The Roaring 20’s Economic Boom, Social Changes, Prohibition, and Republican Domination
Economics of the 1920’s Agriculture: Decline of agriculture in America: – % of nation’s wealth – % of nation’s wealth 1/3 of population is broke
America Economic Boom Automobile industry spurs other industries: rubber steel petroleum chemicals mechanics/garages Henry Ford: Revolutionizes production w/ assembly line
Other key industries: Appliances Chemicals Other metals Entertainment Road construction Suburbia (home construction)
Stock Market of the 20’s Corp profits fueled by expansion…… DOW generally bullish throughout early 20’s : one of the greatest bull markets of all time Speculation fueled the market –Buying on margin: purchasing a stock w/ a loan and using the stock as collateral
Social Changes Women 1920: 19 th Amend gives women vote Women begin to challenge “accepted” role in society
Red Scare Anti-Radical/Immigrant Hysteria + Witch Hunt NY Assembly expels 6 mild socialists against Harding’s objection Two events epitomize the hysteria: 1.Att. Gen A. Mitchell Palmer violates civil liberties –600 deported, no habeus corpos –J. Edgar Hoover ~ Dept of Justice anti-radical division 2.Sacco & Vanzetti –Radical Italian immigrants –Wrongly accused of a botched robbery/murder –Burden of proof never meet –Gross mistrial
Warren G. Harding “return to normalcy” “Ohio Gang” No personally corrupt, but perhaps the most corrupt admin “Do nothing Pres”
Calvin Coolidge silent cal “puritan in Babylon” “the business of america is business”
Herbert Hoover Competent! Sec of Commerce ’20-’28 Gets bad rap as conservative, but truly progressive
Andrew MellonMellon Sec of Treasury ‘21-’32 Laissez faire: –Cut taxes –’32: advises H.H. to purge system of rottenness
by 1929 US income greater than: Brit Ger France Japan Canada And 17 other countries…….COMBINED