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97-455: In Depression-era Concord, New Hampshire , a miserly businessman named Benedict Slade receives a long-overdue attitude adjustment one Christmas Eve when he is visited by three ghostly figures who resemble three of the people whose possessions Slade had seized to collect on unpaid loans. Assuming the roles of the Ghosts of Christmas Past , Present , and Future from Charles Dickens' classic story,

194-626: 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,

291-418: 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

388-455: A Christmas present of an assembly line chair as a proposition for the factory, but traditionalist Brewster turned Slade down. Slade later accepted a traveling position to earn for him and Helen's future, to her dismay. When he returned, there was disconnect between Slade and the Brewsters from the years passed, as Slade met Latham. Their separation was sealed when Brewster's factory burned down from

485-550: A combination of practical effects and CGI. They see CGI as a tool that can be utilized in a positive or negative way, just like practical effects. Tom Savini (an SFX artist known for his work in Dawn of the Dead and Creepshow ) states: "They still use the make-up guys to design the creatures and that’s what they work from. I don’t think you’ll see make-up effects guys hanging out on corners with signs that say: WILL DO EFFECTS FOR FOOD. " In

582-588: 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

679-459: 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

776-514: A librarian named Merrivale - and denies their requests to have more time to repay him, and confiscates their possessions, much to their dismay. That afternoon, back in the company warehouse, Slade is taking apart some of Merrivale's leather-bound books that he confiscated that day, which he intends to sell for the value of the leather in their binding, one of which is an original copy of "A Christmas Carol" signed by Charles Dickens. When Thatcher refuses to help Slade with this and tries to explain why he

873-521: A lit cigar from an overtime worker inside, and Latham was approached by an ailing Brewster for rebuilding funds, as his insurance had lapsed. In a meeting with Latham, Slade deemed Brewster's restructuring doomed to fail, and secured Latham's funding for strict acquisition loans. Finally, Slade sees Helen silently spurning him at Mr. Brewster's funeral, as he protests that he never wanted to hurt them. Slade awakes in his chambers, but hears choral music coming from his warehouse. He enters it to investigate what

970-569: A massive decline in income and to employment that was well below the average. In such a situation, the economy reached equilibrium at low levels of economic activity and high unemployment. Special make-up effects Prosthetic makeup also known as special makeup effects or FX prosthesis, is the process of using prosthetic sculpting, molding and casting techniques to create advanced cosmetic effects . Prosthetics are used on stage and screen to create fantasy creatures, simulated injuries, or likenesses of other people. Prosthetic makeup draws

1067-596: 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

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1164-402: 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

1261-563: 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

1358-474: 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

1455-699: 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

1552-615: A straight lineage from the stagecraft of theater and can be observed at the birth of science fiction cinema with Le Voyage dans La Lune , a 1902 French adventure short film directed by pioneer of special effects Georges Méliès . The work of makeup artist Jack Pierce furthered pioneered early Hollywood prosthetic work and is best remembered for creating the iconic makeup worn by Boris Karloff in Frankenstein , his makeup for Lon Chaney Jr. in The Wolfman . Modern prosthetic makeup

1649-642: 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

1746-636: Is a process in which makeup is used to simulate different wounds and trauma in order to prepare medical, emergency, and military personnel for what they could experience in the field and lessen psychological trauma. Craniofacial prosthetics are used in medical fields for cosmetic purposes to disguise deformations of the face, either those caused by trauma or birth defects as an alternative to reconstructive surgery . They can be used for smaller applications such as ears or noses, or full face masks. These prosthetics can provide both medical benefits such as improved speech and hearing as well as psychological benefits to

1843-420: Is celebrated by the townsfolk. Slade promises to change if he is returned to the present, which he is. Awakening in his chambers on the early morning of Christmas Day, Slade returns all the repossessed items back to the debtors he took them from, and gives presents to Merrivale, Jessup and Reeves - who are the three Ghosts in their real-life forms. When returning the repaired books to Merrivale, he also gives back

1940-536: Is disabled and uses a pair of crutches to get around. Jessup warns Slade that Jonathan will die if the future remains unchanged. Slade awakens back in his chambers, where he meets the third ghost, who bears the appearance of Matt Reeves. Reeves takes Slade to a possible future Christmas, where Jonathan, Thatcher's son, dies and the Thatchers mourn his passing. Slade's own belongings are then sold in an auction and then burned outside his house following his future death, which

2037-415: Is happening, where he meets the second ghost, who takes the form of Jessup, who is accompanied by a large crowd of carol-singing children. Jessup shows Slade visions of the present Christmas, including the festivities of Helen, who is now happily married and has a daughter, and Thatcher's family, who are saddened by the event of Thatcher losing his job. Slade notices that, to his dismay, Thatcher's son Jonathan

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2134-490: Is haunted by the spirit of Jack Latham - his former business partner and the original owner of the warehouse, who had died some time before. The ghost of Latham warns Slade of the mistakes he made in his life, and the terrible fate in Hell that he currently suffers, which Slade will suffer if he does not change. Latham tells Slade to expect three ghosts before the night is over, who will try to help Slade to turn his life around and avoid

2231-471: Is not helping his employer in this task, Slade falsely says that Thatcher "disagrees with everything he does... conspires with others to pull money out of him..." and fires Thatcher, much to his family's dismay. That evening, the power in Slade's warehouse goes out, and some of the repossessed items in the warehouse start making noise of their own accord. When Slade looks through the warehouse to investigate this, he

2328-493: 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

2425-451: Is typically made of plaster bandage which is created over the outside of the initial flexible mold to provide support. This mold is used to cast a copy of that part of the actor, in a hard resin or plaster type material to eventually use as a base for sculpting the prosthetic. This is considered a "positive" or life-cast. Before sculpting the clay prosthetic over the positive, The positive must be prepared by adding "keys" or mold points along

2522-523: 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

2619-565: 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

2716-525: 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,

2813-468: 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

2910-447: 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

3007-582: The 2000s, CGI and practical effects began being used in tandem, with CGI often used to enhance prosthetic makeup in a way that would have been impossible to do practically such as erasing body parts or creating hollow points in the face. For Hugo Weaving 's role as Red Skull in Captain America: The First Avenger , Weaving wore a full head silicone prosthetic makeup, which was covered in CGI tracking markers for his nose to be erased by VFX. Moulage

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3104-795: 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

3201-517: 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

3298-514: 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

3395-480: 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

3492-442: 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

3589-639: 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

3686-473: 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

3783-540: 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

3880-485: 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

3977-678: 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

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4074-543: 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

4171-400: The actor has been chosen, the effects artist will prepare the actor for the process of taking a mold of the actor's face, head or body part. This process is called lifecasting . Lifecast molds are made from prosthetic alginate or more recently, from skin-safe platinum silicone rubber. This initial mold can be relatively weak but flexible. A hard mother mold, also known as a jacket or matrix,

4268-525: The actor's face before shooting began, which often took several hours and would have to be done from scratch at the start of each day. The Frankenstein makeup by Jack Pierce consisted of spirit gum, cotton, collodion , and wax, taking around 3 hours to apply in the morning, and another 1-2 hours to remove at the end of the day. Rubber began to be used to make appliances in the late 30s, with Pierce making rubber head forms and broken neck appliances for Boris Karloff and Bela Lugosi respectively. A rubber snout

4365-471: The actors more expression and movement. In 1965, William Tuttle won an Academy Honorary Award for his makeup work on 7 Faces of Dr. Lao at the 37th Academy Awards , making him the first artist to win an award for makeup before the Best Makeup category was introduced in 1981. The process of creating a makeup prosthetic appliance typically begins with concept art, created by the artist or production. Once

4462-518: The aging makeup for star Henry Winkler. An American Christmas Carol was released on DVD on November 23, 1999. It was released on Blu-ray in December 2012. 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

4559-455: 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

4656-465: 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

4753-458: 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

4850-475: 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

4947-620: 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

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5044-472: The debut of newer technologies, many have feared that CGI (Computer-Generated Imagery) will put practical SFX makeup out of business. CGI can be used to accomplish effects that simply aren't possible when working in practical effects. Tom Woodruff Jr. and Alec Gillis , two experienced SFX artists from Amalgamated Dynamics near L.A., share what they see as the middle ground on the subject. In an interview, they explain that most movies use (out of necessity)

5141-633: 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

5238-408: 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

5335-435: 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

5432-402: 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

5529-427: 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

5626-440: The edges of it, which are often added using clay or more plaster or carved into the life-cast, to make sure that the two pieces of the mold will fit together correctly. Often the life-cast will be given an additional border in clay or plaster in order to have an area free of detail and undercuts to add these keys. The entire life-cast with borders and keys included is then molded. This ensures a stable area with built in keys to sculpt

5723-576: 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

5820-494: 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

5917-503: 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

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6014-501: 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

6111-599: 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

6208-519: 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,

6305-514: 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

6402-543: 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

6499-448: The life-cast of that body part to become the design intended. For example, if the desired look is a pig nosed person, then the artist would sculpt the pig nose over the actor's real nose on the life-cast or positive copy. The edges of the clay should be made as thin as possible, for the clay is a stand-in for what will eventually be the prosthetic piece. Once sculpted, the new addition of the clay sculpted prosthetic part must be molded. Since

6596-461: 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 ,

6693-414: 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

6790-423: 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

6887-496: 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

6984-427: 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

7081-568: 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

7178-428: The new prosthetic, material is cast into the mold cavity (where the clay used to be). The prosthetic material can be foam latex , gelatin , silicone or other similar materials. The prosthetic is cured within the two-part mold, and then carefully removed and prepared for painting and or application to the actor. As the film/television industry continues to grow, so do the capabilities of the technologies behind it. Since

7275-507: The old copy of "A Christmas Carol", which has been put back together and gift-wrapped. He also gives presents and a large Christmas turkey to the Thatchers, and offers tickets to an Australian clinic to Jonathan, Thatcher's son, who Slade promises to help as much as he can. When visiting Jessup's orphanage, Slade finds a bitter orphan like he himself was, and adopts the orphan as his ward and apprentice in wood-carving. Academy Award-winning special make-up effects artist Rick Baker consulted on

7372-483: 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

7469-477: 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

7566-455: 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

7663-483: The positive has been prepared with the additional border and keys, it actually becomes part of the prosthetic mold itself. Once molded, and clay removed, new mold cleaned out, the positive is one part of the mold and the new mold is the other side which has the negative of the newly sculpted prosthetic. This gives two or more pieces of a mold - a positive of the face or body part, and one (or more for complex molds) "negative" mold pieces with prosthetic sculpted in. To make

7760-479: The prosthetic over. This also provides the artist an easily duplicated copy, if needed. Multiple copies are typically used to make variations or stages of prosthetics or different prosthetics for the same actor. Life-casts of full bodies and body parts are also used and reused as the basis for making fake body parts, severed limbs, and various "gore" type effects used in horror films or films where body parts are required. The prosthetic required will be sculpted over

7857-408: The same fate as Latham. That night, Slade meets the first ghost, who bears the appearance of Merrivale, from whom Slade had confiscated the books that he was taking apart earlier that day. Merrivale shows Slade many events from his past, including his apprenticeship in woodwork with a man named Mr. Brewster, and his courtship with Brewster's daughter Helen. An increasingly ambitious Slade tried to make

7954-434: 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

8051-434: The three apparitions force Slade to face the consequences of his skinflint ways, and he becomes a caring, generous, and more amiable man. On Christmas Eve of 1933, Thatcher, Slade's clerk, and his other employees assist him on confiscating the possessions of debtors who cannot repay him. While collecting debts, Slade encounters three of his debtors - a farmer named Matt Reeves, a manager of the local orphanage named Jessup, and

8148-471: 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

8245-659: 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

8342-486: 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

8439-778: 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

8536-639: 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

8633-478: 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

8730-500: 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

8827-474: 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

8924-426: 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

9021-491: 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

9118-446: 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

9215-610: Was made for Lon Chaney Jr. to wear in The Wolfman, though application of the hair for the titular character could take up to 16 hours. Foam latex was first used by makeup artist Jack Dawn for The Wizard of Oz in 1939 to create the makeup for the Cowardly Lion and Scarecrow. It wasn't until John Chambers 's work on Planet of the Apes in 1968 that prosthetics transitioned from full face appliances to smaller, overlapping pieces which afforded

9312-528: Was revolutionized by Christopher Tucker whose work on The Elephant Man was considered so ground breaking that when it failed to win any recognition at the 53rd Academy Awards letters of protests argued for it to receive an honorary award – this was ignored but did lead to the creation of the Academy Award for Best Makeup the following year. Before sculpted prosthetic appliances became standard, special effects makeup artists would have to build up forms on

9409-464: 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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