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The use of installment plans (making several payments on a purchase over time) during the 1920s was significant to the economy because it

A) Caused the average wage of workers to decline

B) Greatly limited the number of people who had access to credit

C) Served as a catalyst for a new consumer-based economy

D) illustrated the need for lower tariff to promote trade

Dawes Plan, 1924

1930 Hawley-Smoot Tariff

For every action, there is an equal and opposite reaction...

Warren G. Harding

Calvin Coolidge

Herbert Hoover

Bonus Army, Summer 1932

Adkins v. Children's Hospital

Teapot Dome Scandal

  • WWI vets protested in demand of war bonuses up-front amid economic depression
  • Evicted by General Douglas MacArthur w/ bayonet and tear gass

Domestic Politics

Return to isolationism after WWI, but...

Washington Disarmament Conference

Union membership decreased by 30% between 1920 & 1930

High tariffs, 1920s

Kellogg-Briand Pact "outlawed" war

Detrimental to Europe

1929 Agricultural Marketing Act

Antitrust laws ignored

"wolves guarding the sheep"

International Politics

McNary-Haugen Bill, 1924-28

"Laissez-faire"

"Let it be"

Economy

Prosperous, booming economy based on readily available consumer credit

Black Tuesday - October 29, 1929

  • Decline in investment
  • Reduced output
  • NOT the cause of the Depression
  • Overproduction by both farm and factory
  • Depression of abundance, not want
  • Over-expansion of credit inflated demand
  • Drying up of international trade (1930 H-ST)

Reconstruction Finance Corp. (RFC), 1932

Hoovervilles

  • Insurance companies
  • Banks
  • Agricultural organizations
  • Railroads
  • State and local gv't
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