Economics in the 1920’s apush jasmine Period 3


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Economics in the 1920’s apush jasmine Period 3

  1. 1. Economics in the 1920’s Victoria Rey, Jasmine Martinez, Matthew Woodley APUSH Period 3
  2. 2. Henry Ford <ul><li>Early Life </li></ul><ul><li>- Born July 30, 1863 of William and Mary Ford in Greenfield Michigan. </li></ul><ul><li>- First of six children and raised on the family farm. </li></ul><ul><li>- Liked tinkering with machines but disliked farm work. </li></ul><ul><li>- Moved to Detroit and became apprentice in a machine shop. </li></ul><ul><li>Experiments </li></ul><ul><li>- Became an engineer with the Edison Illuminating Company, seeking to dedicate his life to industrial pursuits. </li></ul><ul><li>- Promoted to Chief Engineer in 1893 which gave him enough time and money to devote his attention to his personal experiments on internal combustion engines. </li></ul><ul><li>- The experiments culminated in 1896 with the completion of his own self-propelled vehicle, the Quadricycle with four wire wheels that looked like heavy bicycle wheels. </li></ul>
  3. 3. Henry Ford <ul><li>Beginning of his company </li></ul><ul><li>By August 1899, Ford had raised enough money to start his own company. </li></ul><ul><li>In 1909, Ford made the decision to manufacture only one type of car, the Model T, that initiated a new era in personal transportation. </li></ul><ul><li>Revolutionized manufacturing through innovative production techniques that cut down immensely on production time. </li></ul><ul><li>Ford died on April 7, 1947, in Fair Lane Michigan. </li></ul>
  4. 4. The Agricultural Problem and Labor Unrest <ul><li>The Agricultural Problem </li></ul><ul><li>New farming technology developed, like hybrid corn and chemical fertilizers and pesticides, as well as improvements on preexisting farming technology. This dramatically increased production, but demand didn’t raise. Many farmers left agriculture, and those who stayed lost their land and went into debt. </li></ul><ul><li>In response, farmers demanded Parity, ensuring farmers would at least earn back the money they spent on production, regardless of economic fluctuation. They wanted high tariffs on foreign agriculture, and wanted the government to buy extra crops at parity. </li></ul><ul><li>The McNary-Haugen Bill, for parity, was repeatedly introduced to congress between 1924 and 1928. It passed twice in congress in 126 and 1928, but was vetoed by President Coolidge both times. </li></ul>
  5. 5. Agricultural Problem and Labor Unrest <ul><li>Labor Unrest </li></ul><ul><li>In the 1920’s the gap of wealth grew, and many people lived in poverty or were unemployed. </li></ul><ul><li>“ Welfare Capitalism”, giving workers better conditions, emerged as a way to minimize the risk of strikes and unions. </li></ul><ul><li>Working people received more benefits, like pensions and longer vacations. Company unions emerged, though they did not work well, and only lasted when the economy was good. </li></ul><ul><li>Most employers wanted to keep production costs low. Though wages increased, they increased at a minimum, far below the increased amount of profit. </li></ul><ul><li>Many families had to have several members working to produce a sufficient income. </li></ul><ul><li>Unemployment rose, partially due to the rapid growth of technology making many jobs obsolete. </li></ul><ul><li>The AFL refused to help any unskilled or industrial workers. In 1924 its president William Green wanted cooperation with employers and despised socialism and communism, he did not support strikes. </li></ul>
  6. 6. The Growth of Mass Production <ul><li>Cause: </li></ul><ul><ul><li>Creation of the assembly line </li></ul></ul><ul><ul><li>Electric powered factories </li></ul></ul><ul><li>Impact: </li></ul><ul><ul><li>Improved productivity </li></ul></ul><ul><ul><li>Overproduction </li></ul></ul><ul><ul><li>Evolution of consumption </li></ul></ul>
  7. 7. Prosperity and Innovation <ul><li>The 1920’s was an era of prosperity and innovation. It had many cultural and technological advancements. America’s culture was now dominated by consumerism. Advertising emerged as well as mass circulated magazines. Movies became popular, with the first “talkie”, The Jazz Singer, premiering in 1927.The Harlem Renaissance brought a new cultural movement, bringing about art and culture. Many middle and upper class people now took paid vacations. Automobiles became more common, making vacations and travel more accessible. </li></ul>