Economic problems in the 1920s (T1) Flashcards
What was distributed unevenly in the USA?
Industry and income which meant that some regions were much more prosperous than others.
What was the issue of patterns of employment?
Patters of employment could be unstable, with much employment and unemployment.
What was the per capita income in the Northeast and Far West?
Northeast: $921
Far West: $881
What was the per capita income in the Southeast?
$365
What was the per capita income of non-agricultural sectors in South Carolina?
$412
What was the per capita income of farmers in the South?
$129
What percent of American families had annual incomes of less than $2,000?
60%
Why was employment often unstable?
Due to owing to fluctuating demand for goods.
Was there a lot of support for unemployed people?
Very little welfare or unemployment benefit and most relief was supplied by charitable organisations.
Was there any support workers could find?
Workers could not, on the whole, look to labour unions for help.
Did the government offer any support for workers?
- The government did nothing to protect workers.
- Supreme Court had blocked attempts by unions to ban child labour and impose a minimum wage for women as being unconstitutional.
What did many companies operate to exploit workers?
Many employers operated ‘yellow dog’ clauses by which their employees were not allowed to join a union.
How high was union membership in the early 1920s?
4 million.
How much did union membership fall by?
Declined overall by 1 million.
How much of the industrial workforce was unionised in 1910?
8.5%
How much of the industrial workforce was unionised in 1930?
7.1%
What was a popular aim for many Americans in the 1920s?
‘Get rich quick’ schemes
What were ‘Get rich quick’ schemes?
People would invest in hugely speculative ventures and inevitably many lost their money.
What did ‘Get rich quick’ schemes allow for?
Provided golden opportunities for confidence tricksters and crooks.
What are some examples of ‘Get rich quick’ schemes in 1920s America?
Notably the Florida land boom and on the stock exchange.
What was Florida like before the 1920s?
A relatively undeveloped state with a small population.
What was the population of Miami in 1910?
54,000
What allowed for Florida to become more accessible to people?
With the coming of the motor car, Florida’s all year-round sunshine became much more accessible.
Who was most attracted to Florida?
The nation’s middle classes.