List and describe the causes of the stock market crash of 1929. Was the crash inevitable? Explain using examples from the presidencies of Harding, Coolidge, and Hoover.
It was the time of the Roaring Twenties; where in the wake of the War jazz music was becoming prominent, Art Deco became popular, and cultural dynamism was emphasized. The twenties also led the United States into unprecedented industrial growth, inventions and discoveries of major importance, as well as significant changes in US lifestyle and culture. Though must prosperity was achieved during the Roaring Twenties, much despair would follow by the end of them.
The 1920’s saw an increase in consumer spending as well as a large increase in economic growth. The 1920’s was also an era dominated by Republicans. The Republicans took a rather conservative approach to the economy. They forged tight and close relationships between government and big business. President Warren Harding took the White House in 1921, when the United States economy was seeing the time of a depression. Runaway inflation and a high unemployment rate swept the nation. At the time of World War I the United States economy enjoyed prosperity because of the agricultural industry. With the increase of demand came the increase of prices. With the increase of prices came the increase of output used to supply Europe. With the conclusion of the War the American agricultural industry had a massive surplus of farm goods that by any means could not be absorbed into the international market. The agricultural industry took a large spiral downwards. With much of the depression resulting from the failing agriculture industry President Harding signed the Emergency Tariff of 1921 to help relieve some burden the farmers were being troubled with until a better solution could be put in place. President Harding also passed the Fordney–McCumber Tariff which bolstered the American tariffs to help protect American factories as...
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