The Economic Boom in America in the 1920's

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The Economic Boom in America in the 1920's The decade of the 1920s, or as it was called by its contemporaries, "The New Era," was marked by prosperity and new opportunity in the aftermath of World War I. The war began in Europe in 1914, and the United States entered the fray in 1917. 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. America had given loans to Great Britain totalling over $2.3 billion. As a result, they feared a British defeat that would severely cripple them. Although the allies eventually won the war, there were problems as well. The transition from a war-time to a peace-time economy caused economic dislocation for industrial workers, loss of income for farmers, and renewed racism and nativism against African-Americans and foreign immigrants. Despite this, America had emerged from World War I with a strong economy. America itself had not been attacked and as it had not joined the war until 1917, it did not have to rebuild itself like the European nations did. Although distanced from the main fighting, America came out of the war a completely different country. The twenties was a very unusual time period in American History. The twenties were a time of fun and partying. There are many reasons why it was called the Roaring Twenties. Most of the American people were living a great life and were able to afford luxury items, even though this didn't apply to every one many believed that it was an excellent and exciting time of great hopes. In the twenties, industry took a very big step. It nearly doubled. Not on... ... middle of paper ... ... These people were the unemployed, for the main reason that they had no money and could not buy goods. Immigrants additionally did not benefit because they could not speak English. 8 million immigrants had crossed in hope of jobs, When they did arrived they had to live in cramped appalling conditions and treated unfairly and were not paid very well at all, even if they managed to get a job. They were at fight with many people for work. The got the boring casual jobs like cleaning. The black people also suffered from the boom because farmers had to give up their farm, as they made no money. The farmer's labourers then in turn lost their jobs. The blacks had to move to the cities to find jobs. The economic boom meant that by 1928 even the president, Hoover, was claiming that America had all but rid itself of poverty.

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