Disney and the Great Depression
The Great Depression was an economic slump in North America, Europe, and other industrialized areas of the world that began in 1929 and lasted until about 1939. It was the longest and most severe depression ever experienced by the industrialized Western world.
After nearly a decade of optimism and prosperity, the United States was thrown into despair on Black Tuesday, October 29, 1929, the day the stock market crashed, and the official beginning of the Great Depression. As stock prices plummeted with no hope of recovery, panic struck. Masses and masses of people tried to sell their stock, but no one was buying. The stock market, which had appeared to be the surest way to become rich, quickly became the path to bankruptcy.
And yet, the stock market crash was just the beginning. Since many banks had also invested large portions of their clients' savings in the stock market, these banks were forced to close when the stock market crashed. Seeing a few banks close caused another panic across the country. Afraid they would lose their own savings, people rushed to banks that were still open to withdraw their money. This massive withdrawal of cash caused additional banks to close. Since there was no way for a bank's clients to recover any of their savings once the bank had closed, those who didn't reach the bank in time also became bankrupt.
Businesses and industry were also affected. Having lost much of their own capital in either the Stock Market Crash or the bank closures, many businesses started cutting back their workers' hours or wages. In turn, consumers began to curb their spending, refraining from purchasing such things as luxury goods. This lack of consumer spending caused additional businesses to cut back wages or, more drastically, to lay off some of their workers. Some businesses couldn't stay open even with these cuts and soon closed their doors, leaving all their workers unemployed.
One thing that seemed to NOT have an effect on Walt was the Depression. When the rest of the country was deep into the years of the Great Depression, Walt produced the first ever full-length animated musical feature at the cost of $1,499,000. It appears as though the Depression was nothing against Walt’s ambition.
The Mickey Mouse's adventures buoyed Americans through the Great Depression, and kept Disney's business afloat. In 1937, the studio released its first full-length feature,"Snow White and the Seven Dwarves," which had been financed by A.P. Gianni's Bank of America. The feature was a blockbuster hit, though the studio struggled financially.
-(http://www.pbs.org/wgbh/theymadeamerica/whomade/disney_hi.html), (http://history1900s.about.com/od/1930s/p/greatdepression.htm)
After nearly a decade of optimism and prosperity, the United States was thrown into despair on Black Tuesday, October 29, 1929, the day the stock market crashed, and the official beginning of the Great Depression. As stock prices plummeted with no hope of recovery, panic struck. Masses and masses of people tried to sell their stock, but no one was buying. The stock market, which had appeared to be the surest way to become rich, quickly became the path to bankruptcy.
And yet, the stock market crash was just the beginning. Since many banks had also invested large portions of their clients' savings in the stock market, these banks were forced to close when the stock market crashed. Seeing a few banks close caused another panic across the country. Afraid they would lose their own savings, people rushed to banks that were still open to withdraw their money. This massive withdrawal of cash caused additional banks to close. Since there was no way for a bank's clients to recover any of their savings once the bank had closed, those who didn't reach the bank in time also became bankrupt.
Businesses and industry were also affected. Having lost much of their own capital in either the Stock Market Crash or the bank closures, many businesses started cutting back their workers' hours or wages. In turn, consumers began to curb their spending, refraining from purchasing such things as luxury goods. This lack of consumer spending caused additional businesses to cut back wages or, more drastically, to lay off some of their workers. Some businesses couldn't stay open even with these cuts and soon closed their doors, leaving all their workers unemployed.
One thing that seemed to NOT have an effect on Walt was the Depression. When the rest of the country was deep into the years of the Great Depression, Walt produced the first ever full-length animated musical feature at the cost of $1,499,000. It appears as though the Depression was nothing against Walt’s ambition.
The Mickey Mouse's adventures buoyed Americans through the Great Depression, and kept Disney's business afloat. In 1937, the studio released its first full-length feature,"Snow White and the Seven Dwarves," which had been financed by A.P. Gianni's Bank of America. The feature was a blockbuster hit, though the studio struggled financially.
-(http://www.pbs.org/wgbh/theymadeamerica/whomade/disney_hi.html), (http://history1900s.about.com/od/1930s/p/greatdepression.htm)