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A Growing Economy

A Growing Economy. 1920s Economic Boom. Social Impact of the Automobile. Cars Revolutionized American Life New Businesses: car repair shops and gas stations People could live farther from work “Commuters” Suburbs: communities just outside of the city center. Consumer Goods Industry.

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A Growing Economy

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  1. A Growing Economy 1920s Economic Boom

  2. Social Impact of the Automobile • Cars Revolutionized American Life • New Businesses: car repair shops and gas stations • People could live farther from work • “Commuters” • Suburbs: communities just outside of the city center

  3. Consumer Goods Industry • People had more money to spend (disposable income) so new products came to market: • Electric razors • Tissues • Frozen foods • Home hair dye • Home cleansers • New appliances

  4. New Appliances • Electric irons • Vacuum cleaners • Washing machines • Refrigerators • Gas stoves • Improved glass cookware

  5. Personal Hygeine • Mouthwash • Deodorant • Cosmetics • Perfumes

  6. Airline Industry • Wright Brothers 1903 Kitty Hawk, N.C. • First controlled powered flight of a heavier than air craft • Glenn Curtiss • Inventor who started building practical aircraft in the teens and 1920s • By 1928, there were 48 airlines serving 355 American cities

  7. Charles Lindbergh • 1927: Lindbergh crossed the Atlantic by himself in a plane without stopping for fuel or rest

  8. Total flight time: 33 hours, 30 minutes, 29.8 seconds. • Charles Lindbergh had not slept in 55 hours.

  9. Consumer Society • Easy Consumer Credit • Attitudes toward debt and credit started changing • “Buy now and pay in easy installments” • Pre 1920s: Debt = BAD • 1920s: Debt = normal • 75% of radios and 60% of cars bought on credit

  10. Managerial Revolution • Companies started to use modern management techniques • Companies were divided into divisions with different functions • Sales • Marketing • Accounting • Operations • These divisions were run by managers…typically with business school training

  11. Welfare Capitalism • Corporate benefit programs made unions seem unnecessary • Employees bought stock • Participated in profit sharing • Medical care • Pensions • Employers promoted the “open shop” a workplace where employees were not required to join a union

  12. 1920s Politics • Warren Harding, Calvin Coolidge, Herbert Hoover • Much different philosophy on economics • Policies of “laissez-faire” on economic and business issues

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