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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Mike M2 who wrote (29917)10/19/2000 5:37:04 PM
From: pater tenebrarum  Read Replies (2) of 436258
 
actually the tractor completely destroyed all the industries related to the horse. at the same time there was a frightful deflation of ag commodity prices. those were important factors that helped bring on the great depression.
one of the parallels with today is that the vast productivity gains in the industrial and agricultural sectors weren't shared with workers, i.e. incomes didn't rise...it all went toward corporate profits and stock market speculation. US household incomes have stayed flat in real terms since the 1970's...thus the credit bubble, another similarity. of course the 1920's credit bubble was a harmless relative of today's...much smaller. still, when it imploded it did so with a vengeance.
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