An analysis of american economy during 1920s

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An analysis of american economy during 1920s

As the economy boomed, wages rose for most Americans and prices fell, resulting in a higher standard of living and a dramatic increase in consumer consumption. These changes were encouraged by the new mass media that included radio and motion pictures.

Booming economy and consumerism. The American economy's phenomenal growth rate during the '20s was led by the automobile industry. The number of cars on the road almost tripled between andstimulating the production of steel, rubber, plate glass, and other materials that went into making an automobile.

Henry Ford pioneered the two key developments that made this industry growth possible — standardization and mass production. Standardization meant making every car basically the same, which led to jokes that a customer could get a car in any color as long as it was black.

Mass production used standardized parts and division of labor on an assembly line introduced by Ford before the war to produce cars more quickly and efficiently. Both innovations had a dramatic impact on price: Ford also created new management techniques that became known as welfare capitalism.

These tactics, along with yellow dog contracts, through which employees agreed not to join a union, worked; union membership dropped by almost two million between and American industry produced thousands of consumer goods in the s, everything from automobiles to washing machines to electric razors.

Mass consumption was encouraged through a combination of advertising, which created a demand for a particular product, and installment buying, which enabled people to actually purchase the product.

An analysis of american economy during 1920s

The power of advertising to shape public attitudes had been demonstrated through the Committee on Public Information's use of media to marshal public support during World War I. When peace came, ad agencies used newspapers, mass circulation magazines, and radio to effect consumption patterns.

The power of advertising even influenced religion. Bruce Barton's bestseller, The Man Nobody Knows, portrayed Jesus Christ as a master salesman and the spread of Christianity as a successful advertising campaign.

Providing the opportunity to buy on credit was also a powerful marketing tool. Businesses exhorted consumers to put a small amount down and pay off the balance in monthly installments, instead of saving money for an item and purchasing it with cash. As a result, Americans' savings rate dropped sharply in the '20s, and their personal debt rose.

The new woman and minorities. With a new look came new viewpoints and values, including a more open attitude toward premarital sex. Margaret Sanger, who had first promoted birth control before World War I as a means of sparing poor women from unwanted pregnancies, argued that the diaphragm gave women more sexual freedom.For American farmers, the Great Depression began not with the stock market crash in , but with the collapse of agricultural prices in So, the entire decade of the s was a time of poverty and crushing indebtedness, leading to ever-rising foreclosures of family farms.

The American economy's phenomenal growth rate during the '20s was led by the automobile industry. The number of cars on the road almost tripled between and , stimulating the production of steel, rubber, plate glass, and other materials that went into making an automobile.

Nobodies: Modern American Slave Labor and the Dark Side of the New Global Economy [John Bowe] on r-bridal.com *FREE* shipping on qualifying offers. Most Americans are shocked to discover that slavery still exists in the United States.

Yet years after the Emancipation Proclamation. Let's review. Following the end of the First World War, an economic shift took place as America's industrial might was unleashed for peacetime production.

By the early s, the economy was booming.

An analysis of american economy during 1920s

The s were not kind to labor unions even though the First World War had solidified the dominance of the American Federation of Labor among labor unions in the United States. The rapid growth in union membership fostered by federal government policies during the war ended in The Roaring Twenties was the period in Western society and Western culture that occurred during and around the s.

It was a period of sustained economic prosperity with a distinctive cultural edge in the United States and Western Europe, particularly in major cities such as Berlin, Chicago, London, Los Angeles, New York City, Paris, and Sydney.

In the French Third Republic, the decade was.

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