How Far Did an Economic Boom Take Place in the Usa During the 1920’s?
How Far Did an Economic Boom Take Place in the USA during the 1920’s?
During the 1920’s America’s economy grew greatly; with an increased demand for American goods and rapid industrial growth. Although it seemed like the majority experienced and benefited from this boom, there were also people however, who didn’t experience and gain an advantage.
It was mostly the rich and middle classes that did benefit from the economic boom. In particular, the industries of car manufacturing and advertising consumer goods experienced the betterment.
In car manufacturing, an increase in cars were made-so more goods were needed to keep up and run the supply; this made other industries grow in steal, glass, rubber and leather. New opportunities also opened from the development in car production; petrol stations, motels and road buildings were now in business. Due to industry growth and the new opportunities people now had more jobs to apply for.
In new consumer goods, electrical equipment such as refrigerators, washing machines, radios and vacuums now had massive demands because they were new and the adoption of the assembly line led to mass production, which meant these products could be made faster and cheaper.
Nevertheless, there were industries who didn’t benefit; those of the coal, textiles and farming. In addition groups of the Black American race and poverty too experienced misfortune.
In farming nearly half of all Americans lived in rural areas, during this time farming was suffering. Farming incomes dropped and there were several reasons for this: Tariffs reduced trade with other countries, World War One meant Europe couldn’t afford American food exports. Canadian wheat producers were growing more grain leading farmers to over-produce in wheat to outsell each other but ended up with too much left over product that couldn’t sell, this made prices fall so they lost profit and went bankrupt. Over farming led to a dustbowl too as areas became deserted. All of this
During the 1920’s America’s economy grew greatly; with an increased demand for American goods and rapid industrial growth. Although it seemed like the majority experienced and benefited from this boom, there were also people however, who didn’t experience and gain an advantage.
It was mostly the rich and middle classes that did benefit from the economic boom. In particular, the industries of car manufacturing and advertising consumer goods experienced the betterment.
In car manufacturing, an increase in cars were made-so more goods were needed to keep up and run the supply; this made other industries grow in steal, glass, rubber and leather. New opportunities also opened from the development in car production; petrol stations, motels and road buildings were now in business. Due to industry growth and the new opportunities people now had more jobs to apply for.
In new consumer goods, electrical equipment such as refrigerators, washing machines, radios and vacuums now had massive demands because they were new and the adoption of the assembly line led to mass production, which meant these products could be made faster and cheaper.
Nevertheless, there were industries who didn’t benefit; those of the coal, textiles and farming. In addition groups of the Black American race and poverty too experienced misfortune.
In farming nearly half of all Americans lived in rural areas, during this time farming was suffering. Farming incomes dropped and there were several reasons for this: Tariffs reduced trade with other countries, World War One meant Europe couldn’t afford American food exports. Canadian wheat producers were growing more grain leading farmers to over-produce in wheat to outsell each other but ended up with too much left over product that couldn’t sell, this made prices fall so they lost profit and went bankrupt. Over farming led to a dustbowl too as areas became deserted. All of this