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key questions

- consumerism was redefined during the decade as people experienced the negative effects of spending money on "wants" rather than "needs"

- in the 70s, consumerism was seen as superfluous and a sort of luxury life

- this theory was supposed to reduce importance of class systems

sources

*could not add links for youtube videos

decades compared

background music:

- to the government, this was a great way to increase economy in the early 20th century but it later proved to cause the opposite

must be in present mode for music to play

*look at lyrics

slide 1 picture: http://greaterdiversity.com/managing-money-by-managing-materialism-in-kids/advertising-and-consumerism/

inflation graph pic: https://spcfo.com/1970s-inflation-redux/

negative view on consumerism

information: https://americanhistory.si.edu/american-enterprise-exhibition/consumer-era

- people stopped spending money on non-necessities

- consumerism was introduced

assembly line: https://www.thebalance.com/roaring-twenties-4060511

Information: https://www.investopedia.com/articles/economics/09/1970s-great-inflation.asp#:~:text=The%201970s%20saw%20some%20of,this%20decade%20of%20high%20inflation.

- production died down

- production grew rapidly

video 1:

last video:

- unemployment increased

- people would spend money using credit

new technology was developed

- inflation

newspaper: http://athenaandkim.weebly.com/consumerism.html

- American economy flourished

- food and energy shortages increased

- debts were ignored

1970s

1920s

1920s assembly line

What is consumerism?

Consumerism in the 1970s vs. Consumerism in the 1920s

- belief that spending money and consuming goods benefits the economy by creating new jobs and providing more money for business owners.

1970s

- as we got to the 70s, wages flattened as President Nixon was spending too much on war efforts.

- encourages spending over living a simplistic life.

- people questioned the capitalist economy and wondered if the gov't should interfere as wages were distributed unequally.

- inflation was blamed on budget deficits and oil prices

- people stopped spending money recklessly as debt started to build up

- when production died down, economy plummeted

1920s

- credit allowed consumers to spend more without worrying about debt

- as selling increased, production increased, causing an economic boom

by Kamya Patel

- people spent money on cars, washing machines, refrigerators and other things that were not necessary at the time

example of how consumerism was promoted in newspapers

more on consumerism and the economy in 1920s

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