Rise of the American Economy

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Presentation transcript:

Rise of the American Economy Learning Objective: To understand the reasons for the economic ‘boom’ in 1920s America.

Boom Boom Boom Learning Outcomes: Explain what an ‘economic boom’ is Identify what caused an economic boom in the USA Evaluate the reasons for the boom and decide which was most important.

What is an economic boom? An economic boom is a rapid growth in a countries money making that leads to greater prosperity (wealth) In America, this growth was based around consumer goods – luxury goods that people wanted to buy but didn’t really need.

Consumerism

Consumer Goods in America 1919 1929 Cars 9 Million 26 Million Radios 60,000 10 Million Telephones 20 Million

Why did America Boom? World War I Industrial Strength Government Policies A State of Mind New Industries

World War One American Industry benefited from selling war goods to Britain and France (food, munitions). The war was fought in Europe – Hugely disrupted British and French economies as resources had to be diverted for the war effort.

World War One Many Countries ended up borrowing huge sums of money from the USA – At the end of the war Britain owed America £900 million. America took over European overseas markets – eg. America took over Germany as leading exporter for chemicals.

Industrial Strength America had large Natural Resources. Oil – Texas Coal – Kentucky Iron – Chicago America had good farming (agriculture) Cattle Ranching - Colorado

US Exports 1914-1917 ($ Millions)

Government Policies Laissez Faire – Means leave alone. Republicans believed that if the government didn’t interfere with peoples lives then they would be free to make money. Tariffs – Taxes placed on imported goods which forced Americans to buy American goods. E.g. Fordney-McCumber tariff (1922).

Government Policies Low Taxes – so people had more money to spend thus helping the economy grow. Rugged Individualism – People achieve success by their own hard work. Term used by President Herbert Hoover

A State of Mind Americans felt so confident that in the 1920s they started to borrow money to buy goods. Companies increasingly offered ‘Hire Purchase’ (or ‘credit’). People also began to buy shares ‘On the margin’, which meant that bought shares by only paying 10% of their value. Eg. Pay for a car in instalments

New Industries The 1920s saw a dramatic change in American society, for example: Henry Ford ran the Ford Motor Company. It made the most famous car in the 1920s – The Model T By 1929 they were making more than 1 car a minute. This was made possible by mass production and the use of the assembly line – The cars were moved along whilst workers did repetitive tasks all day (it might be your job to put on the wheels).

More people had jobs Prosperity Older industries grow Steel More cars were made New Opportunities Older industries grow More parts are needed Prosperity Steel Glass Rubber Leather Petrol Stations Motels Road building

Was the Boom a good thing for Americans? Plenary What caused the Boom? What did the Boom create? Who helped kick start the Boom? Complete your own concept map on the ‘Economic Boom’. Use the words in the box to help you. The images will help you start. Economic Boom Consumerism Radio Cars Refrigerator Republicans WW1 Exports Industry ‘Hire Purchase’ Confidence Jobs Opportunities Resources Oil Coal Agriculture