How did the US economy change ?

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Presentation transcript:

How did the US economy change 1910-20? Basic Facts

The US economy in 1910 By 1910 the US economy was one of the world’s strongest. Both industry and agriculture were strong. All classes were beginning to benefit. There was regular employment and steady incomes. The economy was on the upturn. However, not all Americans were benefiting...

Those who did not benefit Poor, illiterate immigrants in the cities Black people living in the south Native Americans living in poor conditions on the reservations

Impact of the First World War USA had been reluctant to enter the war and did not join until 1917. This benefited US industry and agriculture as they were able to supply war-torn Europe.

Consequences of WWI US firms able to make technological advances like Bakelite (plastic). Development of mass production speeded up production and lowered costs. US farmers sold surplus produce to Europe. US banks lent money to Europe. Businessmen invested in western European firms for future profit.

Consequences of WWI In the months after Nov 1918 many of the US soldiers returned home. US factories, which had been expanding to cope with supplying the war, were now shedding jobs. This led to UNEMPLOYMENT.

Consequences of WWI Employers began to refuse demands for wage increases as they knew they could replace workers easily. However, living costs had risen substantially since 1914. 1919 wave of strikes across the country. Fear of Communism and racial tensions increased.

1920 Beginning of economic recession By 1921 over 5 million were unemployed. BUT slowdown did not last long. By 1922 the economy was showing signs of recovery.