After four years of strong economic growth during the war, the 1920s were marked by a severe recession. Deflation, falling prices and rising unemployment left deep scars on society. Wages and wealth declined, and large parts of the banking system collapsed.
Crisis and debt restructuring
The economic crisis hit hard, and a large majority of Norwegian municipalities had to undergo state debt restructuring. The period was marked by uncertainty and adversity for both businesses and the population.
Bright spots in a difficult time
Despite the challenges, the decade also saw important progress. More and more people in both urban and rural areas gained access to electricity, and the development of roads and bus connections helped to link Haugesund more closely with the surrounding districts.
About the speaker Tor Inge Vormedal
Tor Inge Vormedal holds a Master's degree from the University of Bergen and has a background as a business journalist for Haugesunds Avis, Kapital and TV Haugaland, among others. Since his debut book in 2001, he has written 46 books, including a nine-volume series on the history of Haugaland, presented decade by decade through text and images.
