1920’s & 1930’s: Economic Boom to Bust Economic Boom to Great Depression: The 1920’s & 1930’s 1920’s & 1930’s: Economic Boom to Bust

American’s were celebrating the end of WWI. Post-War America Return to isolationism: American’s were celebrating the end of WWI. Americans were reforming society, culture and our economy.

1920’s: Economic Boom

Presidents of the 1920’s

President Warren G. Harding (Republican 1921-1923) Return To Normalcy Favored big business: Low taxes/high tariffs

President Warren G. Harding Republican 1923-Harding dies Vice President Coolidge takes over

President Calvin Coolidge (1923-1929)

President Calvin Coolidge (1923-1929) Pro-business: “The chief business of America is business. The man who builds a factory builds a temple, the man who works there worships there.” Low taxes & high business profits Wanted to end government regulation of business and industry GDP (Gross Domestic Product) grew from 74 billion in 21’to 104 billion in 29’

Booming Society of the 1920’s Business Increase in consumer good industries Led to affordable luxuries--radios, movies, cameras, vacuum cleaners, washing machines, telephones, automobiles, airplanes…

Booming Society of the 1920’s B. Creative advertising Focused on the psychology of the consumer Installment buying Consumption became an easy necessity You buy now, pay as you use it. Credit buying

Creative 1920’s Advertising

Booming Society of the 1920’s II. Culture Americans craved excitement and authority of the past generations Jazz Age Women

Booming Society of the 1920’s Women Flappers-liberated women Makeup, short skirts, smoke/drank in public. Right to Vote 1920

Flappers

Booming Society of the 1920’s Automobile changed lifestyle: Mobility, privacy for youth, farmers less isolated Radio & silent movie popularity Harlem Renaissance Harlem, NY Popularized African American creativity in art, music, & literature

Duke Ellington & his Orchestra

Langston Hughes: Poet To fling my arms wide in some place of the sun, to whirl and to dance till the white day is done then rest at cool evening beneath a tall tree while night comes on gently dark like me, this is my dream! To fling my arms wide in the face of the sun, Dance! Whirl! Whirl! Till the quick day is done, rest at pale evening, a tall slim tree…. night coming tenderly black like me. ----”Dream Variations”

Booming Society of the 1920’s Prohibition (1919-1933) Banning of the sale, manufacture, transportation of alcoholic beverages Society resists bootleggers/speakeasies/gangsters.

Prohibition Era

Booming Society of the 1920’s Heroes Charles Lindbergh-1st non-stop solo flight, NY to Paris Babe Ruth-60 homeruns for NY Yankees in 1927 Jack Dempsy-Heavy weight champ defeated by Tuney in 1st 50 million dollar fight (1927)

The end of the good times arrives in 1929. Stock market crashed Wealthy people lost their investments Businesses failed and closed People lost their jobs Debts could not be paid. And… it just got worse! The 1930’s are known as the Great Depression years.

Boom Versus Bust Economy Boom 1920’s * high demand for goods * inflation increases Many jobs are available * unemployment falls * national income accelerates Can make payments on debts. Bust 1930’s * demand is low for goods * inflation decreases Factories and businesses close * unemployment rises * national income falls Can’t make payments on debts.

The 1920’s The Roaring Twenties Many jobs Harlem Renaissance New technology Celebrate life after WWI This decade is the birth of installment buying. Advertisements encouraged more spending than families earned. Music, literature and art shows American Spirit.

1920’s Roaring Twenties Americans had good jobs. Steady paycheck Extra money to spend Improved the quality of their lives