LABRST 1A03 Lecture Notes - Lecture 7: First Red Scare, World War I, Welfare Capitalism
21 Mar 2017
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Time period with pop culture and celebrities. Time where people were living a glamorous life. Few companies with vast power (steel, electric makers) First red scare (after wwi) fears about unions and communism. Unions faced hard times because of the hangover (loss of energy and spirit) Welfare capitalism practiced by big successful companies. Company making welfare programs that will ensure they will take care of it. Popular culture again population couldn"t buy into the glamorous lifestyle (too expensive) Reality of the 20"s the economy was terrible (leading towards the depression) Overproduction/underconsumption (not enough money to buy products that were coming out) Lots of the money was borrowed to overbuild (factories too big, debts couldn"t pay) Economic crisis not like any other (economy failed) Suffered most was the west; agricultural markets were a drought (over-farming) Immigrants get hit the hardest when entering a labour market that has crashed. High unemployment rates made it harder for younger people to find a job.
