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Showing posts with the label American Economic History

The Smoot-Hawley Tariff Scare

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The success and prosperity of the roaring twenties was toppled over by the anticipated passing of the Smoot-Hawley Tariff . This is what caused the stock market crash of 1929. When combined with tax hikes enforced by the federal government it resulted in the period of U.S. History which lasted until after the end of World War II called the Great Depression. So, what was the Smoot-Hawley Tariff ? A tariff, named after Reed Smoot and Willis C. Hawley, that was to be imposed on every agricultural product that came into the United States. The individuals who lobbied for this bill to be passed wanted protection from the foreign competitors in the agricultural industry. It was a measure that was initially pushed by Herbert Hoover during his time as Secretary of Commerce under the Warren G. Harding and Calvin Coolidge administration. So, you know that as President of the United States, he was rooting for this bill to be made into a law. Not too many others saw things his way and agr...

Madame C. J. Walker: December 23, 1867-May 25,1919

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  Madam C.J. Walker Stamp (1998) Today, hair care and cosmetics makeup a multibillion-dollar industry. This industry brought success to the first well documented female millionaire in America, named Madame C.J. Walker, according to the Guinness Book of World Records. By the time she passed away on May 25,1919, at the age of 51, in her mansion, “Villa Lewaro” in Irvington, New York, she had a business that had an annual revenue of $500,000 and her New York real estate valued at $700,000. [1] Arizona Gleam ad (1937) In 1906, she married her third husband, Charles Joseph Walker, and changed her name to Madame C.J. Walker while residing in Denver Colorado. Her first marriage was to Moses McWilliams at age fourteen. She became a single mother and widow at age twenty when he passed away. She married for the second time to John Davis in 1894. The romantic relationship with Charles Joseph Walker started while she was still married to John. After the two of them divorced she continued to ...

A Postbellum Economic Experience: Productivity and Land Ownership in the Cotton South

Assigned with the task of presenting scholarly sources related to economic growth in two sectors of the postbellum economy, productivity and land ownership are relevant to the discussion about the state of the economy in the postbellum Cotton South. The term “postbellum” refers to the time period after the American Civil War. For this post, postbellum is referring to the years from 1865-1900. In regard to the state of the economy, productivity and land ownership in the Cotton South are being considered for this blog. It is important to note that even though the Emancipation Proclamation became effective at the beginning of 1863, slavery continued in parts of the Confederate South until June 1865. In June 2021, President Joseph R. Biden signed the bill making it a law to recognize Juneteenth as a federal holiday. [1] On June 19,1865, the last slaves in Texas were informed of the Emancipation Proclamation freeing them by the Union Soldiers led by Major General Gordon Granger. [2] The c...