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History 2018 > America in the 1920’s > Flashcards

America in the 1920’s Flashcards

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1
Q

Why did capitalism develop

A

Because of the industrial revoluiton.

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2
Q

What seemed showed the success of capitalism in America

A

The booming economy

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3
Q

what did many people interpret to be the final collapse of the capitalist system

A

The economic crisis caused by underlying causes

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4
Q

What is capitalism

A

It is a n economic system based on private ownership and individual wealth

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5
Q

What did people use capitalism to do

A

Wealthy people used it to build factories, buy machinery, and start businesses.

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6
Q

What did wealth people use their profits for and what did it led to

A

They invested their profit in more businesses and they used it to produce more goods and services. It led to the rich getting richer and it created lots of jobs

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7
Q

What was capitalism based on

A

Free market

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8
Q

What was free market

A

It encouraged competition without government interference

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9
Q

What is another word for free market

A

Free enterprise

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10
Q

What did capitalist critics believe about free market

A

They believed it resulted in the exploitation of worker because it was their labour that was producing the profits. They believed that the government should pas laws to protect workers.

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11
Q

What type of laws did capitalist critics think the government should pass

A

Laws about minimum wage and hours of work per weak and abolishing child labour.

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12
Q

What did the critics of capitalism also point out

A

That capitalism led to inequality between rich and poor, and between employers and workers.

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13
Q

Where else did capitalism develop

A

In other countries in Europe

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14
Q

Were specifically did industrial capitalism grow in America

A

In large cities of the north : New York and Chicago

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15
Q

What are the key features of capitalism

A

Private ownership of resources
Opportunities to make money
Little government interference
Emphasis on private service
Belief that competition is healthy and leads to economic growth
Possibility of success and fear of failure pushes people to excel
Freedom from government control
Rights of the individual are more important than equality

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16
Q

Private ownership of resources

A

Land, mines, factories … profit goes to individuals, but they carry the cost of failure

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17
Q

Opportunities to make money

A

But uneven distribution of wealth

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18
Q

Little government interference

A

Free market economy

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19
Q

Possibility of success or fear of failure

A

Pushes people to excel and invent new ways of doing things

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20
Q

Why did immigrants go to America

A

Was called the land of opportunity. They wanted jobs, higher wages and more opportunities to make a fortune. There was also more freedom.

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21
Q

How did people think they could make the dream become reality

A

With ambition, self reliance and hard work.

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22
Q

Who was an example of someone that went from very poor to very rich

A

President Herbert hoover

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23
Q

What did hoover believe

A

He believed in “rugged individualism” the idea that people could succeed through own hard work and efforts

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24
Q

What happened in the 1920’s

A

An economic boom

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25
Q

What were the foundations of the economic boom

A

Raw materials, skilled labour force, growing market for manufactured goods

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26
Q

What were the raw materials that were the foundation of the economic boom

A

Coal, iron and oil

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27
Q

What also assisted the economic boom

A

The ecomic policy of the republic pearl

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28
Q

What did the economic policy say

A

Little government interference
High customs duties on imported goods
Low taxes
Weak trade unions

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29
Q

Why did the Republican Party want high customs unties on imported goods

A

It encouraged people to buy locally

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30
Q

Why did the Republican Party want low taxes

A

So people had more money to spend on goods and to encourage the wealthy to invest

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31
Q

Why did the Republican Party want weak trade unions

A

So that workers didn’t have power to demand higher wages

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32
Q

What was the most dramatic growth in

A

Motor cars

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33
Q

What did Henry ford introduce

A

The assembly line. It was used to speed up production and prices dropped meaning more people could afford to buy them

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34
Q

What was the most famous car

A

The Model T Ford (the Tin Lizzie )

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35
Q

What types of jobs did the growth of car sales create

A

In the motor industry and other related industries such as: iron, steal, rubber and glass. It also led to the building of highways, petrol stations, hotels and restaurants

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36
Q

What other inventions became available

A

Telephones, radios, refrigerators, vacuum cleaners, washing machines, electric typewriters telephone switchboards and the passenger lift.

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37
Q

What did advertising do

A

It encourage credit and increased demand for goods. Advertisers also learnt how to control public taste

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38
Q

Mass media

A

Newspapers, radios and the first sound films were creates. Branded goods came about

39
Q

How did many investors make a fortune

A

By buying shares and then selling them later for higher prices

40
Q

What were the weaknesses in the US economy

A 
Uneven distribution of wealth
Problems in agriculture
Problems in trade
Unsound business practices
The stock exchange
41
Q

Uneven distribution of wealth

A

Not everyone could afford to buy the consumer goods. Millions lived in poverty. As a result, demand began to drop, factories decreased production and workers lols their jobs

42
Q

Problems in agriculture

A

During WW1 there was high demand for farmers’ produce from Europe, but after the war, demand dropped resulting in surpluses. This cause a drop in prices, which meant that farmers weren’t earning enough money to live. As a result of this, farmers began to leave the land and workers lost their jobs.

43
Q

Problems in trade

A

The government had a policy of protective tariffs to protect local industries and cheaper imports. This did not assist the economy, it stopped the free flow of trade between the us and the rest of the world

44
Q

Unsound business practices

A

People were able to get credit too easily which meant that people owed lots of money. There was no control over who the bank lent money to and there was no protection for the ordinary people who had bought shares or put money in the bank. The government’s policy was to allow businesses to sort itself out without interference

45
Q

The stock exchange

A

People were borrowing money to buy shares, wanting to sell for a profit. This system worked as long as the share prices were rising ans people were willing to buy them. When the prices of shares got higher, people were paying more than they were worth.

46
Q

What were two nicknames for the 1920’s

A

The roaring 20’s and the Jazz Age.

47
Q

What happened in the 1920

A

Mass media, radio backs affordable, film industry (Hollywood) experiences a boom

48
Q

Why was the 1920s Calle the jazz age

A

Because jazz and blues became popular

49
Q

What happens in a capitalist system

A

Freedom to compete in industry and to become wealthy

50
Q

What is not always matched with the freedom of living in a democratic system

A

The freedom to compete in industry and to become wealthy in a capitalist system

51
Q

What do people assume when they experience the freedom of capitalism

A

That democracy wold be part of that freedom

52
Q

What was it like in apartheid South Africa

A

There was capitalism without democracy

53
Q

Where were women employed since the first worl war

A

In factories an offices

54
Q

When did women earn the right to vote

A

In the 1920’s

55
Q

What did many middle class women do

A

The adopted new fashions and social behaviours which led to more independant lives

56
Q

What happened for many ruler and working class American women

A

There was no real change or greater equality

57
Q

What were the 1920s also a time of

A

Continuing poverty and inequality for minority groups

58
Q

Who did not receive the same benefits during the economic boom

A

The African Americans and the native Americans, although there were limited improvements

59
Q

Where do many African Americans move from and to

A

They moved from rural southern states to the cities of the north (New York, Detroit, Chicago) where they had a better chance of finding jobs and education

60
Q

Who started the black capitalist movement

A

A small, but growing, group of black middle class Americans

61
Q

What did the black capitalist movement do

A

It encouraged black people to set their own businesses

62
Q

When were native Americans granted American citizenship and the right to vote

A

In 1924

63
Q

Whet were the condition in the reservations like

A

They were poor and they were situated near the traditional land but far away from economic centres

64
Q

Why did crime increase

A

Because of prohibition.

65
Q

What did prohibition result in

A

The illegal manufacturing and selling of alcohol. It resulted in a black market for alcohol which was smuggled in or illegally manufactured

66
Q

Who dominated the illegal alcohol business

A

Gangs, mainly the Mafia

67
Q

Who is an example of a Mafia boss

A

Al Capone

68
Q

How did gangsters avoid arrest

A

By bribing police and judges

69
Q

What was wrong with prohibition

A

It was impossible to enforce and competition between gangs led to an increase in violence and crime which continued after the end of prohibition

70
Q

When did prohibition end

A

In the early 1930’s

71
Q

How did immigrants help the economic boom

A

They provided labour for industry and markets for manufactured products

72
Q

Why did many Americans become suspicious about immigrants

A

Immigrants were suspected of being communist

73
Q

What trend was started as a result of people thinking immigrants were communist

A

The red scare

74
Q

How did people start the treat the immigrants

A

With suspicion and resentment. Many were arrested and deported

75
Q

When did Americans start to fear that communism might take over capitalism

A

After the successful Bolsheviks Revolution in russia

76
Q

What were some signs of intolerance for immigrants

A

Xenophobia and the development of the Ku Klux Klan

77
Q

Who were the Ku Klux Klan

A

They were a violently racist organisation which had been formed after the American civil war to terrorise African Americans who had been freed from slavery

78
Q

Who does the Ku Klux Klan also attack now

A

Jews, catholics and socialists

79
Q

How many members did the Ku Klux Klan have at the end of 1928

A

5 million and was suspected of having strong influence government circklels.

80
Q

What did the support shown for the Ku Klux Klan show

A

That, while Americans valued economic freedom, they did not all support political freedom. It also showed that capitalism and democracy are not always the same thing

81
Q

When did Wall Street crash

A

1929

82
Q

What is Wall Street

A

It is where the New York stock exchange is situated

83
Q

What did investors being to question

A

Whether the shares were worth the prices being asked. Some felt that their money was no longer safe and would grow with the stock market and they started to sell large numbers of shakers to get their money back

84
Q

What happened on the 29 October 1929

A

There was a rush of frightened investors who tried desperately to sell their shares (this crated an excess of shares where demand was shrinking and shares became much cheaper )

85
Q

How much did the value of the shares drop in a single day

A

$ 8000 million

86
Q

What happened to the people who had not sold their shares

A

They owned shares with almost no value

87
Q

What did the collapse of the stock market lead to

A

The Great Depression

88
Q

How many Americans owned shares

A

About 4 million in about 100 million

89
Q

What were the social and economic effects of the crash

A

Unemployment
Homelessness
Collapse of business, banks and industry
Agriculture

90
Q

Unemployment

A

As factories closed the number of unemployed grew. There was no social security or unemployment insurance for those who had lost their jobs. Unemployed waited in breadlines for free food from charity organisations

91
Q

Homelessness

A

Th unemployed were unable to pay mortgage bonds or rent and were evicted from their homes. Many ended up homeless, living on the streets or in shantytowns. About 2 million people travelled from place to place in railway goods trains, looking for work

92
Q

The collapse of business, banks and industy

A

Many factories and businesses affected by the drop in demand for goods, retrenched workers,m reduced wages or closed down. Share prices continued to fall, until they were worth, on average, only 1/5 or their pre-cash value. The banking system collapsed as investors rushed to their banks and withdrew all their savings, often standing using queues overnight. Over 11 000 banks closed down, leading to a loss of confidence in the banking system

93
Q

Agriculture

A

The problems which American farmers had been facing in the 1920s got worse as food prices dropped even further. The development of a ‘Dust Bowl’ in the early 190’s turned the situation into a crisis. Poor farming methods and drought turned vast areas of the country into a dessert when strong winds blew the topsoil away. Farms were abandoned as thousands of ruined farmers and evicted tenant farmers migrated westwards, to look for work in California

94
Q

Governments failure to cope with the crisis

A

The government tried to introduce some relief measures, but they were no big enough to solve the problems. There were strikes and demonstrations, mainly by First World War veterans, who demanded he government pay them. Instead the government accused them of being criminals and communists and used the army to break up the demonstrations. People lost confidence in to government and capitalism as a whole

History 2018 (18 decks)

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