Economic Boom Flashcards
By 1914 what industries was America dominating in?
Steel, coal, textiles, oil, chemicals and new technology such as cars, telephones and electric lighting.
When dud the US industry start to grow?
1860s.
How did WW1 help the USA?
They had lent money to the allies - she had sold arms to Britain and France and she had also sold large amounts of food to the warring nations.
What did this one way trade do?
Gave America a boost in financial terms, allowing them to take over previously European markets all over the world.
What is most important after the war?
America was not drained by the effort of war as were her closest economic rivals.
How did Harding, Coolidge and Hoover (republican) all help with their belief in rugged individualism?
They argued that the government should not interfere in business or the economy as capitalists were better off running the thing themselves and would produce more profit and more wealth.
When did Harding become president?
1920.
What did Harding promise?
He promised a return to normalcy, raising import tariffs, protecting business and allowing US companies to grow.
Why was taxation kept low?
So that the wealthy had money to invest in industry and everyone had money to buy American goods.
Where was mass production particularly used?
In the motor industry.
When was the first production line set up in Detroit?
1913.
Why was the production line successful?
Each worker had 1 to 2 jobs to do on the car as it passed by. This speed up the rate of production and allowed cars to be made more cheaply, making them affordable to an ever growing number of people.
Between 1908 and 1925 how many cars were produced?
15 million.
By what year was a car coming off the production line at a rate of one every 10 seconds?
1927.
In the 1920s how many cars were registered in the US?
9 million.
