Untitled Deck Flashcards
(219 cards)
What is the ‘boom’ in relation to the American economy?
The dynamic growth of the American economy in the decade after the First World War
This period saw rapid industrial growth and increased consumer spending.
What was a significant result of increased production in the 1920s?
Prices came down, leading to increased purchases of household goods
Millions of fridges, cars, and nylon stockings were sold during this time.
What impact did the boom have on the suburbs in America?
Many families bought new houses in the suburbs of rapidly growing cities.
How did the boom affect leisure industries?
The music, radio, cinema industries, and even sports were booming.
What role did banks play during the economic boom?
Banks invested in the stock market and lent money to ordinary Americans.
What was the effect of government infrastructure investment during the boom?
More roads were built, and more homes were supplied with electricity and phone lines.
What was a notable characteristic of the American economy before the boom?
The USA led the world in most areas of industry, including steel, coal, and textiles.
What new technologies contributed to the economic boom?
Electricity and new industries such as chemicals and film.
What was one economic effect of the First World War on American industry?
A boost in American industry due to one-way trade with the Allies.
How did the war impact the American chemicals industry?
The USA outstripped Germany in chemical products by the end of the war.
What significant development occurred in aircraft technology after the First World War?
Improvements in aircraft technology led to the establishment of civilian airlines.
What economic policies were favored by the Republican Party from 1920 to 1932?
Laissez-faire, low taxation, protective tariffs, and support for powerful trusts.
What does ‘laissez-faire’ mean in the context of Republican beliefs?
Government should interfere as little as possible in everyday lives.
What was the purpose of protective tariffs during the 1920s?
To make imported goods expensive and protect American businesses.
What was the significance of the Fordney–McCumber tariff?
It made imported food expensive in the USA.
What was a key factor in the growth of consumer goods during the 1920s?
Mass production methods allowed for cheaper production of goods.
Fill in the blank: The first moving assembly line was set up by _______.
Henry Ford
How did the production of the Model T change in the 1920s?
Over 15 million were produced between 1908 and 1925.
What percentage of US glass production was used by the automobile industry in the 1920s?
75 percent
What was the ratio of cars to people in the USA compared to Britain and Russia?
One car to five people in the USA compared to one to 43 in Britain and one to 7000 in Russia.
What new purchasing method emerged in the 1920s that allowed people to buy goods on credit?
Buy now, pay later hire purchase schemes.
What was the role of chain stores in the 1920s economy?
They sold the same products all across the USA, expanding the market.
How did consumer attitudes change during the 1920s?
Americans became more confident and began to spend more on consumer goods.
What was the overall impact on American industry during the 1920s?
The output of American industry doubled.