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Standard 7.1

The effects of innovation and financing on the 1920s

Adam Powley

on 29 February 2012

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Transcript of Standard 7.1

St 7.1 - The Boom of the 1920s
Economic Growth of the 1920s
What is "Economic Growth"?
One sign is increase in the GDP per capita
This means that the standard of living is higher
better standard of living increases life expectancy, education, types and amount of goods a person can buy
Where would you want to live?
What does this mean for the 1920s?
Are there positives to economic growth?
Is This a Positive?
People can afford to buy new items
* Higher income
* Lower Unemployment
* leads to even more Goods
and Services
Are there negatives to economic growth?
US economic growth required Mass Production
*increases amounts
*lowers the price

BUT it increases monotony
of work and eliminates
need for skilled workers
New Technologies replace old ones

Electricity replaces Coal
Cars and trolleys replace horses
Ford introduced the assembly line in 1913
which allows cars to be produced more
quickly and at a cheaper cost
"Industrial Efficiency" leads to further loss of worker individuality
Workers still underpaid and unions
unprotected during the 1920s
Republicans like Coolidge favored
big businesses and unions
hurt business
Farmers get their own special negative economic category
The end of WWI meant that European farmers could grow their own crops again.
U.S. farmers had been selling their surplus crops to Europeans.
U.S farmers lost a huge market
an increase in supply domestically led to lower prices for their crops
led to an increase in foreclosures
Similar to St. 5-3!
Haves v Have-Nots
helps lead to...
The "haves" (wealthy) have more "disposable income"
The larger portion of the US (the "Have-nots") begin to have a smaller share of the money available.
The gap between the standard of living for a wealthy person and a poor person increases throughout the 1920s
(Which led to the Populist Movement)
Mass Media and new innovations further enforced the disparity
Mass Media led to Mass Advertising
Usually advertised things that the Haves could purchase. Have-nots were left wanting but unable to buy.
this "buy-now-pay later" mentality changed attitudes about debt
People were more willing to spend without having money
Americans bought new appliances like
women could do chores more easily
(it didn't really help their standing in society) though many ads started targeting women since they often were the household suppliers)
In fact, we all know the 1920s as the era of the "Flapper"
if they wanted but couldn't afford right away they could take advantage of new "consumer financing options"
but most women continued in traditional roles of mother and wife.
This is reflected in most of the advertisments of the period.
All of this Consumer debt sparks the economy in the 1920s, but it blows up as the decade ends...

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