Focus Question: “The Business of America is Business.

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Presentation transcript:

Focus Question: “The Business of America is Business. Explain the meaning of the following quote: “The Business of America is Business. The man who builds a factory builds a temple. The man who works there worships there.” -Calvin Coolidge

The Business of America The Conservative Resurgence of the 1920s

The Return to Normalcy The 1920s were a decade of reaction America felt exhausted by the war Many felt that progressive reforms were too fast and too furious Many wanted a breathing space Return the U.S. to the way it was before the war.

Business Practices Government worked to assist business Adopt a laissez-faire approach Promote investment Fit the conservative policies of Harding and Coolidge

Andrew Mellon Secretary of the Treasury, 1921-1932 Major economic plan Increase investment Reduce the national debt Free up capital for investment Promotes growth industries “Trickle Down Economics”

Results Number of Millionaires tripled More money invested in business New construction boomed The Stock Market Soared.

Role of Demand Economies are fueled by Demand If Demand is low, Supply loses importance The 1920s demand was built by one major industry and two lesser ones

Shifting Consumer Practices Industrial Productivity was very high Businesses required to sell their products Most Americans were frugal Avoid debt Save money for the rainy day Many more worked below the poverty rate

Dawn of Modern Advertising Persuade people to buy what is not needed Psychological approach Approached sales with science! Coined new terms and insecurities

Planned Obsolescence Americans expected high quality goods Expect goods to last Manufacturers wanted people to buy new products Limit the lifespan of items Sponsor new models with minimal shifts

Credit People would buy without going into debt Business had to find ways to stretch the dollar Installment plans Credit cards Layaway plans Increased debt loads dramatically

Creation of a Consumer Culture Americans become enamored of new gadgets Labor-saving devices Radios Automobiles A form of materialism little seen outside the very wealthy Profound Impact on the country