Chapter 22

More than 50% of the US population in 1920 showed Americans living in urban centers Seeking jobs, city life and advances in transportation Was lead by Southern African Americans 18 th Amendment Ku Klux Klan’s Women gained the right to vote Flapper girls emerged, more women in the workforce More education, reduced birthrates, and smaller families “Marriage bars”

Modern standard of living available to more people 2o’s highlights: mass production, mass marketing, advances in production of consumer durables, electric power, new appliances, suburban housing, and sky scrapers The Automobile Buy Now, Pay Later Prohibition

The Paycheck Rises The Unions Decline Immigration is Restricted America Goes to High School

Economic Distress in Agriculture Prices for agricultural goods dropped Farm incurred fixed debts Many farms where foreclosed on First Steps toward Farm Subsidies Emergency loans made to farmers during the severe recession of Violent Protests from farmers Various ideas to secure prices

Image of wealthy = self-satisfied and self- indulgent, ignoring the growing misery around them. Arguments and research on both sides of the issue. Regardless, standard of living was improving for a large portion of the population.

Fiscal Policy Long, drawn-out postwar readjustment of high taxes imposed during the war White House Favored reducing taxes by removing steep progression of rates Revenue acts of 1924, 1926 and 1928 Monetary Policy Growing Prestige for Federal Reserve System A lot of banks were closing Federal Reserve concerned about speculation on Wall Street

Two major problems German war reparations Reestablishment of the international gold standard Germany lacked resources to make payments it was obligated to under the Treaty of Versailles Restoration of the gold standard was necessary to achieve lasting prosperity Britain eager to return to gold standard, finally did in 1924

The Ponzi Scheme The Florida Land Boom The Stock Market Boom Should They Have Seen the Crash Coming?

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