Capitalism and American society in the 1920s

Question 1

What is capitalism

Answer 1

-No government interference
-A system based on private ownership and Individual wealth
-Opportunity to become wealthy
-Creates a gap between the rich and the poor.
-Emphasis on private ownership.

Question 2

Why did the 1920s experience significant economic growth?

Answer 2

Due to an increase in production, consumption and technological advancements.

Question 3

What is the American Dream?

Answer 3

-Allows for opportunities
-Attracts immigrants
-Belief that hard work, ambition and self-reliance=success.

Question 4

What were the republican policies?

Answer 4

1. Minimal government interference
2. High custom duties
3. Low taxes
4. Weakened trade unions

Question 5

5 Weaknesses in the US economy

1. Uneven distribution of wealth

Answer 5

Not all Americans could afford products so there was a drop in demand

Question 6

2. Agricultural Challenges

Answer 6

-After WW1=demand drop=surplus
-Prices dropped=financial struggle

Question 7

3. Trade unions

Answer 7

Protective tariffs slowed down free flow of trade, making imported goods expensive.

Question 8

4. Unsound business practices

Answer 8

Easy access to credit=accumalating debt.

Question 9

5. Stock exchange practices

Answer 9

-Buying stocks on credit
-Investors saw credit was a problem and withdrew their investments.

Question 10

American Society in the 1920s

Answer 10

-US had the world’s highest standard of living
-There was a change in conservative norms.

Question 11

The position of women

Answer 11

-After WW1 women found employment in factories and offices
-They gained the right to vote on AUG 18, 1920.
-Only mid-class women experienced changes
-Women had limited political influence

Question 12

Discrimination

Answer 12

-Black people didn’t fully benefit from these changes
-Native Americans were moved off their land.