1920s presidents. vocab normalcy – consequence of being usual or regular or common isolationism...
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1920s Presidents
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Vocab• Normalcy
– consequence of being usual or regular or common• Isolationism
– a policy of nonparticipation in or withdrawal from international affairs• Disarmament
– the reduction of offensive or defensive fighting capability, as by a nation
• Tariffs– A list or system of taxes imposed by a government on imported or
exported goods.• Laissez-Faire
– opposes governmental regulation of or interference in commerce• Subsidies
– Financial assistance given by one person or government (mainly for farmers)
• Efficiency– The degree to which this quality is exercised
• Regulate– To control or direct according to rule
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• Warren Harding (1921-1923)– Return to Normalcy after
World War I • Isolationism—avoided foreign
alliances but…• Called for Disarmament of
European nations• War Debts—Europe debts were
scaled back to allow their economies to recover
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Harding • Attempted to disarm and
don’t use war as national policy
• Kellog-Briand Pact– Signees should not use war
for foreign policy
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Scandal• Teapot Dome
– Officials stealing $$– Officials taking bribes– Harding's Interior
Secretary Albert B. Fall• Let an oil company
drill on government land in exchange for $300,000 and gifts Coolidge scrubbing the Republican
party clean after the scandal
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Scandal & Harding• Ohio Gang –
Presidents friends get power
• President was clueless• Friends sold
government goods to private companies
• Others caught taking bribes
• Died of a heart attack after scandal broke
How do you believe the public would view a scandal?
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Calvin Coolidge aka “Silent Cal”
• Harding’s VP and won reelection in 1924
• Laissez-Faire– “The chief business of the American
people is business”– Leave business alone and the nation will
thrive– Lowered income taxes, increase protect
tariffs– Did not help the depressed agriculture
industry Fordney-McCumber Tariff
Continued to use as Isolationist toolup to 60% tax on imported goods
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Hoover• Followed Harding and Coolidge as business policy
• Efficiency movement – Experts find inefficiency
and fix it– Increase volunteerism
• Stock Market Crashes• Action for Farmers
– Pushed for farm subsidies
• Started to regulate financial institutions
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Importance
• The "trickle down" economic theory of President Herbert Hoover was based on the idea that – 1. balanced budgets are essential to economic success.– 2. the Federal Government needs to assume more
responsibility for solving economic problems.– 3. economic growth depends on making increased
amounts of money available to business.– 4. economic stability is the responsibility of Federal
monetary agencies.
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Closure
• "The business of America is business.”• President Calvin Coolidge
• By making this statement, President Coolidge was expressing his support for– 1. higher taxes on corporations.– 2. banking regulations.– 3. democratic socialism.– 4. the free-enterprise system.
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Closure
• In 1920, when Presidential candidate Warren G. Harding called for "a return to normalcy," he was advocating– 1. increased support for Progressive Era programs and the
League of Nations.– 2. increased farm production and an emphasis on the rural
lifestyle.– 3. reduced international involvement and less government
regulation of business.– 4. reduced racial segregation and the elimination of
discrimination against women.
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Closure
• Which economic practice became significantly more widespread during the 1920s?– 1. Governmental regulation of business.– 2. Stock market investment.– 3. Dependence on government welfare programs.– 4. Reduction of tariff rates.
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Closure
• The Teapot Dome scandal centered around– 1. gold mines.– 2. union members.– 3. high tariffs.– 4. oil-rich lands.