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The Business of America Under Coolidge

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1 The Business of America Under Coolidge
How Does Coolidge’s Conservative Policies create Economic Growth During the 1920s?

2 Business flourished under Coolidge
Coolidge easily wins 1924 “re-election” Coolidge was pro-business & believes in Laissez Faire economics (keep govt out of business) Low taxes, easy credit so Americans spend $ Keeps tariffs high on foreign imports Investment in stock market Result: Economic boom, w/ companies making record profits, increasing productivity, and paying workers higher wages

3 The Automobile Spurs Growth
Paved roads and highways are built, best known is Route 66 connecting Chicago to LA Road improvements incl: first traffic lights, cloverfield traffic pattern & first underwater tunnel (Holland Tunnel connects NJ & NY) More cars creates urban sprawl: cities grow “out” as workers able to drive to work faster

4 Rise of Consumerism Average annual income rises 35%, people begin buying more More electricity in homes = more electrical appliances Installment plans available to pay for expensive items “enjoy now…pay later” (but pay with interest) More consumerism creates modern advertising Vacuum Electric Iron Refrigerator Washing Machine

5 Superficial Prosperity
Signs of problems to come were ignored by Coolidge Admin: Growing income gap between workers & management RR & farming industries declined Too many people going into debt due to installment plans Overvalued homes & land Too many people gambling on stock market

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