The Great Crash (October 1929)

1. The Roaring Twenties:

The 1920s saw an unprecedented economic boom in the US. New technologies like the automobile and radio fueled rapid industrialization and a surge in consumer spending.
However, this economic prosperity was built on shaky foundations.
⭐Overproduction: Factories produced more goods than consumers could buy, leading to a surplus.
⭐Speculative Investing: The stock market became wildly popular, with people investing heavily based on speculation rather than solid financial information. This created a stock market bubble.
⭐Unequal Distribution of Wealth: While the economy boomed, the wealth was unevenly distributed. The rich got richer, while the poor remained poor, leading to a widening gap.
⭐High Tariffs: The US implemented high tariffs on imported goods, hindering international trade and ultimately harming the global economy.

2. Black Thursday (October 24, 1929):

The stock market began showing signs of weakness in the summer of 1929.
On October 24th, panic set in as investors began selling their stocks in large numbers.
The sudden sell-off caused a dramatic drop in stock prices, marking the beginning of the crash.

3. Black Tuesday (October 29, 1929):

The panic intensified on October 29th, culminating in a massive market crash.
Stock prices plummeted as millions of shares were sold.
By the end of the day, billions of dollars were wiped out, and the US economy was in freefall.
The crash triggered a global economic depression.

4. The Aftermath:

The crash led to the Great Depression, a decade-long period of economic hardship that devastated the US and the world.
Millions of people lost their jobs, homes, and savings.
Businesses failed, banks collapsed, and poverty became widespread.
The crash highlighted the flaws in the US economic system and the dangers of unchecked speculation.
It also highlighted the need for government intervention to regulate the economy and protect the public from future crises.

The Progressive Era in the United States

1. A Time of Change:

The Progressive Era (roughly 1890-1920) was a period of widespread social activism and political reform in the United States.
Americans were concerned about the problems created by rapid industrialization, urbanization, and economic inequality.
Progressives believed in using government power to address these issues and create a more just and equitable society.

2. Key Goals:

⭐Fighting Corruption: Progressives sought to expose and eliminate corruption in government and business.
⭐Regulating Big Business: They aimed to control the power of powerful corporations and monopolies through legislation and antitrust laws.
⭐Protecting Workers: Progressives advocated for safer working conditions, shorter working hours, and the right to organize unions.
⭐Social Welfare: They focused on improving social welfare programs like public education, healthcare, sanitation, and housing for the poor.
⭐Social Justice: Progressives promoted civil rights for minorities, women's suffrage, and the elimination of discriminatory practices.

3. Major Reforms:

⭐Antitrust Laws: The Sherman Antitrust Act (1890) and the Clayton Antitrust Act (1914) were passed to break up monopolies and promote competition.
⭐Food and Drug Safety: The Pure Food and Drug Act (1906) and the Meat Inspection Act (1906) established federal regulations to ensure the safety of food and drugs.
⭐Child Labor Laws: The Keating-Owen Act (1916) banned the interstate sale of goods produced with child labor.
⭐Women's Suffrage: The 19th Amendment (1920) granted women the right to vote.
⭐Income Tax: The 16th Amendment (1913) established a federal income tax, allowing the government to raise revenue to fund social welfare programs.

4. Key Figures:

⭐Theodore Roosevelt: Progressive President who championed trust busting, conservation, and consumer protection.
⭐Woodrow Wilson: Progressive President who fought for social justice, economic reform, and international peace.
⭐Jane Addams: Social reformer who founded Hull House, a settlement house that provided services to the poor and immigrant communities.
⭐Upton Sinclair: Author of "The Jungle," a novel that exposed the unsanitary conditions in the meatpacking industry.
⭐Ida Tarbell: Muckraking journalist who wrote investigative articles exposing the unethical practices of Standard Oil.

5. Legacy:

The Progressive Era left a lasting impact on American society.
It laid the foundation for modern government regulation, social welfare programs, and consumer protection laws.
The era also encouraged the growth of social activism and awareness of social issues.
However, it's important to note that the Progressive Era was not without limitations. Some of its reforms were influenced by racial prejudice, and the movement's focus on government intervention was not always effective in addressing the root causes of social problems.