The Roaring Twenties Flashcards
When did USA enter WW1
1917 (2nd April)
Why did WW1 benefit the US economy DURING WW1
Europe did not have enough time and resources to grow enough food, extract enough fuel or produce enough iron or steel, so they imported it from America.
How much did factory production increase in USA during WW2
35%
How many tonnes of steel did USA produce in 1910 and 1920
1910 - 26.1 million tonnes
1920 - 42.1 million tonnes
What industries in USA benefitted from WW1
Natural resources - coal, petrol, gas, food
Transport - shipbuilding, railways were modernised for more efficient and effective transport
Consumer goods - American brands especially cigarettes became very popular in Europe
By the end of WW1, what percent of the world’s wheat and cotton was supplied by USA
Wheat - 30%
Cotton - 55%
By what % did the price for farm produce in America rise during the war
25%
What percentage did the average income for a farmer (who owned their land) increase
30%
How many more people were employed in America during the last 2 years of the war
1.3 million
By what percent did unskilled workers’ wages increase during WW1 in America
20%
How did farmers benefit from WW1
They could afford tractors to make work easier and more efficient and they could afford to take out loans to expand their farms to increase production of wheat to sell abroad. Income went up 305% (farmers who owned their land) and their goods went up 25% in price
How were minority groups (women, blacks) benefitted by WW1
More jobs opened up, so they could join the workforce in the industrial jobs in the north rather than staying at home or working on farms in the south
What were the problems with the economic benefits at the end of the war
- European farming recovered by 1920 so demand for USA industrial and agricultural produce fell
- Returning soldiers re-entered the workforce, so new workers, especially women lost their places
- The increased number of black workers in cities caused race riots
- Farmers who borrowed money to expand their production struggled to pay them back as European demand fell
What were the problems with the economic benefits at the end of the war
- European farming recovered by 1920 so demand for USA industrial and agricultural produce fell
- Returning soldiers re-entered the workforce, so new workers, especially women lost their places
- The increased number of black workers in cities caused race riots
- Farmers who borrowed money to expand their production struggled to pay them back as European demand fell
What is the definition of an economic boom
A period when the economy is growing and unemployment is low
What is credit
Money loaned by a bank to a customer for a fixed period of time, usually repaid in instalments along with an additional amount called interest
What are shares
Evidence of onership of part of a company, allowing the holder to receive a portion of any profit made by the company, known as a dividend
What are shares
Evidence of ownership of part of a company, allowing the holder to receive a portion of any profit made by the company, known as a dividend
Why did America experience an economic boom
- Newer production methods allowed factories to produce goods at a faster rate
- The availability of credit to buy things
- Advertising that encouraged people to buy newly available consumer goods
- The increased popularity of investing in stocks and shares
What happened to American wages and work hours
The average income was rising, the average working hours was falling
What was the height of unemployment in the 20s up until 1929
3.7%
What was the height of unemployment in the 20s up until 1929
3.7%
How long did it take to produce a car before mass production techniques
12 hours
How often was a Ford car produced by the time the production line was created
Every 10 seconds
What was the production line
Workers lined up along a conveyor belt, with the car travelling along the belt as each worker stayed in the same place and performed a single job e.g. fitting a part to the car. Extremely boring but production time was cut down massively
What did the invention of the production line cause
A tremendous drop in price of cars
A tremendous drop in production time
A huge increase in demand for cars
Industries required for cars e.g. steel, rubber etc increased
What did credit allow people to do and how did credit work
Get products they wanted without having to save up for them. The product was HIRED from the company, so if you failed to pay the instalments they would take it back with no refund on what you already paid. The product only became theirs after paying the last installment
What percent of cars and electrical devices were paid for on hire purchase in 1929
Cars - 75%
Electrical devices - 50%
What was the original price of the Ford Model T car and what had it dropped to in 1925
Original - $950
1925 - $290
What were some advertising methods
Radio
Billboards
Slogans
How many radio stations where there in 1929
618
What did advertising aim to do
Overwhelm consumers to change their buying habits or trying to create new markets for their products
What is consumerism
A society where buying a variety of branded goods is important to ordinary people. Shopping is a leisure activity
How many department stores were the in the USA in 1929
1395
How many refrigerators had been sold in 1921 and 1929
1921 - 5,000
1929 - 1 million
How much was spent per year on radio equipment in the 20s
$850 million
How many Americans invested in the stock market between 1927-29
1.5 million
How did ordinary people invest in the stock market (2 methods)
- Buying with their own money
- Buying on the margin - using the bank’s money, then paying back the loan by selling the shares and taking their profit
What did more money in the economy mean
- More workers employed, which lead to
- More wages to spend, which led to
- More advertising to encourage people to spend wages, which led to
- More goods bought on hire purchase, which led to
- More goods made with mass production techniques, which led to
- More investment in business through the stock market, which led to number 1. Full circle
How many shares were available on the stock market in 1925 and 1929
1925 - 500k
1929 - 1.1m
How much more did Americans spend on leisure in 1929 than in the 10 years before
$1.8 billion
When was the first film with sound released
1927 (the jazz singer was the name)
How much did the film industry make in cinema tickets per year
$2 billion
When was the first colour film conceded
1922
How many movie tickets were sold per week in 1924 and 1929
1924 - 40 million
1929 - more than double
What is jazz music
A mixture of black and white American folk music from New Orleans
How many people watched the world baseball series in 1921
300k
Who fought in the long court fight, what year was it and how much did it make in ticket sales
Jack Dempsey vs Gene Turney, 1927, $2 million
Who fought in the long court fight, what year was it and how much did it make in ticket sales
Jack Dempsey vs Gene Turney, 1927, $2
What was the number of radios owned in 1920 and 1929
1920 - 60k
1929 - 10 million
How many people owned cars in 1920 and 1929
1920 - 8 million
1929 - 23 million
What did widespread ownership of cars mean
- People could go on holidays or day trips more easily
- Major cities were in reach of more people
- Rural areas became connected with the cities
What percent of the workforce was women in 1920
20%
Which amendment and in what year gave women the right to vote
1920 - nineteenth amendment
How did mass production help women
They could now use appliances like vacuum cleaners to do their household jobs more easily rather than using a brush
What was the average gender pay gap in 1927 (per week)
$12
What were flappers
Young women who challenged the idea of a traditional woman by cutting their hair short, colouring it, putting makeup on, wearing short skirts and smoking.
What did the rise in the number of flappers cause
- More women went on dates without chaperones
- There was a greater emphasis on the appearance of women, with more money spent on makeup and perfume
- An increase in the number of women who had sex before marriage
Summarise the roaring 20s (8)
- WW1 created demand for USA industry and farm produce
- Mass production, hire purchase and advertising created an economic boom
- Trading stocks became popular
- The leisure industry grew in the boom
- Advertising encouraged consumerism
- Some women rejected traditional values and became flappers
- Coal, textiles and rail industries declined
- Overproduction and decline of demand became a problem for American farms
What % of the workforce in 1929 worked in the motor industry
7%
