Summary of the 1920s in America: Cultural and Political Changes

Cultural Change: The 1920s saw an influx of immigrants and new ideas, leading to cultural expressions like the Harlem Renaissance.
Political Change: Emergence of black nationalism with figures like Marcus Garvey advocating self-governance for African Americans.

Definition: Black nationalism is the belief that people of color should govern themselves.
Historical Roots: This idea reemerges in several periods of American history, notably the 1920s and 1960s.
Marcus Garvey: Born in Jamaica, he founded the Universal Negro Improvement Association (UNIA) in 1914, promoting pride in African heritage and history.
Vision: Garvey encouraged African Americans to return to Africa for self-governance and uplifting their race.
Black Star Line: A shipping company created by Garvey to facilitate this return to Africa, which faced many operational issues and ultimately failed.

Economic Growth: The 1920s are characterized by economic prosperity, with the stock market rising 500% during the decade.
Stock Market Crash of 1929:
- Major drop in stock market values began on October 23, 1929, leading to massive financial losses ($4 billion in one day).
- Continued declines resulted in widespread bank failures and business closures.
- Average unemployment during the 1930s reached 20%, significantly affecting the economy.

Causes: Stock market crash, business closures, unemployment, and bank failures led to the Great Depression, one of the worst economic crises in U.S. history.
President Hoover's Response: Initially, Hoover believed the economy would self-correct, facing criticism for inaction.

Election of 1932: Aimed at addressing the economic crisis and restoring public confidence in government.
Key Components of the New Deal:
- Legalization and taxation of alcohol through the 21st Amendment to generate revenue.
- Creation of jobs via government-funded work programs (WPA, PWA, CCC).
- Establishment of Social Security to support the elderly and boost job openings for younger workers.
- Creation of the FDIC to protect bank deposits and prevent future bank failures.

Huey Long's Share Our Wealth Program: Advocated for wealth redistribution, promising payments to families and a minimum wage, yet lacked economic feasibility.
Business Plot Opposition: Some business leaders viewed the New Deal as going too far, looking towards authoritarian strategies seen in other countries.

While the New Deal did not end the Great Depression, it significantly improved life for many Americans, changing the role of government in the economy and establishing safeguards to prevent future crises.