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The Roaring 20’s
Economic Boom, Social Changes, Prohibition, and
Republican Domination
Economics of the 1920’s
Agriculture:• Decline of agriculture in America:
– 1918- 16% of nation’s wealth– 1920- 9% of nation’s wealth
• 1/3 of population is broke
America Economic Boom
Automobile industry spurs other industries:
• rubber• steel• petroleum• chemicals• mechanics/garagesHenry 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• 1928-1929: 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 ChangesWomen
• 1920: 19th
Amend gives
women vote
• Women begin
to challenge
“accepted” role
in society
Red ScareAnti-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 1921-23
“return to normalcy”“Ohio Gang”No personally
corrupt, but perhaps the most corrupt admin
“Do nothing Pres”
Calvin Coolidge 1923-1929
silent cal
“puritan in Babylon”
“the business of america is business”
Herbert Hoover 1929-1933
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