USA KQ4 Flashcards
LACK PANTS
Laissez-faire
Assembly line
Credit
Knowledge
Position in war Advertisement New consumer goods Tariffs Share confidence
Assembly line
Revolutionised by Henry Ford in 1913
Known as the “magic belt”
45 separate people, all with one job
1913- one per 3 mins, 1920 1 per 10 secs
Tariffs/protectionism
Republican policy
Fordney-McCumber Act put a tariff on European goods
The poor were overcharged and farmers needed help
Smoot-Hawley Act attempted to help farmers
Credit
Buy something and pay for it later Half of goods bought on credit 6/10 card bought on crediting No questions asked by banks Over speculation meant that people couldn’t repay it after the crash,banks failed
Laissez-faire
Some of the rich were paying 73% tax beforehand
Andrew Mellon- secretary of treasury “a decrease in taxes causes an inspiration to trade”
Coolidge lowered taxes and took no involvement in business
People took advantage of workers
Individuals, businesses and banks bought recklessly
Individualism
NYC Oct 22nd 1928- hoover made a speech
“Depressed spirits of people lived under lower standards of living”
Limited economic freedom was used as a scare tactic
Many believed that success came from hard work
Destroyed the system and became socialistic if they went to war
Why did entertainment become more popular?
Gramophones and radios
What fraction of houses had electricity by 1927?
2/3
What happened to the amount of roads from 1920-30?
It trebled
Advertisement
Ford used young women to attract men and show women could drive
Often showed women impressing men
Advertised time saving devices as women got jobs in the war
Washing machine
Hoovers
Fridges
3x increase in washing machines in 10 years
8x increase in fridges from 1920-29
21% more in 10 years
Designed due to an increase in female employment in war to save time
Henry Ford motivating work force
In 1914 his work force complained that the assembly line was monotonous so he increased their pay to $5 for 8 hours, 2 times people in other jobs, leading to more people wanting to work for food
Farmers
In WW1 30 million made a living through farming
Europe could grow their own again after the war
Farm income fell by $9 billion from 1919-28
Coal industry
In the 1920s there were 12,000 mines and 700,000 miners
In 1922, 600,000 miners strikes for 4 months for better conditions but if failed
They were hurt by the increase in gas and electricity
Trade unions
1929- 3.7 million less people in trade unions than in 1919
