Studied by 16 people
What happened for farmers during the war
They were encouraged to produce more wheat and were given subsidies
What did some farmers do as a consequence for increased production during the war
Took out loans to buy machinery and farmland
What happened to the farmers after the war had ended
They produced too much wheat and prices fell. Some went bankrupt.
What also happened to cotton farmers?
They were affected by the boll weevil
What was the boll weevil
A beetle that eats young cotton plants. Led to a 34% drop in production by 1921
What happened to the Coal Industry in 1900s
1930: 60% decrease from 1900
What effect did Isolationist Tariffs have on goods?
Led to similar tariffs put on the US. Led to people being encouraged to “Buy American”
What was Mass Production
A technique of breaking down production into a series of steps with each worker responsible for a step
What was the most effective example of Mass Production
Henry Ford’s factories
Why were Mass Produced products more affordable
Produced more quickly and cheaply
How many passenger cars in 1917 compared to 1929
1917: 4,727,468
1929: 23,060,421
What was the knock on effect from Mass Production
Increased production of raw materials needed to make the product
Why was the Ford Model T becoming more affordable specifically?
Production was streamlined, only produced one type of car
What did the price decrease from in 1914 to 1924 for a Ford Model T
1914: $825
1924: $260
What was the economic boom driven by?
Consumer Spending
What new management style did some employers start to use
Scientific Management Ideas
How did Scientific Management Ideas work
Each task is broken down into a series of movements, the worker is then trained in the best way to do that task
What did Scientific Management Ideas lead to in the work place
Increased wages, good working conditions, benefits for those who worked longer
What are some federal policies that helped the economic boom
Kept some wartime subsidies for farmers
Cut taxes for businesses to increase “Buying American”
What is Hire Purchase
Paying companies for goods in a series of fixed payments
What happened as the sense of prosperity rose in the 1920s
More people bought homes and farms on mortgages
Banks were more eager to lend money
What did consumer debt rise from in 1920 to 1929
1920: $3.3 billion
1929: $7.6 billion
How many homes had electricity in 1917 compared to 1930
1917: 7,889,000
1930: 24,555,732
What is a Dividend
A regular payment made by companies to their shareholders
What is a Bull Market
When share prices rise and people expect this to continue
What is Buying on the Margin
Buying shares with borrowed money to sell quickly to profit
What is a Bear Market
When the price of shares falls and people expect the fall to continue
In 1929 what caused the Wall Street Crash
Demand for consumer products decreased.
Companies did not stop production.
Unemployment rose.
Investors got cold feet and began to sell rapidly.
Media stirred that a crash was coming.
Everyone began to rapidly sell
What happened as businesses and banks went bust following the WSC in 1929
Unemployment rose
Many couldn’t afford their mortgage payments and lost their homes
What was Roosevelt’s first action as president
To close all banks and have FED inspect and reopen “healthy banks”
In 1937 what was setup to help with slum clearance
Wagner-Steagall Housing Act set up Federal Housing Administration
What helped the USA from the depression
The move to war production after World War 2 broke out
What did production from in 1945 to in 1950
1945: $213 billion
1950: $284 billion
What did the business boom post war encourage employers to do
Expand workforces
Increase wages
What was the post war “Baby-Boom”
Fuelled by men returning from war and wanting to settle down
When were the 3 highest years of the “Baby-Boom”
1956-1958
What did nappy sales increase from in 1947 and to in 1957
1947: $32 million
1957: $50 million
What did toy sales increase from in 1959 and to in 1961
1959: $1.6 billion
1961: $2 billion
What did the GI Bill provide for veterans
Higher Education or Training
Where did factories, colleges and universities move to.
Outside cities where there was more land
Who funded the building of highways and houses
The government (1956 Highways Act built 41,000 miles of highways)
What did the Levitt Company do?
Specialised in mass-produced, pre-fabricated houses
Who did Levitt refuse to sell to?
Black Americans
By the 1950s what was happening to America’s place in world markets
They were losing their place as the country of technological innovation
What was draining government finances in the 1960s
The Vietnam War
What did the 1944 Brenton Woods agreement do
Tie the US Dollar to the gold reserves
What is Stagflation
When business stops expanding and stagnates while inflation rises
What is the Consumer Price Index
An index that shows how the cost of basic necessities varies
What happened to workers whose wages were tied to the Consumer Price Index
Their incomes were in line with inflation
What was the USA’s share of the world’s exports in 1953 compared with 1963 and 1973
1953: 29%
1963: 17%
1973: 13%
What happened after the Vietnam War ended
Government cut spending on the war.
Veterans returning from war added to the unemployment and a drain to social and medical benefits
When were the 2 fuel crisis
1973
1979
What is OPEC
Organization of Petroleum Exporting Countries
What did OPEC do to oil prices in 1973
Raised them by 70%
By 1974 what were the effects from OPEC on the price of oil
It was 4x higher and prices never returned to earlier levels
How long did the fuel shortage last in 1979
May to July
What effects did inflation have on the USA in the 1970s
A depression set in. Unemployment rose and people were scared to spend money
What was the rise in unemployment from 1978 to 1979
1978: 5.8%
1979: 7.1%
What did Carter say the crisis the US was facing was?
A confidence crisis
What did Home Ownership and Renting increase to in 1940 from 1920
1920: 6,700,000 (Owned) | 12,900,000 (Rented)
1940: 15,200,000 (Owned) | 19,600,000 (Rented)
In 1940 what % had an indoor flushing toilet
59.7%
In 1940 what % had running water in the house
69.9%
In 1940 what % had a bath or shower
56.2%
In 1940 what % had electric lights
78.7%
In 1940 what % had relied on oil lamps
20.2%
In 1940 what % cooked by gas
48.8%
In 1940 what % had cooked by electricity
5.4%
In 1940 what % had central heating
42%
In 1940 what % had an electric fridge
44.1%
In 1940 what % had a radio
82.8%
By 1929 what percentage of goods were sold in retail stores
21.9%
What was the first major chain store
J.C Penney
In 1930 people spent what % of their income on food
23.9%
In 1930 people spent what % of their food on eating out
13.4%
In 1933 people spent what % of their income on food
25.9%
In 1933 people spent what % of their food on eating out
12.9%
In 1940 people spent what % of their income on food
21.1%
In 1940 people spent what % of their food on eating out
15.1%
What did Roosevelt’s Rural Electrification Administration (1935) do
To get electricity and therefore radio to rural areas
How many power lines did the REA run in 1939
100,000 miles
In the 1930s what happened to the death rates from Smallpox, Diphtheria, Polio ect.
Dropped steadily with an exception in the early 1930s
How much did the government spend on healthcare in 1917 compared to 1930 and 1940
1917: $3,100,000
1930: $11,000,000
1940: $32,700,000
How many children aged 14-17 were in school in 1917 compared to 1929 and 1940
1917: 27.1%
1929: 51.5%
1940: 73%
What was the yearly wage of a farm worker
$298.32 /yr
What happened to consumer spending as a result of WW2
It reduced as industry shifted to the War
How did the American Way change with the War
It was now not the American Way to consume but rather to shrimp and save
What happened after the end of the war
Industry returned rapidly to the production of peacetime goods.
What happened as a result of the post war economic boom
A burst of consumerism that made the consumerism of the 1920s insignificant
What did manufacturers realise about their goods
Constantly updating their goods made people buy more often
What happened to the quality of products post WW2
They were made less sturdy, also made to wear out quickly so that they would have to be replaced more often
How much was a TV in 1948
$200
Where was the only place TVs in 1948 could get reception
New York
What percentage of homes had TVs in:
1950, 1955, 1960
1950: 9%
1955: 65%
1960: 80%
How many broadcasting stations were there in:
1948, 1954
1948: 16
1954: 354
What happened as more people stayed home instead of going out
TV Dinners became popular
What helped with the growth of the toy industy
Developments in the plastic industry
How did advertising to children develop
Products aimed at children were being advertised around children’s shows and radio
What power did children have that advertisers and manufacturers like
Pester-Power
What other group was a target for “Pester Power”
Women
What were women the major targets for with advertsiing
Labour-Saving devices
Domestic shopping
Note
Flashcard