27.2 & 27.4 Lesson REview

- Harding believed in free enterprise system​...in order to get out of post-WW1 recession

--> private ownership

--> competition for profits

--> supply and demand determine goods and services​

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- ​Lowered taxes that Wilson had raised to pay for war

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​Harding Cuts Taxes & Spending

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​Is there a difference between how Wilson ran the economy compared to how Harding did?

- Attorney General Daughtery took bribes from accused criminals

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- Secretary of Interior Fall leased federal oil reserve land to 2 private companies...Fall resigned

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-Harding stood by his friends....later died of a heart attack​

​Teapot Dome Scandal

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​Should a President's time in office be judged by those who work for him?

- Called 'Quiet Cal'....opposite of Harding

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- Believed 'chief business of American people is business.'​

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- Cut taxes, got rid of unneeded spending and pushed to reduce corporate and income taxes

--> Nation prospered

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- Ran for only 1 term​

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​Does this cartoon think the tax reductions are a good or bad idea?

​Calvin Coolidge Promotes Business

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​- During WW1 ran President Wilson's Food Administration in Europe

--> Post-WW1 continued 'feeding' the hungry in Europe

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- Believed in promoting business

--> encouraged 'associationalism'...industry leaders coming together to improve economic efficiency

​ --> hoped this would end poverty as businesses flourished​

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- ​Harding, Coolidge and Hoover allowed businesses to merge to promote efficiency (anti-trust laws)

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- Productivity increased​

​ --> Henry Ford's assembly line...make more to sell for less...pay workers more

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--> Larger companies bought smaller ones...made items cheaper... i.e. electricity and grocery companies

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- Smaller companies went out of business as a result​

​Could a virtuous person be apart of a businesses merger and stay virtuous? How would these business run differently with a virtuous person involved in them?

​Republican President's Economic Policy

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- Florida Land Boom

- Ponzi Schemes

- Invest in stock market

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- Farmers with surplus crops and low prices struggled

- Migrant workers struggled

- Unskilled workers in coal and textile industry struggled

--> new ways to get power and new clothing material​

​Why would it be farmers and unskilled workers, specifically, who would not be able to get more wealth during this time?

​Some Get Rich & Some Don't

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