The Boom Economy of the 1920s

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The Economy During the 1920s

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Presentation transcript:

The Boom Economy of the 1920s An Exploration

Big Business Harding, Coolidge and Hoover all believed in laissez faire policies Many progressive reforms overturned Mergers on the rise Period of great expansion

Union membership

Union membership on decline throughout 1920s Unions Union membership on decline throughout 1920s Effects of Red Scare Government and courts sided with business Economic prosperity eases demand for unions

The Automobile 1920s begins the “Automobile Age” Production goes up, prices go down Car ownership expands Stimulates economy

Automobile Age The car helped the economy in several ways Demand for inputs Wages for labor Highway and road construction

Henry Ford Business pioneer “Fordism” Mass production Mass consumption “Any color as long as it’s black!” Mass consumption Higher wages Americanization

Other Sectors Also Strong Construction Electrical Goods Modern conveniences Appliances Durable Goods Entertainment

Critical Thinking What is the significance of the expansion of radio?

American Cities Grow 1920 Census: Over 50% of Americans live in cities Detroit and Los Angeles arrive

But Farmers Have Problems Prices that had risen as a result of WWI begin to fall Many farmers had borrowed to buy land that is now worth much less Attempts at farm subsidies were rejected by Coolidge

Were 1920s Prosperous for All? Income inequality grew 1920: Top 1% earn 12% 1929: Top 1% earn 19% But standard of living rose for all Electricity Sanitation Health care

Stock Market A decade of impressive growth Bull market By some measures, value more than triples Buying on margin Put 40-50% down, borrow the rest Boom not based on fundamentals Most believe it was “irrational exuberance” Similar to “Tech Bubble” in 2000

What Goes Up…