Exam 2 Study Guide - 1 Write an economic history of the...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
1. Write an economic history of the United States in the 1920s. What explains the prosperity of the 1920s? Why was the 1920s hailed as a “New Era?” What was the “business- government partnership” of the 1920s? In what way was this an era of “economic nationalism?” Economic history of US ‘20s: - Imperial America o Roots for expansion: Industrial revolution made US 2 nd in industrial production to UK, growing nation, developing economy attracted foreign capital, people used to think China trade would be key to American prosperity (which it is now) – people thought control of the seas = prosperity, it was Manifest Destiny on a world scale- except not Native Americans, but countries who were less developed than us o Trade (with Latin America) and colonies (Midway Alaska Samoa Hawaii from late 19 th C) had expanded through international imperialism (fight to get colonies) o Acquirement of new mkts (foreign trade, colonies bases) o Racism (the ethnocentric belief that they needed to colonies the suffering barbaric non-Christian lives) o Navy development (US competes with so many countries w/ colonies for commercial success, had to aggressively pursue this with merchant marine fleet) o Good ex. Taft had aggressive economic expansion policies & commercial abilities: ‘dollar diplomacy’ (aggressive coupling of American political and economic interests abroad - 2 nd Industrial Revolution After WW1, the culture of consumerism changed the politics of American society (many Americans worked fewer hours, made higher wages, invested in stock market, and bought billions of new products) New consumer goods, assembly line, industrial output doubled in 20s, electricity, automobiles (which meant didn’t have to live close to work – growth of the suburb: expands housing industry, infrastructure, shopping, schooling etc) - Great Bull Mkt o Consumers didn’t just buy goods, also invested o Credit, hire purchase, dividends, wages o Stock market boomed, as Americans bought shares on credit = more shares = expanded businesses = output increased - Leisure time and cultural change (amusements, women, youth rebellion, sexual revolution) o Movies, music, radio, sports, etc o Women had more economic dependence o Lots of emphasis on Want instead of Need - Harlem Renaissance o An explosion of black culture staring in NY, around 1925 o Didn’t want to follow white/Euro culture – had new ways of sociology, history, philosophy, books, movies, literature, dance, etc o Championed black separatism o Collapsed because not enough enthusiastic leadership and middle class and elite who could be apart of it was not a big enough base Prosperity: - Business boom - Economy experienced steady growth during 20s o Machines o Factories o Process of Standardized Mass Production - All of these led to better technology, more efficiency, higher wages, more production, more demand, and more mass production again - 1) WWI on tech o labor shortage for what all was needed for war, increased production, more jobs, more efficiency, foreign countries bought goods from
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern