1. 1920s Presidents

2. Vocab Normalcy – consequence of being usual or regular or common Isolationism – a policy of nonparticipation in or withdrawal from international affairs Disarmament – the reduction of offensive or defensive fighting capability, as by a nation Tariffs – A list or system of taxes imposed by a government on imported or exported goods. Laissez-Faire – opposes governmental regulation of or interference in commerce Subsidies – Financial assistance given by one person or government (mainly for farmers) Efficiency – The degree to which this quality is exercised Regulate – To control or direct according to rule

3. Warren Harding (1921-1923) – Return to Normalcy after World War I Isolationism—avoided foreign alliances but… Called for Disarmament of European nations War Debts—Europe debts were scaled back to allow their economies to recover

4. Harding Attempted to disarm and don’t use war as national policy Kellog-Briand Pact – Signees should not use war for foreign policy

5. Scandal Teapot Dome – Officials stealing $$ – Officials taking bribes – Harding's Interior Secretary Albert B. Fall Let an oil company drill on government land in exchange for $300,000 and gifts Coolidge scrubbing the Republican party clean after the scandal

6. Scandal & Harding Ohio Gang – Presidents friends get power President was clueless Friends sold government goods to private companies Others caught taking bribes Died of a heart attack after scandal broke How do you believe the public would view a scandal?

7. Calvin Coolidge aka “Silent Cal” Harding’s VP and won reelection in 1924 Laissez-Faire – “The chief business of the American people is business” – Leave business alone and the nation will thrive – Lowered income taxes, increase protect tariffs – Did not help the depressed agriculture industry Fordney-McCumber Tariff Continued to use as Isolationist tool up to 60% tax on imported goods

8. Hoover Followed Harding and Coolidge as business policy Efficiency movement – Experts find inefficiency and fix it – Increase volunteerism Stock Market Crashes Action for Farmers – Pushed for farm subsidies Started to regulate financial institutions

9. Importance The "trickle down" economic theory of President Herbert Hoover was based on the idea that – 1. balanced budgets are essential to economic success. – 2. the Federal Government needs to assume more responsibility for solving economic problems. – 3. economic growth depends on making increased amounts of money available to business. – 4. economic stability is the responsibility of Federal monetary agencies.

10. Closure "The business of America is business.” President Calvin Coolidge By making this statement, President Coolidge was expressing his support for – 1. higher taxes on corporations. – 2. banking regulations. – 3. democratic socialism. – 4. the free-enterprise system.

11. Closure In 1920, when Presidential candidate Warren G. Harding called for "a return to normalcy," he was advocating – 1. increased support for Progressive Era programs and the League of Nations. – 2. increased farm production and an emphasis on the rural lifestyle. – 3. reduced international involvement and less government regulation of business. – 4. reduced racial segregation and the elimination of discrimination against women.

12. Closure Which economic practice became significantly more widespread during the 1920s? – 1. Governmental regulation of business. – 2. Stock market investment. – 3. Dependence on government welfare programs. – 4. Reduction of tariff rates.

13. Closure The Teapot Dome scandal centered around – 1. gold mines. – 2. union members. – 3. high tariffs. – 4. oil-rich lands.