Karl Marx 1818 - 1883 Wrote the Communist Manifesto in 1848 1.
-
Upload
gabriel-wheeler -
Category
Documents
-
view
224 -
download
2
Transcript of Karl Marx 1818 - 1883 Wrote the Communist Manifesto in 1848 1.
Communism• A political and economic ideology
– Government ownership of all land and property
– A classless society where wealth is distributed according to people’s needs
– A single political party controlled by the government
– The country’s needs are always more important than the individual
2
Bolsheviks
• Communists rebels who overthrew the Russian government in Nov. 1917
• Russian word for “majority”• Led by Vladimir Lenin• Their emblem was a red flag• Their army was called the Red Army
3
The Red Scare• An intense fear of communism and
other radical political ideas that spread through the U.S. in the 1920’s
• Triggered by Communist take-over of Russia and Hungary and labor strikes in the U.S.
• Suspected communists were arrested and charged with sedition
• Many were jailed, removed from office, or exiled
4
The Palmer Raids• January, 1920• Attorney General, A. Mitchell Palmer• Justice Department conducted a series of
raids to arrest “radicals” and “subversives”
• Over 6,000 people arrested• Many immigrants and aliens• No search or arrest warrants• Some detained without being charged• 100’s deported
7
Sacco-Vanzetti Trial• April 1920 – Braintree, MA• Guard and paymaster at a shoe factory
were robbed and killed• 2 Italian immigrants were arrested• Convicted and sentenced to death• Many believed that it was fear of their
radical anarchist political beliefs that led to an unfair verdict
• April 1927 - Both were electrocuted after years of appeals
8
How did American business owners keep
American workers from violently rejecting
capitalism for socialism
Welfare Capitalism• In order to prevent more labor
strikes, employers began to improve conditions by offering Higher wages Paid vacations Health insurance English classes
9
Warren G. Harding
• 29th President• 1921 – 1923• Republican• From Ohio• Campaign called
for a return to “normalcy”
10
“Normalcy”
Harding’s suggestion that the U.S. wished to return to a calm, normal way of life after the stressful events of the previous decade, such as Progressivism, World War I, and the Red Scare
11
Harding’s Policies
• Isolationism – U.S. would not join the League of Nations
• Disarmament – nations should voluntarily give up their weapons
• Immigration restrictions• Tariffs raised to protect American
business from foreign competition
12
Teapot Dome Scandal
• Harding’s Secretary of the Interior, Albert Fall, gave drilling rights on government owned naval oil fields in Wyoming to 2 private oil companies
• Received nearly $400,000 illegally• No evidence that Harding was involved• Fall was fined $100,000 and sentenced
to a year in prison
13
Calvin Coolidge• 30th President• 1923 - 1929• Republican• Massachusetts• VP under Harding
- Takes office when Harding dies in Aug. 1923
14
continued
Calvin Coolidge• A man of few words –
“Silent Cal”• “The chief business
of the American people is business.”
• Took a laissez-faire approach to business
• The government should leave business alone and let it grow
14
Kellogg-Briand Pact
• 1927 - Agreement written by U.S. Secretary of State, Kellogg, and French Foreign Minister, Briand
• 60 nations pledged not to use the threat of war against each other
15
Larger profitsfor business
Wages for workers increase
People consume products
Consumer Economy
Cycle
17
GNP Increased• Gross National Product• The measure of a country’s
productivity• The total value of goods and
services produced annually
18
New Electric Gadgets Available to the American
Consumer
• Radios• Toasters
• Vacuum cleaners • Sewing machines
• Refrigerators • Coffee pots
• Ovens• Irons
Henry Ford
• 1896 – invented the quadricycle
• 1899 – started the Detroit Automobile Company – made 22 cars
• 1900 – business failed
19
continued
Henry Ford• 1901 – There were over 50
companies making cars, but only the wealthy could afford them
• Ford wanted to “democratize the automobile” by making them cheaper
• 1903 – Started the Ford Motor Company
• Mass produced the Model T using assembly line production
19
How did Henry Ford convince investors to
back his plan to produce cheap reliable
cars after his first venture had failed?
Question -
Answer
Ford, at the age of 38, entered a race against the most famous racer in the country, Alexander Winton.
Winton’s “Bullet” had 70 horsepower.
Ford’s “Sweepstakes” had 26 horsepower.
In a 10 lap race, Ford came from behind in the 7th lap to beat Winton by a wide margin. Ford’s car had averaged 45 mph.
What made the difference?
The Outcome
Winton’s car began to misfire badly, but Ford’s car had a spark coil insulated with a porcelain case designed by a dentist. (The forerunner of the spark plug)
Ford won $1000 and a punch bowl, and found financial backers for his new car company.
Assembly Line• A process in which each worker
completes a single specific task in the production process
• At the end of the line, the product is complete
• It took 93 minutes to build a Model T• In 1923, a Model T came off the
assembly line every 10 seconds
20
Installment Plans• Manufacturers attracted consumers
by allowing payments over time• Items most likely bought on credit:
– Cars– Furniture– Vacuum cleaners, radios, refrigerators– Washing machines
21
Speculation• The practice of making high-risk
investments in hopes of getting a huge return
• The rapid rise of stock prices throughout the 1920’s convinced people that they could “get rich quick”
22
Buying on Margin• Common people with little money
would buy stocks by putting 10 – 50 percent down and borrowing the rest owed
• If the stocks went down in price, the investor still owed the full amount for them plus the interest on the loan
23