123-433: The Golden Guides , originally Golden Nature Guides , were a series of 160-page, pocket-sized books created by Western Publishing and published under their "Golden Press" line (primarily a children's book imprint) from 1949. Edited by Herbert S. Zim and Vera Webster, the books were written by experts in their field and illustrated in a simple straightforward style. Intended for primary and secondary school level readers,
246-626: 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,
369-418: 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
492-824: A New York City real estate investor, for $ 75 million plus the assumption of certain liabilities later thought to be $ 40 million. Bernstein reincorporated the firm as the Western Publishing Group; Western Publishing Co., now a subsidiary, continued to be based in Racine. Bernstein oversaw the introduction of eight videocassettes that featured Golden Books characters in 1985. A total of 2.5 million were shipped. Western developed and produced games under license for Tonka and Hasbro , and developed storybooks containing company logos as promotional items; Bernstein referred to this as "sponsored publishing". In 1986, Penn Corporation, which produced party paper and advertising specialities,
615-588: 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
738-459: 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
861-518: A larger offset press and added electrotyping and engraving departments. Wadewitz was approached by the Hamming-Whitman Publishing Company of Chicago to print its line of children's books. Unable to pay its bills, Hamming-Whitman left Western with thousands of books. As a result, Western acquired Hamming-Whitman on February 9, 1916, and formed a subsidiary corporation, Whitman Publishing Company . It employed two salesmen and, in
984-644: A leader in craft kits and a manufacturer of laboratory science sets for children based in Chicago, for 100,000 shares of common stock in 1968. In 1970, Western's sales reached $ 171.5 million but net profit fell to $ 3.9 million caused by the acquisition of a computerized typesetting facility and an eleven-week strike. As a result, the Hannibal plant was closed and the number of employees was reduced by 1,500 in mid-1974. Profits rose that year to $ 10.1 million; sales topped $ 215 million. In 1971, Western entered into an agreement with
1107-474: A million copies, and more than 400 of the 1,000-plus Golden Book titles were in print in thirteen languages. The 16-volume Golden Book Encyclopedia , published in 1960, enjoyed sales of 60 million copies in two years, while sales of Golden Press books reached almost $ 39 million in 1960. In the same year, the name Western Publishing Company was adopted and common stock was issued with some eighty percent owned by management or employees. At this point Western had
1230-596: 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
1353-402: 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
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#17328515775161476-421: A partnership with Dell Comics , which also handled the distribution and financing of the comic books. In 1962, Western ended this partnership and published comics itself, establishing the imprint Gold Key Comics . As Murphy explained the split: With regard to a Western-Dell separation, this was by mutual agreement so that each company would be free to explore the potential business in the comics market without
1599-402: A popular Western board game introduced in 1985. Sales fell from $ 118 million to $ 42 million. In fiscal 1991 (ending January 31, 1991) sales had declined to $ 491 million with earnings of only $ 8 million. By late 1991, Western's share price had dropped to $ 9 from a high of $ 28. In 1992, Western celebrated the 50th anniversary of the introduction of Little Golden Books publishing a boxed set of
1722-533: A printer at the Racine Journal Company. At the end of its first year sales were $ 5,000 and the company increased its staff of four to handle a growing number of commercial jobs. It installed a cylinder press , two smaller presses, and an automatic power cutter. In 1910, the company changed its name to Western Printing and Lithographing Company after the purchase of its first lithographic press . By 1914, sales were more than $ 127,000. The company installed
1845-461: A publisher of Catholic books, religious greeting cards, and gift wrap, was purchased in the early 1950s. In 1955, a new specialty printing plant was built in Hannibal, Missouri . Western achieved sales of $ 63 million in 1957, the year of its 50th anniversary. In the same year the company acquired Kable Printing Company, a large rotogravure magazine printer. With partners Dell and Simon & Schuster,
1968-563: 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
2091-474: 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
2214-699: 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
2337-628: A wide variety of games, playing cards, crayons, and gift wrap. Western also had a Canadian subsidiary (established in 1959) and a French company (established in 1960). In 1967, the Justice Department charged Golden Press and seventeen other publishers with illegally fixing prices of library editions of children's books. Each agreed to the terms of a consent judgment forbidding them from submitting rigged bids or conspiring with wholesalers to fix prices of sales to schools, libraries, or government agencies. Western purchased Skil-Craft Playthings, Inc.,
2460-642: 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
2583-493: 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
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#17328515775162706-523: 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
2829-667: The Children's Television Workshop to produce Golden Books featuring the Muppets of Sesame Street . In 1974, Dell Publishing Company signed a ten-year printing contract with Western worth more than $ 50 million. That same year construction began on a distribution and game-and-puzzle assembly center in Fayetteville, North Carolina . Direct marketing accounted for twenty-five percent of Western's consumer product sales by 1976. This represented seventy percent of total sales. Driven by products such as
2952-536: The Gold Key Comics and Dell Comics catalogs, while Random House gained Golden Books' book publishing properties. The H. E. Harris stamp and coin company bought Whitman Coin Products from St. Martin's Press in 2003 and renamed it Whitman Publishing. On July 23, 2012, Classic Media was acquired by DreamWorks Animation for $ 155 million and renamed DreamWorks Classics . On July 1, 2013, Random House merged with
3075-562: The Golden Guide nature guides were published with the Golden Press name. Western Publishing Company Inc. owned dozens of trademarks over the years, many of which have now expired. A sampling of Western's trademarks follows. Some like "Golden" for example were registered multiple times for different uses (separated by "/"). Refer to the website cited for a complete listing of all trademarks. Great Depression The Great Depression
3198-580: The Great Depression between 1929 and 1933, Western introduced new products: The Whitman jigsaw puzzle became very popular during this period as did a new series of books called Big Little Books . Brought out in 1932, the 10-cent Big Little Books became very popular with people looking for inexpensive entertainment. The first Big Little Book was The Adventures of Dick Tracy. Western won exclusive book rights to all Walt Disney licensed characters in 1933, and in 1934 established an eastern printing plant at
3321-565: 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
3444-680: The Penguin Group , forming a new company called Penguin Random House . In April 2016, the acquisition of DreamWorks Animation (owner of DreamWorks Classics) by NBCUniversal was announced. Historian Michael Barrier has lamented the apparent loss of Western's business records for future use by researchers. With licenses for characters from Walt Disney Productions , Warner Bros. , Metro-Goldwyn-Mayer , Edgar Rice Burroughs and Walter Lantz Studio , Western produced comics based on these characters, as well as original works. The editorial staff at
3567-525: 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,
3690-492: The 1920s and 1930s, Western published a wide range of children's books (puzzle books, coloring books, Tell-a-Tale books, Big Little Books ), mostly under the Golden Books and Whitman Publishing brand names. The Little Golden Books was a very popular series. Lucille Ogle helped develop the format for these low-priced books, which told simple stories and were among the first children's books with full-color illustrations. The first
3813-447: 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
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3936-544: The 30-year-old son of German immigrants , worked at the West Side Printing Company in Racine, Wisconsin . When the owner of that company was unable to pay Wadewitz his wages, Wadewitz took the opportunity in 1907 to purchase the company for $ 2,504, with some of the funds provided by his brother Albert. Knowing that the company needed staff with more knowledge of the business than he had, Wadewitz hired Roy A. Spencer,
4059-658: The Betty Crocker Recipe Card Program, a monthly mailing of recipe cards to millions of customers, sales grew to $ 237.3 million in 1976 with net income of $ 10.8 million. In 1979, Western ceased to be an independent company when Mattel Inc. purchased the company for $ 120.8 million in a cash/stock deal. By the late 1970s, Western was one of the largest commercial printers in the United States. It had four manufacturing plants and two distribution centers between Kansas and Maryland. It boasted of installing some of
4182-795: 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
4305-517: 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
4428-514: 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
4551-480: 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
4674-442: 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
4797-639: 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
4920-473: 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
5043-540: 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
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5166-485: 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
5289-622: 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
5412-543: 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
5535-632: 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
5658-541: The Walton Boys, Power Boys , Brains Benton , and Troy Nesbit mysteries. The series, published from the 1950s to the 1970s, also included a number of titles licensed from popular movies and television shows: Lassie , The Adventures of Rin Tin Tin , many television Westerns , and Walt Disney 's Spin and Marty and Annette (from the serial featuring Annette Funicello that aired on The Mickey Mouse Club . The company
5781-513: The West Coast office over the years included: Eleanor Packer, Alice Cobb, Chase Craig , Zetta Devoe, Del Connell and Bill Spicer . Bernie Zuber was an editorial artist, a position similar to that of a production artist , from 1957 until 1982. Oskar Lebeck , Matt Murphy and Wally Green are among those who oversaw the East Coast office. From 1938 to 1962, Western's properties were published under
5904-559: The Western Playing Card Company after purchasing the Sheffer Playing Card Company. In 1929, Western purchased a Chicago stationery and greeting card manufacturer, Stationer's Engraving Company. Another subsidiary was K.K. Publications, named after Kay Kamen , manager of character merchandising at Walt Disney Studios from 1933 to 1949. K.K. Publications became defunct during the mid/late 1960s. During
6027-506: The annual kite safety title (which featured an array of licensed characters) published over a span of 32 years for power utility companies. Both series had print runs in the hundreds of thousands. In the 1990s, the Western/Gold Key characters Magnus , Turok and Dr. Solar were licensed to Valiant Comics , who published modified versions of the characters to great success. However, by the mid-1990s, Valiant's sales had slumped due to
6150-455: 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
6273-573: 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
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#17328515775166396-465: 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
6519-591: The books could be sold for 25 cents each. In September 1942, the first 12 titles were printed and released to stores in October. Three editions totaling 1.5 million books sold out within five months of publication in 1942. During World War II , Western had a contract with the U.S. Army Map Service to produce maps for soldiers in the field and it also manufactured books and playing cards which were sent overseas. In 1945, Western acquired another major printing plant, Wolff Printing Company of St. Louis. Guild Press, Inc.,
6642-510: The catalog of United Productions of America (UPA) and book publisher Random House in a bankruptcy auction for the $ 84.4 million on August 16, 2001. In turn, Random House, and Classic Media gained ownership of Golden Books' entertainment catalog (including the family entertainment catalog of Broadway Video which includes the pre-1974 library of Rankin/Bass Productions and the library of Total Television ) as well as production, licensing and merchandising rights for Golden Books' characters and
6765-458: 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
6888-431: The company but retained his stock. It sold the adult books ( Golden Guide ) to St. Martin's Press in 1999. In June 2001, DIC Entertainment announced they would purchase Golden Books Family Entertainment for $ 170 Million and send them out of bankruptcy. However, DIC would pass off the purchase due to high costs and instead Golden Books Family Entertainment was eventually acquired jointly by Classic Media , owner of
7011-475: The company decided ultimately to run the departments itself. Bernstein wanted to sell Western's products in discount stores and supermarket and drugstore chains and spent $ 20 million to do so. The school book club, started in 1990, also lost money. The net effect was a $ 55.8 million loss on sales of $ 613.5 million for fiscal 1994 (ending January 1994). Three Golden Books Showcase Store locations were opened, which featured only Western Publishing products. The first
7134-568: The company had been acquired by Bernstein from Mattel in 1984. At this point he owned or controlled nearly 20 percent of the common stock, the Gabelli Group held about 17 percent, and Prudential Insurance Company of America owned 8.6 percent. Long-term debt was $ 249.8 million. By mid-1996, under the supervision of ex-Simon & Schuster executive Richard E. Snyder , it was renamed Golden Books Family Entertainment and focused on publishing children's books. Bernstein resigned all his positions at
7257-785: The company sponsored the Story Book Shop on Main Street, U.S.A. , in Disneyland which opened on July 17, 1955, and closed April 1, 1995. In addition it was one of the initial investors in the park by virtue of being a part-owner of Disneyland, Inc. Western and Pocket Books , Inc. formed Golden Press, Inc. at the end of 1958 following their joint purchase of all Golden Book properties from Simon and Schuster. The arrangement called for Western to continue to create and manufacture Golden Books which Pocket Books would promote, sell, and distribute. By 1959, over 150 Little Golden Book titles had sold at least
7380-417: The company's revenue. The company's half-share in Golden Press, Inc. was a problem. It lost money in 1961 and 1962, and, in 1963, its sales sagged from $ 32.9 million the previous year to $ 22.5 million. Western bought Pocket Books' half-share in Golden Press in 1964 with 276,750 shares of its common stock valued at nearly $ 7.4 million. Odyssey took over the sales and distribution of adult Golden Books; Western did
7503-486: The company, Bernstein began a major restructuring of Western. Hasbro Inc. purchased the games and puzzles division for $ 105 million and the Fayetteville distribution center which handled them was put up for sale. Troll purchased the school book club division for $ 4.3 million. Ritepoint and Adtrend, parts of Penn Corporation's advertising specialty division, were sold as was its direct-marketing continuity-club business. Staff
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#17328515775167626-640: The company. Dick Simon , then head of Simon & Schuster, mentioned to Duplaix that he was interested in any new ideas for children's books. Duplaix had the idea to produce a colorful, more durable and affordable children's book than those being published at that time which sold for $ 2 to $ 3. With the help of Lucile Ogle, also working at the Guild, Duplaix contacted Albert Leventhal, a vice president and sales manager at Simon & Schuster, and Leon Shimkin , also at Simon & Schuster, with his idea. The group decided to publish twelve titles for simultaneous release in what
7749-475: 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
7872-620: 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
7995-503: The decade's speculative boom collapsing, and the company ceased publishing in 1999. In 2004, Dark Horse Comics began reprinting some of Western's original comic book properties, which by then were owned by Random House , along with Tarzan from the Jesse Marsh era. In 2009, the company announced plans to launch new versions of various Gold Key characters, with former Valiant editor-in-chief Jim Shooter as head writer. Beginning in
8118-633: 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
8241-408: 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
8364-400: The distinction of being the largest creator and publisher of children's books, the largest producer/distributor of children's games made from paper or paper products, and the largest creator/producer of comic books. Western had operated at a profit every year since 1907, paid a dividend every year since 1934, and seen net sales increase from $ 40.5 million in 1950 to $ 123.8 million in 1960. During
8487-435: 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
8610-402: 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
8733-427: 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
8856-576: 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
8979-494: 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
9102-503: 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
9225-512: The first books were field guides illustrated by James Gordon Irving , with such titles as Birds (1949), Insects (1951), and Mammals (1955). The series later expanded beyond identification guides to cover a wider range of subjects, such as Geology (1972), Scuba Diving (1968) , and Indian Arts (1970). In 1966, Zim launched a related series, the Golden Field Guides , aimed at high school or college-age readers. An updated series
9348-734: The first heatset web offset printing presses in the US. As well, Western had the largest offset, sheet-fed presses, some exceeding 78 inches wide, printing in five colors, and one of the largest bindery operations in the United States. Among other things, it printed mass-market paperback books under contract, and was the primary manufacturer and distributor of the board game Trivial Pursuit , as well as other tabletop games. It developed and printed specialty cookbooks, premiums, and material for many Fortune 500 clients. At one time, Western printed almost everything from "business cards to billboards", and employed over 2500 full-time employees. The year 1980 saw
9471-501: 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
9594-468: The first year, grossed more than $ 43,500 liquidating the remaining Hamming-Whitman books. In 1916, Sam Lowe joined Western. He convinced Western and Whitman to publish a 10-cent children's book in 1918 and convinced retailers that children's books could be sold year-round. Western introduced boxed games and jigsaw puzzles in 1923 after purchasing a 38-inch by 52-inch Potter offset press. By 1925, sales exceeded $ 1 million. Western added another subsidiary,
9717-475: The former Fiat factory site in Poughkeepsie , New York. The printing plant allowed a close relationship to develop with the publishers Dell Publishing Company and Simon & Schuster , Inc. From 1938 to 1962 Dell Publishing and Western produced color comic books featuring many of Western's licensed characters. In 1938, the first joint effort between Western and Simon & Schuster, A Children's History,
9840-599: 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
9963-519: 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,
10086-486: The imprint Artists and Writers Guild Books and sold in general book and toy stores. Western's net sales recovered in fiscal 1992 to $ 552.4 million with net income of $ 13.7 million, and $ 649.1 million with $ 17.5 million net income in 1993. In 1993, Western decided to close the advertising specialty division and took a $ 21.8 million writedown . A further $ 10 million was spent setting up and running bookstores in Toys "R" Us stores;
10209-514: 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
10332-543: 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
10455-536: The late 1970s, after which newsstand distribution was discontinued in favor of distribution to toy stores under the "Whitman Comics" banner. The company stopped publishing comics in 1984, and all of its licenses have since gone to other publishers. Many of these new licensees have included among their offerings reprints of stories originally published by Western. Prior to 1962, in addition to comics published through Dell, Western published some comics under its own name, particularly giveaways such as March of Comics and
10578-798: The launch of the Sesame Street Book Club and the relocation of the Skil-Craft manufacturing plant from Chicago to Fayetteville. Sales climbed to $ 278 million in 1981. Mattel's investment in Western soon soured. In fiscal 1983 (ending January 31, 1983) Western had sales of $ 246 million with an operating loss of $ 2.4 million after a $ 7.5 million charge relating to closing the Poughkeepsie printing plant. Mattel had its own financial issues and, strapped for cash, sold Western in December 1983 to Richard A. Bernstein,
10701-461: 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 ,
10824-414: 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
10947-423: 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
11070-496: 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
11193-427: 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
11316-464: The name was changed to Walt Disney's Magazine and the focus shifted to contemporary Disney movie and television productions. In a similar vein, they printed Gulf Oil 's Wonderful World of Disney premium (1969-1970) which was edited by Disney's George Sherman . During the 1960s, Western published The Golden Magazine for Boys and Girls with Cracky the Parrot as its mascot. For many years Golden Press
11439-568: 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
11562-483: 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
11685-477: 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
11808-455: 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
11931-962: The same for children's titles. Western Printing & Lithographing, the largest company unit, accounted for about 40 percent of sales in 1965. Artists & Writers Press, Inc., one of fourteen active subsidiaries, created books for publishers and commercial customers including Golden Books, Betty Crocker cookbooks, the Arts of Mankind series for Golden Press, and the four-volume Harper Encyclopedia of Science for Harper & Row. Capitol Publishing, purchased in 1961, originated and produced educational materials and games for children, as well as toys and novelty products. The Kable Printing division produced over 125,000 monthly magazines, other periodicals, and catalogs. The Watkins-Strathmore Co., acquired in 1957, produced children's books and games, including Magic Slate . Meanwhile, Whitman published nearly every type of juvenile and adolescent books, numismatic books, coin cards,
12054-576: The same period, net profit had increased from $ 3.1 million to $ 7.4 million. In 1961, Western opened another printing plant, in Cambridge, Maryland , and in 1970 acquired several companies, including Odyssey Press, a high school and college textbook publisher. By 1963, 65 percent of Western's total revenues derived from juvenile literature (including games), 25 percent from commercial printing, and 10 percent from books produced for other publishers and miscellaneous activities. Whitman accounted for 35 percent of
12177-434: 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
12300-595: The schools and libraries. Offices were set up in Wayne, New Jersey, and the reinforced library books were warehoused in Wayne and distributed from that location. There were about 80 sales representatives in the United States under the general manager, Roy Spahr. From the 1940s to the 1980s, Western published several series of books for older children and young teenagers, initially under its Whitman line. Girls' mystery series included Trixie Belden , Ginny Gordon , Donna Parker , Meg Duncan and Trudy Phillips. Boys' series included
12423-399: The self-imposed restrictions which formerly required Western and Dell to work exclusively with one another. In our previous relationship, Western Publishing Co. secured the rights, created the comics, printed them and shipped them out for Dell. Dell acted as the publisher and distributor and did the billing and paid Western for its creatively manufactured products. This imprint continued until
12546-416: The twelve original titles for $ 19.95. Special editions of all-time favorites, and new books by popular artists and illustrators of children's books were also published to mark the occasion. The Golden Little Nugget Book line was introduced and sold more than 1.9 million units in six months. Golden management decided to publish trade books for children for the first time in 1993. These titles were published under
12669-471: 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
12792-659: 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
12915-778: 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
13038-639: 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
13161-498: 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
13284-478: 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
13407-471: Was also the original American publisher of The Adventures of Tintin , issuing six titles in English translation in 1959 and 1960, before discontinuing further releases because of what were considered disappointing sales. In 1937, Western, at the request of Kay Kamen (who oversaw licensing and marketing at Disney), assumed production of the newsstand version of Mickey Mouse Magazine , which, in October 1940,
13530-474: 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
13653-426: 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
13776-491: 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
13899-446: 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
14022-821: Was opened in the Woodfield Mall in Schaumburg, Illinois , in November 1992; the second in CityWalk Center outside Universal Studios Hollywood during June 1993; and the third store was opened in Rockefeller Center in New York City during April 1994. They have all since closed. By the mid-1990s, most of its printing plants were closed and its print operations consolidated in Racine. These losses raised Western's debt to $ 250 million; its negative cash flow caused its bonds to be downgraded to junk status. Unable to sell
14145-540: Was published in 1942. Beginning as the "Whitman Famous Classics", and later renamed the "Golden Press" imprint, Western published a series of (public domain) classics, such as Little Women , Little Men , Black Beauty and Heidi . In the late 1960s, Golden Books were bound in the Goldencraft reinforced library bindings and sold to schools and libraries in the United States by a group of independent sales representatives. The library bound books were very popular with
14268-581: Was published. In the 1930s, Western formed the Artists and Writers Guild Inc., located in New York City, to develop new children's books. Western expanded to the West Coast in the early 1940s, opening an office in Beverly Hills to make it easier to do business with studios that owned the characters the company licensed. Georges Duplaix replaced Sam Lowe as head of the Artists and Writers Guild in 1940 when Lowe left
14391-413: Was publisher of Betty Crocker cookbooks. Often these were issued in a three-ring binder format so recipe pages could be removed for easy consultation while cooking. Western produced games such as Trivial Pursuit and Pictionary until Hasbro bought that division in 1994. The company published the children's science books The World of Science and The Golden Book of Chemistry Experiments , while
14514-488: Was purchased for $ 108 million. Bernstein took Western public in April 1986 and made more than $ 70 million on his original $ 5 million investment; he retained twenty-one percent of the stock. The company continued to prosper. For the fiscal year ending January 31, 1989, sales were $ 551 million produced earnings of nearly $ 30 million. In 1990, sales dropped to $ 508 million and earnings fell to $ 23 million. Analysts attributed some of this decline to falling sales of Pictionary ,
14637-498: Was reduced by 28 percent. Bernstein continued the concept of developing book sections within stores and introduced 100 Just For Kids sections in Walmart locations which sold video and music along with books. Western lost $ 11.6 million on revenues of $ 303.9 million during the first three quarters of 1994. Its common stock, which had traded as high as $ 21 a share in 1993, had fallen to below $ 10 in April 1995. No dividend had been paid since
14760-902: Was relaunched in 2001 as "Golden Guides by St. Martin's Press ", illustrated largely with photographs but retaining some of the original 1950s illustrations. Western Publishing Western Publishing , also known as Western Printing and Lithographing Company , was an American company founded in 1907 in Racine, Wisconsin , best known for publishing the Little Golden Books . Its Golden Books Family Entertainment division also produced children's books and family-related entertainment products. The company had editorial offices in New York City and Los Angeles, California. Western Publishing became Golden Books Family Entertainment in 1996. Little Golden Books remains as an imprint of Penguin Random House . Golden Guides and Golden Field Guides are published by St. Martin's Press . Edward Henry Wadewitz,
14883-437: Was succeeded by the comic book Walt Disney's Comics and Stories . 1936-1954 Story Parade, Inc. (a Western subsidiary) published Story Parade: A Magazine for Boys and Girls with a children's literature orientation. Then in late 1955, Western initiated Walt Disney's Mickey Mouse Club Magazine with content produced by Disney Studio staff members. It was intended to promote The Mickey Mouse Club television series. Eventually
15006-464: 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
15129-493: Was to be called the Little Golden Books Series. Each book would have forty-two pages, twenty-eight printed in two-color, and fourteen in four-color. The books would be staple-bound. The group originally discussed a 50-cent price for the books, but Western did not want to compete with other 50-cent books already on the market. The group calculated that if the print run for each title was 50,000 copies instead of 25,000,
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