During the aftermath of World War I great change was happening to America’s society. Of the nations that were involved in the worldwide conflict from 1914 to 1918 no other nation experienced prosperity socially, politically, and economically as quickly as did the United States of America. The middle-class American suddenly became the most important component to the growth of the American economy. As the purchase of luxuries, the automobile in particular, became more available to middle-class, opportunity in the housing and labor industries expanded. World War I had placed great strains on the economies of the most European nations that were involved in the conflict. With trade agreements with countries like Britain, France and United Kingdom America’s economy flourished, as they forced these countries to accept goods in exchange for debt. The economy of America soared to new heights. America’s abundant natural resources and technological advances were used to become leaders in manufactured exports. (Encl) Usually the general public would opposed big business owners to partner with government, but as the lifestyles of many Americans elevated these relationships were accepted. By the end of the decade, 1910 to 1919, annual incomes rose from $580 to $1300 setting the stage for the “crazy years” known as the “Roaring Twenties”. As WWI ended and America transitioned from wartime mindset to peacetime lifestyle the economy of the nation had placed the United States as the world’s superpower. As all of the fighting occurred on foreign soil there was no added expense to rebuild infrastructure of the nation as other countries were required. Instead of rebuilding roads, buildings, hospitals, schools from new designs America could... ... middle of paper ... ...the customer had completed their bank transaction they could return to the ground level and enjoy a moment of shopping at the various retail shops that were housed in the dedicated retail spaces directly below the main banking floor. Works Cited Encl. "World War I and the Economy." January 2001. Encyclopedia.com. Electoronic. 24 October 2013. . James F. O'Gorman, Dennis E. McGrath. ABC of Architecture. Philadelphia: University of Pennsylvania Press, 1998. Document. October 2013. Jordy, William H. "PSFS: Its Development, and Its Significance in Modern Architecture". Journal of the Society of Architectural Historians, 1962. Print. 14 October 2013. Schumpter, Joseph A. "The Decade of the Twenties." The American Economic Review 36.2 (1946): 4. Document. 24 October 2013. .
The decade after the First World War saw tremendous change. Progressivism was a leading factor of World War I and in the 1920’s the evidence can be seen. Industries were making their products at an increasing rate. Products that were not populous before World War I were now used by millions of Americans. The automobile was only used by less than ten million of Americans and by the end of this post war decade that number has climbed to over thirty million. Also many new inventions were coming through making life for Americans much more comfortable. Radios, vacuum cleaners, irons, washing machines, and refrigerators were among the new necessities Americans just had to have.
During the Great Depression, America’s economy was merely destroyed. Because less money was available, industrialization dropped, factories were losing, and the number of unemployment increased. Later, during World War II most of the countries were destroyed, however, America’s economy was able to grow. Due to the mobilization of America, The victory gardens, the rationing, and the urge to produce more to fight better, America’s production increased in order to support its military. Also, different types of industry that wasn’t available before the war started to develop during the war. So, employment started to increase, thereby increasing the economy. Moreover, it was able to fund other countries with weapons and products necessary for the war, and in alliances America was mainly the provider. After the war, when the Americans’ soldiers came back, with a huge number of factories and high number of people ready to work, production flourished. Thus, America started to recover economically and become more powerful. World War II transformed America’s economy from a depressed
The 1920s were a time of leisure and carelessness. The Great War had ended in 1918 and everyone was eager to return to some semblance of normalcy. The end of the war and the horrors and atrocities that it resulted in now faced millions of people. Easily obtainable credit and rapidly rising stock prices prompted many to invest, resulting in big payoffs and newfound wealth for many. However, overproduction and inflated stock prices increased by corrupt industrialists culminat...
This investigation will examine ways in which the US economy improved during the second World War and what caused these improvements. World War Two was a turning point for the American economy from the end of the Great Depression to the start of an economic boom. The reasons for this economic improvement are still debated today. This investigation will look at the economic indicators before, during, and after the war. It will also consider the two main arguments for the cause of the sudden economic growth and determine which one seems most probable.
World War I may not have made the world safe for democracy, but it did help to lay the groundwork for a decade of American economic expansion. The war began in Europe in 1914, and the United States entered the fray in 1917. The 1920s saw the growth of the culture of consumerism. A significant reason for United States involvement in the war was the nation’s economic links to the Allied Powers, and especially to Great Britain. American soldiers returned home in May 1919 with the promise of a prosperous decade (Baughman 197).
During the twenties the economy had a definite impact on the society. It benefited some, but hurt others. The people that benefited were the prairie farmers and the oil companies. The people who didn’t benefit were American soldiers returning from WW1. Around the middle of the twenties, a wheat farmer was the person to be. Business was booming for all the wheat farmers, places like Europe, which were in war, were hungry for American’s wheat and contributed tremendous business to the American wheat industries. Farmers began making more money than ever before, and they started buying farm machinery to take place of their cattle and horses. Prices of wheat were at an all time high, which gave America’s wheat industry an even bigger advantage and a bigger form of money making in our economy. American soldiers on the other hand who had returned from war were expecting to be employed when they returned, but not even after fighting for their country could they get a job. It was very hard to get a job because women and immigrants had taken them all during the war. American soldiers were surprised at how difficult it was to...
On the heels of war, new technology caused a decrease in prices of goods in the 1920’s and in the 1950’s the GI Bill increased income. The bureaucratization of business in the 1920’s meant that more people could be employed in higher paying white-collar jobs than before, including, for the first time, housewives. This new income combined with the reduced prices for goods that resulted from mechanized production, assembly lines and a general decrease of the cost of technology created a thriving consumerist middle class that went on to fuel the economy in all sectors, especially the upper classes. Likewise, during World War II Americans saved up around 150 billion dollars, and this sum combined with the income of the GI Bill allowed normal people to buy expensive things, from houses to cars to electronics to educations at a rapid rate, fueling the trademark prosperity of the 1950’s. The new automobile culture of the 50’s spawned new businesses that catered to mobile Americans, such as nicer and more standardized hotels like Holiday Inn, and drive-up restaurants like McDonalds. Just as the culture of the 1920’s was transfo...
The "roaring twenties" was an era when our country prospered tremendously. The nation's total realized income rose from $74.3 billion in 1923 to $89 billion in 1929(end note 1). However, the rewards of the "Coolidge Prosperity" of the 1920's were not shared evenly among all Americans. According to a study done by the Brookings Institute, in 1929 the top 0.1% of Americans had a combined income equal to the bottom 42%(end note 2). That same top 0.1% of Americans in 1929 controlled 34% of all savings, while 80% of
The rapid economic expansion and changing social attitudes both contributed to the growing sense of confidence shown in the 1920’s. Due to new ideas and better working conditions, the economy was booming. More people were able to afford goods due to the fact that they could be produced in greater numbers allowing the prices to decrease. This led to significant increases in the sales of products such as cars, refrigerators, radios and cookers. A man by the name of John R. Lee mentioned that companies successfully lowered the prices of the convenient car in order to make it affordable for more people to purchase their products. Also, there were plenty of jobs with better working conditions than before the war that allowed people to step into the middle class (D). Hoover also stated that to keep the economy going, the companies would have to maintain their moral values and treat the workers well, but the workers should not try to ask for too much. The balance that he spoke of was se...
During the years of 1914-1918 was “the greatest wars to end all wars” known as World War I that jumpstarted our journey towards the Great Depression. In this war it involved fighting in between nations, alliances, imperialism, militarism, nationalism, and assassinations. After all this fighting came the Roaring 20s. The Roaring 20s was a time period when many people defied prohibition, indulged into new styles and art, and the economy was at an all time high. Now imagine having a luxurious mansion and you leaving your family at home to go to work at your fancy job. Then you come home that evening and you’re all of a sudden broke. Unreal right? Well this was what happened to many families on October 29, 1929 when the stock market crashed and the Great Depression started. United States economy took a turn for the worst and brought about devastation which resulted into problems for the American people/government and them having to deal with it in different ways.
In the years preceding the stock market crash of 1929, the condition of America’s economy wasn’t anywhere near ideal, but it certainly was not at its worst either—not yet. Also known as “the Roaring Twenties,” this period before the crash brought with it an extreme over dependency on factories and production, especially because the automobile industry exploded in popularity among the opulent class. Also, the distinction between rich and poor was amplified. Poverty was common among 60% of the population, whil...
The “roaring twenties” was an era when the U.S. prospered immensely. The nation’s total income was rose tremendously, but not equally. The “Coolidge Prosperity” of the 1920’s was not evenly shared among Americans, which led the rich to become richer, by not having to pay such high taxes, and the poor to not prosper. This widened the gap of disparity even more. In this period of time there was an increased manufacturing output, which made more money for the manufacturing plants and the people who invested in it, but not for the workers. There came to be an oversupply of goods and not enough buyers. During this time credit sales became a big thing for people to use to buy products. The government made it easier to just put i...
As a result of the United States joining the war in 1916, industry productions boomed. (Effects of WWI in America) Factories and manufacturers had to keep up with the growing demands of the war effort by solely producing weapons, tanks, airplanes, and any other necessary products. In order to produce more material in a short amount of time, new technologies were developed to help manufacturers meet the needs of the people and government. Also, more employment opportunities opened for women and African-Americans. With fewer healthy, working men in America, women became the main work force, largely employed in factories across the nation. (Effects of WWI in America) African-Americans also became popular in factories as they migrated to cities in search of job opportunities. As industries boomed during this time, so did the economy. According to David Jarmul, "Because World War One left Europe so devastated, industry boomed in the United States to fill the worldwide demand." By the end of World War One, the United States produced more goods and services than any other nation. (Jarmul) Americans had more coal, food, cloth, and steel than even the richest foreign countries. In 1920, the United States ' national income became greater than the combined incomes of France, Britain, Canada, Japan, Germany, and seventeen smaller countries. The Unite...
After the heavy stresses of WWI, many young soldiers returned home with a need to feel alive again. With the war over and the American economy growing, many US citizens found themselves with money, time, and new ways of expressing themselves. Over one long, prosperous decade, United States grew and changed drastically. The younger generations turned the societal norms of their forefathers on their heads and women began to take large steps away from their stereotyped lifestyle. There were movements in art, music, writing, and politics, as well as an introduction of new cars and machines. With changes in constitutional laws, public ideas, and everyday ideals, the 1920s are considered some of the most pivotal times in the history of the United States.