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Chapter 32

Chapter 32. 1920’s – A Republican Era. Era of conservatism Political isolationism Retreat from gov’t. involvement in social reform – revert many progressive reforms Favored policies that would allow business profits and enterprise to expand “trickle down” economics

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Chapter 32

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  1. Chapter 32

  2. 1920’s – A Republican Era • Era of conservatism • Political isolationism • Retreat from gov’t. involvement in social reform – revert many progressive reforms • Favored policies that would allow business profits and enterprise to expand • “trickle down” economics • high tariff course hurts foreign market • Steel Mill Strike, 1919 • Veteran’s Bureau, 1921 “doughboys”

  3. I. The Presidents • 1920: Warren Harding: Republican • Poker Cabinet – “The Ohio Gang” • Appointed 4 to 9 Supreme court judges • 1921: Teapot Dome Affair • 1921-22: Washington Conference: US/British refrain from fortifying Far East possessions, Japan allowed to fortify. • Dies in office after 3 years

  4. B. 1924: Calvin Coolidge “Silent Cal” Republican 1. 1924: Dawes Plan: Germany defaults on war reparations, France marches toward Germany, US loans Germany $ to pay off allies to avert war.

  5. C. 1928: Herbert Hoover-Republican 1. 1928: Kellogg-Briand Pact-outlawed war, defensive wars still permitted 2. 1931: Japan invades Manchuria, violation of the League of Nations, Hoover wants no part of conflict - began “good neighbor policy”

  6. II. Causes of The Great Depression • Soaring stock market: buying on margin. • Farms overproducing, country over consuming. • Lack of foreign markets. • October 29th, 1929 “Black Tuesday”, stock market crashes • Bank closures (4,004 closed alone in 1933), farms lost to banks, unemployment skyrockets.

  7. F. Hoover’s response: “rugged individualists” - handouts will weaken the national fiber - trickle down philosophy – help the top Smoot-Hawley Tariff – results in retaliation G.1930: proposes $2.25 billion public works project: Hoover Dam -Reconstruction Finance Corp. - Outlawed “yellow dog” contracts (antiunion H. Bonus Army: “Bonus Bill” fails, Hoover calls in federal troops. - most booed man in America

  8. Effects of the Great Depression • 25% of families have no income • Breadlines, soup kitchens, “Hoovervilles”

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