff Act , helped to exacerbate, or even cause the Great Depression. Some economic studies have indicated that the rigidities of the gold standard not only spread the downturn worldwide, but also suspended gold convertibility (devaluing the currency in gold terms) that did

10001-402: The drop in demand. Monetarists believe that the Great Depression started as an ordinary recession, but the shrinking of the money supply greatly exacerbated the economic situation, causing a recession to descend into the Great Depression. Economists and economic historians are almost evenly split as to whether the traditional monetary explanation that monetary forces were the primary cause of

10138-427: The economies of Europe in 1937–1939. By 1937, unemployment in Britain had fallen to 1.5 million. The mobilization of manpower following the outbreak of war in 1939 ended unemployment. The American mobilization for World War II at the end of 1941 moved approximately ten million people out of the civilian labor force and into the war. This finally eliminated the last effects from the Great Depression and brought

10275-587: The end of the First World War, large numbers of ex-military aircraft flooded the market. One such aircraft was the French Farman F.60 Goliath , which had originally been designed as a long-range heavy bomber ; a number were converted for commercial use into passenger airliners starting in 1919, being able to accommodate a maximum of 14 seated passengers. and around 60 were built. Initially, several publicity flights were made, including one on 8 February 1919, when

10412-627: The end of the month. A large sell-off of stocks began in mid-October. Finally, on 24 October, Black Thursday , the American stock market crashed 11% at the opening bell. Actions to stabilize the market failed, and on 28 October, Black Monday, the market crashed another 12%. The panic peaked the next day on Black Tuesday, when the market saw another 11% drop. Thousands of investors were ruined, and billions of dollars had been lost; many stocks could not be sold at any price. The market recovered 12% on Wednesday but by then significant damage had been done. Though

10549-494: The explanations of the Keynesians and monetarists. The consensus among demand-driven theories is that a large-scale loss of confidence led to a sudden reduction in consumption and investment spending. Once panic and deflation set in, many people believed they could avoid further losses by keeping clear of the markets. Holding money became profitable as prices dropped lower and a given amount of money bought ever more goods, exacerbating

10686-464: The fall 1920 recession, he could not secure the necessary $ 100,000 in cash reserves and had to decline the contracts. In 1926, he started his last airliner, the 56-seat, two-tier Lawson super airliner. In this phase of his life, he was considered one of the leading thinkers in the budding American commercial aviation community; however, his inability to secure financial backing for his ideas led him to turn to economics, philosophy, and organization. In

10823-503: The few women in the labor force, layoffs were less common in the white-collar jobs and they were typically found in light manufacturing work. However, there was a widespread demand to limit families to one paid job, so that wives might lose employment if their husband was employed. Across Britain, there was a tendency for married women to join the labor force, competing for part-time jobs especially. In France, very slow population growth, especially in comparison to Germany continued to be

10960-486: The field in April but folded one month later because of financial difficulties. An early aviation advocate, in October 1908, Lawson started the magazine Fly to stimulate public interest and educate readers on the new aviation science fundamentals. It sold for 10 cents a copy from newsstands across the country. In 1910, moving to New York City, he renamed the magazine Aircraft and published it until 1914. The magazine chronicled

11097-726: The first commercial plane to circumnavigate the globe during December 1941 and January 1942. In the United Kingdom, the Brabazon Committee was formed in 1942 under John Moore-Brabazon, 1st Baron Brabazon of Tara to forecast advances in aviation technology and the air transport needs of the postwar British Empire (in South Asia, Africa, and the Near and Far East ) and Commonwealth ( Australia , Canada , New Zealand ). For British use, multi-engine aircraft types were allegedly split between

11234-710: The first scheduled international airline service from London to Paris. One aircraft was sold to the River Plate Aviation Company in Argentina , to operate a cross-river service between Buenos Aires and Montevideo . Meanwhile, the competing Vickers converted its successful First World War era bomber, the Vickers Vimy , into a civilian version, the Vimy Commercial. It was redesigned with a larger-diameter fuselage (largely of spruce plywood), and first flew from

11371-501: The first week of June, 540 million in the second, and 150 million in two days, 19–20 June. Collapse was at hand. U.S. President Herbert Hoover called for a moratorium on payment of war reparations . This angered Paris, which depended on a steady flow of German payments, but it slowed the crisis down, and the moratorium was agreed to in July 1931. An International conference in London later in July produced no agreements but on 19 August

11508-602: The fleet at the end of 2012 and 11.3% at the end of 2001. Since it began, the jet airliner market had a recurring pattern of seven years of growth followed by three years of deliveries falling 30–40%, except a steady growth from 2004 due to the economic rise of China going from 3% of world market in 2001 to 22% in 2015, expensive jet fuel till 2014 stimulating old jets replacement allowed by low interest rates since 2008, and strong airline passenger demand since. In 2004, 718 Airbus and Boeings were delivered, worth $ 39.3 billion; 1,466 are expected in 2017, worth $ 104.4 billion:

11645-420: The fleet in 2004 and 5.9% in 2016, down from 8% previously. Oil prices and airshow orders are trending together. Great Depression The Great Depression was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty; drastic reductions in liquidity , industrial production, and trade; and widespread bank and business failures around

11782-467: The front to the back of the passenger cabin. These are usually used for long-haul flights between airline hubs and major cities. A smaller, more common class of airliners is the narrow-body or single-aisle. These are generally used for short to medium-distance flights with fewer passengers than their wide-body counterparts. Regional airliners typically seat fewer than 100 passengers and may be powered by turbofans or turboprops . These airliners are

11919-599: The government tried to reshape private household consumption under the Four-Year Plan of 1936 to achieve German economic self-sufficiency. The Nazi women's organizations, other propaganda agencies and the authorities all attempted to shape such consumption as economic self-sufficiency was needed to prepare for and to sustain the coming war. The organizations, propaganda agencies and authorities employed slogans that called up traditional values of thrift and healthy living. However, these efforts were only partly successful in changing

12056-519: The home, or took boarders, did laundry for trade or cash, and did sewing for neighbors in exchange for something they could offer. Extended families used mutual aid—extra food, spare rooms, repair-work, cash loans—to help cousins and in-laws. In Japan, official government policy was deflationary and the opposite of Keynesian spending. Consequently, the government launched a campaign across the country to induce households to reduce their consumption, focusing attention on spending by housewives. In Germany,

12193-674: The in-development Irkut MC-21 . The larger wide-body aircraft , or twin-aisle as they have two separate aisles in the cabin, are used for long-haul flights. The first was the Boeing 747 quadjet, followed by the trijets: the Lockheed L-1011 and the Douglas DC-10 , then its MD-11 stretch. Then other quadjets were introduced: the Ilyushin Il-86 and Il-96 , the Airbus A340 and the double-deck A380 . Twinjets were also put into service:

12330-570: The initial crisis spread to the rest of the world. In the aftermath of World War I , the Roaring Twenties brought considerable wealth to the United States and Western Europe. Initially, the year 1929 dawned with good economic prospects: despite a minor crash on 25 March 1929, the market seemed to gradually improve through September. Stock prices began to slump in September, and were volatile at

12467-568: The intended destination had originally been Baghdad in Iraq . British production of the Dragon ended in favour of the de Havilland Dragon Rapide , a faster and more comfortable successor. By November 1934, series production of the Dragon Rapide had commenced. De Havilland invested into advanced features including elongated rear windows, cabin heating, thickened wing tips, and a strengthened airframe for

12604-543: The lack of an adequate response to the crises of liquidity that followed the initial economic shock of 1929 and the subsequent bank failures accompanied by a general collapse of the financial markets. After the Wall Street Crash of 1929 , when the Dow Jones Industrial Average dropped from 381 to 198 over the course of two months, optimism persisted for some time. The stock market rose in early 1930, with

12741-616: The late 1920s and early 1930s, based on a series of large seaplanes – the Sikorsky S-38 through Sikorsky S-42 . By the 1930s, the airliner industry had matured and large consolidated national airlines were established with regular international services that spanned the globe, including Imperial Airways in Britain, Lufthansa in Germany, KLM in the Netherlands, and United Airlines in America. Multi-engined aircraft were now capable of transporting dozens of passengers in comfort. During

12878-540: The lessons learned while developing their own aircraft. The improved Comet 2 and the prototype Comet 3 culminated in the redesigned Comet 4 series which debuted in 1958 and had a productive career over 30 years, but sales never fully recovered. By the 1960s, the UK had lost the airliner market to the US due to the Comet disaster and a smaller domestic market, not regained by later designs like

13015-512: The market entered a period of recovery from 14 November until 17 April 1930, the general situation had been a prolonged slump. From 17 April 1930 until 8 July 1932, the market continued to lose 89% of its value. Despite the crash, the worst of the crisis did not reverberate around the world until after 1929. The crisis hit panic levels again in December 1930, with a bank run on the Bank of United States ,

13152-414: The mid-1930s, a severe drought ravaged the agricultural heartland of the U.S. Interest rates dropped to low levels by mid-1930, but expected deflation and the continuing reluctance of people to borrow meant that consumer spending and investment remained low. By May 1930, automobile sales declined to below the levels of 1928. Prices, in general, began to decline, although wages held steady in 1930. Then

13289-423: The monetary base and by not injecting liquidity into the banking system to prevent it from crumbling, the Federal Reserve passively watched the transformation of a normal recession into the Great Depression. Friedman and Schwartz argued that the downward turn in the economy, starting with the stock market crash, would merely have been an ordinary recession if the Federal Reserve had taken aggressive action. This view

13426-493: The more ambitious Bristol Britannia , although both aircraft suffered protracted developments, with the latter entering service with BOAC in February 1957, over seven years following its order. The jet-powered Type IV became the de Havilland Comet in 1949. It featured an aerodynamically clean design with four de Havilland Ghost turbojet engines buried in the wings, a pressurised fuselage, and large square windows. On 2 May 1952,

13563-496: The most to make recovery possible. Every major currency left the gold standard during the Great Depression. The UK was the first to do so. Facing speculative attacks on the pound and depleting gold reserves , in September 1931 the Bank of England ceased exchanging pound notes for gold and the pound was floated on foreign exchange markets. Japan and the Scandinavian countries followed in 1931. Other countries, such as Italy and

13700-480: The most. The outbreak of World War II in 1939 ended the Depression, as it stimulated factory production, providing jobs for women as militaries absorbed large numbers of young, unemployed men. The precise causes for the Great Depression are disputed. One set of historians, for example, focuses on non-monetary economic causes. Among these, some regard the Wall Street crash itself as the main cause; others consider that

13837-568: The need to balance the national budget and was unwilling to implement expensive welfare spending . In 1930, Hoover signed the Smoot–Hawley Tariff Act , which taxed imports with the intention of encouraging buyers to purchase American products, which worsened the Depression because foreign governments retaliated with tariffs on American exports. In 1932, Hoover established the Reconstruction Finance Corporation , which offered loans to businesses and support to local governments. In

13974-529: The non- mainline counterparts to the larger aircraft operated by the major carriers, legacy carriers , and flag carriers , and are used to feed traffic into the large airline hubs. These regional routes then form the spokes of a hub-and-spoke air transport model. The lightest aircraft are short-haul regional feeder airliner type aircraft that carry a small number of passengers are called commuter aircraft, commuterliners, feederliners, and air taxis , depending on their size, engines, how they are marketed, region of

14111-616: The northbound side of Interstate 94 for the Foxconn project. All remaining buildings were demolished and removed. Lawsonomy maintains a small following to this day. Airliner An airliner is a type of airplane for transporting passengers and air cargo . Such aircraft are most often operated by airlines . The modern and most common variant of the airliner is a long, tube shaped, and jet powered aircraft . The largest of them are wide-body jets which are also called twin-aisle because they generally have two separate aisles running from

14248-483: The physical volume of exports fall, but also the prices fell by about 1 ⁄ 3 as written. Hardest hit were farm commodities such as wheat, cotton, tobacco, and lumber. Governments around the world took various steps into spending less money on foreign goods such as: "imposing tariffs, import quotas, and exchange controls". These restrictions triggered much tension among countries that had large amounts of bilateral trade, causing major export-import reductions during

14385-476: The planes. American planes were allegedly more comfortable and had superior flight decks than those produced in Europe. In 1936, the French Air Ministry requested transatlantic flying boats that could hold at least 40 passengers, leading to three Latécoère 631s introduced by Air France in July 1947. However, two crashed and the third was removed from service over safety concerns. The SNCASE Languedoc

14522-477: The policies prolonged the Depression instead of shortening it. Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%; in the U.S., the Depression resulted in a 30% contraction in GDP. Recovery varied greatly around the world. Some economies, such as the U.S., Germany and Japan started to recover by the mid-1930s; others, like France, did not return to pre-shock growth rates until later in

14659-406: The political situation in Europe. In their book, A Monetary History of the United States , Milton Friedman and Anna J. Schwartz also attributed the recovery to monetary factors, and contended that it was much slowed by poor management of money by the Federal Reserve System . Chairman of the Federal Reserve (2006–2014) Ben Bernanke agreed that monetary factors played important roles both in

14796-464: The project was abandoned due to a lack of customer demand and its high development costs. Rival planes include the Martin 2-0-2 and Martin 4-0-4 , but the 2-0-2 had safety concerns and was unpressurized, while the 4-0-4 only sold around 100 units. During the postwar years, engines became much larger and more powerful, and safety features such as deicing, navigation, and weather information were added to

14933-589: The prototype first flew on 4 December 1919, shortly after it was displayed at the 1919 Paris Air Show at Le Bourget . It was ordered by the Belgian firm Sabena , a further ten Type Ws were produced under license in Belgium by SABCA . In 1921 the Air Ministry ordered three aircraft, built as the W.8b, for use by Handley Page Transport , and later by Imperial Airways , on services to Paris and Brussels . In France,

15070-434: The scale necessary to make the grand experiments which would prove my case—except in war conditions." According to Christina Romer , the money supply growth caused by huge international gold inflows was a crucial source of the recovery of the United States economy, and that the economy showed little sign of self-correction. The gold inflows were partly due to devaluation of the U.S. dollar and partly due to deterioration of

15207-424: The senators ended in mutual frustration and bafflement. A farm near Racine, Wisconsin , is the only remaining university facility, although a tiny handful of churches may yet survive in places such as Wichita, Kansas . The large sign, formerly reading "University of Lawsonomy", was a familiar landmark for motorists in the region for many years and was visible from Interstate 94 about 13 miles (21 km) north of

15344-707: The support of postal or government subsidies. Long-haul flights were expanded during the 1930s as Pan American Airways and Imperial Airways competed on transatlantic travel using fleets of flying boats , such as the British Short Empire and the American Boeing 314 . Imperial Airways' order for 28 Empire flying boats was viewed by some as a bold gamble. At the time, flying boats were the only practical means of building aircraft of such size and weight as land-based aircraft would have unfeasibly poor field performance. One Boeing 314, registration NC18602 , became

15481-548: The technical developments of the early aviation pioneers. Lawson was the first advocate for commercial air travel, coining the term "airline." He also advocated for a strong American flying force, lobbying Congress in 1913 to expand its appropriations for Army aircraft. In early 1913, Lawson learned to fly the Sloan-Deperdussin and the Moisant-Bleriot monoplanes, becoming an accomplished pilot. Later that year, he bought

15618-433: The wings and allows for a lighter wing structure. This factor becomes more important as aircraft weight increases, and no in-production airliners have both a maximum takeoff weight more than 50 tons and engines mounted on the fuselage. The Antonov An-148 is the only in-production jetliner with high-mounted wings (usually seen in military transport aircraft ), which reduces the risk of damage from unpaved runways. Except for

15755-501: The world, and seating configurations. The Beechcraft 1900 , for example, has only 19 seats. When the Wright brothers made the world's first sustained heavier-than-air flight , they laid the foundation for what would become a major transport industry. Their flight, performed in the Wright Flyer during 1903, was just 11 years before what is often defined as the world's first airliner. By

15892-471: The world, recovery from the Great Depression began in 1933. In the U.S., recovery began in early 1933, but the U.S. did not return to 1929 GNP for over a decade and still had an unemployment rate of about 15% in 1940, albeit down from the high of 25% in 1933. There is no consensus among economists regarding the motive force for the U.S. economic expansion that continued through most of the Roosevelt years (and

16029-659: The world. The financial crisis escalated out of control in mid-1931, starting with the collapse of the Credit Anstalt in Vienna in May. This put heavy pressure on Germany, which was already in political turmoil. With the rise in violence of National Socialist ('Nazi') and Communist movements, as well as investor nervousness at harsh government financial policies, investors withdrew their short-term money from Germany as confidence spiraled downward. The Reichsbank lost 150 million marks in

16166-486: The world. The economic contagion began in 1929 in the United States , the largest economy in the world, with the devastating Wall Street stock market crash of October 1929 often considered the beginning of the Depression. The Depression was preceded by a period of industrial growth and social development known as the " Roaring Twenties ". Much of the profit generated by the boom was invested in speculation , such as on

16303-471: The worldwide adoption of Lawsonian principles once "everybody understands this subject". His rallies and lectures attracted thousands of listeners in the early 1930s, mainly in the upper Midwest, but by the late 1930s the crowds had dwindled. His claims about his greatness became increasingly hyperbolic. The Lawsonomy trilogy , which Lawson considered his intellectual masterpiece, is replete with such self-referential statements as "About every two thousand years

16440-778: The worldwide economic decline and eventual recovery. Bernanke also saw a strong role for institutional factors, particularly the rebuilding and restructuring of the financial system, and pointed out that the Depression should be examined in an international perspective. Women's primary role was as housewives; without a steady flow of family income, their work became much harder in dealing with food and clothing and medical care. Birthrates fell everywhere, as children were postponed until families could financially support them. The average birthrate for 14 major countries fell 12% from 19.3 births per thousand population in 1930, to 17.0 in 1935. In Canada, half of Roman Catholic women defied Church teachings and used contraception to postpone births. Among

16577-513: The year of Lawson's death. His financial arrangements remain mysterious to this day, and in later years, he seems to have owned little property, moving from city to city as a guest of his far-flung acolytes. In 1952, he testified before a United States Senate investigative committee on allegations that his organization had bought war surplus machines and then sold them for a profit despite claiming non-profit status. His attempt to explain Lawsonomy to

16714-639: Was a scramble to deflate prices to get the gold standard's conversation rates back on track to pre-WWI levels, by causing deflation and high unemployment through monetary policy. In 1933 FDR signed Executive Order 6102 and in 1934 signed the Gold Reserve Act . The two classic competing economic theories of the Great Depression are the Keynesian (demand-driven) and the Monetarist explanation. There are also various heterodox theories that downplay or reject

16851-478: Was a small part of overall economic activity in the U.S. and was concentrated in a few businesses like farming, it was a much larger factor in many other countries. The average ad valorem (value based) rate of duties on dutiable imports for 1921–1925 was 25.9% but under the new tariff it jumped to 50% during 1931–1935. In dollar terms, American exports declined over the next four years from about $ 5.2 billion in 1929 to $ 1.7 billion in 1933; so, not only did

16988-500: Was accompanied by a loss of confidence in the financial system. By 1933, the U.S. unemployment rate had risen to 25 percent, about one-third of farmers had lost their land, and about half of the country's 25,000 banks had gone out of business. Many people, unable to pay mortgages or rent, became homeless and relied on begging or charities to feed themselves. The U.S. federal government initially did little to help. President Herbert Hoover , like many of his fellow Republicans , believed in

17125-608: Was based on the C-97 Stratofreighter military transport, it had a double deck and a pressurized fuselage. Convair produced the Convair 240 , a 40-person pressurized airplane; 566 examples flew. Convair later developed the Convair 340 , which was slightly larger and could accommodate between 44 and 52 passengers, of which 311 were produced. The firm also commenced work on the Convair 37 , a relatively large double-deck airliner that would have served trans continental routes; however,

17262-474: Was endorsed in 2002 by Federal Reserve Governor Ben Bernanke in a speech honoring Friedman and Schwartz with this statement: Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression, you're right. We did it. We're very sorry. But thanks to you, we won't do it again. The Federal Reserve allowed some large public bank failures – particularly that of

17399-515: Was equipped with much more powerful engines. The main contribution that the Soviets made in regards to airliners was the Antonov An-2 . This plane is a biplane, unlike most of the other airliners, and sold more units than any other transport plane. The most common airliners are the narrow-body aircraft , or single-aisles. The earliest jet airliners were narrowbodies: the initial de Havilland Comet ,

17536-466: Was further adapted into an early bomber aircraft , preceding subsequent transport and bomber aircraft. It first flew on 10 December 1913 and took off for its first demonstration flight with 16 passengers aboard on 25 February 1914. However, it was never used as a commercial airliner due to the onset of the First World War which led to military applications being prioritised. In 1919, shortly after

17673-426: Was given by American economists Milton Friedman and Anna J. Schwartz . They argued that the Great Depression was caused by the banking crisis that caused one-third of all banks to vanish, a reduction of bank shareholder wealth and more importantly monetary contraction of 35%, which they called "The Great Contraction ". This caused a price drop of 33% ( deflation ). By not lowering interest rates, by not increasing

17810-525: Was in Asia-Pacific with 8,808 (5% stored), followed by 8,572 in North America (10% stored), 7,254 in Europe (9% stored), 2,027 in Latin America, 1,510 in Middle East and 1,347 in Africa. Narrowbody are dominant with 16,235, followed by 5,581 Widebodies, 3,743 Turboprops, 3,565 Regional jets and 399 Others. By the end of 2018, there were 1,826 parked or in storage jetliners out of 29,824 in service (6.1%): 1,434 narrowbodies and 392 widebodies, down from 9.8% of

17947-623: Was in Green Bay, Wisconsin. There, Lawson secured a contract and built the Lawson MT-2. He also designed the steel fuselage Lawson Armored Battler, which never got beyond the drafting board, given doubts within the Army aviation community and the signing of the armistice. After the war, in 1919, Lawson started a project to build America's first airline. He secured financial backing, and in five months, he had built and demonstrated in flight his biplane airliner,

18084-491: Was in the form of Federal Reserve demand notes. A "promise of gold" is not as good as "gold in the hand", particularly when they only had enough gold to cover 40% of the Federal Reserve Notes outstanding. During the bank panics, a portion of those demand notes was redeemed for Federal Reserve gold. Since the Federal Reserve had hit its limit on allowable credit, any reduction in gold in its vaults had to be accompanied by

18221-554: Was intended. It exacerbated the Great Depression by preventing economic recovery after domestic production recovered, hampering the volume of trade; still there is disagreement as to the precise extent of the Act's influence. In the popular view, the Smoot–Hawley Tariff was one of the leading causes of the depression. In a 1995 survey of American economic historians, two-thirds agreed that the Smoot–Hawley Tariff Act at least worsened

18358-636: Was named the C-54 Skymaster . Some ex-military DC-6s were later converted into airliners, with both passenger and cargo versions flooding the market shortly after the war's end. Douglas also developed a pressurized version of the DC-4, which it designated the Douglas DC-6 . Rival company Lockheed produced the Constellation , a triple-tailed aircraft with a wider fuselage than the DC-4. The Boeing 377 Stratocruiser

18495-475: Was the Airco DH.16 ; a redesigned Airco DH.9A with a wider fuselage to accommodate an enclosed cabin seating four passengers, plus pilot in an open cockpit. In March 1919, the prototype first flew at Hendon Aerodrome . Nine aircraft were built, all but one being delivered to the nascent airline, Aircraft Transport and Travel , which used the first aircraft for pleasure flying, and on 25 August 1919, it inaugurated

18632-452: Was the first French post-war airliner. Accommodating up to 44 seats, 40 aircraft were completed for Air France between October 1945 and April 1948. Air France withdrew the last Languedoc from its domestic routes in 1954, being replaced by later designs. First flying in February 1949, the four-engined Breguet Deux-Ponts was a double-decker transport for passengers and cargo. Air France used it on its busiest routes, including from Paris to

18769-464: Was the rollback of those same reflationary policies that led to the interruption of a recession beginning in late 1937. One contributing policy that reversed reflation was the Banking Act of 1935 , which effectively raised reserve requirements, causing a monetary contraction that helped to thwart the recovery. GDP returned to its upward trend in 1938. A revisionist view among some economists holds that

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