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Economic and political impact of the first world war
Economic and political impact of the first world war
Impacts of World War 1 economically
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The 1920s were known as carefree and relaxed. The decade after the war was one of improvement for many Americans. Industries were still standing in America; they were actually richer and more powerful than before World War I. So what was so different in the 1930’s? The Great Depression replaced those carefree years into ones of turmoil and despair. 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. Refrigerators allowed for better production and transportation of food products. This allowed for the ability to keep food cold and fresh thus making exporting of food a valuable agricultural economy. America was on fire during the period of excitement. These new inventions were making home life easier for women and more enjoyable for the men. Not only were American families buying these new trinkets but they also started purchasing stock in companies at an increased rate. A commodity that was available before the war but not readily accessed, now became as high as seven million Americans buying and owning company stock after the First World War. With the purchase of automobiles, washing machines, and stock families were still not making enough to keep up. Even though the wage market had increased, the need for fancy things made it almost impossible for a family to have enough money left over to survive. This demand for the goods but not enough money produced a technique used by manufactures to bring in more customers, consumer credit. Today this method of shopping is used by every American everywhere at some point in their lives. Consumer credit is what is known today as a payment plan. A buying strategy that we all use today, payments, actually came about in the decade after World War I.
During the early 1920s the Great Depression took place. The Great Depression affected many people's lives. The immigrants caught the worst of it. They had just come from another country and were trying to start their new lives when the depression hit. They had to struggle once more with poverty and desperation in taking care of their families, the main reason they had left their old countries was to escape the same epidemic that was now overtaking ?the land of the free?. Immigrants, such as the Jewish immigrants, had to live in poverty-stricken ghettos without the necessities they needed to live healthy lives. The 1920s was the time of rapid change, it was the time of risque fashion, it was the time of which that if you were rich and had all the latest fashions then you were ?in? but if you did not then you were an outcast.
As a nation coming out of a devastating war, America faced many changes in the 1920s. It was a decade of growth and improvements. It was also a decade of great economic and political confidence. However, with all the changes comes opposition. Social and cultural fears still caused dichotomous rifts in American society.
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...
The country is no longer in the midst of a depression nor involved in a brutal global conflict. Wartime production had helped pull the American economy out of the depression it was in, and from the late 1940s on, young adults saw a rise in their spending power (PBS). At this time, jobs were abundant, wages were higher, and Americans had money to spend. During this time, modern American consumerism started. Consumer spending no longer means just satisfying an indulgent material desire (PBS).
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).
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. This caused a backlash against traditional values and morals as people began to denounce the complex for a return to simplicity and minimalism. 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 culminated until the inevitable collapse of the stock market in 1929.
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...
Some of these inventions such as the refrigerated railroad cars and the cigarette-rolling machine, formed a basis for new industries and fortunes. As the country expanded and industrialized, increasing emphasis was placed upon mass production and mass distribution. By speeding up production and increased the output of goods, and an industry could lower costs and maximize profits. As a result of mass production, factory owners often found themselves able to produce more goods than the market would absorb, therefore they needed to increase consumer
The radio revolutionised the way families spent time together and receive information. The movie theaters had an impact on how people forgot about the depression and made life seem better. Many homes in the 1920s also just got access to electricity while many homes were still lit by candle light, but became more prominent as the time period continued. Labor saving appliances of the 1920s made the household chores easy to accomplish than it used to be. The 1920s was enriched by many technological achievements that helped changed the way americans communicated, managed their health, and partook in leisurely activities.
The great depression lasted from 1929-1939. In 1929 the stock market had crashed and the continuous drop of economics had further ensured the beginning of the depression.Over the next several years 4 million americans couldn’t find jobs in 1930 and by 1931 it had rose to 6 million while the country’s industrial production had dropped by half.If you were the lucky few who kept their jobs wages would be decreased immensely.With the lack of jobs, Soup kitchens, breadlines, and homeless people became more common.Farmers couldn’t even afford to harvest their crops so they left them rotting out in the field, and someone else starving. Many banks were failing, and despite the Hoover administration’s attempts many banks had to close or fire even more workers. (History.com staff, 2009, Great Depression).
As previously stated, the 20’s were a time of prosperity for America, be as it may, a dangerous illusion. During this time, the standard of living dramatically increased as factories were able to mass produce more and more innovative gadgets, such as the radio and the vacuum cleaner. While the price to live steadily rose, the average annual income, did not. In a table constructed by the data in Frederick Lewis Allen’s The Big Change (Document 9), the annual income and the percent of American families making that income are listed. If “in 1929, a $2000 income was considered the minimum necessary for meeting basic needs of the average US family.” The chart displays how only 60% of American families at the time made made less money than was needed to provide food, water, and shelter for themselves, let alone the new commodities that made life easier. Despite not being able to inherently afford the perks of the era, in attempts to keep up with the established social standards, many people began to live off credit. As William
The 1920s in America, known as the "Roaring Twenties", was a time of celebration after a devastating war. It was a period of time in America characterised by prosperity and optimism. There was a general feeling of discontinuity associated with modernity and a break with traditions.
The Boom in the United States in the 1920's In the 1920’s the U.S.A was booming .businesses grew, people had more money to spend and they became very wealthy. Buildings and roads were built. New products were available to Americans like washing machines, cars and radios. In my essay I am going to look at some of the biggest factors that caused the boom. The most important reason for the boom was world war one as they were very rich after the war.
The Great Depression shattered the American Dream in one swift blow. Families fell into poverty, parents could no longer provide for their children. It seemed that all of America had just gone downhill. The roaring twenties bred cockiness in our nation. We were growing richer by the second, and everyone seemed to be making it big in the cities. Because of that cockiness, average people went broke as the roaring twenties quickly faded in the Great Depression, and “the dust-blown interior of the United States was full of families... whom poverty had forced off their land and into a life of wandering. Their poverty was total; they had nothing”
The 1930s were very troublesome times for citizens all across america. With an all time high unemployment rate, a failing economy, and even droughts, it was not easy to get by in this era. This period was known as The Great Depression, which reflected the damaged economics and political turmoil and also the nationwide feeling of depression that loomed upon citizens all throughout America. The stock market crashed, banks crashed constantly, people were stuck in a distraught state of mind, droughts caused turmoil for the farming industry, people constantly moved in search of new jobs, and most were unemployed. Everything seemed to be in shambles following the roaring twenties, a period of prosperity.