By the mid s the economy was booming. Factors leading to the Boom US industry had been boosted by the war. Protectionism — import duties raised Mass production — cars, radios, refrigerators etc.
The most influential factor, in my opinion, during this period was the rise of automobiles. Other than the fact that they were selling so rapidly, this industry affected the sale on many other items also.
Those who owned automobiles also obviously needed gas as well, and the road construction business boomed too. Also, the construction of cars required steel, rubber, and other tools.
Trains were also becoming more and more advanced during this time period, moving quicker and becoming more efficient. The radio system was also becoming more advanced, and a radio could be found in almost every household by the end of the decade.
Other household appliances like the telephone were experiencing major technological advancements, also boosting the economy. Although more jobs were being created in the city areas, many were lost in the rural ones.
Due to the invention of the tractor, fewer workers were needed to plant and harvest crops and small farms were no longer able to compete, thus beginning the decline in agricultural workers that is still experienced today. The sudden rise in economy also led to a more unstable economy and could foreshadow a crash in the future.
I totally agree with that. I think your post was spot on especially your last sentence. I love all the support of your answer. You did good on that. And you gave a lot of examples that also helps. Can you imagine where we would be if the automobile would not have been invented?
One of the greatest was the changing mindset of Americans. Before this era, people bought what they could afford.
But with the twenties came the idea of credit and a more careless approach to money management. This concept coupled with inventions such as the automobile laid foundation for a roaring economy. Henry Ford provided America with affordable transportation.
The percentage of Americans who owned cars began to drastically rise. With the innovations of this time came new luxuries. This sort of consumerist economy was great for business. However, this era of prosperity could only thrive so long.
While the economy was booming it was also setting up for a bust. Imagine today with no option of buy now, pay later. I definitely agree that fact could cause economic problems.
At this time manufacturers were focusing less on producing raw materials such as steel and rubber and more on products for the consumer. Technological advances such as creating the automobile greatly affected the economy. Cars were not exactly cheap when they first started, and if people didn't have enough cash they would not be able to purchase one.
Henry Ford helped change this by mass producing cars using an assembly line to reduce the time and cost needed to produce vehicles; however, not every one could afford a car. The idea of credit changed this by allowing people to buy now and pay later. Other luxuries also began to appear such as the radio, commercial flying, refrigerators, washing machines, and vacuums.
Businesses did great in this consumerist economy, but the new form of banking based on credit allowed people to rely too much on their credit to purchase items that they would not be able to pay for.
The economy hid this fact and set the U. I believe the greats was the change of the mindset of Americans.Drawing evidence from the readings and cartoons in this section, write a brief overview of the economic prosperity of the s, beginning or ending with one of these statements from the resources: W.
Du Bois, "The Shape of Fear," The North American Review, June - "This myth of prosperity, if believed, will lead to inevitable. The growth of free trade with initiatives like the North American Free Trade Agreement (NAFTA) as well as a growing global market helped to increase economic prosperity to more parts of the world.
Causes of the Economic Boom in America in the ’s The period from is often called the ‘Roaring Twenties’ because it was a time of noise, lively action and economic prosperity. The First World War had been good for American business. The economic history of the United States is about characteristics of and important developments in the U.S.
economy from colonial times to the present. Many young adults in Europe delayed marriage for financial reasons. It was one of the shortest and mildest recessions in American economic history.
The post–World War II economic expansion, also known as the Economists employing Marxian economic analysis and Crisis theory argue that the period of prosperity was a temporary phase in capitalist development This was especially harsh for mining and steel districts such as the North American Rust Belt and the West German Ruhr area.
Another reason for early American prosperity was that the scarcity of population in a vast territory had pushed labor costs up from the very beginning of the colonial era. By the early nineteenth century, American wages were significantly higher than those in Europe.