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USA > Declines & Problems in the 1920s > Flashcards

Declines & Problems in the 1920s Flashcards

1
Q

X3 old industries suffering major declines

A
  • coal mining
  • rail
  • textile
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2
Q

Number of textile workers in 1920

A

190,000

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3
Q

Number of textile workers in 1929

A

less than 100,000

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4
Q

What did Brogan describe the problems in farming as in relation to the US economy?

A

“perhaps its crucial weakness”

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5
Q

When was USA classified as an urban nation?

A

1920

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6
Q

Natural reason for saturation of farming markets during 1920s

A

X2 bumper years in mid-1920s brought by good weather

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7
Q

What did farm products outstripping demand mean for prices?

A

prices reduced

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8
Q

X3 countries also experiencing saturation of farm markets

A

Australia, Canada, Russia

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9
Q

Why did Australia, Canada and Russia have the advantage over the USA in terms of taking international agriculture markets?

A

No retaliatory tariffs as hadn’t adopted protectionist policies

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10
Q

Price of cattle in 1919

A

$55 per head

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11
Q

Price of cattle in 1925

A

$32 per head

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12
Q

Price of wheat bushel in 1919

A

$2

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13
Q

Price of wheat bushel in 1925

A

$1

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14
Q

why did farmers remortgage their farms?

A

took out loans during war to buy more land / tractors to meet demand

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15
Q

What did the Capper-Volstead Act allow for? When was it passed?

A

1922

allowed cooperatives to be set up for the sharing of equipment between farmers

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16
Q

Was the Capper-Volstead 1922 Act successful?

A

no

lack of trust between farmers

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17
Q

In 1920s what was the decline in population of those involved in farming?

A

1.5million

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18
Q

In 1920 what fraction of the population was involved in farming industry in some way?

A

1/3

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19
Q

By 1930 what fraction of the population was involved in the farming industry?

A

1/4

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20
Q

What socio-cultural factor had reduced grain demand?

A

prohibition

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21
Q

During the 1920s how many acres of land were taken out of production? Why?

A

13million

technical advances meant more yield per acre

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22
Q

What rodent destroyed 1/3 of cotton crop - yet still was not enough to counter overproduction?

A

boll weevil

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23
Q

What flooding destroyed thousands of acres in 1927?

A

Mississippi flooding

24
Q

% of farms that operated at a loss

A

66%

25
Q

When did the government introduce the Agricultural Credits Act?

A

1923

26
Q

What did the Agricultural Credits Act 1923 do?

A

funded 12 intermediate credit banks to offer loans to cooperatives in farming

27
Q

Was the Agricultural Credits Act effective?

A

largely no - famers couldn’t keep up w/ repayments as still overproduction problem not addressed

28
Q

What bill to do with selling surplus farm products abroad in 1924 was vetoed by Coolidge?

A

McNary-Haugen Bill

29
Q

When was the McNary-Haugen Bill proposed?

A

1924

30
Q

In 1920 what was the total of farmers’ debt?

A

$8.4bn

31
Q

During the 1920s how much did famers borrow?

A

$2bn

32
Q

What was Oklahoma’s wheat revenue pre 1920s?

A

$1mil

33
Q

What was Oklahoma’s wheat revenue in 1930?

A

$7,000

34
Q

Which historian stressed that one of the main reasons for the Depression was the unequal distribution of wealth?

A

Galbraith

35
Q

Where were the richest areas in America?

A

north east - big industrialised cities

$920+ annually

36
Q

Where was some of the poorest areas in America?

A

south - $365 annually

37
Q

How did the poverty of the south impact the north?

A

couldn’t buy goods being produced by the north due to inadequate purchasing power

if farmers were going out of business, north would have to import food ($$$ due to tariffs)

38
Q

What % of black americans lived in the south?

A

85%

39
Q

What was the average annual wage for a black american?

A

$200

40
Q

Who were the first to loose their jobs during the Depression

A

women and blacks

41
Q

What evidence is there that the Republicans were aware of poverty’s existence?

A

Hoover’s speech on how America was closer to “triumph over poverty” than ever before in 1928

42
Q

How much did charities hand out during the great depression in total?

A

$750million

43
Q

there was wealth and prosperity for certain groups during the 1920s - so why did the crash occur?

A

there were not enough wealthy and prosperous to sustain the boom

44
Q

Why did falling prices not cure markets during the Great Depression?

A
  • decreasing prices were not going to stimulate an already saturated market
  • lack of demand meant lack of employment - meaning many had no source of income so little purchasing power at all
45
Q

What was the foreign policy decided in the 1920s?

A

Independent Internationalism

46
Q

What did Independent Internationalism mean?

A

involved with the world in trade, but would act alone (e.g organic own treaties)

was not going to abandon their foreign investments

47
Q

What was the average tariff under the Fordney-McCumber Act of 1922?

A

38%

48
Q

Who introduced the Fordney-McCumber Act

A

Harding

49
Q

Who preceded Harding’s presidency?

A

Coolidge

50
Q

Who was George Dawes?

A

vice president to Coolidge

51
Q

How much of a Federal loan did the Dawes Plan of 1924 provide Germany?

A

$200million dollars

52
Q

During 1920s private business in america invested how much into Germany?

A

$39billion

53
Q

Why did the mass of private investment into Germany not solve Germany’s debt problem?

A

much investment based on speculation and was unproductive

54
Q

What did the Young Plan of 1929 do to German reparations?

A

reduced then to $8billion

55
Q

what did reduced reparations mean for Britain?

A

would receive less money with which to pay back US loans

56
Q

When did the German economy begin to enter decline again?

A

mid 1920s

USA (33 decks)

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