Chapter 10 The Twenties

Chapter 10 The Twenties - THE TWENTIES: THE AFTERMATH OF...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
157 THE TWENTIES: THE AFTERMATH OF WORLD WAR I Excess always carries its own retributions. Quida (1839-1908) READINGS: Stranges, Chapter 10 Henretta, Chapter 23 I. INTRODUCTION: THE THREE PRIMARY PROBLEMS THAT SHAPED AMERICAN SOCIETY IN THE 1920s Economy: How could the country’s leaders maintain a healthy national economy? Four subdivisions comprised the economy: industrial, financial, labor, and agriculture. What part did government play? Politics: How should authority be divided between national and local government? National politics dealt with the economy. Local politics dealt with the more sensitive social, cultural, ethnic, and moral values. Culture: What values should govern the individual in society? A shift from idealism to disillusionment to materialism emerged. What was the individual’s place in society remained an undecided issue. II. THE MODERN ECONOMY 1920-29 The organization of the economy: four main subdivisions comprised the economy. The industrial component consisted of oligopolies as in the communications, electrical, and automobile industries, and trade associations as in the textile and construction industries. In the communications industry NBC, established in 1926, and CBS, established in 1927, controlled radio broadcasting. In the electrical industry Westinghouse Electric established in 1886; General Electric established in 1887; and Samuel Insull (1859-1938), Edison’s former secretary who began consolidating companies in 32 states, controlled the electrical industry. Insull’s empire collapsed in 1932. He obtained an acquittal on fraud charges in 1934. J.P. Morgan and Cyrus Eaton (1885-1979), a founder of Republic Steel in 1930, were other major figures. The automobile revolutionized Americans’ way of living and dying. It led the way for an industrial upsurge in related industries, such as the steel, petroleum, rubber, glass, and concrete industries. The Ford Motor Company, established in 1903, was a major player in the automobile industry. Henry Ford (1863-1941) in Dearborn, Michigan, set up an assembly line in 1909. It decreased production time from 14 hours to 93 minutes and reduced the price of a Model-T from $950 in
Background image of page 1

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

View Full DocumentRight Arrow Icon
158 1909 to $650 in 1913. Ford also introduced an 8 hour, $5 per day work week in 1914. He doubled the prevailing average annual wage of $650. In 1912 Ford sold 40,000 cars and had 20 percent of total sales. In 1921 it sold 945,000 cars for a 55 percent share. General Motors in Detroit, established in 1908 by William C. Durant (1861-1947) and reorganized in 1918 by Charles Ketering (1876-1958) and Alfred P. Sloan (1875-1966), and the Chrysler Company that Walter Chrysler (1875-1940) established in 1925 were the other main automobile manufacturers. By 1930 GM, Ford, and Chrysler controlled 83 percent of the market. Other automobile manufacturers in the 1940s, such as Henry Kaiser (1882-1967), John
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/27/2008 for the course HIST 106 taught by Professor Smith during the Spring '08 term at Texas A&M.

Page1 / 9

Chapter 10 The Twenties - THE TWENTIES: THE AFTERMATH OF...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online