Postwar Prosperity of the 20s

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Postwar Prosperity of the 20s
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Scientific Management and the Reorganization of
Work
A furniture factory in 1903
A furniture factory in 1925
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The 18th Amendment The Volstead Act
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Warren Harding and the Return to Normalcy

• Laissez-faire

Cut taxes
Cut federal spending
trickle down economics
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Calvin Coolidge The Business of America is
Business
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The man who builds a factory builds a temple.
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Nathan Bedford Forrest
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On Margin, by James Montgomery Flagg, appeared
in  Life Magazine November 15, 1929.
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Causes

• The market had been on a six-year run increasing
  in value fivefold

• Speculation the assumption of risk in
  anticipation of gain

• Buying on margin

• Panic selling

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Herbert Hoover Blessed are the young for they
shall inherit the national debt
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