Unpacking Black Friday: From Financial Crises to Global Shopping Frenzy
The term "Black Friday" has evolved over time and holds different meanings depending on the context. Here are the primary interpretations:
1. Economic and Financial Context
- In the 19th century, Black Friday referred to events of financial crisis. For example:
- September 24, 1869: A U.S. financial panic caused by the collapse of the gold market. Speculators Jay Gould and James Fisk attempted to corner the gold market, leading to a crash when the government intervened by releasing gold into the market.
2. Retail and Shopping Context
- Today, Black Friday is most commonly associated with the day after Thanksgiving in the United States.
- It marks the unofficial start of the holiday shopping season.
- The term originated in Philadelphia in the 1960s, used by police to describe the heavy traffic and chaos caused by shoppers and tourists the day after Thanksgiving.
- Retailers later embraced the term, associating it with the idea of turning profits (moving from being "in the red" to "in the black") due to high sales volume.
3. Other Historical Contexts
- The term has also been used to describe various tragic events in history, such as:
- Black Friday Bushfires (1939): Devastating wildfires in Victoria, Australia.
- 1910 Suffragette Black Friday: A day of violence against women protesting for voting rights in London.
Cultural Relevance Today
In its modern retail sense, Black Friday has become a global phenomenon. Many countries now participate, offering major discounts and deals, often extending sales to the following week (Cyber Monday). While it generates significant economic activity, it also draws criticism for fostering consumerism and chaotic shopping environments.
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