The Fairchild Model 24 , also called the Fairchild Model 24 Argus and UC-61 Forwarder , is a four-seat, single-engine monoplane light transport aircraft designed by the Fairchild Aviation Corporation in the 1930s. It was adopted by the United States Army Air Corps as UC-61 and also by the Royal Air Force . The Model 24 was itself a development of previous Fairchild models and became a successful civil and military utility aircraft.
145-546: Fairchild Aircraft was hit hard by the Great Depression in the early 1930s as airline purchases disappeared. Consequently, the company attention turned to developing a reliable and rugged small aircraft for personal and business use. The Fairchild 22 became somewhat of a hit and led directly to the new and much improved Model 24 which gained rapid popularity in the early 1930s, noted for its pleasant handling characteristics and roomy interior. Having adapted many components from
290-541: A Nordic country in Northern Europe . It borders Sweden to the northwest, Norway to the north, and Russia to the east, with the Gulf of Bothnia to the west and the Gulf of Finland to the south, opposite Estonia . Finland covers a total area of 338,145 square kilometres (130,559 sq mi), including a land area of 303,815 square kilometres (117,304 sq mi), and has a population of 5.6 million. Helsinki
435-626: 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,
580-604: A presidential republic , with K. J. Ståhlberg elected as its first president on 25 July 1919. A liberal nationalist with a legal background, Ståhlberg anchored the state in liberal democracy , promoted the rule of law and initiated internal reforms. Finland was also one of the first European countries to strongly promote women's equality , with Miina Sillanpää becoming the first female minister in Finnish history in Väinö Tanner's cabinet in 1926–1927. The Finnish-Russian border
725-418: 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
870-463: A diverse and extensive range of fauna. There are at least sixty native mammalian species, 248 breeding bird species, over 70 fish species, and 11 reptile and frog species present today, many migrating from neighbouring countries thousands of years ago. Large and widely recognized wildlife mammals found in Finland are the brown bear , grey wolf , wolverine , and elk . Three of the more striking birds are
1015-588: 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
1160-599: A four place model. Most of the F-24 airplanes produced were powered with the 145 h.p. Warner and later with the 165 h.p. Warner Super Scarab. The Model 24 was powered in 1935 with the Ranger 150 h.p. engine. In 1938, the F-24K and J models experienced the last major changes, one of these being the revised more graceful rudder and vertical tail later to be seen in the PT series and a 165 h.p. Ranger engine
1305-459: 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
1450-570: A largely agricultural country until the 1950s. After World War II, it industrialised quickly and established an advanced economy, with a welfare state built on the Nordic model . This allowed the country to experience overall prosperity and high per capita income . During the Cold War , Finland officially embraced a policy of neutrality. Since then, it has become a member of the European Union in 1995,
1595-663: A light transport and by the Coast Guard , with the designation J2K-1. The Civil Air Patrol operated many Fairchild UC-61/24s, and some aircraft were fitted with two 100-pound bombs for what became successful missions against German U-boats off the east coast of the United States in the early stages of the Second World War . The UC-61 was also procured by the US Navy as the GK-1 and by
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#17328836684161740-499: 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. Finland – in Europe (green & dark grey) – in the European Union (green) – [ Legend ] Finland , officially the Republic of Finland , is
1885-596: 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
2030-402: 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
2175-518: A mutual security pact with the United Kingdom. On 12 May, Finland's president and Prime Minister called for NATO membership "without delay". Subsequently, on 17 May, the Finnish Parliament voted 188–8 in favour of Finland's accession to NATO. Finland became a member of NATO on 4 April 2023. Lying approximately between latitudes 60° and 70° N , and longitudes 20° and 32° E , Finland
2320-682: A newly formed adjunct of the Royal Air Force (RAF), the Air Transport Auxiliary (ATA). An additional 306 Ranger-powered Argus IIIs were also used by the ATA. In British service, the majority of the Argus type operated with the ATA ferrying their aircrew to collect or deliver aircraft to and from manufacturers, Maintenance Units (MU)s and operational bases. The Argus I was a Warner Scarab-equipped aircraft identified by its wind-driven generator located on
2465-486: A result of the two wars, Finland lost 12% of its land area, 20% of its industrial capacity, its second largest city, Vyborg ( Finnish : Viipuri ), and the ice-free port of Liinakhamari ( Finnish : Liinahamari ). The Finns lost 97,000 soldiers and were forced to pay war reparations of $ 300 million ($ 4.1 billion in 2023). However, the country avoided occupation by Soviet forces and managed to retain its independence. Along with Great Britain, Finland emerged from
2610-563: 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
2755-474: 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
2900-699: 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
3045-683: A violent time in the northern Baltic Sea. The Livonian Crusade was ongoing and the Finnish tribes such as the Tavastians and Karelians were in frequent conflicts with Novgorod and with each other. Also, during the 12th and 13th centuries several crusades from the Catholic realms of the Baltic Sea area were made against the Finnish tribes. Danes waged at least three crusades to Finland, in 1187 or slightly earlier, in 1191 and in 1202, and Swedes , possibly
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#17328836684163190-642: 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
3335-565: Is now Finland was settled in, at the latest, around 8,500 BC during the Stone Age towards the end of the last glacial period . The artefacts the first settlers left behind present characteristics that are shared with those found in Estonia , Russia, and Norway. The earliest people were hunter-gatherers , using stone tools. The first pottery appeared in 5200 BC, when the Comb Ceramic culture
3480-599: Is one of the world's northernmost countries. Of world capitals, only Reykjavík lies more to the north than Helsinki. The distance from the southernmost point – Hanko in Uusimaa – to the northernmost – Nuorgam in Lapland – is 1,160 kilometres (720 mi). Finland has about 168,000 lakes (of area larger than 500 m or 0.12 acres) and 179,000 islands. Its largest lake, Saimaa , is the fourth largest in Europe. The Finnish Lakeland
3625-691: Is shared between the Arctic, central European, and northern European provinces of the Circumboreal Region within the Boreal Kingdom . According to the WWF , the territory of Finland can be subdivided into three ecoregions : the Scandinavian and Russian taiga , Sarmatic mixed forests , and Scandinavian Montane Birch forest and grasslands . Taiga covers most of Finland from northern regions of southern provinces to
3770-493: 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
3915-493: Is the area with the most lakes in the country; many of the major cities in the area, most notably Tampere , Jyväskylä and Kuopio , are located near the large lakes. The Finnish coastline is speckled with the world's largest archipelago, encompassing more than 50,000 islands, greatest concentration of which is found in the southwest, in the Archipelago Sea between continental Finland and the main island of Åland . Much of
4060-437: Is the capital and largest city. The vast majority of the population are ethnic Finns . The official languages are Finnish and Swedish ; 84.9 percent of the population speak the first as their mother tongue and 5.1 percent the latter. Finland's climate varies from humid continental in the south to boreal in the north. The land cover is predominantly boreal forest biome, with more than 180,000 recorded lakes . Finland
4205-427: Is the highest point in Finland. It is found in the north of Lapland at the border between Finland and Norway. The highest mountain whose peak is entirely in Finland is Ridnitšohkka at 1,316 m (4,318 ft), directly adjacent to Halti. The retreating glaciers have left the land with morainic deposits in formations of eskers . These are ridges of stratified gravel and sand, running northwest to southeast, where
4350-487: Is the largest producer of wood in Europe and among the largest in the world. The most common type of rock is granite . It is a ubiquitous part of the scenery, visible wherever there is no soil cover. Moraine or till is the most common type of soil, covered by a thin layer of humus of biological origin. Podzol profile development is seen in most forest soils except where drainage is poor. Gleysols and peat bogs occupy poorly drained areas. Phytogeographically , Finland
4495-523: 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
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4640-642: The Baltic Sea region grew and extended during the eighth and ninth centuries. Main exports from Finland were furs, slaves, castoreum , and falcons to European courts. Imports included silk and other fabrics, jewelry, Ulfberht swords , and, in lesser extent, glass. Production of iron started approximately in 500 BC. At the end of the ninth century, indigenous artefact culture, especially weapons and women's jewelry, had more common local features than ever before. This has been interpreted to be expressing common Finnish identity. An early form of Finnic languages spread to
4785-600: The Declaration of Independence on 4 December 1917, which was officially approved by the Finnish Parliament on 6 December. The Russian Soviet Federative Socialist Republic (RSFSR), led by Vladimir Lenin was the first country to recognise Finland's independence on 4 January 1918. On 27 January 1918, the government began to disarm the Russian forces in Ostrobothnia . The socialists took control of southern Finland and Helsinki, but
4930-638: The Eurozone in 1999, and NATO in 2023. Finland is a member of various international organisations, such as the Nordic Council , the Schengen Area , and the Organisation for Economic Co-operation and Development (OECD). The nation performs extremely well in national performance metrics , including education , economic competitiveness, civil liberties, quality of life, and human development. The area that
5075-511: The Finnish War , Finland was captured from Sweden and became an autonomous grand duchy within the Russian Empire . During this period, Finnish art flourished and the independence movement began to take hold. Finland became the first territory in Europe to grant universal suffrage in 1906, and the first in the world to give all adult citizens the right to run for public office. Following
5220-565: 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
5365-603: The Onciderini also being common. The most common breeding birds are the willow warbler , common chaffinch , and redwing . Of some seventy species of freshwater fish, the northern pike , perch , and others are plentiful. Atlantic salmon remains the favourite of fly rod enthusiasts. The endangered Saimaa ringed seal , one of only three lake seal species in the world, exists only in the Saimaa lake system of southeastern Finland, down to only 390 seals today. The species has become
5510-570: The Protestant Reformation , the Finns gradually converted to Lutheranism . In the 16th century, a bishop and Lutheran Reformer Mikael Agricola published the first written works in Finnish; and Finland's current capital city, Helsinki , was founded by King Gustav Vasa in 1555. The first university in Finland, the Royal Academy of Turku , was established by Queen Christina of Sweden at
5655-666: The Russian Empire , as recognised by the Diet of Porvoo . This situation continued until the end of 1917. In 1812, Alexander I incorporated the Russian province of Vyborg into the Grand Duchy of Finland. In 1854, Finland became involved in Russia's involvement in the Crimean War when the British and French navies bombed the Finnish coast and Åland during the so-called Åland War . Although Swedish
5800-822: The Russian Revolution of 1917, Finland declared its independence . A civil war was fought in Finland the following year, with the Whites emerging victorious. Finland's status as a republic was confirmed in 1919. During World War II , Finland fought against the Soviet Union in the Winter War and the Continuation War , and later against Nazi Germany in the Lapland War . As a result, it lost parts of its territory but retained its independence and democracy. Finland remained
5945-615: The Social Democratic Party . The development of trade with the Western powers, such as the United Kingdom, and the payment of reparations to the Soviet Union led to Finland's transformation from a primarily agrarian society to an industrialised one. Valmet , originally a shipyard and then several metal workshops, was established to produce materials for war reparations. After the reparations were paid, Finland continued to trade with
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6090-603: The Social Democrats , passed the so-called Power Act to give the parliament supreme authority. This was rejected by the Russian Provisional Government , which decided to dissolve the parliament. New elections were held in which the right-wing parties won by a small majority. Some social democrats refused to accept the result, claiming that the dissolution of parliament and the subsequent elections were extra-legal. The two almost equally powerful political blocs,
6235-614: The Texas Engineering & Manufacturing Company (TEMCO) in Dallas when that company purchased the manufacturing rights after World War II. In civil use, the aircraft was a quick sales success, with prominent businessmen and Hollywood actors purchasing the aircraft. In 1936, the US Navy ordered Model 24s designated as GK-1 research and instrument trainers. The type was also used by the US Army as
6380-592: The World Bank , the International Monetary Fund and the General Agreement on Tariffs and Trade . During the Cold War , Finland officially embraced a policy of neutrality . The YYA treaty (Finno-Soviet Pact of Friendship, Cooperation and Mutual Assistance) recognized Finland's desire to remain outside great-power conflicts. From 1956 president Urho Kekkonen had a virtual monopoly on relations with
6525-525: 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,
6670-454: The whooper swan , a large European swan and the national bird of Finland; the Western capercaillie , a large, black-plumaged member of the grouse family; and the Eurasian eagle-owl . The latter is considered an indicator of old-growth forest connectivity, and has been declining because of landscape fragmentation. Around 24,000 species of insects are prevalent in Finland some of the most common being hornets with tribes of beetles such as
6815-447: 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
6960-418: The Baltic Sea region approximately 1900 BC. Common Finnic language was spoken around Gulf of Finland 2000 years ago. The dialects from which the modern-day Finnish language was developed came into existence during the Iron Age. Although distantly related, the Sami people retained the hunter-gatherer lifestyle longer than the Finns. The Sami cultural identity and the Sami language have survived in Lapland ,
7105-427: The British Royal Air Force as the Fairchild Argus. In 1941, the United States Army Air Forces (USAAF) placed an initial order for 163 Fairchild C-61s; however, via Lend-Lease , 161 of these were shipped abroad. Under the auspices of this program, the majority of the 525 Warner Scarab Fairchild 24s/C-61s went to Great Britain. Most of these aircraft saw service as Argus Is and improved Argus IIs and were allocated to
7250-597: 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
7395-407: 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
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#17328836684167540-420: 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
7685-419: 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
7830-445: The Finns as the Greater Wrath (1714–1721) and the Lesser Wrath (1742–1743). It is estimated that almost an entire generation of young men was lost during the Great Wrath, due mainly to the destruction of homes and farms, and the burning of Helsinki. The Swedish era ended with the Finnish War of 1809. On 29 March 1809, after being conquered by the armies of Alexander I of Russia , Finland became an autonomous grand duchy within
7975-442: 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
8120-527: 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
8265-430: The Middle Ages, Finland gradually became part of the kingdom of Sweden and the sphere of influence of the Catholic Church . Under Sweden, Finland was annexed as part of the cultural order of Western Europe . Swedish was the dominant language of the nobility, administration, and education; Finnish was chiefly a language for the peasantry , clergy, and local courts in predominantly Finnish-speaking areas. During
8410-414: 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
8555-581: The Soviet Union as part of bilateral trade . In 1950, 46% of Finnish workers were employed in agriculture and a third lived in urban areas, but new jobs in manufacturing, services and trade quickly attracted people to the cities. The average number of births per woman fell from a baby boom peak of 3.5 in 1947 to 1.5 in 1973. As the baby boomers entered the workforce, the economy failed to create jobs fast enough and hundreds of thousands emigrated to more industrialised Sweden, with emigration peaking in 1969 and 1970. Finland participated in trade liberalisation in
8700-409: The Soviet Union, and a global economic downturn caused a deep recession in Finland in the early 1990s . The recession bottomed out in 1993 and Finland enjoyed more than a decade of steady economic growth. After the collapse of the Soviet Union, Finland began to integrate more closely with the West. Finland joined the European Union in 1995 and the euro zone in 1999. Much of the economic growth of
8845-450: The Soviet Union, which was crucial to his continued popularity. In politics, there was a tendency to avoid any policy or statement that could be interpreted as anti-Soviet. This phenomenon was dubbed " Finlandisation " by the West German press. A market economy was maintained in Finland. Various industries benefited from trade privileges with the Soviets. Economic growth was rapid in the post-war period, and by 1975 Finland's GDP per capita
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#17328836684168990-491: 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
9135-435: 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
9280-500: The United States and Australia . The last "new" Fairchild 24 was assembled in 1948 from a large inventory of leftover parts in Winfield, KS. Ten Fairchild F24R aircraft operated for Comair (South Africa) during the period after the Second World War. Toronto Maple Leafs NHL Hockey player Bill Barilko and his dentist Henry Hudson disappeared on August 26, 1951, aboard Hudson's Fairchild 24 floatplane, flying from Seal River, Quebec. On June 6, 1962, helicopter pilot Ron Boyd discovered
9425-622: 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
9570-543: 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
9715-578: The Wall Street crash, after which the slide continued for three years, which 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
9860-399: The ancient edge of the glacier once lay. Among the biggest of these are the three Salpausselkä ridges that run across southern Finland. Having been compressed under the enormous weight of the glaciers, terrain in Finland is rising due to the post-glacial rebound . The effect is strongest around the Gulf of Bothnia, where land steadily rises about 1 cm (0.4 in) a year. As a result,
10005-400: The automotive industry (namely expansion-shoe brakes and roll-down cabin windows), the aircraft was also affordable and easy to maintain. In production continuously from 1932 to 1948, the aircraft remained essentially unchanged aerodynamically and internally, with the addition of extra passenger seating and optional equipment. Designed by George Hardman's team, according to H.L. Puckett, "After
10150-405: 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
10295-573: 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 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
10440-732: The beginning of the war to govern Finland after Soviet conquest. There was widespread international condemnation of the unprovoked attack and it led to the Soviet Union being expelled from the League of Nations . The Red Army was defeated in numerous battles, most notably the Battle of Suomussalmi . After two months of negligible progress on the battlefield, as well as heavy losses in men and material, Soviet forces began to advance in February and reached Vyborg ( Finnish : Viipuri ) in March. The Moscow Peace Treaty
10585-465: 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
10730-511: The change. The Seima-Turbino phenomenon brought the first bronze artefacts to the region and possibly also the Finno-Ugric languages . Commercial contacts that had so far mostly been to Estonia started to extend to Scandinavia. Domestic manufacture of bronze artefacts started 1300 BC. In the Iron Age , population grew. Finland Proper was the most densely populated area. Commercial contacts in
10875-454: The coastal areas such as Helsinki, snow often covers the land from late December to late March. Even in the south, the harshest winter nights can see the temperatures fall to −30 °C (−22 °F) although on coastal areas like Helsinki, temperatures below −30 °C (−22 °F) are rare. Climatic summers (when mean daily temperature remains above 10 °C or 50 °F) in southern Finland last from about late May to mid-September, and in
11020-458: 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
11165-475: 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
11310-456: The crash was deemed to have been a pilot's health problem. Data from General characteristics Performance In literature Fairchild 24 was mentioned by Richard Bach in his memoirs «Biplane» written in 1966. Related development Aircraft of comparable role, configuration, and era Related lists [REDACTED] Media related to Fairchild 24 at Wikimedia Commons Great Depression The Great Depression
11455-620: 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
11600-451: The decade. Sauli Niinistö was elected President of Finland from 2012 until 2024, when Alexander Stubb took over. Finnish support for NATO rose sharply after the Russian invasion of Ukraine in 2022 . Before February 2022, opinion polls showed a narrow but decisive majority against NATO membership; by April, a supermajority was in favour of membership. On 11 May 2022, Finland signed
11745-633: 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
11890-408: 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
12035-435: 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
12180-402: 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
12325-477: 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
12470-595: The emblem of the Finnish Association for Nature Conservation. A third of Finland's land area originally consisted of moorland , about half of this area has been drained for cultivation over the past centuries. The main factor influencing Finland's climate is the country's geographical position between the 60th and 70th northern parallels in the Eurasian continent's coastal zone. In the Köppen climate classification ,
12615-576: 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
12760-494: 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
12905-503: 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
13050-501: 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
13195-590: The geography of Finland is a result of the Ice Age. The glaciers were thicker and lasted longer in Fennoscandia compared with the rest of Europe. The eroding effects have contributed to a mostly flat landscape in Finland, characterized by hills. However, in the northern regions, including areas bordering the Scandinavian Mountains, the terrain features mountainous elevations. At 1,324 metres (4,344 ft), Halti
13340-599: 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
13485-519: 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,
13630-570: 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
13775-447: The inland, the warmest days of July can reach over 35 °C (95 °F). Although most of Finland lies on the taiga belt, the southernmost coastal regions are sometimes classified as hemiboreal . In northern Finland, particularly in Lapland, the winters are long and cold, while the summers are relatively warm but short. On the most severe winter days in Lapland can see the temperature fall to −45 °C (−49 °F). The winter of
13920-543: 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
14065-464: The late 1990s was fuelled by the success of mobile phone manufacturer Nokia . The Finnish people elected Tarja Halonen in the 2000 Presidential election , making her the first female President of Finland. Her predecessor, President Martti Ahtisaari , later won the Nobel Peace Prize in 2008. Financial crises paralysed Finland's exports in 2008, leading to weaker economic growth throughout
14210-626: The laws passed by the Finnish parliament. The desire for independence gained ground, first among radical liberals and socialists , partly driven by a declaration called the February Manifesto by the last tsar of the Russian Empire, Nicholas II , on 15 February 1899. After the February Revolution of 1917, Finland's position as a Grand Duchy under the rule of the Russian Empire was questioned. The Finnish parliament , controlled by
14355-512: 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 ,
14500-414: 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
14645-446: The moderating effects of the Baltic Sea and numerous inland lakes to explain the unusually warm climate compared with other regions that share the same latitude , such as Alaska , Siberia , and southern Greenland . Winters in southern Finland (when mean daily temperature remains below 0 °C or 32 °F) are usually about 100 days long, and in the inland the snow typically covers the land from about late November to April, and on
14790-423: 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
14935-496: 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
15080-534: 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
15225-568: 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
15370-536: The north of Lapland. On the southwestern coast, south of the Helsinki- Rauma line, forests are characterized by mixed forests, that are more typical in the Baltic region. In the extreme north of Finland, near the tree line and Arctic Ocean, Montane Birch forests are common. Finland had a 2018 Forest Landscape Integrity Index mean score of 5.08/10, ranking it 109th globally out of 172 countries. Similarly, Finland has
15515-525: The northernmost province. The name Suomi ( Finnish for 'Finland') has uncertain origins, but a common etymology with saame (the Sami) has been suggested. In the earliest historical sources, from the 12th and 13th centuries, the term Finland refers to the coastal region around Turku . This region later became known as Finland Proper in distinction from the country name Finland. (See also Etymology of Finns .) The 12th and 13th centuries were
15660-471: The old sea bottom turns little by little into dry land: the surface area of the country is expanding by about 7 square kilometres (2.7 sq mi) annually. Relatively speaking, Finland is rising from the sea. The landscape is covered mostly by coniferous taiga forests and fens , with little cultivated land. Of the total area, 10% is lakes, rivers, and ponds, and 78% is forest. The forest consists of pine , spruce , birch , and other species. Finland
15805-483: 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
15950-477: 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
16095-406: 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
16240-481: The population, making it one of the worst famines in European history. The famine led the Russian Empire to relax financial regulations, and investment increased in the following decades. Economic development was rapid. The gross domestic product (GDP) per capita was still half of that of the United States and a third of that of Britain. From 1869 to 1917, the Russian Empire pursued a policy of Russification , which
16385-485: The proportion of the population with capital. About 70% of the workforce was employed in agriculture and 10% in industry. The Soviet Union launched the Winter War on 30 November 1939 to annex Finland in accordance with the Molotov-Ribbentrop Pact with Nazi Germany to divide Europe into spheres of influence between the two dictatorships. The Finnish Democratic Republic was set up by Joseph Stalin at
16530-511: The proposal of Count Per Brahe in 1640. The Finns reaped a reputation in the Thirty Years' War (1618–1648) as a well-trained cavalrymen called " Hakkapeliitta ". Finland suffered a severe famine in 1695–1697 , during which about one third of the Finnish population died, and a devastating plague a few years later . In the 18th century, wars between Sweden and Russia twice led to the occupation of Finland by Russian forces, times known to
16675-602: The publication of what would become Finland's national epic , the Kalevala , in 1835 and the legal equality of the Finnish language with Swedish in 1892. In the spirit of Adolf Ivar Arwidsson - "we are not Swedes, we do not want to become Russians, so let us be Finns" - a Finnish national identity was established. Nevertheless, there was no real independence movement in Finland until the early 20th century. The Finnish famine of 1866–1868 occurred after freezing temperatures in early September devastated crops and killed around 15% of
16820-570: The right-wing parties and the Social Democratic Party, were deeply divided. The October Revolution in Russia changed the geopolitical situation once again. Suddenly the right-wing parties in Finland began to reconsider their decision to block the transfer of supreme executive power from the Russian government to Finland when the Bolsheviks came to power in Russia. The right-wing government, led by Prime Minister P. E. Svinhufvud , presented
16965-434: 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
17110-454: The so-called second crusade to Finland , in 1249 against Tavastians and the third crusade to Finland in 1293 against the Karelians. The so-called first crusade to Finland , possibly in 1155, most likely never occurred. As a result of the crusades (mostly with the second crusade led by Birger Jarl ) and the colonization of some Finnish coastal areas with Christian Swedish population during
17255-622: The starboard struts, and was equipped with a black-painted propeller. The Argus II was also a Scarab-powered aircraft, usually with a transparent cabin roof. This mark was certified for heavier operational weight than the Mark I and was identified by its yellow propeller. The Argus III was equipped with the six-cylinder inverted inline Ranger engine. The aircraft was used by small air charter operators for short-distance taxi work and many were acquired by private pilot owners. It served with military forces as diverse as Finland , Thailand , Israel , Canada ,
17400-526: The success of the F-22, the Hardman design team was directed to begin work on an enclosed airplane similar to the F-22. This design was to be known as the F-24 and was to be a side-by-side two place enclosed cabin airplane using as much design data and tooling from the F-22 as possible. The prototype F-24 was test flown at Hagerstown, Maryland late 1931.The original two seat F-24 gave way to a three place version and then to
17545-519: The summer of 1944 led to a breakthrough until the Finns finally repulsed it at Tali-Ihantala . This partial Soviet success led to a stalemate and later an armistice . This was followed by the Lapland War of 1944–1945, when Finland fought retreating German forces in northern Finland. The Armistice and treaty signed with the Soviet Union in 1944 and 1948 included Finnish obligations, restraints, and reparations, as well as further territorial concessions. As
17690-479: The war as the only European country to have taken part in hostilities that was never occupied and managed to preserve its democracy throughout. For a few decades after 1944, the Communists were a strong political party. Furthermore, the Soviet Union persuaded Finland to refuse Marshall Plan aid. However, in the hope of preserving Finland's independence, the United States provided secret development aid and supported
17835-493: The white government continued in exile in Vaasa . This led to a short but bitter civil war . The Whites , backed by Imperial Germany , prevailed over the Reds and their self-proclaimed Finnish Socialist Workers' Republic . After the war, tens of thousands of Reds were interned in camps where thousands were executed or died of malnutrition and disease. A deep social and political enmity
17980-526: The whole of Finland lies in the boreal zone , characterized by warm summers and freezing winters. Within the country, the temperateness varies considerably between the southern coastal regions and the extreme north, showing characteristics of both a maritime and a continental climate . Finland is near enough to the Atlantic Ocean to be continuously warmed by the Gulf Stream . The Gulf Stream combines with
18125-471: 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
18270-659: 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
18415-778: 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
18560-430: The wreckage about 100 kilometres (62 mi) north of Cochrane, Ontario, about 35 miles off course. The cause of the crash was deemed to have been a combination of pilot inexperience, poor weather and overloaded cargo. Alaskan missionary Harold L. Wood (1890–1944) died in his Fairchild 24 floatplane while landing near a logging camp at Kasaan Bay (30 miles northwest of Ketchikan , Alaska) on 24 February 1944. The cause of
18705-639: 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
18850-443: 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 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
18995-478: 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
19140-474: 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
19285-448: Was established in 1920 by the Treaty of Tartu , which largely followed the historical border but gave Finland Pechenga ( Finnish : Petsamo ) and its Barents Sea port. Finnish democracy survived Soviet coup attempts and the anti-communist Lapua movement . In 1917 there were three million people in the country. After the civil war, a credit-based land reform was introduced, increasing
19430-511: Was first settled around 9000 BC after the last Ice Age . During the Stone Age , various cultures emerged, distinguished by different styles of ceramics. The Bronze Age and Iron Ages were marked by contacts with other cultures in Fennoscandia and the Baltic region . From the late 13th century, Finland became part of Sweden as a result of the Northern Crusades . In 1809, as a result of
19575-484: Was fitted under the cowling of the K model. In 1939 the F-24 reached the peak of refinement with the addition of hydraulic brakes and a new tail assembly." The Fairchild 24 built by Kreider-Reisner Aircraft, a division of Fairchild Aviation Corporation, remained in production from 1932 to 1948, essentially the same airframe but with various powerplant and configuration enhancements. In all, Fairchild constructed over 1,500 Model 24s, with an additional 280 being constructed by
19720-426: 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
19865-491: 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
20010-492: 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
20155-559: Was introduced. The arrival of the Corded Ware culture in Southern coastal Finland between 3000 and 2500 BC may have coincided with the start of agriculture. Even with the introduction of agriculture, hunting and fishing continued to be important parts of the subsistence economy. In the Bronze Age , permanent all-year-round cultivation and animal husbandry spread, but the cold climate slowed
20300-611: Was signed on 12 March 1940, and the war ended the following day. Finland had defended its independence, but ceded 9% of its territory to the Soviet Union. Hostilities resumed in June 1941 with the Continuation War , when Finland allied itself with Germany following the latter's invasion of the Soviet Union ; the main aim was to regain the territory lost to the Soviets barely a year earlier. Finnish troops occupied Eastern Karelia from 1941 to 1944. The massive Soviet Vyborg-Petrozavodsk offensive in
20445-568: Was sown between the Reds and the Whites that would last until the Winter War and beyond. The civil war and the activist expeditions to Soviet Russia in 1918–1920, known as the " Kinship Wars ", strained relations with the East. After a brief experiment with monarchy , when an attempt to make Prince Frederick Charles of Hesse the king of Finland failed, a republican constitution was adopted and Finland became
20590-491: Was still widely spoken, the Finnish language began to gain recognition during this period. From the 1860s, a strong Finnish nationalist movement , known as the Fennoman movement , grew. One of the movement's most prominent leaders was the philosopher and politician J.V. Snellman , who worked to stabilise the status of the Finnish language and its own currency, the Finnish markka , in the Grand Duchy of Finland. Milestones included
20735-411: Was suspended between 1905 and 1908. In 1906, universal suffrage was introduced in the Grand Duchy of Finland. However, relations between the Grand Duchy of Finland and the Russian Empire soured when the Russian government began to take steps to restrict Finland's special status and autonomy. For example, universal suffrage was virtually meaningless in practice, as the tsar did not have to approve any of
20880-576: Was the 15th highest in the world. During the 1970s and 1980s, Finland built one of the most extensive welfare states in the world. Finland negotiated a treaty with the European Economic Community (EEC, a forerunner of the European Union) that largely eliminated tariffs with the EEC from 1977. Miscalculated macroeconomic decisions, a banking crisis , the collapse of its largest trading partner,
21025-464: 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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