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Normalcy & Good Times Politics and Economics of the 1920’s

Normalcy & Good Times Politics and Economics of the 1920’s. Petterson Chapter 16. President Harding. Administration is plagued with corruption and scandal Ohio Gang – Harding gives cabinet & administrative positions to old buddies.

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Normalcy & Good Times Politics and Economics of the 1920’s

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  1. Normalcy & Good TimesPolitics and Economics of the 1920’s Petterson Chapter 16

  2. President Harding Administration is plagued with corruption and scandal • Ohio Gang – Harding gives cabinet & administrative positions to old buddies. • Teapot Dome Scandal – Albert B. Fall (Sec. of Interior) allowed private businesses to lease lands containing U.S. Navy oil reserves in Wyoming and California. • He accepts < $300,000 in bribes. • First cabinet member to go to prison. • Harry Daugherty (Attorney General) refused to submit requested files in a Justice Department investigation of his unethical seizure of enemy businesses in WWI. • He also claimed immunity and refused to testify under oath. • He was forced to resign by Harding’s successor, Coolidge.

  3. President Coolidge Worked to restore integrity to the presidency. • Appointed capable Cabinet members. • He believed Gov’t should not interfere with business or industry.

  4. Economic Growth America becomes a “Consumer Society” • New industries – • Automobile – uses mass production and assembly line for faster, cheaper production. • Consumer Goods – electric razors, facial tissues, frozen foods, cleaning products • Appliances – “time savers” irons, vacuums, refrigerators, stoves, cookware. • Hygiene – mouthwash, deodorants, cosmetics. • Airline – for transportation, mail delivery • Charles Lindberg’s first solo flight across the Atlantic. • Radio – National Broadcasting Company – daily programming. Columbia Broadcasting Company – sells advertising time and invites “stars” on shows.

  5. Andrew Mellon becomes Secretary of Treasury and encourages growth of the American economy. • 3 goals: Balance budget, reduce debt, cut taxes. • Supply–side economics – theory that lower income taxes will boost the economy by promoting investment by business and individuals, creating higher tax revenue. Economic Stability • Hoover, Sec. of Commerce, promotes economic stability • Cooperative individualism – encourages manufacturers and distributors to form organizations and give information to the federal government to stimulate the economy.

  6. Foreign Affairs • Isolationism – After WWI, America did not want to officially join the League of Nations, but we sent delegates and made agreement between individual nations. • The Dawes Plan – negotiated by Charles G. Dawes in 1924, in which Germany would be able to borrow money from America to repay their war debt. France and Britain would accept less in reparations and pay more towards their war debt.

  7. The Washington Conference – Nov. 1921 – Feb. 1922 a meeting of the major world powers to discuss disarmament. Several agreements between nations led to limits on warship production restrict building of new naval bases respecting the territory of other nations. Kellogg-Briand Pact – signed on August 27 1928 to outlaw war. Ratified by 62 nations that agreed to settle disputes peacefully.

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