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In the 1920s, America's economy grew by a staggering 42%. Mass production spread new consumer goods into every household. The modern auto and airline industries were born. The U.S. victory in World War I gave the country its first experience of being a global power.
The Roaring Twenties were a Jazz Age burst of prosperity and freedom for flappers and others during the Prohibition era, until the economy crashed in 1929.
Was the prosperity of the 1920s an illusion? Or was it real? Drawing upon these various statistics, construct an explanation of the causes of the Great Depression.
The 1920s saw the large-scale development and use of automobiles, telephones, films, radio, and electrical appliances in the lives of millions in the Western world. Aviation soon became a business due to its rapid growth.
By the dawn of the 1920s, the second Industrial Revolution had transformed the United States into a global economic power and drawn millions of Americans to cities. With a concurrent rise in immigration, the 1920 U.S. census was the first in which the majority of the population lived in urban areas.
Throughout the 1920s, each year saw a rise in every leading economic indicator (signs that the economy is thriving). Income levels rose (workers, for example, made 26 percent more in 1929 than they had in 1919), as did business growth, new construction, and stock market trading.
In the Roaring Twenties, a surging economy created an era of mass consumerism, as Jazz-Age flappers flouted Prohibition laws and the Harlem Renaissance redefined arts and culture.
By the middle of 1920, economic activity and employment were rapidly falling, and prices had begun their downward spiral in one of the sharpest price declines in American history. The Federal Reserve System kept the discount rate at 7 percent until May 5, 1921, when it was lowered to 6.5 percent.
The 1920s ushered in more lasting changes to the American social scene than any previous decade. Escapism loomed large as many coped with change by living in the present and enjoying themselves. The economic boom that unleashed the transformation and its consequences made the Roaring Twenties an era to remember.
The 1920s earned their moniker—the "Roaring '20s"—through the decade's real and sustained prosperity, dizzying technological advancements, and lively culture. The decade marked the flourishing of the modern mass-production, mass-consumption economy, which delivered fantastic profits to investors while also raising the living standard of the ...