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Unformatted text preview: 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 didnt have to live close to work growth of the suburb: expands housing industry, infrastructure, shopping, schooling etc)- Great Bull Mkt o Consumers didnt 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 Didnt 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...
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