Winners and looser a during the boom Flashcards
Who gained in the boom
Investors on the stock market Assembly line workers Owners of consumer goods factories White people Builders
Who lost during the boom
Farmers Blacks/immigrants Coal and steel workers Textile workers The poor
How did investors benefit
As companies grew it gave people the chance to buy shares
So normal people had the chance to make big money
How did farmers loose during the boom
Farm income dropped from $22 to $13 billion
No body needed their produce as so many goods were being made and sold cheaper elsewhere
How did assembly line workers benefit from the boom
Unskilled workers were given work so employment increased. Female employment increased by 24%
How did blacks loose during the boom
Badly hit as they did the least skilled jobs, they were the last to be hired and first to be fired. And we’re persecuted by the KKK
How did factory owners benefit from the boom
The government believed in Laisser-faire which left business men to control industry, for example Ford made a fortune
How did coal and steel workers loose during the boom
In 1918 and 1920 there were strikes as workers pay was 1/3 of the national average and working conditions were appalling
How did white people benefit from the boom
Assembly lines made everything cheaper so middle classes moved to places like Gross point park and drove model T fords to work
How did textile workers loose during the boom
Cotton industries were depressed as they were being replaced by cheaply made foreign products. In 1927 textile Union Went on strike, as they were working 56 hour weeks at only 18 cents an hour
How did builders benefit from the boom
Road length doubled and suburbs such as queens and New York grew rapidly with the growth of skyscrapers
How did the poor loose in the boom
Only 10% of wealth went to the 42% below the poverty line meaning they mainly did not gain anything
By 1929 how much was spent on shares
9 billion dollars
How much did female employment increase by
24%
How many workers did Ford employ at the river plant
80,000
