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Focus Question:. Explain the meaning of the following quote: “The Business of America is Business. The man who builds a factory builds a temple. The man who works there worships there .” -Calvin Coolidge. The Business of America. The Conservative Resurgence of the 1920s. Objectives.

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focus question
Focus Question:

Explain the meaning of the following quote:

“The Business of America is Business.

The man who builds a factory builds a temple.

The man who works there worships there.”

-Calvin Coolidge

the business of america

The Business of America

The Conservative Resurgence of the 1920s

objectives
Objectives

After today’s lesson, you will:

  • Identify the basic philosophy of business and government in the 1920s.
  • Analyze popular opinions toward business in the 1920s
the return to normalcy
The Return to Normalcy
  • The 1920s were a decade of reaction
    • America felt exhausted by the war
    • Many felt that progressive reforms were too fast and too furious
    • Many wanted a breathing space
      • Return the U.S. to the way it was before the war.
business practices
Business Practices
  • Government worked to assist business
    • Adopt a laissez-faire approach
    • Promote investment
    • Fit the conservative policies of Harding and Coolidge
andrew mellon
Andrew Mellon
  • Secretary of the Treasury, 1921-1932
  • Major economic plan
    • Increase investment
    • Reduce the national debt
  • Free up capital for investment
    • Promotes growth industries
  • “Trickle Down Economics”
results
Results
  • Number of Millionaires tripled
  • More money invested in business
  • New construction boomed
  • The Stock Market Soared.
shifting consumer practices
Shifting Consumer Practices
  • Industrial Productivity was very high
  • Businesses required to sell their products
  • Most Americans were frugal
    • Avoid debt
    • Save money for the rainy day
    • Many more worked below the poverty rate
dawn of modern advertising
Dawn of Modern Advertising
  • Persuade people to buy what is not needed
  • Psychological approach
    • Approached sales with science!
    • Coined new terms and insecurities
planned obsolescence
Planned Obsolescence
  • Americans expected high quality goods
  • Expect goods to last
  • Manufacturers wanted people to buy new products
  • Limit the lifespan of items
  • Sponsor new models with minimal shifts
credit
Credit
  • People would buy without going into debt
  • Business had to find ways to stretch the dollar
    • Installment plans
    • Credit cards
    • Layaway plans
  • Increased debt loads dramatically
creation of a consumer culture
Creation of a Consumer Culture
  • Americans become enamored of new gadgets
    • Labor-saving devices
    • Radios
    • Automobiles
  • A form of materialism little seen outside the very wealthy
  • Profound Impact on the country
summary
Summary
  • Describe two ways you could improve this lesson