Studied by 3 people
Economic Boom & Roaring Twenties
Economic Boom
dynamic growth of the American economy in decade after the WW1
Factors behind economic boom
Industrial Strength, Republican Policies, A state of mind, First World War, New Industries
Isolationism
turned its back on the world and
focused on itself, USA made money/business, over the next 10 years, their economy would boom.
Industrial Strength
Growing population -> new city dwellers -> important →market for US industries, No need for import because there are raw materials, Some industries: steel, coal, oil, textile, electricity, motor, cars, telephones, chemicals
First World War
Lent money to the Allied Forces and sold war weapons and food, Trade around the world ->boost of American industry, Development of aircraft technology and outweighed Germany in chemical industry.
USA System of Goverment?
Federal System, all individual states look after their own internal affairs, questions that concern all states are dealt by the congress.
What are the two political parties in USA?
Republicans and Democrates
Republican Policies
Laissez-Faire: “leave the businessmen alone”, Foreign tariffs (tax on foreign goods) - led to focus on American goods (higher income of American companies), Low taxation: benefits both the ordinary and wealthy people, powerful trusts (corporations) - dominate the economy
What is a production line?
A line of machines equipment, workers, etc, aimed to speed up the process of creating products.
A state of mind
”right to prosperity”, attitude of consuming confidence in USA: businessmen – to try new ideas and ordinary Americans - to buy goods (credit)
Note
Flashcard