The Politics of Boom & Bust - Mr. Rossi's History · The Politics of Boom & Bust Author hhsstudent...
Transcript of The Politics of Boom & Bust - Mr. Rossi's History · The Politics of Boom & Bust Author hhsstudent...
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THE
POLITICS
OF BOOM &
BUSTMr. Johnson
APUSH
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REPUBLICAN PARTY
1900s-1910s
Progressive economic
regulation
1920s
Laissez-faire & protectionism
1929-1932
Small-scale intervention…
too little too late
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HARDINGADMINISTRATION
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ELECTION OF 1920
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“RETURN TO NORMALCY”
End of
Progressive economic
regulation & low
tariffs
Red Scare & political
radicalism
Return of
Laissez-faire &
protectionist
economics
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EMERGENCY QUOTA ACT, 1921
Immigration limits
based on national
origins
Based on country-of-
origin in 1910 (not
1920) census
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ANDREW MELLON
Secretary of the
Treasury
Policies favored big
business and rapid
economic expansion
Low taxes
High tariffs
Capital over labor
Deregulation
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REVENUE ACT OF 1921
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FORDNEY-MCCUMBER TARIFF
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TEAPOT DOME SCANDAL
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INTERIOR SEC. ALBERT FALL
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HARDING’S FOREIGN POLICY
Japan: Washington
Naval Conference
Five Power Treaty
Germany: Dawes Plan
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COOLIDGEADMINISTRATION
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“SILENT CAL”
Continuation of
Harding policies
“The business of
America is business”
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REVENUE ACT OF 1924
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IMMIGRATION ACT OF 1924
Immigration limits
based on national
origins
Based on country-of-
origin in 1890 census
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IMMIGRATION IN THE 1920S
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ELECTION OF 1924
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FARM FAILURES
World War I
European demand for American agricultural
production
1920s
Overproduction, falling prices, farm failures
and foreclosures
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COOLIDGE’S FOREIGN POLICY
Kellogg-Briand Pact,
1928
Disavowed war as an
instrument of foreign
policy
Unrealistic and
unenforceable
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ELECTION OF 1928
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HERBERT HOOVER (R)
WWI Food
Administration
Continuation of Harding
& Coolidge policies
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AL SMITH (D)
Catholic
“Wet”
Ties to Tammany Hall
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ELECTION OF 1928
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HOOVERADMINISTRATION
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HOOVER’S FOREIGN POLICY
Stimson Doctrine
U.S. will not recognize
territories gained by force
Beginning of Good
Neighbor Policy
Improved U.S. relations
with Latin America
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CAUSES OF THE DEPRESSION
Stock market speculation Stock bubble based on “buying on
margin”
Easy credit Loans to other nations
Loans to consumers
Financial panic “Runs on the bank”
Tight monetary policy following crash
Overproduction Drove down prices
High tariffs Discouraged int’l trade
Unequal distribution of wealth
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Businesses lose sales
Worker layoffs to cut costs
Consumer demand
drops
VICIOUS CYCLE
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HOOVER RESPONDS
“Rugged individualism”
“Voluntary action”
Farm Board
Debt moratorium
Hawley-Smoot Tariff
Reconstruction Finance
Corporation
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HAWLEY-SMOOT TARIFF
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“HOOVERVILLES”
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BONUS ARMY
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OVER-FARMING CAUSES DROUGHT
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“OKIES”
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JOHN STEINBECK
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THE
ROOSEVELTREVOLUTION
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ELECTION OF 1932