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The United States from 1914 to 1945 Marcus Garvey The United States from 1914 to 1945 lynching in the American south Notice that this picture is shaped like a postcard? That is because it was a postcard. The United States from 1914 to 1945 lynching in the American south Lynching in 1930. The United States from 1914 to 1945 lynching in the American south The Lynching of Leo Frank in Georgia in 1915 The United States from 1914 to 1945 The NAACP fights lynching • 1919: NAACP releases 30 Years of Lynching in the South • 30 Years concludes that only 20 percent of lynchings involved accusations of impropriety with a white woman • And the vast majority of those accusations were false. • 1922: Congressman Leonidas C. Dyer proposes a federal antilynching bill The Dyer bill passes the House . . . but is blocked in the Senate. The United States from 1914 to 1945 Jim Europe and his band The United States from 1914 to 1945 The “Lost Generation” Countee Cullen The United States from 1914 to 1945 Claude McKay Jean Toomer Langston Hughes The United States from 1914 to 1945 Zora Neale Hurston Carl Van Vechten Walter White The United States from 1914 to 1945 The United States from 1914 to 1945 The Scopes Trial, Dayton, TN, 1925 The United States from 1914 to 1945 The United States from 1914 to 1945 The United States from 1914 to 1945 The United States from 1914 to 1945 Football transformed Harold “Red” Grange The United States from 1914 to 1945 Tennis, USA The United States from 1914 to 1945 Bobby Jones changes golf The United States from 1914 to 1945 1920s technology revolution 750 broadcast radio stations by 1928 Vastly more powerful electric power plants Redesigned homes make it easier to accommodate electrical appliances Electric refrigerators, vacuum cleaners, toasters Telephone party lines expand phone use The United States from 1914 to 1945 Post World War I assault on labor • Crackdown on labor campaigns • “Open shop” drive • Corporate welfare programs • Company unions • Textile mills move south Federal troops occupy union hall in 1919 steel strike; right: John L. Lewis The United States from 1914 to 1945 Calvin Coolidge: “I do not choose to run for President in 1928.” The United States from 1914 to 1945 Election of 1928 • Al Smith: 40.8% (wins majorities in 12 large cities) • Herbert Hoover: 58.2% "We in America today are nearer to the final triumph over poverty than ever before in the history of this land... We shall soon with the help of God be in sight of the day when poverty will be banished from this land. “ Herbert Hoover, 1928 The United States from 1914 to 1945 In Ponzi we trust . . . A confident Charles Ponzi on his way to Federal trial A less than confident mob surrounding one of Ponzi’s branches as word leaks out that he’s a fraud. The United States from 1914 to 1945 The United States from 1914 to 1945 Why the speculation boom of the 1920s? • Communication revolution via telephone and wireless telegraph • Radio delivered news of stocks quickly • Rise of disposable income among uppermiddle class • Absence of any government regulation of the trading sector The United States from 1914 to 1945 the great crash . . . 1929 Number of shares traded between 1927 and 1929 doubled ... . . . to 920 million shares by 1929. But in October 1929, stocks lost 40 percent of their value. 50 billion dollars in speculative investment lost The United States from 1914 to 1945 the international debt mess of the 1920s (revisited). . . France and England insist on . collecting from Germany because they owe debts to the United States Germany owes huge reparations to England and France What if there was a stock market crash in the United States??? The U.S. won’t ease up on France and England’s war debts . . . . . . but encourages investors to lend money to Germany The United States from 1914 to 1945 the great crash . . . 1929 - 1931 1930: 1,352 banks failed with 850 million in deposits 1931: almost 2,300 banks failed with 1.7 billion in deposits U.S. unemployment rate 1928 4.2 1930 8.7 1932 23.6 . . . People got ten cents on the dollar of their savings, if they were lucky. The United States from 1914 to 1945 Why Great Depression? • The boom/crash interpretation Stock market had something to do with it • The Monetarist camp Failure of Federal Reserve • The regulatory interpretation No real government checks on the markets • The Keynesian demand-side school Consumer power wimped out • The international crisis perspective Treaty of Versailles and its consequences John Kenneth Galbraith; Keynesian Charles Kindelberger, internationalist Milton Friedman; Monetarist