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Politics and Prosperity Ch. 20 12/22/2011. Post World War I –Key Concepts 4 Demobilization 4 Red Scare 4 Isolationism.

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Presentation on theme: "Politics and Prosperity Ch. 20 12/22/2011. Post World War I –Key Concepts 4 Demobilization 4 Red Scare 4 Isolationism."— Presentation transcript:

1 Politics and Prosperity Ch /22/2011

2 Post World War I –Key Concepts 4 Demobilization 4 Red Scare 4 Isolationism

3 Demobilization Transition from wartime to peace time  effected employment  production changed to consumer goods

4 Demobilization Farmers: credit overproduction lack of conservation

5 Types of Economic Systems (review) 4 Capitalism - Private ownership of property - Profit motive 4 Socialism - Collective ownership of property - Peaceful means to achieve objective - Motive is “to each as needed” 4 Communism- Collective ownership through violence if necessary - Motive is “to each as needed”

6 o Lenin and his communist followers led the ________________ o USA secretly sent 10,000 troops to aid the ________________ o (1924) The Bolsheviks “__________” took power Russian Revolution

7 Communism Under Lenin 1.The government would own all land and property 2. A single political party controlled the government 3. The needs of the country always took priority over the rights of individuals

8 4 Lenin changed the name of the country from Russia to the Union of Soviet Socialist Republics (USSR) 4 The Soviet Union was the largest country in the world in terms of land 4 It was near the largest in terms of population Russian Revolution

9 The Palmer Raids  1919 – (_____) Bombs found in post offices addressed to prominent Americans, including Oliver Wendal Holmes, John D. Rockefeller.  Bomb damaged A. Mitchell Palmer’s house.  1 in TN detonated, blowing the hands off a housekeeper and injuring another women  Bombs blamed on ___________________ and _____________________.

10 The Palmer Raids Attorney General A. Mitchell Palmer Nov, 1919 to May 1920 Interrogated and arrested thousands of poor people, mostly immigrants Deported over 500 without _____________. After months of raids, they netted ______ By summer 1920 hysteria died down and most Americans failed to support the witch-hunts.

11 Sacco & Vanzetti 4 Italian immigrants arrested for murder/burglary of a shoe factory near Boston 4 Railroaded by Judge Thayer who allowed their trial to be about their political views and lack of service in WWI Judge Thayer - "This man, although he may not have actually committed the crime attributed to him, is nevertheless morally culpable, because he is the enemy of our existing institutions." The foreman of the jury, a retired policeman, when asked if they could be innocent - "Damn them. They ought to hang anyway."

12 Sacco & Vanzetti 4 Convicted not from evidence but for political views, in clear violation of the Constitution 4 Protests in many major cities here and abroad –Requests for new trials denied by Judge Thayer –Requests for pardons denied by governor and president *Unsolved History

13 Ku Klux Klan 4 Established during _______________ for whites to reassert their rights 4 Included town officials 4 Died off after federal troops were withdrawn (1877) 4 Resurgence with ____________ after WWI –Now hated all non-white, non-_____________

14 Immigration Policy –1921 – _____________established. _% of population in USA in ______ census would be admitted from each country. – National Origins Act Quotas adjusted to _% of ______ census does not apply to Asians - they are still subject to the _________________Act does not apply to Mexicans - they are encouraged to work on southwestern farms

15 Labor Strikes 4 During WWI strikes outlawed for important industries 4 AFL agreed not to strike during the war 4 Afterward, inflation hit 100% increase but wages dropped or were stagnant in many areas alone saw over 3,000 strikes 4 Most peaceful 4 Most unproductive –New tool used by business owners – calling strikers ______________

16 Labor Strikes The ______________________(1919) 4 police commissioner fired 19 officers for joining the union and asking for raises 4 ____% of the police force walked out in protest 4 state militia was called in by Governor Coolidge after 2 nights of violence 4 police force was replaced by unemployed veterans

17 Labor Strikes The ___________(1919) 4 ________________workers in western PA & Midwest walked out 4 lasted from Sept to Jan owners hired private police – governor supported owners 4 18 strikers were killed, many beaten, jailed 4 recruited African Americans & immigrants for replacement workers (scabs) 4 returned to work with no gains

18 Labor Strikes The ______________________________(1919) 4 Wages set by government in 1917; could not strike during war 4 John L. Lewis is newly elected, called for strike 4 Attorney General Palmer got an_____________; Lewis officially ended the strike but unofficially encouraged workers not to return to work 4 After about a month, Wilson compromised and arbitrated a 27%(?) increase in wages

19 *After 1920 labor strikes sharply declined * Unions did not have the support of the public *Higher wages after the recession led to less desire for strikes

20 A Republican Decade 4 Election of 1920 –Warren G. Harding called for a “return to ” –Americans were tired of European problems and feared their spread to the USA –Harding was elected

21 Republican Leadership 4 All three branches were dominated by Republicans ( ) 4 Presidents 4 Majority in Congress 4 Supreme Court Chief Justice - Former Republican President,

22 4 All 3 branches were considered _______________, meaning that they denounced progressive changes. –Little or no assistance for social ills (poverty, epidemics, etc.) –Promotion of business interests tariffs few safety or labor regulations lower taxes for upper income brackets and corporations Republican Leadership

23 Foreign Policy 4 ______________ - no involvement in European, Asian, or African conflicts (does not apply to Latin America) 4 _______________ –USA, Great Britain, France, and Japan agree to destroy some of their navy force and limit the amounts and types of new ships

24 Foreign Policy 4 Fordney-McCumber Tariff –High duties on many products to discourage imports –Highest to date in history As much as ___% in some cases

25 Foreign Policy 4 ______________ –Restructured Germany’s reparation payments and gave them loans –Germany paid UK & France its reparations –UK & France repaid America for its WWI debts

26 Teapot Dome Scandal 4 As investigations of various members of the Harding Administration begins, the president dies naturally on Aug. 2, The scandals that erupt after his death taint his time in office, although he was not directly involved

27 Teapot Dome Scandal 4 ___________________illegally granted drilling rights to private industries in Elk Hills, CA and Teapot Dome, WY. He then accepted $300,000 in kickbacks 4 Director of Veterans Bureau – Charles Forbes pocketed millions 4 Attorney General Harry Daugherty was convicted of accepting bribes

28 Coolidge Presidency 4 VP Coolidge became president when Pres. Harding died. He was elected in Coolidge is known more for what he did not do than for what he did

29 Coolidge Presidency 4 ___________________ economics –reduced inheritance and income taxes –refused to regulate the stock market –refused to give flood assistance to Mississippi River victims

30 Mississippi Flood of Loss of Life Displaced People - 700,000 – 900,000 4 Financial Loss - $347,000,000 4 Flooded Area - 27,000 square miles –(roughly the area of Connecticut, Massachusetts, Vermont & New Hampshire combined) 4 River Volume 2,500,000 cubic feet of water per second 4 Water did not recede for 2 months

31 Mississippi River Flood of American Red Cross sheltered 300,000 people in tents 4 They assisted another 600,000 that were displaced by giving them food and clothing 4 Herbert Hoover (Sec. of the Commerce) directed the Red Cross relief effort

32 Coolidge Presidency 4 Foreign Policy –___________________(1927) –15 countries agreed not to declare war on each other (60 eventually sign)

33 A Business Boom 4 Recession from early part of the decade gradually declined 4 Industry successfully changed to a consumer economy 4 People bought consumer goods, creating demand 4 Factories fulfilled that demand by hiring employees

34 4 Manufacturers introduced installment plans to consumers to keep demand high 4 People were naïve about the so-called prosperity 4 By 1929, 60% of cars and 70-90% of household goods were bought on credit 4 Interest rates varied from __________% A Business Boom

35 4 Electric Power –during 1920s General Electric supplied many new household appliances –demand for electricity increased dramatically 4 Advertising –new methods and mass media contributed to a huge impact by advertisements 4 Gross National Product rose by 6% annually A Business Boom

36 Ford & The Automobile 4 Automobiles invented in 1880s 4 Henry Ford used innovative techniques to increase production and profit 4 Between Ford developed his first original cars. He sold 30,000 Model T’s 4 In 1908 he built his 1st modern factory

37 Ford & The Automobile 4 Principles of Mass Production –assembly line means people stay stationary and the car moves to them – means faster performances by workers –also means –also begins new management class –limited choices in color and options –Model T’s were churned out every ___ _____________

38 Ford & The Automobile 4 Increased production leads to economies of scale (it’s cheaper per car to produce 10,000 than 50) 4 Ford dropped prices on Model T to $390, making it affordable to middle class America

39 Ford & The Automobile 4 Ford raised wages for his workers but strictly enforced his rules 4 Hired immigrants but insisted on their going to school to learn English and he had investigators inspect their homes 4 By 1936 he declined to 3rd place in the auto industry partly due to resistance to change

40 Industrial Growth 4 Automobile related industries led the boom 4 Other industries, like movie theaters, oil refineries, airplane manufacturers, grew by leaps and bounds 4 The top 200 American companies total worth grew from 43 billion to 81 billion ( )

41 Bypassed by the Boom 4 African Americans and Immigrants did not fare as well in the job market 4 Farmers continued to struggle with low prices, overproduction, and high debt 4 These groups will be among the most vulnerable when the ‘boom times’ end

42 The Economy in the Late 1920s 4 The economy in the 1920s appeared to be in good shape on the surface 4 Underneath, there were warning signs of impending disaster

43 Economy Appears Healthy 4 The stock market was taken as an indicator of the general economy 4 If stock prices went up, the whole economy must be alright 4 Stock value increased from $___ billion in 1927 to $___ billion in Average Americans invested in the stock market

44 Economy Appears Healthy 4 Stock prices are subject to supply and demand 4 The more people that invest in the market, the higher the demand, and consequently the price of stocks 4 Two ways to make money from the stock market - ______________ and ________ ___________

45 Economy Appears Healthy 4 Welfare capitalism –employers gave workers better wages and benefits –organized labor membership declined in the 1920s

46 Economy Appears Healthy B o o m i n g S t o c k M a r k e t L a b o r S t a b i l i t y C o n s u m e r C o n f i d e n c e A v a i l a b l e C r e d i t

47 Economic Danger Signs 4 Rich were getting richer wealthiest families controlled 34% of the savings 4 Average families earned $_______ a year and had no savings 4 Many families had accumulated large consumer debt

48 Economic Danger Signs 4 Stock market was being pushed by speculation 4 Speculation - high risk investments in hopes of making quick profits 4 ______________- Paying only a fraction of the cost and borrowing the rest

49 Economic Danger Signs 4 “Too many goods, too little demand” 4 Assembly lines were producing more products than people were able to buy 4 Auto industry and housing starts had already slumped before 1929

50 Economic Danger Signs 4 Trouble for Farmers & Workers –Many could not meet their mortgages, forcing 6000 rural banks to fail in the 1920s –Congress passed relief bills in 1927 & 1928 but President Coolidge vetoed them –Many industry workers continued to work in dangerous jobs for small wages –Textile workers in Tennessee - 56 hour week for $10 a week

51 Summary Clear signals of trouble in the economy Uneven wealth Rising debt Stock speculation Over- production Hardships of farmers and workers

52 The End!


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