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Chpt 23 Outline From New Era to Great Depression, 1920.1932

Chpt 23 Outline From New Era to Great Depression, 1920.1932...

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The American Promise , 4 th edition Chapter 23 Outline From New Era to Great Depression, 1920-1932 I. The New Era A. A Business Government 1. From 1921 to 1933, Republicans controlled the White House; Warren G. Harding, the first of the three Republican presidents, was elected in 1920. 2. At the time of Harding's inauguration, the national unemployment rate hit 20 percent, the highest ever suffered up to that point. 3. Harding pushed several measures to aid American enterprise and regain national prosperity; his policies to boost American enterprise made him a very popular president, but ultimately the corruption of his appointees, most notably in the Teapot Dome Scandal, did in his administration. 4. Harding's sudden death from a heart attack in 1923 elevated his vice president, Calvin Coolidge, to the presidency. 5. Coolidge revered free enterprise and discouraged members of his administration from taking initiatives that would expand government. 6. With the president's approval, Secretary of the Treasury Andrew Mellon reduced the government's controls over the economy. 7. Coolidge's policies found a staunch ally in the Supreme Court, whose decisions attacked government intrusion in the free market, even when the prohibition of government regulation threatened the welfare of workers. 8. Coolidge's easily won victory in the election of 1924 confirmed the defeat of the progressive principle that the state should take a leading role in ensuring the general welfare. B. Promoting Prosperity and Peace Abroad 1. The repudiation of Wilsonian internationalism and the rejection of collective security offered through the League of Nations did not mean that the United States retreated into isolationism; New York replaced London as the center of world finance, and the United States became the world's chief creditor. 2. One of the Republicans' most ambitious foreign policy initiatives was the Washington Disarmament Conference that convened in 1921 to establish a global balance of naval power. 3. A second major effort on behalf of world peace came in 1928 with the Kellogg- Briand pact; nearly fifty nations signed a pledge to renounce war and to settle international disputes peacefully. 4. In 1924, American corporate leaders produced the Dawes Plan, which halved Germany's annual reparation payments, initiated fresh American loans to Germany, caused the French to retreat from the Ruhr, and got money flowing 1
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again in Germany's financial markets; these successes also fueled prosperity at home. C. Automobiles, Mass Production, and Assembly-Line Progress 1. In the early twentieth century, the automobile industry emerged as the largest single manufacturing industry in the nation and brought other new industries, such as filling stations, garages, and motels, into being.
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Chpt 23 Outline From New Era to Great Depression, 1920.1932...

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