To Replace 20th Century US History 1890 2016

 

 

20th Century Decade Evaluation
Interaction of Politics and Economics

Executive Summary
19th Century Ended
with Monarchs in control, liberal economic thought expands'

Century Begins with with President Roosevelt going after J.P. Morgan and banking sponsored rusts'
1900-09 A sever recession brings the need for government take-over of central banking'
1910-19 FED becomes Lender of Last Resort, a few labor gains, war, first Red scare, slow economy
1920-29 Recession early then economy and Wall Street dominate with loans to war-torn to nations
1930-39 Great Depression dominates, Keynes Wins, communism affects Western politics
1940-49 U.S. dominates after war, Truman Doctrine and Marshal Plan hope to defeat communism
1950-59 U.S. vs. communists,  Korean War, Middle East Problems Begin
1960-69 Vietnam war and debt buildup powers economy, starts inflation, enrages many
1970-79 Nixon toke U.S. off gold, oil embargos contributes to massive, China opened
1980-89 FED recession solve inflation, RR cuts taxes and regulation.
1990-99 Tax increase hurts Bush I, free trade and capital markets expands
2000-09 Two tax cuts, three wars and one health care acts expand government debt
2010-14 Government expands to end Great Recession and health care.
One File Edition for viewingr expand economy despite labor power
 

The 19th Century ended with conservative   Oligarchs from business, finance plus European   Monarchies in control of the  world political economy.  Liberalism first inspired by the  English Civil War of the 1640’s began to take a more economic  slate. It would increased dramatically and during the  mid-19th century with the philosophy of Friedrich Engels.  His ideas concerning worker  well-being morphed into Marxism and Leninism.   Elsewhere, the worker cause Union movement. Union  influence would last well into  the next century.  

File:Emperor Jimmu.jpg

A 19th century portrayal of Emperor Jimmu, the first Emperor of Japan. For 50 years during the 20th century Japan would be controlled by her military oligarchs. England and other Western countries would control world trade through colonies with Germany and Japan wanting to join the exclusive club. Click to enlarge most pictures.

The Great Southwest Railroad Strike of 1886 against Jay Gould, one of the most ruthless industrialists of the day was a trade union strike  involving more than  200,000 workers. Click to enlarge.

Cartoon depicting Wall Street as
"Jay Gould's Private Bowling Alley"

 

 

Century begins with President Roosevelt going after J.P. Morgan and banking sponsored trusts and in 1906 passing the Meat Inspection Act and the Pure Food and Drug Act. "Even his friends occasionally wondered whether there wasn't any custom or practice too minor for him to try to regulate, update or otherwise improve."

TR Takes on Big Business.

The Banker’s Panic of 1907,  so named because it started on Wall Street, soon “spread throughout the nation when many state and local banks and businesses entered bankruptcy.”  Banker J. P. Morgan led a group of Wall Street bankers to saved the day with a large shot of bank liquidity. The U.S. Treasury also helped. This was a change from conservative laissez-faire capitalism and many thought it was required as the economy had become too big for private banker Oligarchs to be the lender of last resort.

Wall Street during the bank panic in October 1907. Click to enlarge

Banker J.P. Morgan was center stage in the Political Economy With Treasury's help he overcame 1907 liquidly crisis.  

The 1913  Federal Reserve Act solved the lender of last resort problem and its formation continued the battle of federal government involvement in society activities. Decades of union strikes eventually resulted in Massachusetts and other states passing minimum wage laws. The toothless federal Clayton Anti-Trust Act was outgunned by the courts.

World War I began in 1914 because territorial and economic conflicts among the European Monarchs fueled by militarism, a complex web of alliances, imperialism, and nationalism got out of control. Even England’s democratic constitutional monarchy was not immune as her vast colonial empire needed protection. "The US with immigrants and citizens from many fighting nations was isolationist but people ”…”… increasingly came to see the German Empire as the villain after news of atrocities in Belgium in 1914, and the sinking of the passenger liner RMS Lusitania in 1915 in defiance of international law." 

President Wilson kept the economy on a peacetime basis, while allowing US bankers large-scale loans to Britain and France.  Because England controlled the sea, she and her allies could use loans from US banks to buy US goods.  US business made a substantial profit though most of the loans were not paid back and remain in “limbo."

Federal Reserve Acts created a government business partnership. It established 13 banks, to furnish an elastic currency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States and for other purposes.

Russian forest trench at the 1914–1915 Battle of Sarikamish. Soldiers spent months in trenches with rats, lice, feces, mayhem and death all around them. Russia didn't suffer as much helping us in WW 1 as in WW 2 when 23,000,000 died. Source

 The 1918 flu pandemic killed more people than WWI as Half Million US Citizens Dire

Soldiers from Fort Riley, Kansas, ill with Spanish influenza at a hospital ward at Camp Funston. Click for slides.

Post WW 1 Worker Strife Caused  1919 Red ScareNewspaper

At home the 1919 strikes, riots created a growing fear of radicals and terrorists who wanted labor reform. It was part of a world-wide questioning of WWI causing authoritarian central governments.

A white gang looking for African Americans
during the Chicago Race Riot of 1919

 

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