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The Politics of Boom and Bust

The Politics of Boom and Bust. Chapter 33 1920-1932. 1920’s Presidents. Warren G. Harding Calvin Coolidge Herbert Hoover All retreated from Progressive reforms, less government action and more cooperation with big business. Highlights of the 1920s. KKK revived with Birth of a Nation

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The Politics of Boom and Bust

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  1. The Politics of Boom and Bust Chapter 33 1920-1932

  2. 1920’s Presidents • Warren G. Harding • Calvin Coolidge • Herbert Hoover • All retreated from Progressive reforms, less government action and more cooperation with big business

  3. Highlights of the 1920s • KKK revived with Birth of a Nation • Prohibition (18th Amendment) passed in 1919 – Volstead Act • Scopes Trial in Dayton, TN • The New Women • Babe Ruth, Jack Dempsey, automobiles, airplanes, radio, Hollywood, the flapper

  4. “Old Guard” • Harding’s administration urged business to regulate themselves rather than be regulated by big business • “Ohio Gang” – poker playing cronies from home became cabinet members and advisors

  5. 1920s • Supreme Court axed progressive legislation • Killed federal child labor law • Took away labor gains made in the previous decades • Restricted government intervention in the economy • Protections given to women in the workplace were taken away because of passage of the 19th Amendment

  6. Harding • Businesses and Corporations expanded under Harding • Anti-trust laws were ignored • Example of most bureaus: Interstate Commerce Commission – run by friends of RR executives

  7. After the War • Wartime controls over the economy were lifted • War Industries Board was dismantled • Government returned Railroad to private management in 1920

  8. Labor • Labor had NO government support during the 1920s • Linked to Communism • The steel strike of 1919 gave unions a major setback in the post war decade

  9. Harding Makes Peace with Central Powers • 1921 Congress passes a joint resolution that declared the war officially over • Harding did not support the League of Nations • America and Britain developed a rivalry over oil from the Middle East.

  10. The League of Nations • The US did not participate • The US did send “unofficial observers” • League of Nations met at Geneva, Switzerland

  11. Disarmament • Harding promoted disarmament • US, Britain, and Japan all had large naval programs • “Disarmament” Conference – 1921 – 1922 Washington, D.C. – invited all naval powers except Communist Russia to discuss disarming • Sec. Hughes proposed naval “holiday” – moratorium on building destroyers for 10 years

  12. Five Power Treaty (1922) • US, Britain, Japan, France, and Italy • United States and Britain agreed not to fortify Far Eastern territories, including the Philippines

  13. Four Power Treaty (1921) • Bound Britain, Japan, France, and US to preserve, protect and respect rights in the Pacific. • Arguments and disputes would be handled by the four countries in the treaty.

  14. Nine Power Treaty (1922) • Nailed wide open the Open Door Policy in China • Trade was to be kept alive and open with the Asian continent, and China

  15. Down Fall of the Conference • No restrictions had been made on small war ships and other powers constructed cruisers, destroyers and submarines

  16. Frank B. Kellogg • Secretary of State (1928) • Signed the Kellogg-Briand Pact with French foreign minister • Pact of Paris – ratified by 64 nations • “the outlaw of war”

  17. Teapot Dome Scandal • 1921 – Sec. of Interior Albert B. Fall • Transferred holdings of naval oil reserves at Teapot Dome, WY to Interior Dept • Harding signs • Fall leased lands to oilmen Harry Sinclair and Edward Doheny • Received a $100,000 bribe

  18. Warren Harding • Died in San Francisco, CA while on a cross-country speaking tour • August 2, 1923 – died of pneumonia and thrombosis • Millions mourned, not yet aware of all the scandals • Harding not strong enough to be president • Calvin Coolidge becomes president

  19. International Relations • Allies force Germany to pay reparations. • Germany is in financial ruins • Coolidge refused to forgive debt • 1924 – Dawes Plan

  20. Hoover in ‘28 • Coolidge chooses not to run in ’28 • Hoover selected b/c of his belief in individualism, free enterprise, and small government. • Hoover defeats Catholic Al Smith by a landslide

  21. Hoover’s Response • Promoted self help • Agricultural Marketing Act – loans to farm cooperatives • Hawley Smoot Tariff – farmers want tariff; ended up being the highest protective tariff in our nations history • Reconstruction Finance Corporation • Public Works projects – Hoover Dam

  22. Crash Ends The Prosperous 20s • The 1920s were marked by high growth and prosperity • October 29, 1929 – millions of stocks were sold in panic • 2 months later – Americans had lost $40 billion • Millions lost their jobs and thousands of banks closed.  No other industrialized nation suffered so severe a setback as the United States.

  23. Causes of Depression • Overproduction of farm and factory • Ability to produce out ran the need • Overexpansion of credit • 1930s – terrible drought

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