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America In The 1920s And 1930s

2732 words - 11 pages

When many people study history and learn the mistakes from the past, it would be easier to able to understand the present. Nevertheless, it is not enough to simply study the events that have transpired. By changing the unfavorable events that led to despair and continuing the benefits to society, one can understand why they happen and better the future. In the United States in the early 1920s, a new stage appeared with different movements in the areas of politics, economics, society, culture, and foreign policy. By the events that led to the 1930s, new crazes had developed in many of these areas, while other areas remained in continuity. From the 1920s to the 1930, there were several factors ...view middle of the document...

He secretly granted the Mammoth Oil Company exclusive rights to the Teapot Dome reserves in Wyoming after President Harding transferred supervision of the naval oil reserve lands from the navy to him. While this scandal entered American politics as a symbol of governmental corruption, it had little long-term effect on the Republican Party. For the moment, Harding started the conservative trend of politics in the 1920s.

Harding died during before he could finish his presidency in 1923, and Vice President Calvin Coolidge took the office as President. He conveyed the virtues of morality, honesty, and economy to the presidency. Coolidge was very tacit turn. Coolidge followed the remaining of Harding¡¦s ¡§hands-off¡¨ policies and was reelected in the 1924 election. The United States had one of the greatest periods of prosperity ever during his presidency from 1923 to 1929. When Coolidge decided not to run again in the 1928 election, the Republican nomination went to Herbert Hoover who easily won the job as the new President. Because he was a self-made millionaire, Hoover was not quite as conservative as Harding or Coolidge. Conversely, many historians believe that if the Depression had not occurred he would probably have been a good president. Later, Americans detested Hoover because he failed to solve the nation¡¦s troubles out of the Depression.

The United States embraced a laissez-faire policy in the economy during the 1920s. In Harding¡¦s ¡§hands off¡¨ policy, the government did not intervene with people¡¦s businesses and helped them profit. Anti-trust laws were avoided, and the United States was in debt from the first Great War. The Secretary of Treasury, Mellon, tremendously reduced taxes, which moved the economy because there was more money to spend. Eventually, the United States profited in more money to pay off the enormous debt. The United States also enforced a large tariff that would encourage Americans to buy domestic products instead of buying imported goods from foreign nations.

Great technological advances were also made in the 1920s. Inventions such as cars and radios improved the standard for the common man. These inventions as well as the conservative economic policies added to a huge economic boom. The economy experienced growth of 7 to 10 percent for six years of the 1920s. Later, many of the economic procedures in the decade would lead to danger especially in the stock market. The nation's total income rose from $74.3 billion in 1923 to $89 billion in 1929. However, the rewards of the "Coolidge Prosperity" of the 1920's were not shared evenly among all Americans. ¡§In 1929, the top 0.1 percentages of Americans had a combined income equal to the bottom 42%. That same top 0.1 percentages of Americans in 1929 controlled 34% of all savings, while 80% of Americans had no savings at all. Wages increased at a rate one fourth as fast as productivity increased. As production costs fell quickly, wages rose slowly,...

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