1.9 Economic boom 1918-1929

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What were the main reasons for the economy growing in the 1920s?
Government policies, advertising, new technologies and techniques, cycle of prosperity and the adjustment after WW1
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What industry symbolised the phenomenal growth of the roaring twenties
The car industry
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What were the main Republican economic policies during the 1920s?
Low taxes - Mellon cut taxes by $800 million by 1921, laissez faire government attitude, low interest rates - made it easier to buy on credit, high tariffs - protected US companies (Fordney McCumber act 1922)
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What were the advantages of economic growth?
There were higher standard of living conditions, higher wages and fewer hours due to goods being produced faster and cheaper, welfare capitalism, more jobs opened up for women + more freedom, entertainment grew as disposable income too grew
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What were the disadvantages of economic growth?
Many people found working on the assembly line monotonous and boring, south didn't do as well as the north - large black population, old industries suffered e.g. cotton and overproduction meant farm prices fell steadily
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What did Coolidge veto twice that would of helped improve agriculture?
The McNary-Haugen Bill which would have subsidised farmers in 1924
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How many cars was Ford producing by 1925?
One every 10 seconds
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How much did the price of a model T ford drop from 1914-1925?
1914: $500 1925;290
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By 1929 what amount of goods were bought on credit?
$7 billion, 75% went on cars
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What effect did the car industry have on those supplying them with materials?
It used up 20% of American steel, 80% of its rubber and 75%of its glass, contributing enormously to the growth of these industries
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How much did advertising grow from 1915-1929?
$1.3 billion in 1915 to $3.4 billion in 1929
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What percentage of electrical goods were bought on credit?
50%
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How much did wages rise and hours fall from 1920 to 1930?
Wages rose from 5.6% annually while hours fell from 47.4 in 1920 to 42.1 per week in 1930
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By 1930 how many female dentists/ accountants were there in the whole of the US?
There were 150 female dentists and less than 100 accountants
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By the end of 1922 how many stations were there and how many people owned a radio?
508 stations and 3 million people had radios
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What was the difference in per capita income between the North and South?
The North east income was $921 and the South Carolina was $412
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What industry symbolised the phenomenal growth of the roaring twenties

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The car industry

Card 3

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What were the main Republican economic policies during the 1920s?

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Card 4

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What were the advantages of economic growth?

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What were the disadvantages of economic growth?

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