1. I: 1920s Economy: Stereotypes, Foundations & Structural Weaknesses Stereotypes: Roaring Twenties, Age of Prosperity Foundations of Economic Growth: From debtor nation to creditor nation Assembly line production Auto industry (Henry Ford) Glass, steel, concrete, rubber, motels, service stations, etc, and oil. Electrical utilities, construction Advertising, credit buying Stock Market growth

3. 1920s: Economic Complexities Recession, 1920-1921 Tariffs: Emergency, 1921; Fordney-McCumber, 1922; Hawley Smoot, 1930 Foreign Trade and Financial Transactions: US GERMANYFRANCE/GREAT BRITAIN Agrarian Depression: McNary-Haugen Bill (1927, 1928) Labor Policy: decline of industrial unions and growth of company unions Tax Policy: Andrew Mellon, Secretary of the Treasury, reduced taxes for: high incomes, corporate gains, inheritance: exacerbates maldistribution of wealth? Lack of Stock Market Regulation: Wild Speculation: October 29, 1929 Crash

4. Stock Market Crash & Beyond

5. Causes: Debatable & Incontestable 1) Maturing of Key Industries 2) Rural Depression 3) Decline of Labor 4) Andrew Mellon's Tax Policy 5) Unhealthy State of Foreign Trade and Finance 6) Unsound Corporate (Pyramid) Structures 7) Excessive Stock Market Speculation 8) World Context of Economic Depression

6. Hoover & FDR: Ideological Opposites or Degrees of Difference? Hoover: Ideology and Actions American Individualism (1922); The Challenge to Liberty (1937) a) Hawley-Smoot Tariff, 1930 b) Federal Farm Board c) Bonus Army d) Reconstruction Finance Corporation Franklin Delano Roosevelt 1920 Democratic Vice Presidential Nominee Governor of New York, 1928, Re-elected, 1930 San Francisco Commonwealth Club Speech, September 23, 1932 www.americanrhetoric.com/speeches/fdrcommonwealth.htm Election of 1932, FDR (D) V Hoover (R) www.americanrhetoric.com/speeches/fdrcommonwealth.htm F.D.R.(D)57.4Hoover (R)39.7

7. The 1932 Campaign

8. Election Results by State

9. Election Results by County