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The Roaring 20's: Crash Course US History #32
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Hi, I'm John Green, this is Crash Course US History, and today we're gonna learn about one of the best eras ever:
the 1920s.
The 20s gave us jazz, movies, radio, making out in cars, illegal liquor,
and the 20s also gave us prosperity--although not for everybody--
and gangsters, and a consumer culture based on credit,
and lots of prejudice against immigrants,
and eventually the worst economic crisis the US has ever seen.
Mr. Green, Mr. Green, but what about Gatsby?
Yeah, me from the past, it's true that Gastby turned out all right in the end,
but what preyed on Gatsby,
what foul dust trailed in the wake of his dreams,
did temporarily close out my interest in the aborted sorrows and short-winded elations of men.
*theme music*
So there's a stereotypical view of the 1920s as "The Roaring 20s,"
a decade of exciting change and new cultural touchstones,
as well as increased personal freedom and dancing.
And it really was a time of increased wealth--
for some people.
The quote of the decade has to go to our famously taciturn president from Massachusetts, Calvin Coolidge, who said,
Jay-Z would later update this for the 21st century noting,
But anyway, during the 1920s, the government helped business grow like gangbusters,
largely by not regulating it much at all.
This is known as “laissez-faire” capitalism.
Or “laissez-faire” capitalism if you’re good at speaking French.
The Republican Party dominated politics in the 1920s,
with all the presidents elected in the decade being
staunch conservative Republicans.
The federal government hewed to the policies favored by business lobbyists,
including lower taxes on personal income and business profits,
and efforts to weaken the power of unions.
Presidents Harding, Coolidge, and Hoover stocked the boards of the Federal Reserve
and the Federal Trade Commission with men
who shared their pro-business views,
shifting the country away from the economic regulation that had been favored by Progressives.
And that was very good for the American economy,
at least in the short run.
The 1920s were also marked by
quite a bit of government corruption,
most of which can be pinned to the
administration of Warren G. Harding. Now,
Harding himself wasn't terribly corrupt,
but he picked terrible friends. They
included Attorney General Harry
Daugherty who accepted money to not
prosecute criminals, and Interior
Secretary Albert fall, who took half a
million dollars from private business in
exchange for leases to government oil
reserves at Teapot Dome. Fall later
became the first cabinet member ever to
be convicted of a felony, but on the
other hand, business, man! Productivity rose
dramatically largely because older
industry's adopted Henry Ford's assembly
line techniques and newer industries
like aviation, chemicals, and electronics
grew up to provide Americans with new
products and new jobs. During the 1920s
annual production of cars tripled to 4.8
million, and automobile companies were
gradually consolidated into the big
three that we know today: Ford, Chrysler,
and Harley-Davidson. What? General Motors.
By 1929 half of all American families
owned a car and thus began the American
love affair with the automobile, which is
also
where love affairs were often
consummated, which is why in the 1920s
cars came to be known as Scootaloo
pooping chariots. What's that? They were
called brothels on wheels? And the
economy also grew because American
corporations were extending their reach
overseas, and American foreign investment
was greater than that of any other
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