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supply side economics

An economic philosophy that holds the sharply cutting taxes will increase the incentive people have to work, save, and invest. Greater investments will lead to more jobs, a more productive economy, and more tax revenues for the government

demand side economics

a school of economics that believes government spending and tax cuts help an economy by raising demand

solemn referendum

Wilson's belief that the presidential election of 1920 should constitute a direct popular vote on the League of Nations

Warren G. Harding

Pres.1921 laissez-faire, little regard for gov't or presidency. "return to normalcy" after Wilson + his progressive ideals. Office became corrupt: allowed drinking in prohibition, had an affair, surrounded himself w/ cronies (used office for private gain). Ex) Sec. of Interior leased gov't land w/ oil for $500,000 and took money himself. Died after 3 years in office, VP: Coolidge took over

Calvin Coolidge

became president when Harding died of pneumonia. He was known for practicing a rigid economy in money and words, and acquired the name "Silent Cal" for being so soft-spoken. He was a true republican and industrialist. Believed in the government supporting big business

James Cox

He was the democrat nominee chosen to run for the presidency against Harding in the 1920 election. His vice-presidential running mate was Franklin Roosevelt

Franklin Roosevelt

the 32nd president of the United States. He was president from 1933 until his death in 1945 during both the Great Depression and World War II. He is the only president to have been elected 4 times, a feat no longer permissible due to the 22nd Amendment to the Constitution

Election of 1920

Warren G. Harding (R) vs James Cox (D) 2) issues were WW I; the post-war economy and the League of Nations 3) Harding preached "Normalcy"

reparations

As part of the Treaty of Versailles, Germany was ordered to pay fines to the Allies to repay the costs of the war. Opposed by the U.S., it quickly lead to a severe depression in Germany

Red Scare

period in US when there was a suspicion of communism and fear of widespread infultration of communists in the US gvnt

A. Mitchell Palmer

Attorney General who rounded up many suspects who were thought to be un-American and socialistic; he helped to increase the Red Scare; he was nicknamed the "Fighting Quaker" until a bomb destroyed his home; he then had a nervous breakdown and became known as the "Quaking Fighter"

Sacco-Vanzetti Case

Famous case in which two immigrants were accused of murder/ there was no hard evidence, yet they were put to death anyway/ showed how much Americans distrusted foreigners

New Ku Klux Klan

reborn in Georgia in 1915. Wanted to restore white, Protestant America. Lashed out against minorities - Catholic, Jewish, and immigrants, as well as African Americans. Called for 100% Americanism

Emergency Quota Act 1921

1921 legislation that limited immigration to 3% of the people of their nationality living in the US in 1910

Immigration Act of 1924

Federal law limiting the number of immigrants that could be admitted from any country to 2% of the amount of people from that country who were already living in the U.S. as of the census of 1890

National Origins Act

This 1924 act established a quota system to regulate the influx of immigrants to America. The system restricted the "new" immigrants from southern and eastern Europe and Asia. It reduced the annual total of immigrants

Volstead Act

The Act specified that "no person shall manufacture, sell, barter, transport, import, export, deliver, furnish or possess any intoxicating liquor except as authorized by this act." It did not specifically prohibit the purchase or use of intoxicating liquors

Al Capone

A mob king in Chicago who controlled a large network of speakeasies with enormous profits. His illegal activities convey the failure of prohibition in the twenties and the problems with gangs

Scopes Monkey Trial

a high school biology teacher was accused of teaching Darwinism in class instead of the biblical account of creation; the trial that pitted the teaching of Darwin's theory of evolution against teaching Bible creationism

Clarence Darrow

A famed criminal defense lawyer for Scopes, who supported evolution. He caused William Jennings Bryan to appear foolish when Darrow questioned Bryan about the Bible

George "Babe" Ruth

the most popular baseball player of the 1920s. He was the star of the New York Yankees and had 60 homeruns in one season, which set a record for 30 years. He had a lifetime record of 714 home runs. he was nicknamed "the Sultan of Swat"

Henry Ford

1863-1947. American businessman, founder of Ford Motor Company, father of modern assembly lines, and inventor credited with 161 patents

Orville and Wilbur Wright

These brothers were bicycle mechanics from Dayton, Ohio who built and flew the first plane at Kitty Hawk, North Carolina on December 17, 1903

Charles Lindbergh

an American aviator, engineer , and Pulitzer Prize winner. He was famous for flying solo across the Atlantic, paving the way for future aviational development

The Birth of a Nation

A dramatic silent film from 1915 about the South during and after the Civil War. It was directed by D. W. Griffith. The film, the first so-called spectacular, is considered highly controversial for its portrayal of Blacks

The Jazz Singer

1927 - The first movie with sound; this "talkie" was about the life of famous jazz singer Al Jolson

Margaret Sanger

she organized a birth-control movement which openly championed the use of contraceptives in the 1920's

Sigmund Freud

austrian physician whose work focused on the unconscious causes of behavior and personality formation; founded psychoanalysis

Louis Armstrong

Leading African American jazz musician during the Harlem Renaissance; he was a talented trumpeter whose style influenced many later musicians

Duke Ellington

Born in Chicago middle class. moved to Harlem in 1923 and began playing at the cotton club. Composer, pianist and band leader

H. L. Menchen

an American journalist, essayist, magazine editor, satirist, acerbic critic of American life and culture, and a student of American English

F. Scott Fitzgerald

a novelist and chronicler of the jazz age. his wife, zelda and he were the "couple" of the decade but hit bottom during the depression. his noval THE GREAT GATSBY is considered a masterpiece about a gangster's pursuit of an unattainable rich girl

Theodore Dreiser

American naturalist who wrote The Financier and The Titan. Like Riis, he helped reveal the poor conditions people in the slums faced and influenced reforms

Ernest Hemmingway

best-known expatriate author who wrote "The Sun Also Rises" and "A Farewell to Arms", set most of his novels in Europe and portrayed the ruined innocence of his postwar generations, wrote "The sun also rises"

Sherwood Anderson

American writer who wrote Winesburg, Ohio which explored smalltown life in the Midwest

Sinclair Lewis

American novelist who satirized middle-class America in his 22 works, including Babbitt (1922) and Elmer Gantry (1927). He was the first American to receive (1930) a Nobel Prize for literature

William Faulkner

Twentieth-century novelist, used the stream-of-consciousness technique in his novel The Sound of Fury, whose intense drama is seen through the eyes of an idiot

Erza Pound

He began the imagist movement. He also supported Facism and was arrested and charged with treason. He wrote over 70 books, including "The Cantos," a series of poems which he expresses his beliefs

T.S. Eliot

wrote "The Love Song of J. Alfred Prufrock," "The Waste Land" and "The Hollow Men;" British WWI poet, playwright, and literary critic

Robert Frost

United States poet famous for his lyrical poems on country life in New England (1874-1963)

E.E. Cummings

wrote playful poetry, wrote about how everyone needs to take responsibility for themselves

Langston Hughes

A leading poet of the Harlem Renaissance. He wrote "The Negro Speaks of Rivers" and "My People"

Harlem Renaissance

a flowering of African American culture in the 1920s; instilled interest in African American culture and pride in being an African American

Frank Lloyd Wright

Considered America's greatest architect. Pioneered the concept that a building should blend into and harmonize with its surroundings rather than following classical designs

Bull Market

Stock market experiences a general rise in prices and stock trading volume for shares over a period of time

margin

the amount of collateral a customer deposits with a broker when borrowing from the broker to buy securities

Andrew Mellon

the Secretary of the Treasury during the Harding Administration. He felt it was best to invest in tax-exempt securities rather than in factories that provided prosperous payrolls. He believed in trickle down economics. (Hamiltonian economics)

Albert Fall

He was Secretery of the Interior during Harding's administration, and was a scheming anticonservationist. He was convicted of leasing naval oil reserves and collecting bribes, which was called the Tea Pot Dome scandal

Harry Daughtery

Harding associate who is small town lawyer but a crook and is supposed to prosecute criminals as attorney general. Has huge injunction against steelworkers. Resigns during investigation of sale of pardons and liquor permits. Tried and realized after jury failed to agree. Blames dead harding for the problem

Ohio Gang

A group of poker-playing, men that were friends of President Warren Harding. Harding appointed them to offices and they used their power to gain money for themselves. They were involved in scandals that ruined Harding's reputation even though he wasn't involved

Adkins v. Children's Hospital

Supreme Court case that invalidated Muller v. Oregon, declaring that since women now had the vote, they were equal to men and undeserving of special protection

Esch-Cummings Act

Encouraged private consolidation of the railroads. Pledged the Intersate Commerce Commission to guarantee their profitability

Railroad Labor Board

successor body to wartime labor boards, offered wage cut of 12% in 1922, provoking 2 month strike

Chicago Race Riot

black populations expanded to white neighborhoods, and found jobs as strikebreakers, and they were triggered by an indecent at a beach lead to black and white gangs killing fifteen whites and 23 blacks

Veterans Administration

a Federal agency that administers benefits provided by law for veterans of the armed forces

Five Power Naval Treaty

(1922) treaty resulting from the Washington Armaments Conference that limited to a specific ratio the carrier and battleship tonnage of each nation. It created a moratorium for 10 years, during which no battleships would be built. The countries agreed to refrain from further fortification of their Pacific Possessions. The five countries were: US, Britain, Japan, France, and Italy

Four Power Treaty

1921. Treaty between the US, Great Britain, France, and Japan to maintain the status quo in the South Pacific, that no countries could seek further territorial gain

Nine Power Treaty

1922. Treaty that was essentially a reinvention of the Open Door Policy. All members to allow equal and fair trading rights with China. Signed by (9) US, Japan, China, France, Great Britain, Italy, Belgium, Netherlands, and Portugal

Kellogg-Briand Pact

Pact of Paris of 1928. Between France and US. Denunciated war, called for a limitation of arms, and prohibited the use of war as an "instrument of national policy"

Emergency Tariff Act

(1921) This tariff was an attempt by the U.S. to protect home industries. It established huge tariff walls and raised duties on agricultural products in an effort to deter foreign products from entering the U.S.

Fordney-McCumber Tariff

1922 and 1930, raised tariffs extremely high on manufactured goods; benefited domestic manufacturers, but limited foreign trade

Charles Forbes

In 1923 he resigned as head of the Veteran's Bureau. He swindled $200 million from the government in building Veteran's hospitals. He was sentenced to two years in the penitentiary. This was part of the Harding scandal and the "Ohio Gang"

Teapot Dome Scandal

Scandal during the Harding administration involving the granting of oil-drilling rights on government land in return for money

Harry F. Sinclair

Oilman involved in the Teapot Dome scandal; he bribed Albert Fall with about $300,000, but was not convicted with this. He was sentenced to several months in jail for "shadowing" jurors and for refusing to testify before a Senate committee

Edward Doheny

involved in the Teapot scandal and accused of offering Albert Fall 100,000 dollar bribe for drilling rights

McNary-Haugen Bill

it sought to keep agricultural prices high by having the government buy surpluses to sell abroad, vetoed twice by Coolidge

John W. Davis

This man was the democratic convention nominee in 1924 against Coolidge on the 103rd ballot. He was a wealthy lawyer connected with J.P. Morgan and Company. Coolidge easily defeated this man, who arguable was more conservative then Coolidge

Robert LaFollette

Republican Senator from Wisconsin - ran for president under the Progressive Party - proponent of Progressivism and a vocal opponent of railroad trusts, bossism, World War I, and the League of Nations

World Court

Developed during period of internationalization; permanent court of arbitration established at The Hague in 1899; intended to remove causes of war; failed to resolve problems of international conflict in 20th century

Allied War Debt

US treasury loaned the Allies $10 billion total before and after the war. Allies protested that 1. the demand for repayment was unfair, said US should write off its loans as war costs just as the Allies had benn tragically forced to write off the lives of millions of young men. 2. they spent their loaned money in the US market, which only fueled an already booming wartime economy there. 3. US's postwar tariff walls made it almost impossible to sell goods to earn money to pay off debts

German Reparations

A source of 1920s economic imbalances, the agreement that Germany had to pay for damages from WWI

Dawes Plan

A plan to revive the German economy, the United States loans Germany money which then can pay reparations to England and France, who can then pay back their loans from the U.S. This circular flow of money was a success

Young Plan

lowered German reparations and limited how long they had to be paid, it also removed outside supervision and control of Germany

Debt Moratorium

Hoover proposed suspending debt payments and GB and GER agreed but France didn't. international economy suffered from loan defaults

Alfred E. Smith

He was the Democratic presidential candidate in the 1928 election. He was the first Catholic to be elected as a candidate

Hawley-Smoot Tariff

charged a high tax for imports thereby leading to less trade between America and foreign countries along with some economic retaliation

Wall Street Crash

Black Tuesday -- October 29, 1929; the day the stock market crashed, generally agreed as the start of the Great Depression and certainly one of the biggest causes of the whole calamity

Hoovervilles

camps built outside of major cities by people who had lost their homes during the great depression called hoovervilles because the people blamed pre. hoover foe their situition

Hoover Blankets

The nickname for old newspapers that people used during the '30s when sleeping for warmth, once again criticizing the president for not providing anything "but the newspaper"

Reconstruction Finance Corporation

- designed to make loans to banks, insurance companies and railroads
- lent lots of money to people at the top of the system (trickle down)
- didn't work

Bonus Army

WWI veterans who marched on Washington demanding their $1,000 bonus pay before the 1945 due date

Stimson Doctrine

1932, Hoover's Secretary of State said the US would not recognize territorial changes resulting from Japan's invasion of Manchuria

Good Neighborism

FDR's foreign policy toward Latin American; no involvement form of isolationism

Brain Trust

Group of expert policy advisers who worked with FDR in the 1930s to end the great depression

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