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War8 - conservative It was based upon the belief that if...

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War, Prosperity, and Depression U.S. triumphs in World War I, suffers through downturn Wilson, distracted by the war, then laid low by his stroke, had mishandled almost every  postwar issue. The booming economy began to collapse in mid-1920.  The Republican  candidates for president and vice president, Warren G. Harding and Calvin Coolidge,  easily defeated their Democratic opponents, James M. Cox and Franklin D. Roosevelt. Following ratification of the 19 th  Amendment to the Constitution, women voted in a  presidential election for the first time. The first two years of Harding’s administration saw a continuance of the economic  recession that had begun under Wilson.  By 1923, however, prosperity was back.  For  the next six years the country enjoyed the strongest economy in its history, at least in  urban areas.  Governmental economic policy during the 1920s was eminently 
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Unformatted text preview: conservative. It was based upon the belief that if government fostered private business, benefits would radiate out to most of the rest of the population. Accordingly, the Republicans tried to create the most favorable conditions for U.S. industry. The Fordney-McCumber Tariff of 1922 and the Hawley-Smoot Tariff of 1930 brought American trade barriers to new heights, guaranteeing U.S. manufacturers in one field after another a monopoly of the domestic market, but blocking a healthy trade with Europe that would have reinvigorated the international economy. Occurring at the beginning of the Great Depression, Hawley-Smoot triggered retaliation from other manufacturing nations and contributed greatly to a collapsing cycle of world trade that intensified world economic misery....
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