Chapter 10 The “Great Period”: Overcoming the Ravages of the Depression

The national economic crisis that resulted from the Crash of 1929 actually had a unique “annealing” effect on the industry and motivated diversification and new engineering developments. “On the industrial scene,” reported one economic commentator, “the Depression was an ill wind that blew frequent good.” For one thing, the financial problems faced by most companies and industries challenged them to tighten their belts, strive for greater efficiency, and try to attain a better yield for each dollar of investment.