The economic crisis of the Great Depression (1929-1939) caused many businesses to fail and in turn, massive unemployment. By 1933, two years after this article appeared in the Greenfield Daily Recorder, an estimated 25% of the national labor force would be jobless. These conditions created a vicious cycle of problems. Retail sales plummeted as the jobless had little or no money with which to purchase goods. A decline in the purchasing of goods and services led to further business failure which led, in turn, to further unemployment. Greenfield, Massachusetts, a small industrial city in the Western part of the state, tried a novel tactic to increase retail sales for businesses struggling to unload inventory which remained unsold. Seventy-five stores advertised merchandise for just a dollar in hopes of enticing now thrifty consumers to buy. If they purchased goods, it was hoped, this would initiate a virtuous circle of increased demand that could stimulate production and, hence, increase the need for workers.
Greenfield Daily Recorder. “Unusual Store Prices in Many Local Stores Tomorrow.” August 15, 1930. Pocumtuck Valley Memorial Association, American Centuries. https://americancenturies.org/collection/l06-005/. Accessed on October 16, 2024.
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