Boom & Bust · 2018. 1. 3. · Economic boom Destruction of European economies during World War I...
Transcript of Boom & Bust · 2018. 1. 3. · Economic boom Destruction of European economies during World War I...
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Boom & BustAmerica in the 1920s
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America and World War 1
Wilson Treaty of Versailles
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Postwar American Attitudes
Disillusioned by the reality of war, this generation came to be
called the ‘lost generation’.
Lacking idealism, obsession with materialism and hedonism
Fear of Bolshevism
Fear of foreigners
Culminated in the election of 1920 when the Republicans came
into power.
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3 Conservative presidents
Harding 1921-1923
“America's present need is not submergence in
internationality but sustainment in triumphant
nationality.”
Coolidge 1923-1929
”The business of America is business”
Hoover 1929-1933
“Blessed are the young for they shall inherit the
national debt.”
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The rise of the Klu Klux Klan
The KKK was more anti-foreign than anti-black. Its strength was in
the midwest and South.
a) Targets: foreigners, Jews, Catholics, blacks, pacifists, communists
and evolutionists
b) WASP
c) By 1925, 5 million members had joined to march in parades, burn
crosses, and hold secret meetings
d) Beatings, tar & feathering, lynching
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Alcohol & Prohibition
Authorised by passage of the 18th Amendment in 1919
Strong demand for alcohol and weak enforcement led to widespread hypocrisy
Saloons were replaced by illegal "speakeasies" serving high proof alcohol. 30 000 in NY alone.
Those who illegally produced alcohol were known as "bootleggers," and homemade alcohol was called "moonshine.”
Organised crime stepped in, most famously in Chicago, to meet consumers' needs to drink
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Gangsterism
Over 500 murders in Chicago in the 1920s by
competing gangs
Gangsters used Prohibition profits to move into
prostitution, gambling, and narcotics sales
Rothstein, well-known NY gangster, fixed the
1919 world series (Chicago White Sox vs
Cincinati Reds)
Al Capone (60-100 million a year). Ran a
private army of 700-1000 mobsters – control
Chicago’s booze and prostitution trades
Dutch Schultz
Frank Costello
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Economic boom
Destruction of European economies during World War I left the US as the only major industrial
nation
Technology allowed for expansion, particularly in
the auto industry
Radio and motion picture industry grew as a
result of technological innovations
Cheap, readily available energy sources (coal,
oil) made expansion affordable
Scientific management techniques to improve
efficiency
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Urbanisation
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The automobile
An era of reckless spending and consumption,
and the most conspicuous status symbol of the
time was a flashy new automobile
End of 1920s one car for every 4,5 people
2 cars for every 3 families
Employed millions of people in road building,
roadside restaurants & motels, service stations
“A house of prostitution on wheels”
Monopoly on petroleum & oil industry
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Ford Model T
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Print media and radio
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Cinema
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Harlem Renaissance & Jazz age
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Dancing in the 1920s
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Women in the 1920’s
Right to vote
Short hair and short skirts
Flappers
Working
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Sport
Edith Cummings – US female golfer featured
on the cover of Time magazine (character
Jordan Baker in TGG)
Bobby Jones and Walter Hagen – big money
as golf professionals
World series baseball – crowds of 70 000
Babe Ruth
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The Wall Street crash of 1929
Consumerism reaches record highs
People spending money they don’t have, buying
on tic
Stock market – many
people tempted to invest
in the hope of getting rich
quickly
Black Tuesday –
29 October 1929 – 16
million shares were sold on
Wall Street
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