Economic Boom of the USA in the 1920s

Flashcards by , created almost 6 years ago

GCSE USA Flashcards on Economic Boom of the USA in the 1920s, created by sagar.joban on 26/03/2013.

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Created by sagar.joban almost 6 years ago
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Question Answer
Coal and Textile Industry Didn't grow in the boom - same with others as some couldn't export goods due to other countries retaliating to tariffs placed.
Afro-Americans Afro-Americans suffered as they were kept behind - Jim Crow Laws. Wealth in USA was concentrated with a small minority.
Background of the USA The industry and farming had grown steadily since the 1860s; they had huge resources (timber, oil, coal, iron); had a growing population with immigrants willing to work hard; railway, mining and manufacturing sectors were doing really well and they believed in 'rugged individualism'. Made money from loans in WW1
President Harding (1921-3) Believed in 'normalcy' - getting the USA back to normal like before the War. Key Policies: Isolationism; Tariffs on foreign goods like the Fordney-McCumber Tariff of 1922 and low taxes.
Boom Period - Manufacturing 1920s, profits for many US companies rose vastly. Goods were produced quicker and cheaper due to new production methods - such as specialisation of labour with the Model T Ford. Consumer goods industry did the best - vacuum cleaners and washing machines boosted others.
The Boom Period - Finance Advertising credit and hire purchasing made it easier to spend. 'Buying-on-the-margin' for shares boosted the economy and banks due to increasing prices and commission. Wages rose - increased confidence of Americans. By 1930, 30 million cars on the roads in USA. Helped other industries - rubber, oil, glass, steel e.g.