NEW FACTS: TWO THINGS THAT I HAVE LEARNED FROM THIS FILM/VIDEO
1-One thing, which is quite apparent, is that the economic depression of 1929 was very strong, and it affected various segments of society differently. We learn that not only perception regarding the economic depression was different, between different segments of American society, but also a response, of these various segments of society, towards the economic crisis was different. For instance, farmers and individuals/groups (associated with the agriculture industry) reacted to the economic crisis in a very different manner. It is also evident that the middle-class and lower-middle-class Americans were hurt the most because of the 1929 economic depression and because of it their socioeconomic realities aggravated.
2-Many studies have established a positive correlation between poverty and crime. Crime theories, based on empirical evidence, suggest that when poverty increases, so does crime. This video, The Road to Rock Bottom, also subtly suggests that there is a positive correlation between crime and poverty. For instance, Pretty Boy Floyd entered the world of crime because of poverty (farm debt). Video reveals that in that period of deep economic crisis, the perception of hero and villain had also changed. Press and Hollywood viewed and projected outlaws, such as Floyd, as Robin Hood, which suggests that during unusual economic times, views and perceptions also alter (new normal is formed).
ECONOMICS: TWO OBSERVATIONS ON THE ECONOMIC CONTENT OF THAT VIDEO
1-One of the observations, about economic content, is that interest strongly affects investment and profit. For instance, we learn that because of the interest rates, the size of profit and prices, the size of profit is reduced on agricultural products, which put enormous financial pressure on farmers. Most of the farmers did not generate enough revenue to pay interest rates. It suggests that when interest rates are usually high, because of prices or any other reason, the size of profit reduces, which hurts entrepreneurs or businesses. When the economic crisis began, interest rates were not extraordinarily high; however, because of deflation, interest rates became an issue.
2-Another perception pertains to overproduction, which also intensified the economy. We learn that when economically begun, the rate of unemployment started to grow. The increase in unemployment pushed nominal wages downwards, which increased the demand for labor. As more labor was employed in farming than before, the size of production increased, which adversely affected prices (pushed them downwards). Therefore, it is a very interesting economic fact that changes in wages and prices also strengthen the economy.
NEW IDEAS: TWO VIEWPOINTS OR IDEAS THAT MADE THE FILM
1-One viewpoint is that economic stability is essential for political and social stability. Without economic stability, the socio-political system starts to collapse, which affects a country seriously. For instance, when economic instability increased, crime increased and the acceptance of violence, as a solution, also increased.
2-Another viewpoint is regarding the role of media and cinema in shaping opinion or manufacturing perception. During the crisis time, the media must use its resources to keep perceptions and opinions Also, the government too must be proactive in ensuring that society evolves in the right or desired direction, for which it can use economic strategies and instruments of various types.
COMMENT
There are various factors which affect economic realities, such as prices and interest rates. When economic realities change, socio-political realities also change. If economic changes are positive, then sociopolitical changes are also positive. However, if economic changes are adverse, then socio-political changes are also adverse or undesired. Therefore, for any government, it must be imperative to ensure political-economic stability. Also, it must also take measures to direct socioeconomic progress.
Source: https://www.youtube.com/watch?v=7nWJ-A54b2w&app=desktop
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