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History Revision Notes - USA Economic Boom in 1920s

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Introduction

JOSH WEST 11HR 11/12/11 1. 1920s KNOWN AS BOOM YEARS 2. BOOM IS DEFINED AS A PERIOD OF RAPID SIGNIFICANT ECONOMIC GROWTH WHICH IS PROBABLY UNSISTAINABLE 1: - ECONOMIC BENEFITS OF WW1 TO USA 1. USA DEVELLOPED INDUSTRY BY 1. SELLING ARMS TO COUNTRIES PARTICIPATING IN THE WAR: 2. SELLING TO COUNTRIES NOT ABLE TO TRADE WITH GB/FR/GER 1. US AGGRICULTURE DEVELLOPED PRODUCTION METHODS TO INCREASE FOOD TO SELL: 1. EXTENSIVE FARMING 2. MECHANISATION 1. US RIVALS DAMAGED BY: 1. DIRECT WAR DAMAGE 2. IN DEBT TO USA AND OTHERS 3. LOST TRAINING MARKETS 4. LOST A GENERATION OF WORKERS 2: - REPUBLICAN GOVERNMENT 1921-33 1. 1921-3 PRESIDENT WARREN HARDING 2. 1923-9 PRESIDENT CALVIN COLLIDGE 3. 1929-33 PRESIDENT HERBERT HOOVER 4. ...read more.

Middle

WHO BENEFITED? 1. RETAILERS ? SELLING MORE GOODS 2. MANUFACTURERS ? SELLING MORE GOODS 3. BANKS ? THEY GET THE INTEREST CHARGE 1. PROBLEMS OF CREDIT 1. AFTER A ?BOOM? ON DEMAND FOR CREDIC, THERE WILL BE A ?BUST? ? MEANING THAT AFTER EVERYONE HAS PURCHASED A FRIDGE, THEY HAVE NO NEED TO BUY ANOTHER ONE SO YOU GET THE ?BUST? 2. ALSO, YOUR MONEY IS COMMITTED, SO YOU CANNOT BUY AS MUCH OTHER THINGS EVERY MONTH UNTIL YOU HAVE PAYED OFF YOUR ITEMS 1. WAGE RISES 1. AVERAGE INDUSTIAL WORKER WAGE ROSE BY 100% DURING THE 1920s 1. THIS HELPED INCREASE DEMAND 1. ADVERTISING 1. IMPROVED TECHNIQUES HELPED ENCOURAGE DEMAND 1. NEW TECHNOLOGIES 1. RADIO BROADCASTING BEGAN IN 1921 1. ...read more.

Conclusion

THIS INCREASED INVESTMENT IN INDUSTRY, WHICH INCREASED THE BOOM, AND CREATED A SENSE OF PROSPERITY, WHICH ENCOURAGED PEOPLE TO SPEND MORE MONEY 3. BUYING ON THE MARGIN WAS A PROBLEM IF INVESTMENTS WENT DOWN, BUT IN THE 1920S, WITH THE STOCK MARKET RISING CONSTANTLY, THIS WAS NOT SEEN AS A PROBLEM 6: - WHO DID NOT BENEFIT FROM THE BOOM 1. TRADITIONAL INDUSTRY 1. THESE WERE ALREADY DEVELLOPED MARKETS, AND COULD ONLY GROW TO A LIMITED DEGREE 1. AGGRICULTURE 1. THIS BENEFITED FROM THE WARTIME HIGH PRICES, SUFFERED FROM THE LOWER PEACETIME PRICES 1. TEXTILES 1. BECAUSE OF COMPETITION FROM OTHER FACTORIES, CHEAPER LABOUR AND NEW ARTIFICIAL FIBRES 1. COALMINING 1. BECAUSE NOW ELECTRICITY AND OIL WAS USED FOR HEATING, SO NOT SUCH A DEMAND FOR COAL 1. RACISM 1. THE BLACKS WERE HATED, AND THE WHITES GOT ALL OF THEIR JOBS ...read more.

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