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THE ROARING TWENTIES: BUSINESS AND ECONOMY
Transcript of THE ROARING TWENTIES: BUSINESS AND ECONOMY
LONG TERM IMPACTS
THE STOCK MARKET
Buying stocks in the 1920’s was seen as the thing to do for the smart, sophisticated and urbane. Even though the stock market and thriving business was making the American economy thrive, there was a massive gap between the rich and the poor, which still exists today.
However, the success of the stock market only lasted around 9 years, when the stock market crashed in 1929. This was a nightmare, for everybody bought things on credit and they lost all of their investments.
THE ROARING TWENTIES
The decade of the 1920’s was a time of tremendous growth and prosperity for the economy and for American culture as well. Following up World War I, the American economy was booming from the work created by the war effort, and those business got switched to domestic purposes, furthering the economy with a very low unemployment rate. Consumerism was massive within the 1920’s, with new technology for home and auto, and the ideas surrounding mass production and buying and selling.
IMPACTS ON SOCIETY
The farmers in the 1920’s suffered however, for people in rural areas struggled to stay afloat due to the prices for farm equipment rose and the price at which their crops were being sold for dropped.
Due to buying being at an all time high, the actual dollar bills themselves were wearing out very fast, causing the American government to print them at a faster rate.
In 1920's, the Ford Model-T was the first car to be produced by assembly line, and it could be bought for $260.
The roaring twenties was a time of economic prosperity that spanned from 1920-1929 before the Great Depression, this was a time that greatly developed the Western culture and looking back on it it has a distinct cultural edge. It was a time of mass production, mass media, and consumerism. It was a great turning point from the old age to the new age through movie/film production, automobiles, planes, radio, and music, and these industries grew and flourished within the new culture. In return this helped the country until The Stock Market Crash in 1929.
There were many influential figures of the 1920s, here are a few that helped the economy with their work.
Herbert Hoover- Was the 31st president of the United States who before had achieved international success as a mining engineer and as a humanitarian who fed Belgium’s hungry during the first World War as president Woodrow Wilson had appointed him the head of the Food Administration. He served as president during the crash of the economy and ran in office from 1929-1931.
Henry Ford- Was a big name in the 1920s due to the creation of mass production and the introduction of affordable automobiles into the American lifestyle.
Warren G. Harding- Was the 29th president of the United States who was in office from 1921-1923. His term ended when he passed away from a heart attack in 1923 during the discovery of his bribery scandal (the Teapot Dome Scandal) that occurred in 1921 and 1922.
Calvin Coolidge- Was the 30th president of the United States and served in office from 1923-1929. He was a particularly popular president and promised to help maintain the prosperity of the country for years to come. He left office before the Stock Market Crash.
There were many influential figures of the 1920s, here are a few that effected the economy with their work.
The most obvious long-term impact of the 1920s was the 1929 Stock Market Crash that gradually lead to the Great Depression. From 1929-1939 the country suffered with record low unemployment rates and shut down banks. It was a stark contrast to the 1920s when unemployment was tallied at 5%.
These events also provided something for the country to learn from in the future and resulted in several reforms and bills to prevent these events from reoccurring.
New business practices emerged within the 1920's, allowing business men to boost turnover which in turn created massive profits which they ended up reinvesting within their companies.
One of the biggest improvements with business models in the 1920's was one central office running smaller, less powerful offices within a corporate chain. This lead to more power and wealth for the head of the whole company.