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A Growing Economy

A Growing Economy. Chapter 10, Section 2. Henry Ford. American industrialists Founder of Ford Motor Company Sponsored development of the assembly line. Improvements for the Labor Force. Assembly line  mass production Workers paid more, goods cost less Work week 5 days

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A Growing Economy

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  1. A Growing Economy Chapter 10, Section 2

  2. Henry Ford • American industrialists • Founder of Ford Motor Company • Sponsored development of the assembly line

  3. Improvements for the Labor Force • Assembly line  mass production • Workers paid more, goods cost less • Work week 5 days • International Harvester • Two-week paid vacation • High wages to encourage loyalty

  4. Impact of the Car • Decline in mass transportation • Greater mobility and freedom • Move to the suburbs; not cut off from city • Boom in oil business • Expansion of support industries • Rubber, plate glass, lead, steel

  5. Consumer Goods and Credit • Better wages and working conditions  • Disposable income • Leisure time • Introduction of products like: • Electric razors • Facial tissues • Frozen foods • Home hair color • Before 1920s, debt considered shameful • Attitude towards debt changed • Believed in ability to pay debts overtime • Major boom in the use of credit

  6. Economic Limits • Prosperity did not reach everyone • African Americans lost WWI factory jobs • Native Americans isolated on reservations • Immigrants could not get well paying jobs • Most farmers or factory workers  low wages • Deep south • Mostly agricultural • Economic base eroded

  7. The Farm Crisis • Technological advances allowed more crops • Demand did not increase with output • Over production/saturated market • Low prices • Machinery still costly

  8. Ties to War • Government urged for greater agricultural production • Had to meet needs for European food supply • Farmers borrowed greatly • Bought land and machinery • Post-war: • Enormous European debt; little money for American farm products • Congress makes things worse

  9. The Fordney-McCumber Act (1922) • Raised tariffs to protect American industry • American markets now had limited foreign goods • Sparked a reaction • Foreign markets now against American agricultural products • Farmers can’t sell products overseas • Market increasingly flooded

  10. The McNary-Haugen Bill • Attempt to help farmers • Proposed every year from 1924-1928 • Government boost to farm prices • Buy up surplus crops; sell at a loss overseas • Congress passed bill twice; Coolidge vetoed both times • Did not want to encourage farmers to produce a greater surplus

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