Declining exports
New competition
Over-production
Falling prices
Falling demand

Who didn&#039;t share in the Boom?

Post WWI &#039;slump&#039;. Europe no longer importing as much. Europe less money + US import tariffs stopped Europe exporting!

Massive competition from highly efficient wheat producers in Canada + Argentina.
Prohibition = less official demand for barley, apples, hops and grapes

1900-20 saw mechanization of agriculture and increased production.
OK during war when they exported it.
Post war there were surpluses that could not be sold.

Linked to over-production and falling demand 
1921 farm prices fell by 50%
Rural bank closures.
Fivefold increase in farm bankruptcies.

Growers of fresh vegetables and fruit saw increased demand.
Lettuce shipments to cities 14,000 crates in 1920 to 28,000 by 1928.

Almost half of US lived in rural areas - working directly or indirectly in farming industry.
Impacted on c 60 million people!
6 million farm labourer&#039;s forced off the land (unskilled)
750,000 African American lost jobs in agriculture.

Coal industry.
Textiles. (new synthetic products: nylon + rayon)
Ship building.
Railways (competition from car / roads)

Overproduction = surpluses = falling prices = reduced profit.
Replaced by new power sources: electricity and oil.
Changes in manufacturing: efficient machinery = less coal required. 
e.g Assembly line (esp. car industry) switched to electricity.
Home heating oil and gas (replacing coal).
Decline in railways = less demand for coal

Unemployment still c. 5% in 1929 (Same as in 1920)
Boom was consumer led - these people could not afford it. c. 60% living on / below the &#039;poverty line&#039;.
Hire purchase &#039;helped&#039; but money still had to be paid back.

Employment issues and economic implications

Who didn't share in the Boom?

Study with Quizlet and memorize flashcards containing terms like 5 problems for farmers, Agriculture: Declining exports (explain), Agriculture: New competitors (explain) and more.

Who didn't share in the Boom? Flashcards

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