The Nature of Capitalism in the USA in the 1920s (Grade 11 NSC Matric History): Flashcards

Govt control of production, pricing, resource allocation

Set production priorities, allocated materials, fixed prices

Pre-war conditions, minimal govt involvement in business

'The business of the American people is business'

No govt interference; economy regulates itself naturally

165,000 per year (15-20% of pre-war peak)

Main supplier of weapons & food to Allies (Britain, France)

Withdrawal from European affairs; focus on domestic growth

Overtook Britain and Germany

Rapid industry expansion, GNP growth, increased spending