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21-3 Notes

21-3 Notes. The Policies of Prosperity. I. Promoting Prosperity. A. The Mellon Program. Andrew Mellon: Sec. Treasury Created Bureau of the Budget Created General Accounting Office Three Goals: a. Balance the budget b. Reduce gov’t debt c. Lower taxes. A. (continued).

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21-3 Notes

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  1. 21-3 Notes The Policies of Prosperity

  2. I. Promoting Prosperity

  3. A. The Mellon Program • Andrew Mellon: Sec. Treasury • Created Bureau of the Budget • Created General Accounting Office • Three Goals: a. Balance the budget b. Reduce gov’t debt c. Lower taxes

  4. A. (continued) • Methods: a. Cut gov’t spending ($6.4 to 3 billion) b. Refinance national debt c. Federal Reserve lower interest rates d. Reduced tax rates (supply-side econ.) e. Tax rates lowered from (4-73%) to (0.5-25%)

  5. B. Hoover’s Cooperative Individualism • Balance gov’t regulation of business with companies sharing information to improve efficiency • Bureau of Foreign & Domestic Commerce: finds new business opportunities for US businesses • Bureau of Aviation-regulates airlines • Federal Radio Comm.-regulates the airwaves

  6. II. Trade and Arms Control

  7. US was the dominant economic power following WWI • American isolationism 1. Americans wanted to stay out of foreign affairs & concentrate on business 2. US never joined League of Nations 3. US makes agreements with individual countries

  8. C. The Dawes Plan • GB & france owe US $10 billion for aid during WWI • Germany owes GB & france $33 billion in war reparations • High US tariffs keep GB & f from selling goods in US • GB & f have trouble paying US

  9. C. (continued) • Germany defaults on payments • German economy in ruins • To avoid another war, Sec. State Dawes proposes loan to Germany ($10 billion) • Germany uses loan to pay GB & f • GB & f pay US • Europe goes farther into debt…hahaha!

  10. D. The Washington Conference (1921-22) • Postwar naval arms race • Sec. State Charles Evans Hughes proposes naval arms reduction

  11. D. (continued) • Four Power Treaty a. US, GB, Japan, & france b. Agree to respect each others’ territory in the Pacific c. Promise to negotiate any disagreements

  12. D. (continued) • Five Power Treaty a. US, GB, Italy, Japan, & france b. Freeze naval fleets @ 1921 levels c. Halt production of large warships for 10 years d. US & GB agree not to build more naval bases in Western Pacific

  13. D. (continued) • Nine Power Treaty a. US, GB, Japan, Italy, Belgium, Netherlands, China, Portugal, & france b. Agree to maintain Open Door Policy in China

  14. D. (continued) • Results a. Japan angry it had to keep a smaller navy than US and GB b. US looked forward to years of peace and prosperity

  15. E. Kellogg-Briand Pact (Aug. 1928) • Abolishes war as a means to solve disputes • 62 nations signed agreement • No way to enforce it without going to war!!

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