The roaring 20s Flashcards
Why was Laissez-Faire the main economic ideal of the time?
It was a republican dominated time with figures such as Harding being president, with low taxing for businesses and efforts to weaken unions, etc. Presidents like Harding, Coolidge and Hoover stocked the boards of the Federal Reserve and the Federal Trade commission with men sharing their views, shifting the USA away from progressive economics.
What are some details about Warren G. Hardings corrupt administration?
Had friends such as Attorney-General Harry Daugherty (who accepted money to not prosecute criminals) & interior secretary Albert Fall (took half mil dollars from private business in exchange for leases to gov oil reserves in teapot dome, first cabinet member to be prosecuted.)
What happened in relation to Henry Ford that boosted the American Economy?
Older industries began adopting his assembly line techniques and newer industries (eg aviation, chemicals, electronics) began to grow - providing new products and jobs. During the ’20s, annual production of cars tripled to 4.8 mil - Automobile companies began to conglomerate into 3 large companies; Ford, Chrysler & General Motors.
What happened by 1929 in relation to cars?
Half of all American families owned a car, thus beginning american love for automobiles.
Name another reason, in relation to foreign trade, that Americas economy began to grow
American companies began to extend their reach overseas, American foreign investment > any other country. The dollar replaced the pound as the most important trade, and America was producing 85% of the worlds cars, and 40% of manufactured goods.
What labour-saving devices began to develop in the 1920s?
Vacuum cleaners, toasters, refrigerators
What were some leisure activities enjoyed by Americans due to these Labour-saving devices?
Radio, baseball games, boxing matches, vacations, drance crazes (e.g Lindy and Charleston), Movie
Why did the film industry move to Hollywood?
Close to everything, cheap, sunny, etc.
What happened with the film industry in 1925?
American film industry became the “ greatest in the world “
What is consumer debt?
The amount owed by consumers - widespread use of credit and layaway buying plans meant it was acceptable to go into debt to maintain “ The American Standard of Living “.
Celebrities became more of a thing during the 1920s. Who is seen as the first modern celebrity?
Enrico Caruso
Who was Charles Lindburgh?
The first man to fly across the atlantic by himself without stopping. A “ business “ more than the “ businessman “
What happened to Harlem?
It became the black capital of America due to migration North.
What was a flapper?
A lady who kept her skirt and hair short, smoked and drank illegally in public and availed themselves of birth control. Marketers encouraged them to buy things such as cigarette (eg torches of freedom).
What are some key facts about the disparities in the 1920s?
By 1929, 1% of the nations banks controlled 50% of the nations financial resources, The wealthiest 5% of Americans share of national income exceeded that of the bottom 60%, 40% of Americans lived in poverty. Wallstreet seen as heroic due to 1.5 mil americans owning some kind of stock. Number of manufacturing workers declined by 5%, textile companies and such moving south due to it being cheaper.
