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USA A-Level History > Economic 1920-1945 > Flashcards

Economic 1920-1945 Flashcards

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1
Q

What were the 6 causes of the boom

A 
Automobiles 
Cycle of prosperity 
Consumer goods / credit
Entertainment
Stock market
Sky scrapers
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2
Q

What is a boom

A

An economic straight of growth with rising profits and full employment

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3
Q

Who was Andrew Mellon

A

sec of treasury ; low taxes balance budget and minimal govt intervention

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4
Q

How did WW1 help the US economy 20-45

A

Loans were being paid back

Had money from selling weapons and exporting food to other counties

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5
Q

From 20-45 what were the Republican economic policies

A

Lassiez faire
High tariffs
Low taxation ( more money to spend on US goods)
Trusts ( super co-operations which dominated industries) was

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6
Q

How did the GDP grow per year from 1922

A

2%

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7
Q

From 1922 how did real wages grow

A

30%

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8
Q

What type of car did Henry Ford want to produce

A

A cheap car affordable by Americans

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9
Q

What technique did Henry Ford do to reduce me the time of building a car and by how much

A

The assembly line

From 13 hours to 1 hour 33

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10
Q

Because of the assembly line how much did the cost of the car decrease from 08-25

A

08- $850

25- $290

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11
Q

How did ford treat stuff well

A

To make up for boredom after assembly lines

They doubled the workers wage to $5 a day so had more money to spend on consumer goods

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12
Q

What was he most famous ford model

A

Model T

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13
Q

How did people know about more things on offer in the 20s

A

Advertising

Such as to radio and cinema

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14
Q

How did many people afford consumer goods

A

Credit

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15
Q

What is credit

A

You would pay for customer goods bit by bit and would eventually pay the whole thing off with interest

(Instalment buying)

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16
Q

How did credit affect Americans financial state

A

Led to many being in debt

Wasn’t a problem as economy was booming and people had jobs so could make repayments

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17
Q

When was the decade of the boom in construction

A

20s

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18
Q

When in the 20s did the amount of roads doubled

A

1929

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19
Q

In the 20s what building were in demand

A

New factories
Offices
Shops

Growing towns needed public buildings such as schools and hospitals

20
Q

How was the 1920’s competitive for sky scraper companies

A

See who could have the grandest and largest

21
Q

Which industries suffered 20-45

A

Old industries (Staple) such as cotton suffered from competition from new synthetic models such as nylon (bcos of flapper fashion)

Coal suffered because of competition from oil and electricity

New machinery meant less people needed to work so unemployment because a problem in areas were these were the main source of work

22
Q

How did farmers loose money after WW1

A

Suffered over production as not many people were exporting American food after war

23
Q

Who gave US farmers competition

A

Canadian wheat farmers

Meant prices fell and wages were cut

24
Q

Through the 20-45 how did wheat price Change

A

Fell by 50%

25
Q

What were famers dependant Upon to survive 20-45

A

Loans

Fordney McCumber tariff helped them to protect home grown produce from foreign competition

26
Q

When did the wall st crash happen

A

1929

27
Q

What were the 4 causes of the wall st crash

A

Over production - companies making more goods than could sell lead to unemployment

Unequal distribution of wealth- rich got richer poor got poorer

High tariffs on imported American good for foreign countries - counter act Fordney McCumber , made American goods to expensive to buy for the rest of the world (reps not regulate banks)

Speculation on the stock market - people buying stocks and shares with no experience. ( buying on the margin) once stocks began to fall, everyone withdrew money through panic which caused crash ‘Black Thursday’

28
Q

What did Hoover do to help the depression

A

Set up national credit corporation 1931 - provided small banks money

Set up reconstruction Finance Corporation 1932- provide loans to federal banks

Set up federal farm board to provide loans to format co-operations

Grain stabilisation cooperation to maintain price of weed

29
Q

When did lend lease begin

A

1941

30
Q

How much material did lend lease ship

A

$50 billion worth

31
Q

How did lend lease work

A

US loaned war materials to allies

to be returned to US after the war and not to be charged if destroyed

32
Q

How much did lend lease give America through the war

A

They got no payment through the war however supplying the world with industry so US economy was fine

33
Q

By 1944 how much US weapons were in the world

A

1/2 of weapons made

34
Q

How many US weapon manufactures had war contracts

A

80%

But thousands of smaller involved supplying tools materials and equipment

35
Q

How many Americans were involved in war time factories

A

14m

36
Q

How many people 20-45 migrated from south to north

A

4m

37
Q

How many women joined armed forces WW2

A

300,000

38
Q

How many women joined the work force towards war at home WW2

A

7 m

Double to number of women before the war

39
Q

How did US come out of WW2 regarding the economy

A

Only country to come out stronger

40
Q

How many businesses started up to war time contacts

A

500,000

41
Q

How did the war effect mass unemployment

A

It ended it

Big demand for work

42
Q

How did WW2 effect farmers

A

Produced food for Europe

43
Q

How did general people make money from war

A

War bonds

Gave money to govt and would get it back in end of war - investment

44
Q

What big businesses better from WW2

A 
Steel
Oil
Engineering
Chemicals
Computers
45
Q

How was the depression after WW2

A

Ended

USA A-Level History (16 decks)

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