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Summary Capitalism in the USA study notes/summaries
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extensive notes on capitalism in the USA
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Capitalism in the USA The use of cheap labour for the development of new technologies proved crucial forthe ever-growing industrial output for the country.
The Great Depression and its Effects Competition The main resources found in America include forest, oil, coal, rivers, fertile farming
land and minerals.
o During the 1920’s and 1930’s America went through a series of extremes. From great One of the most important aspects of capitalism is competition. A capitalistic Railways helped increase industrial development which helped in the Economic
wealth, to great poverty and not to mention the extreme political views. economy relies on the formation of new ideas. Boom.’
o There was a time when the economy was booming. During this time the trending Competition in the work place revolves around supply and demand.
Gatsby fashion boomed, and people were living in utter luxury. The higher the demand for a product/service, the more expensive it will be. Impact of World War I: 1914-1918
o This was time in history known as the Economic Boom, however this ‘’boom’’ came People first look at the cost of a product, and then the quality and then they decide
whether or not to buy it. The First World War was one of the main reasons why the American economy grew
to a rather dismal end.
so rapidly.
o The luxury that was once known in the country turned to wide spread
Rugged Individualism The American banks and industries supplied the allied Europeans with food,
unemployment, great poverty, and not only collapse America’s economy, but of other
weapons, and money that they needed to fight Germany.
Capitalist economies as well! This was termed ‘The Great Depression’.
A belief centred around the idea that all people can succeed if they worked hard By the time that the trade market was disrupted, and America became a creditor
o The Great Depression first started in the USA, but also affected the rest of the world
enough. nation with the Europeans owing them over $300 million.
which caused long term effects.
The idea first started in 1920 when the Republican Party was in power of America.
o When the German economy fell, it led to rise of the Nazi dictatorship.
At the time the Republican president was Herbert Hoover.
o Japan was also affected when their falling economy led to the rise of a Military
He believed that if you were in financial trouble, you had to help yourself and not ask
dictatorship.
o It was the Great Depression that led to the rise of Capitalism in the USA. for help from others.
The Nature of Capitalism in the USA Free market
Republican leaders and policies
An economy run by the people of the people of the economy where the government
• Capitalism is seen as an ideology that conveys ideas on how the economy should be In 1920 America was ruled by the Republican Party.
has little to say on how business is run or how people make a profit.
run. Both Presidents Warren Harding and Calvin Coolidge agreed that the government
In fact, it is demand and supply that run business in the end.
• We get the wealthy/rich class, middle/ working class and the poor class. should not intervene in the economic lives of people.
The price of goods and services is directly proportion to the supply and demand.
• Capital means money, which is used to invest or buy land, mines or business. Even though the Republicans did not believe that the government should interfere in
If the demand for goods/services is high, the price will increase. If the supply
• In capitalistic countries the government plays an important part in making sure that the economy. They took many steps to promote economic expansion and supporting big
outweighed the demand, then a business starts running at a loss.
the right if individuals are protected. business.
Ideology of Capitalism Ideology of Communism Minimal State Control over Business
The Republican government in the 1920’s
People need freedom People need one another
The American Dream of Individual Possibilities
Introduced import tariffs which made it expensive to import goods into the USA. This
Through competition people achieve greater When people work together as equals, they
things achieve greater things What was the American dream? The American dream was a term first coined during was a way of controlling the business market in the USA by forcing people to buy from
Some people have more than others because No one else should have more than anyone else the time of the economic boom in the 1920’s. local business.
they make better use of their abilities. everyone needs are equally important
Otherwise known as the ‘’Golden Age’’. However foreign countries retaliated by placing similar tariffs on only US goods.
Government should not interfere with how Total government control over the economy, no People had money, fancy clothes and cars, very little unemployment. This proved to be rather large problem in that it prohibited the US from selling goods
the economy makes money or the way that private ownership or individual profit.
This was definitely a time of great prosperity for America. overseas to solve its overproduction crises.
people make their own living
And everyone from all over the world wanted in on the life of luxury. They cut taxes so that people had more money to spend on goods and also allowing
This well-known term ‘From Rags to Riches ‘is used to describe the American Dream the rich to reinvest in industries.
These were large corporations that controlled all the trade in a single product.
Features of American Capitalism
Capitalistic boom of the 1920’s
New Technology and Innovations
Entrepreneurship
Strengths in the U.S economy
In 1920 America experienced a consumer revolution.
An innovative person who owns a business and is willing to take risks. Due to the economic boom, Americans ended up spending more money.
In the 1920s, during the Golden Age, America became the worlds leading industrial
He/she often makes money by: The government allowed the country to exploit the vast amount of natural resources
power. The reason for this are as follows:
o Taking risks in order to produce steel, chemicals, machinery, oil and electricity.
It was a large country that consisted of very fertile lands that aided in food
o Investing their own money in a business
production.
o Using initiative The technologies and industries included:
It had a large supply of natural resources such as coal, oil and wood that was used in
o Being willing to start a new business
factories to aid in production.
o Accepting full responsibility for the profits or losses made Wide spread availability of electricity, which then stimulated the demand for electric
It had a vast population of immigrants who were willing to work hard for very low
• Innovative: A person who is very skilled at introducing new ideas and concepts. appliances like vacuum cleaners, refrigerators and washing machines.
wages, which kept the cost of production very low.
Movie industry and development of talking pictures.
During the 19th Century America had found ways to develop its resources by building
The car industry.
factories, sinking oil wells, cultivating land and laying railways.
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