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Boom Flashcards

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1
Q

How did Federal Government spending change during the war?

A

Rose from 1.5% of GNP in 1916 to 24.1 by 1918.

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2
Q

What is the War Industries Board?

A

1917
Organised military supplies.
500 federal agencies were set up to control and direct war effort.
War priorities were established for production and the allocation of raw materials.
Encouraged greater industrial efficiency.
Industrial productivity increased by 20%.

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3
Q

What was the War Revenue Act?

A

1918
Raised income tax.
Lowest rate 6%, highest 77%.
Paid by 5% in 1918 compared to 1% in 1913.
Income from income tax grew from $809 million in 1917 to $3.9 billion in 1918.
Income tax provided about one third of revenue.

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4
Q

What were Liberty Bonds?

A

Essentially loans to the Federal Government.
Seen as a safe investment.
Guaranteed repayment and a fixed rate of interest.
Sales between 1917 and 1919 raised $21 billion.

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5
Q

What is the Food Administration Agency?

A

Encouraged huge increase in agricultural production.
Fixed wheat prices and banned production of distilled spirits from any produce that was used for food and reduced the alcohol content of beer.
Food exports to allied couples tripled.

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6
Q

What was the Espionage Act?

A

1917

Made it a crime to attempt to obstruct recruitment or encourage disloyalty.

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7
Q

What was the Sedition Act?

A

1918
Made it a crime to discourage people from buying war bonds or to attack the Constitution or war effort.
1,500 were arrested under the Act.

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8
Q

What was the Food and Fuel Control Act?

A

1917
Also known as the Lever Act.
Gave legislative powers to the Food and Fuel Agencies.

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9
Q

What was the Food Administration Agency?

A

1917
Nonessential factories were closed.
Federal government had complete control over all aspects of the coal industry.

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10
Q

What did the Selective Service Act of 1917 do?

A

By the end of the war, nearly 3 million men had been drafted.

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11
Q

What was the National War Labor Board?

A

1918
Composed of twelve representatives from business and labour.
Opposed disruption of war produced by strikes but supported eight hour day for workers, equal pay for women and right to organise unions.
Did not have any coercive enforcement but Wilson usually ensured compliance with its decisions.

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12
Q

What was the Railways Administration Agency?

A

1917
Wilson issued executive order which nationalised US railways.
Standardised track gauge introduced and national timetables published.
Use of interstate railways under Federal Government control.

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13
Q

What impact did the war have on trade and foreign relations?

A

Imports from Europe fell, exports from USA rose.
Farm exports to Europe increased by 300% and agricultural prices doubled between 1913 and 1918.
Companies exploited disruption of European and Colonial grade by beginning to enter more Asian and South American markets.
US banks lent money to Europe and foreign investments stood at nearly $10 billion in 1919.

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14
Q

What impact did the war have on the workforce?

A

Industrial production increased by 39% between 1916 and 1918.
More women working.
Workforce grew by 1.3 million.
Unemployment very low.
Wage levels rising, between 1914 and 1918 unskilled wages rose by 20%.

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15
Q

What impact did the war have on national debt?

A

Rose by 658% from 1916 to 1919 to $27 billion.

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16
Q

What happened to Gross National Product during the boom?

A

Rose from $72.4 billion in 1919 to $104 billion by 1929.

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17
Q

What happened to wages during the boom?

A

Rose by 26% in the 20s.

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18
Q

What happened to taxation during the boom?

A

Low levels of taxation, increased spending power for the American people.

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19
Q

What happened to unemployment during the boom?

A

Fell from 11.9% to 3.2%.

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20
Q

How did life improve for workers during the boom?

A

Less hours of work, increased leisure time.
Higher wages, lower taxation, greater spending power.
Better health, higher life expectancy.

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21
Q

How did the Great War lead to the boom?

A

USA leant money to Europeans and made huge profits on these loans.
Banks that made these loans could lend money to US companies at cheap rates.
War left the USA with few trade rivals.
Gave American businesses the opportunity to maximise profits by supplying the Allies with food and weapons and supplying markets previously supplied by Britain and Germany.

22
Q

How did government policies lead to the boom?

A 
Laissez-faire approach. 
Low taxes. 
High import tariffs. 
Reduced business regulation. 
Anti-trade Union.
23
Q

How did the laissez-faire approach help contribute to the boom?

A

Andrew Mellon believed wealth filtered down naturally to all classes in society.
Industrial expansion meant more job opportunities, more employment, more wage earners, more consumption, more industrial expansion etc.

24
Q

What did the Fordney McCumber Act do?

A

1922

All European manufacturers had to pay 30% duty to American customs for goods sold on American market.

25
Q

How did higher tariffs help contribute to the boom?

A

Emergency Tariff Act (1921) and Fordney McCumber Act (1922) raised tariffs to increase price of foreign goods so domestic products were more attractive to consumers.
Level of trade reduced but demand for domestic goods high.
Tariffs meant Americans bought few foreign goods.
Tariffs also raised money for government so they did not have to tax US people.

26
Q

How did tax reductions help contribute to the boom?

A

Highest tax reduced from 65% in 1920 to 25% in 1928.

Tax cuts gave money back to people and want they could spend more money on products of US industry.

27
Q

How did fewer regulations help contribute to the boom?

A

Businesses were often left to carry on their affairs as they saw fit.
When prosecuted for breaking regulation, fines were small and the impact on business minimal.
Laws concerning sharp business practice such as price fixing were often ignored.
Lack of regulation was an important contributor to a company’s profits.

28
Q

How did technical advances lead to the boom?

A 
Motor vehicle industry. 
Electrical consumer goods. 
Chemical industry. 
Aircraft industry. 
Production line methods.
29
Q

How did car production change during the 1920s for the Ford Motor Company?

A

Conveyer belts and assembly lines reduced production time from 12.5 hours in 1912 to 1.5 hours in 1914.
By 1925 his factory was producing one every 10 seconds.
Price cut from $850 in 1908 to $295 in 1925.
In 1914, Ford reduced working today to 3 shifts of 8 hours and doubled pay to $5 a day to make up for up for monotony and boredom and lack of unions.
By 1929, Ford had 81,000 workers.

30
Q

What were the social and economic effects of the motor industry?

A

Use of leisure time revolutionised.
Massive increase of cars on the road.
Other industries stimulated eg. petrol, rubber and plate glass.
Some industries dependant on car industry - 90% of petrol used in car industry.
More roads built.
Servicing industries grew - garages, fuel stations, motels.
Encouraged growth of consumer credit.
Suburbs grew.

31
Q

How did electrical consumer goods contribute to the boom?

A

New technologies facilitated the development of labour saving devices on a large scale.
Number if electrical goods sold per year rose from 2.4 million in 1912 to 160 million in 1929.

32
Q

How did new business methods lead to the boom?

A

Growth of big corporations.
Media, advertising and salesmanship.
Management science.

33
Q

How did the growth of big corporations contribute to the boom?

A

Smaller businesses started to merge, especially in electricity and banking.
Department stores.
Could invest in and exploit the plentiful raw materials of the USA on a vast scale.
Mergers in manufacturing and mining trekked to over 1,200 during the decade.
Could operate a cartel to fix prices.
Holding companies.

34
Q

How did management science contribute to the boom?

A

Increased efficiency and levels of production through time and motion studies.
Growth of business schools.
Specialisms developed in production, design, marketing, accounts and finance.

35
Q

How did the media, advertising and salesmanship help contribute to the boom?

A

New mass media, principally cinema and radio, caused a revolution in advertising.
By 1928, 17,000 cinemas in USA.
Time between features filled with commercials.
By 1929, 618 radio stations in USA.
Advertisers began to sponsor programmes.
By the end of the 20s, radio costs were generally covered by advertising and many programmes were firmly linked in people’s minds with the name of the sponsor.

36
Q

How did banking and investment lead to the boom?

A

Surplus capital.
Easy credit.
Shares.

37
Q

How did surplus capital help contribute to the boom?

A

US made money from the war and continued to do so into the 20s.
War loans led to high profits made by banks.
Banks were therefore able to lend money for industrial development and consumer spending.

38
Q

How did easy credit help contribute to the boom?

A

By 1929 almost $7 billion worth of goods were sold on credit, including 75% of cars and half of major household appliances.

39
Q

How did shares contribute to the boom?

A

Banks were able to lend money to Americans to buy shares in expanding industries.
The stock exchange was making money so people wanted to buy shares and cash in.
They borrowed money to buy shares and then used the profits to buy consumer goods.

40
Q

How did the psychological state of mind lead to the boom?

A

Optimism.
Faith in the future.
‘Anyone can become rich in America.’

41
Q

What geographical inequalities arose with the boom?

A

First wave of 19th century industrialisation took place in North East and Mid West, new industries such as motor and electrical were drawn to these regions.
North East and Far West had highest incomes, $921 and $881 in 1929.
South East was $365.
Farmers in South Carolina had $129.

42
Q

Did all industries benefit from the boom?

A

Old industries faced competition from new ones, eg. coal suffered from competition from oil.
Textile industry was threatened by synthetic fibres, and changing women’s fashion reduced the quantity of material required.
Railways faces competition from motor transport.
Farmers suffered badly.

43
Q

Was income evenly distributed during the boom?

A

16 million families received less than $2,000 a year.
70 million people were living below the poverty line.
Employment was often transitory.
Little welfare or unemployment benefit.

44
Q

Did women benefit from the boom?

A

By 1930, only 150 female dentists and less than 100 female accountants.
Tended to remain in low paid menial jobs.
700,000 women were domestic servants.
Number of women receiving college education fell by 5% in this decade.
Expected to concentrate on marriage and home making despite image of the ‘flapper’.

45
Q

Did Native Americans benefit from the boom?

A

Population dwindled leading up to the 20s.
Poor healthcare and education facilities.
Extreme discrimination.
High unemployment.
Those with jobs were often poorly paid.
Alcoholism.
Losing land.

46
Q

Did African Americans benefit from the boom?

A

85% lives in rural south.
Experienced discrimination and poverty.
Many moved to north for a better life and generally found one, however, they still faced discrimination and now overcrowding and poor living conditions of the ghettos that had developed.

47
Q

Why did grain and cotton prices fall during the boom?

A

Prohibition cut demand for grain and higher living standards meant Americans ate more meat and fewer cereals.
Synthetic fibres lessened the market for natural ones.
Greater use of tractors meant fewer horses were necessary and less demand for animal food and led to over production. Mechanisation and new techniques also led to overproduction.

48
Q

What did the Agricultural Credits Act do and was it successful?

A

1923
Funded 12 new credit banks to lend money to farmers.
Was of little benefit to small farmers as they did not want to be in more debt but agribusinesses took advantage of them.

49
Q

What happened to trade unions during the boom?

A

Membership fell from 5 million to 3.6 million during the 1920s.
Many employers offered things such as welfare benefits, profit sharing, pension plans and redundancy schemes to stop workers from joining unions.
Two major Supreme Court judgements limited the right to strike.
Workers were made to sign contracts that stopped them from striking.
Unions limited due to cheap immigrant labour.

50
Q

How many American soldiers died in the war?

A

115,000

51
Q

What evidence is there to show that prosperity in the 1920s was a facade?

A

70% living under poverty line.
16 mil families earning under $2,000.
People in SE earning less ($365) than NE ($921) and FW ($881) in 1929.
Farmers in South Carolina earning $129.
Old industries suffering from competition with new industries.
Little welfare/unemployment benefit.
Number of women in college education fell by 5%.
Women tended to remain in menial low paid jobs - 700,000 domestic servants, 100 accountants, 150 dentists.
Falling demand - by 1927 everyone who could afford to buy goods already had.
Florida land boom.
Farming debt reached $8.4 billion in 1920, $9.8 billion in 1929.
Of 5,250 farms in Mississippi, 3,500 foreclosures.
Value of farmland dropped by 30% in the 20s.

52
Q

What evidence is there to show that prosperity in the 1920s was real?

A

GNP increased from $72.4 bil in 1919 to $104 bil in 1929.
Wages rose by 26% in 20s.
Low levels of taxation increased spending power.
Unemployment fell from 11.9% to 3.2%.
Less hours of work, more leisure time.
Higher life expectancy.
Cheap money - easy credit.
By 1929 almost $7 billion worth of goods sold on credit.
160 million electrical goods sold in 1929.
85% of homes in US cities had electricity by 1930.
Management science and production lines improved productivity.
New advertisement increased spending.
Stock market boom.

History (7 decks)

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