BOOM INDUSTRIES and CORRUPTION

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Presentation transcript:

BOOM INDUSTRIES and CORRUPTION The 1920s

Post-war depression to BOOM GDP rose 40% Productivity rose 72% Per Capita income rose by a third Per capita income or average income measures the average income earned per person in a given area (city, region, country, etc.) in a specified year. It is calculated by dividing the area's total income by its total population

Expansion was spurred on by… Post war profits Mechanization Mass production Efficiency Scientific management electricity The automobile drove the economy Provided 1/14 jobs Stimulated other industries Steel Rubber Glass petrolium

Not only the automobile Aviation Chemicals Radio Motion Picture

Corporate Consolidation Small firms bought out Oligopolies (control over an industry) Examples: Ford, GM, and Chrysler Open Shops break unions Yellow dog contracts bind employees Welfare Capitalism Alternative to union membership Firms provide med insurance pensions Vacation time What does this do to the relationship between worker and corporation?

Real Wages = Purchasing Power Wages weren’t rising, prices were falling With rising productivity, this is a threat to overall economic health. WHY? Gap between the rich and poor By 1929 71% of Americans were living under the poverty line Relief came in the form of credit But the unintended consequence were “sick Industries” Sick industry = excess capacity, shrinking demand, low returns, mgt and labor conflicts

Federal Government advances Business At the expense of other objectives Budget and Accounting Act Budget Bureau General Accounting Office Shapes the 1920s economy Tarrif of 1922 Raise import rates Promote open shops Exploit foreign markets Hands off business approach Reduce taxes on the richest Americans

The men behind the prosperity of the 20s

The courts support big business Struck down progressive legislation Invalidated restraints on child labor Approved restrictions on labor unions

https://www.youtube.com/watch?v=XjL-uE4lSvI

1924 Election

Coolidge Cuts Coolidge believed in limited government Cut WWI bonuses McNary-Haugen Bill (& Farmers) Cut Republican efforts too!