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In the early 20th century large oil deposits
were discovered in Penn, CA, OK, WY, TX.
Oil began to replace whale oil and coal.
Led to the mass distribution of barrels of
oil.
Resulted in price of oil going down to
$3.07/barrel
CARS, CARS, CARS, and MORE CARS.
Before the “Roaring” 20s cars were play
toys for the rich.
Henry Ford created the assembly line,
which made the automobiles more
affordable and reliable.
Because cars were more incorporated in life,
cities became more spread out because
people didn’t have to live near their work.
Along with cars came airplanes.
Harry Guggenheim established a foundation in the late 1920s to teach aeronautical engineers at universities and develop flight instruments. Also funded Western Air Express in an
experiment to see if airlines could profit from passenger fairs without air mail subsidies.
At the end of the decade new jobs began to appear at and around airports.
The most popular jobs were at fast-food places for starved travelers.
Since the economy was buzzing, and
more people had time consuming jobs,
they were in need of a “quick” meal.
This led to the rising of the fast-food
franchises.
Restaurants that put out food faster than
others for a more affordable price and
decent quality.
• Some of the first were:
• White Castle: 5 cent burgers
• 7-Eleven
• KFC
• A&W
Calvin “Silent Cal”
Coolidge
Herbert Hoover
Philosophy of Government
Believed prosperity
rested on business
leadership
Believed that part of his
job as president was to
make sure that gov’t
interfered with business
and industry as little as
possible.
Philosophy of Government
Tried to promote economic
stability in industries by
balancing gov’t regulation
with cooperative
individualism.
• Philosophy of Gov’t Cont’d
– This idea encouraged
manufacturers and
distributors to form their own
trade associations which
would voluntarily share info
with the gov’t.
– Believed this system would
promote economic efficiency
• Philosophy of Gov’t Cont’d– Also created several
agencies to assist US businesses.
– Expanded the Bureau of Foreign and Domestic Commerce
– Established the Bureau of Aviation
– Established the Federal Radio Commission
Differences?
• President Coolidge
– Believed that the gov’t
should get involved with
business and industry as
little as possible (and did so
throughout his presidency)
• President Hoover
– Got very involved with
business with the hope that
he would promote economic
efficiency thus making the
US more successful
– He established new
organizations to further
assist and also regulate
businesses and
industries.