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The Business of America
The Roaring 20’s (1919-1929)
Chapter 25 Section 1
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Essential Questions:
• What is the purpose of government?
• Is the U.S. Government intervening in YOURYOUR life now? How? Is that right?
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Warren G. Harding• Won the 1920
Presidential Election
• Promised America a “Return to Return to NormalcyNormalcy,” & “Prosperity at Home Prosperity at Home & Peace Abroad Peace Abroad.”
• What Did He Mean?
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1920’s Booming Economy
• Harding Wanted to Help Americans EconomicallyEconomically $$$
• Lowered Taxes:– Americans Have
More $$$ to Spend
• Higher Tariffs On Foreign Goods:– Domestic (USA)
Goods Cheaper
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Foreign vs. Domestic
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Harding’s Economic Philosophy
• “There should be less government in business and more business in government.”
• What did he mean?
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The Teapot Dome Scandal
• Harding Chose His Friends From Ohio to be in His Cabinet (Advisors)
• The “Ohio GangOhio Gang”
• Many of Were Corrupt!– Used Their Positions
in Government to Make $$$
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The “Ohio Gang”
• Harding’s Cabinet “Friends” Took Illegal Bribes to Drill for Oil
• Oil Companies Had Found Oil in Teapot Dome, Wyoming
• It was Government Preserved Land
• “Ohio Gang” Gave Oil Companies the Right to Drill (Against the Law)
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Presidential Scandals
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Harding Dies: VP Calvin Coolidge Becomes President (1923)
• During Summer of 1923, Harding Went on a Campaign Tour
• Learns of Teapot Dome Scandal While On Tour
• Dies a Few Days Later
• Vice President Calvin Coolidge is Sworn in as President
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Calvin Coolidge
• Calvin Coolidge Cleaned Up the Teapot Dome Scandal
• Ran for Election in 1924 & Won!
• Believed in Laissez-FaireLaissez-Faire Economics
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Laissez Faire Economics• “Laissez Faire”
Means “Hands-Off” in French
• Coolidge Believed:– “Business, if left Business, if left
unregulated by the unregulated by the government, would act government, would act in a way that would in a way that would benefit the nation.”benefit the nation.”
• Coolidge Also Believed:– “The Chief Business of The Chief Business of
the American People is the American People is Business.”Business.”
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Laissez Faire Economics• Coolidge Also
Believed Government Should NOTNOT Help Citizens with Social or Economic Problems
• Not Government’s Problem!
• Coolidge Refused to Help Struggling Farmers in the 1920’s
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Problems of the Farmers• In the 1920’s,
Farmers Had MajorMajor Problems
• New Machinery = More Production
• Supply & Demand:– U.S. Farmers Made
More Food = Prices $$$ Dropped
– Farmers Went Broke
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Congress Tried to Help• Congress Passed a
Law to Buy Farmers Extra Food:– Buy the Extra Food,
Less Supply– Prices Would Rise
• Coolidge VetoedVetoed the Bill:– Laissez Faire!
• Coolidge Feared Citizens Would Rely on the Government to Always Solve Problems!
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Isolationism
• Harding & Coolidge Were Isolationists
• IsolationismIsolationism – U.S. Would Stay Neutral, OUTOUT of the World’s Problems
• Coolidge Signed the Kellogg-Briand PactKellogg-Briand Pact:– 15 Countries Agreed
Never to Fight Each Other Unless in Self-Defense
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“Roaring” Economy of the 1920’s
• Economy was “Booming” in the 1920’s:– No Government
Interference
• Annual Income Went Up 35%:– $512 to $722
• If You Were Making $50k & Got a 35% Increase, What Would Your Salary Be?
• What Would YOUYOU Spend it On?
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Business Cycle (Booms)• People Buy More
Products & Invest in Companies More
• Companies Get MOREMORE Investment Capital, Hire More Workers, Make More Goods, Sell More
• More Workers = More Paychecks = More Spending!
• Business Grows!
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More $$$ = More Spending!
• Americans Had More $$$ to Spend on Leisure Activities & Goods
• More Spending = Business Make More $$$ = Hire More Workers = More Spending = Etc...
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Henry Ford• Determined to
Make a Car Everyone Can Afford! WhyWhy?
• Who Makes More $$$? Honda or Ferrari?
• 1st Car Ever was the Model T
• Cost $335
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The Assembly Line• Speeds Up Production
• More Goods Produced Lowers the Price
• 1 Model T was Produced Every 10 Seconds
• Tough on Workers!
• Standard of Living Goes Up for All!– More Americans Can
Afford More Goods!
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“I Love Lucy”
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Installment Buying• Buying a Product on
Credit (Just Like a Credit Card)
• Pay Off in Payments Once a Month
• More Americans During the 1920’s Started Buying Products on Credit
• My Bose Stereo/Car/ House/Etc…
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Life Made Easier
• Cheap Petroleum/Fuel & Electricity were Widely Used
• Powered New Inventions
• Vacuum Cleaners, Sewing Machines, Dishwashers, Washer & Dryers, Toasters, Fans, Etc…
• More Americans Bought More New Products
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Beginning of the Air Age• Planes Were Now
Used for Crop Dusting, Stunt Shows & Training Pilots
• The Post Office Began Mail Service in 1918
• Pan American Airlines was the 1st Ever Passenger Airliner (1927)
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Charles Lindbergh & Amelia Earhardt
• Charles Lindbergh Was the 11stst Man Man Ever to Fly Across the Atlantic Ocean in 1927
• Amelia Earhardt Was the 11stst Woman Woman Ever to Fly Across the Atlantic Ocean in 1928
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Essential Questions:
• What is the purpose of government?
• Is the U.S. Government intervening in YOUR life now? How? Is that right?