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23.4, 23.5, 24.1The State, The Economy &
Business
1920s
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Warren G. Harding “Return to Normalcy”
1. Ohio (R)
2. Had “look” but little experience
3. “Ohio Gang”
4. Plagued by scandals…
5. Died while in office
(1921-1923)
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Sec. of Treasury Andrew Mellon
1. Served Harding, Coolidge and Hoover
2. Gov’t s/b run like a business
a. Cut federal budget
b. Cut taxes..
c. Mostly benefited high income & businesses
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Calvin Coolidge“Silent Cal”
1. Vermont (R)
2. “The Business of America is Business”
3. Very small gov’t
4. Agenda
5. Appreciated experience of wealthy; let them make economic decision
1923-1929
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Herbert Hoover1. Iowa (R)2. Sec. of Commerce
a. Business would act in interest of public
b. Nat’l Trade Assoc – cooperation between businesses = increased efficiency and decrease competition…
c. 200 largest co. owned 50% of corp. wealth
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War Debts &Reparations
1. US largest creditor globally
2. NY Financial Capital
3. Anti-Amer. Sentiments overseas; US wants some of it’s loans repaid…
4. Dawes Act
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Dawes Plan
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Keeping Peace: Kellogg-Briand Pact
renunciation of war as an instrument of national policy
Ineffective…
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The New Negro & Harlem
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Harlem Renaissance1. Finding meaning and
self-identity for AA
2. Celebration of AA artists, writers, and musicians
3. Represented social and cultural change of 1920’s
4. WritersLangston Hughes
Zora Neale Hurston
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The Savoy
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The Cotton Club
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Ella Fitzgerald & Louis Armstrong
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Marcus Garvey
1. Wanted separate society for blacks
2. Promoted businesses
3. Advocate of returning to Africa
4. “Black is Beautiful”
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A. Election of 1928
Herbert Hoover (R) vs. Alfred Smith [(D) and Catholic]
“We in America are nearer to the final triumph over poverty than ever before.”
“A chicken in every pot and two cars in every garage”
Wins by a landslide*- life was good in the 1920s
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Hooverville Nation
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The Bull Market
1. Dreams of becoming Rich via Stocks
2. Speculation
3. Buying on Margin
4. Corporations invest in market instead of research
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BLACK TUESDAY! OCTOBER 29, 1929
1. What happened? 2. “The bottom fell out of the market!”3. loss of confidence in market = some investors
sell4. prices dropped = thousands sell their shares5. Savings lost =$30 Billion/16 million shares6. How does Hoover and Mellon respond?
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Causes of the Depression
1. Overproduction
2. Farmers in debt
3. Low wages; high debt
4. Unequal distribution of income
5. Trickle-effect…
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soup kitchens and bread lines(psychological effects)
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Hoover’s Presidency during the Depression
“Business as usual”Did not want to go into deficit spending!Work hard; gov’t should not give handouts
Negotiated w/businesses and unions Reconstruction Finance Corporation (RFC) & Emergency Relief Act (ERA)
emergency financing to large businesses trickle-effect
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Shantytowns/Hoovervilles
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Bonus Army Camp
Who were they and what did they want?
Want bonus now not in 1945 ($500/$1000)
Patman Bill rejected
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Election of 1932
Hoover’s actions with the Bonus Army seals his fate: Franklin D. Roosevelt becomes the newly elected president
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Day OneBank Holiday
a. Closed banks before bank runs bankrupt them
b. Emergency Banking Relief Act = Inspected by gov’t to ensure they were secured
c. Restores confidence to the people
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Helping America’s Farmers 1. Agricultural
Adjustment Acta. Gov’t will pay subsidyb. Lower production =
_____ pricesc. Set prices at pre-
depression rated. Commercial farmers
benefited moste. Sharecroppers and
tenant farmers lost jobs and homes (AA)
2. Later ruled unconstitutional
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Helping Industry:
National Industrial Recovery Act a. Self-regulating: established fair practice codes and
regulations
b. Allowed for unions = increase in membership
c. Considered unconstitutional - Why?
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Critics and the Second New Deal
CriticsGov’t too big
Socialistic
Not doing enough
Huey Long
Second New DealJobs, retirement, housing
Social Security Act• Pension
• Unemployment benefits
• Disability insurance
• Farmers/domestic workers not covered
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National Labor Relations Act AKA Wagner Act
Legalized unions = increase in unions
Fair labor practices
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New Deal in the South & West
Does little for sharecroppers and tenant farmers
Does help with modernizing the regionsTennessee Valley Authority
Rural Electrification Administration
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Dust Bowl(1933-1936)
Lack of water, overproduction, and windy conditions added fuel to the fire
Resulted in a westward migration
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Dust Bowl(1933-1936)
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“Okies”
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New Deal and the Dust Bowl
1. Resettlement Administration
2. Crop and seed loans
3. Gave direct aid to sharecroppers and tenant farmers
4. Conservation techniques: water, soil
5. Crop rotation
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Southwest Farmers
Who was the worst affected?
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Court-packing Deal
Wanted to set a retirement age for SCJ
Goal?
backfired
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Anna Eleanor Roosevelt
Social ReformerAnti-lynching
Health ins
Child labor
Discrimination
Advantage/influence?
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People of Color and the New Deal
FDR cautiousGains
Mary M. BethuneRobert WeaverPWACIO
Setbacks: eligibility requirements for PWA
(noncitizens)
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Roosevelt Recession
Initially worked
Tried reducing deficit by cutting programs and constricting credit = recession
Stock collapse again
Decreased industrial output
Farm prices decrease
Unemployment up 20%
Ultimately, what ends the depression?