The Roaring 20s Flashcards
What did John Sherman do?
He introduced the Sherman-anti trust act to break up businesses with large monopolies. It banned businesses from owning two or more competing companies.
What did the Clayton act do?
It strengthened the Sherman-anti trust act but exempted unions
What are credit unions?
Financial institutions owned by members to offer members better lending rates or lower fees than banks
What was the first credit union in North America?
The Desjardins credit union in Québec founded by Alphonse Desjardins in 1900. More popped up quickly, and they became popular with farmers during the great depression
What was the first red scare?
The Russian revolution and US labour strikes sparked fear of communism. Bombings by Italians stirred outrage. These events sparked conservativism and xenophobia
What was happening economically in America during the 20s?
The economy was booming, there was a massive stock market presence and the mass introduction of credit.
What happened to social order in the 20s in America?
There was rapid social change, frivolous pending and increased leisure time
What caused the stock market crash of 1929?
Stock prices rose and people borrowed money to invest, inflating stock prices. In October 1929 the prices stopped rising and people started selling their shares, causing prices to drop rapidly
What was the aftermath of the 1929 stock market crash?
People who had taken loans and used credit were in debt, banks began calling in their loans and depositors rapidly withdrawing their money from banks caused bankruns
What are bankruns?
When too many depositors try to withdraw their savings from a financial institution at once, causing it to go bankrupt. Bankruns also caused businesses who had invested in the economy to go bankrupt.
