The Nature of Capitalism in the USA (Grade 11 NSC Matric History): Flashcards
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Economic mobilisation (1917)
Economic mobilisation (1917)
Govt control of production, pricing, resource allocation
War Industries Board (WIB) role
War Industries Board (WIB) role
Set production priorities, allocated materials, fixed prices
Harding's 'return to normalcy' meaning
Harding's 'return to normalcy' meaning
Pre-war conditions, minimal govt involvement in business
Coolidge's famous quote about American business
Coolidge's famous quote about American business
'The business of the American people is business'
Free market capitalism 1920s principle
Free market capitalism 1920s principle
No govt interference; economy regulates itself naturally
1924 Immigration Act annual limit
1924 Immigration Act annual limit
165,000 per year (15-20% of pre-war peak)
USA's WWI role before 1917 entry
USA's WWI role before 1917 entry
Main supplier of weapons & food to Allies (Britain, France)
Isolationism in 1920s USA
Isolationism in 1920s USA
Withdrawal from European affairs; focus on domestic growth
USA industrial output by early 20th century
USA industrial output by early 20th century
Overtook Britain and Germany
1920s economic boom results
1920s economic boom results
Rapid industry expansion, GNP growth, increased spending