Great Depression Essays (3565 words) - Economy Of The United States

Great Depression Essays (3565 words) - Economy Of The United States Great Depression Greg Squires The Great Depression was the worst economic slump ever in U.S. history, and one which touched virtually all of the industrialized world. The Depression began in late 1929 and lasted for nearly a decade. Many factors played a role in bringing about the Depression; however, the main cause for the Great Depression was the combination of the greatly unequal distribution of wealth throughout the 1920's, and the extensive stock market speculation that took place during the latter part that same decade. The mal-distribution of wealth in the 1920's existed on many levels. Money was distributed disparately between the rich and the middle-class, between industry and agriculture within the United States, and between the U.S. and Europe. This imbalance of wealth created an unstable economy. The excessive speculation in the late 1920's kept the stock market artificially high, but eventually lead to large market crashes. These market crashes, combined with the maldistribution of wealth, caused the American economy to capsize. The roaring twenties was an era when our country prospered tremendously. However, the rewards of the Coolidge Prosperity of the 1920's were not shared evenly among all Americans. According to a study done by the Brookings Institute, the top 0.1% of Americans had a combined income equal to the bottom 42% in 1929. That same top 0.1% of Americans in 1929 controlled 34% of all savings, while 80% of Americans had no savings at all. Automotive industry mogul Henry Ford provides a striking example of the unequal distribution of wealth between the rich and the middle-class. Henry Ford reported a personal income of $14 million in the same year that the average personal income was $750. By present day standards, where the average yearly income in the U.S. is around $18,500, Mr. Ford would be earning over $345 million a year! This maldistribution of income between the rich and the middle class grew throughout the 1920's. While the disposable income per capita rose 9% from 1920 to 1929, those wi th income within the top 1% enjoyed a stupendous 75% increase in per capita disposable income1. A major reason for this large and growing gap between the rich and the working-class people was the increased manufacturing output throughout this period. From 1923-1929 the average output per worker increased 32% in manufacturing. During that same period of time average wages for manufacturing jobs increased only 8%. Thus wages increased at a rate one fourth as fast as productivity increased. As production costs fell quickly, wages rose slowly, and prices remained constant, the bulk benefit of the increased productivity went into corporate profits. In fact, from 1923-1929 corporate profits rose 62% and dividends rose 65%2. The federal government also contributed to the growing gap between the rich and middle-class. Calvin Coolidge's Republican administration (and the conservative-controlled government) favored business, and as a result the wealthy who invested in these businesses. An example of legislation to this purpose is the Revenue Act of 1926, signed by President Coolidge on February 26, 1926, which reduced federal income and inheritance taxes dramatically. Andrew Mellon, Coolidge's Secretary of the Treasury, was the main force behind these and other tax cuts throughout the 1920's. Even the Supreme Court played a role in expanding the gap between the socioeconomic classes. In the 1923 case Adkins v. Children's Hospital, the Supreme Court ruled minimum-wage legislation unconstitutional3. The large and growing disparity of wealth between the well-to-do and the middle-income citizens made the U.S. economy unstable. For an economy to function properly, total demand must equal total supply. In an economy with such diversified distribution of income it is not assured that demand will always equal supply. Essentially what happened in the 1920's was that there was an oversupply of goods. It was not that the surplus products of industrialized society were not wanted, but rather that those whose needs were not satisfied could not afford more, whereas the wealthy were satisfied by spending only a small portion of their income. Three quarters of the U.S. population would spend essentially all of their yearly incomes to purchase consumer goods such as food, clothes, radios, and cars. These were the poor and middle class: families with incomes around, or usually less than, $2,500 a year. The

The Most Common Injuries in a Chemistry Lab

The Most Common Injuries in a Chemistry Lab There are a lot of hazards in a chemistry lab. Youve got chemicals, breakables, and open flames. So, accidents are bound to happen. However, an accident doesnt necessarily have to lead to an injury. Most common injuries can be prevented by minimizing accidents by being careful, wearing proper safety gear, and knowing what to do in the event of an emergency. OSHA keeps track of reported injuries, but most of the time people get hurt, its either not something they admit to or else not a life-threatening event.  What are your biggest risks? Heres an informal look at common injuries. Eye Injuries Your eyes are at risk in the chemistry lab. If you normally wear contacts, you should wear glasses to lessen chemical exposure. Everyone should wear safety goggles. They protect your eyes from chemical splashes and errant shards of glass. People get eye injuries all the time, either because they are lax about wearing protective eyewear, the agent causing the injury gets around the edge of the glasses, or they dont know how to use the eyewash properly. While cuts are more common in the lab, eye injuries are probably the most common serious wounds. Cuts from Glassware You can cut yourself being stupid, trying to force glass tubing through a stopper with the palm of your hand. You can cut yourself breaking glassware or trying to clean up a mess. You can cut yourself on a sharp edge of a piece of chipped glassware. The best way to prevent the injury is to wear gloves, yet even so, this is the most common injury, mainly because few people wear gloves all the time. Also, when you do wear gloves, you lose dexterity, so you may be more clumsy than usual. Chemical Irritation or Burns Its not just the skin on your hands that is at risk from chemical exposure, although this is the most common place to get hurt. You can inhale corrosive or reactive vapors. If youre extra-stupid, you can ingest harmful chemicals by swallowing liquid from a pipette or (more commonly) not cleaning up well enough after lab and contaminating your food with traces of chemicals on your hands or clothing. Goggles and gloves protect your hands and face. A lab coat protects your clothing. Dont forget to wear closed-toe shoes, because spilling acid on your foot is not a pleasant experience. It does happen. Burns from Heat You can burn yourself on a hot plate, accidentally grab a piece of hot glassware, or burn yourself by getting too close to a burner. Dont forget to tie back long hair. Ive seen people set their bangs on fire in a Bunsen burner, so dont lean over a flame, no matter how short your hair is. Mild to Moderate Poisoning Toxicity from chemicals is an overlooked accident because the symptoms may resolve within minutes to days. Yet, some chemicals or their metabolites persist in the body for years, potentially leading to organ damage or cancer. Drinking a liquid accidentally is an obvious source of poisoning, but many volatile compounds are dangerous when inhaled. Some chemicals are absorbed through the skin, so watch spills, too. Tips to Prevent Lab Accidents A little preparation can prevent most accidents. Here are some tips to keep yourself and others safe: Know the safety rules for working in the lab (and follow them). For example, if a certain refrigerator is labeled No Food, dont store your lunch there.Actually use your safety gear. Wear your lab coat and goggles. Keep long hair tied back.Know the meaning of lab safety signs.Label containers of chemicals, even if they only contain water or other non-toxic materials. Its best to put an actual label on a container, because grease pen marks may be wiped off during handling.Make certain safety gear is maintained. Know the schedule for purging the line of an eyewash. Check the ventilation of chemical fume hoods. Keep first aid kits stocked.Quiz yourself to see if youre safe in the lab.Report problems. Whether its faulty equipment or a mild accident, you should always report an issue to your immediate supervisor. If no one knows there is a problem, its unlikely to get fixed.