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Towards the Great Crash American Economic Policy at the Twilight of “Golden Twenties”

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Tajovský L.
Dvacáté století - The Twentieth Century
|
2013
|
vol. 5
|
issue 2
115-125
EN
At the end of the 1920s the structural imbalances in the American economy were growing. They were successfully disguised till 1928 by the loose monetary policy of the central bank together with the Department of the Treasury which was then led by the Secretary of Treasury Andrew Mellon. During the 1920s the volume of assets held by both the American public and big investors and which were interconnected with development on the stock indice was constantly increasing. Trading on the stock markets was becoming more and more common and it was practised directly or indirectly by tens percent of the population. The increase in American household debt in form of the more and more popular instalment loans became another phenomenon of the 1920s. New flat, car and electric appliances became a standard of the American form of the consumer live. The indirect economic regulation by the means of cooperative individualism was growing within whole decade.
CS
Koncem 20. let narůstaly strukturální nerovnováhy v americké ekonomice. Ty se do roku 1928 dařilo zastírat uvolněnou monetární politikou centrální banky v součinnosti s ministerstvem financí vedeným Andrewem Mellonem. Během dvacátých let stále rostl objem aktiv držených americkou veřejností i velkými investory, které byly vázány na vývoj akciového indexu. Obchodování na burze se stal běžným jevem a přímo či nepřímo jej prováděly desítky procent populace. Dalším jevem provázejícím dvacátá léta byl nárůst zadlužení amerických domácností v podobě rozšiřování praxe splátkových obchodů. Nový byt, auto a elektrické spotřebiče se staly standardem americké podoby konzumního života. Po celou dekádu narůstal nepřímá regulace ekonomiky prostřednictvím praxe tzv. kooperativního individualismu.
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