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I: 1920s Economy: Stereotypes, Foundations & Structural Weaknesses

I: 1920s Economy: Stereotypes, Foundations & Structural Weaknesses. Stereotypes : Roaring Twenties, Age of Prosperity Foundations of Economic Growth: From debtor n ation to creditor n ation Assembly line production Auto industry (Henry Ford)

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I: 1920s Economy: Stereotypes, Foundations & Structural Weaknesses

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  1. I: 1920s Economy: Stereotypes, Foundations & Structural Weaknesses • Stereotypes: • Roaring Twenties, Age of Prosperity • Foundations of Economic Growth: • From debtor nation to creditor nation • Assembly line production • Auto industry (Henry Ford) • Glass, steel, concrete, rubber, motels, service stations, etc, and oil. • Electrical utilities, construction • Advertising,credit buying • Stock Market growth

  2. 1920s: Economic Complexities • Recession, 1920-1921 • Tariffs: Emergency, 1921; Fordney-McCumber, 1922; Hawley Smoot, 1930 • Foreign Trade and Financial Transactions: US GERMANY FRANCE/GREAT BRITAIN • Agrarian Depression: McNary-Haugen Bill (1927, 1928) • Labor Policy: decline of industrial unions and growth of company unions • Tax Policy: Andrew Mellon, Secretary of the Treasury, reduced taxes for: high incomes, corporate gains, inheritance: exacerbates maldistribution of wealth? • Lack of Stock Market Regulation: Wild Speculation: October 29, 1929Crash

  3. Stock Market Crash & Beyond

  4. Causes: Debatable & Incontestable • 1) Maturing of Key Industries • 2) Rural Depression • 3) Decline of Labor • 4) Andrew Mellon's Tax Policy • 5) Unhealthy State of Foreign Trade and Finance • 6) Unsound Corporate (Pyramid) Structures • 7) Excessive Stock Market Speculation • 8) World Context of Economic Depression

  5. Hoover & FDR: Ideological Opposites or Degrees of Difference? • Hoover: Ideology and Actions American Individualism (1922); The Challenge to Liberty (1937) a) Hawley-Smoot Tariff, 1930 b) Federal Farm Board c) Bonus Army d) Reconstruction Finance Corporation • Franklin Delano Roosevelt 1920 Democratic Vice Presidential Nominee Governor of New York, 1928, Re-elected, 1930 • San Francisco Commonwealth Club Speech, September 23, 1932 www.americanrhetoric.com/speeches/fdrcommonwealth.htm Election of 1932, FDR (D) V Hoover (R) F.D.R. (D) 57.4 Hoover (R) 39.7

  6. The 1932 Campaign

  7. Election Results by State

  8. Election Results by County

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