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Normalcy and Good Times

Normalcy and Good Times . The Policies of Prosperity . Learning Targets. At the end of this lesson you will: Explain the beliefs of Andrew Mellon towards government. Understand how the government can make more money while lowering taxes. Know what “supply-side-economics” refers to.

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Normalcy and Good Times

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  1. Normalcy and Good Times The Policies of Prosperity

  2. Learning Targets • At the end of this lesson you will: • Explain the beliefs of Andrew Mellon towards government. • Understand how the government can make more money while lowering taxes. • Know what “supply-side-economics” refers to. • Know how many Americans wanted to avoid future wars. • Discuss the arms races after the war and the treaties meant to end them.

  3. Promoting Prosperity -The Mellon Program -Andrew Mellon served as secretary of treasury in three successive Republican presidencies in the 1920’s -Mellon firmly believed that the government should apply business principles to its operations. -As the economy grew, Americans would earn more money, and the government would actually collect more taxes at a lower rate than it would if it kept tax rates high. -This idea is known today as supply-side economics.

  4. Trade and Arms Control -Isolationism -President Harding declared American involvement in the League of Nations “deceased”. -Most Americans wanted to avoid future wars by avoiding involvement in European affairs. -There were too many other things such as economics (trade), politics (types of government), etc… that made isolationism impossible to continue economic growth.

  5. Trade and Arms Control -The Washington Conference -Despite severe economic hardship due to having to pay war reparations, Britain, France, and Germany were involved in an arms race. -To help halt this arms race, the United States invited representatives from eight major countries to Washington DC to discuss disarmament. -Many treaties were passed, but none had any type of binding force to keep countries out of war.

  6. Review Questions • What were the beliefs of Andrew Mellon towards government? • How can the government can make more money while lowering taxes? • What is “supply-side-economics”? • How did many Americans wanted to avoid future wars? • Discuss the arms races after the war and the treaties meant to end them.

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