In: Economics
What were the promises and limits of prosperity in the 1920s?
Promises and limits of prosperity in the 1920s
The promise and limits of prosperity in the 1920s. *New mass media and the culture of consumption. *Republican Party dominance.
The federal government intervened on behalf of business throughout the nineteenth century, especially in matters of promoting infrastructure and development.The attempted trust-busting of the Progressive Era gave way to toleration of oligarchy—a term that in this context refers to control of an entire industry by a handful of large corporations.
Progressives continued to compile statistics showing how US Steel, Standard Oil, General Electric, and other firms dominated their respective industries and used their positions to control workers and prices. For many Americans, the prosperity of the era seemed out of place with such an indictment of corporate America. Unemployment was at historical lows, wages were at historic highs, and it seemed that scarcity was becoming a problem of the past as Wall Street and Main Street appeared to be prospering together.
The prosperity of the 1920s led to new patterns of consumption, or purchasing consumer goods like radios, cars, vacuums, beauty products or clothing.
In the past, corporate executives traveled directly to Washington to advocate their interests. By the 1920s, some of these new organizations established offices near the nation’s capital and were able to employ specialists who dedicated themselves to advocacy among lawmakers on the behalf of their clients.
The increased prosperity of the 1920s gave many Americans more disposable income to spend on entertainment. As the popularity of “moving pictures” grew in the early part of the decade, “movie palaces,” capable of seating thousands, sprang up in major cities.
The silent movies of the early 1920s gave rise to the first generation of movie stars. Rudolph Valentino, the lothario with the bedroom eyes, and Clara Bow, the “It Girl” with sex appeal, filled the imagination of millions of American moviegoers. However, no star captured the attention of the American viewing public more than Charlie Chaplin. This sad-eyed tramp with a moustache, baggy pants, and a cane was the top box office attraction of his time.
Reasons for Prosperity in the 1920s….
. 1. The Automobile:In the 1920s :-the automobile became the lifeblood of the petroleum industry, one of the chief customers of the steel industry, and the biggest consumer of many other industrial products. The technologies of these ancillary industries, particularly steel and petroleum, were revolutionized by its demands.-In the beginning of the 1920s many of the soldiers returning from World War I bought automobiles. People started to see that having a car would make traveling much easier. Soon almost every American family had a car. Ford was the big car maker but other companies were also big at the time. Ford cars, such as the Ford Model T, were popular because they were cheap and very reliable. When new Ford models came out people would always get the newer version.
2. The Development of New Industries :- industrial development is the building and growing of industries with in an economy. this industries technological advances, and other services, when an area or economy is industrialized it experiences an inceassed standard of living, job growth and moe productivity as it sustains growth. As productivity in an area increases, there is so much opportunity.
Industrial development is the building and growing of industries within an economy. These industries include mass production, technological advances, and other services. When an area or economy is industrialized it experiences an increased standard of living, job growth, and more productivity as it sustains growth.
New products and technologies. Mass production made technology affordable to the middle class. The automotive industry, the film industry, the radio industry, and the chemical industry took off during the 1920s.
The 1920s was a period of great industrial production in America. The automobile, petroleum, steel, and chemical industries skyrocketed in their production during this period.
3. More Efficient Production Techniques:- The 1920s was a decade of new inventions. This was the time directly after World War I, and when soldiers were eager to return to a more prosperous life.increased efficiency of production facilities during the 1920's, thereby connecting ... techniques making possible the erection of larger and more complicated.
Mass production, also known as flow production or continuous production, is the production of ... Some mass production techniques, such as standardized sizes and ... Electric motors were several times more efficient than small steam engines ... Mass production was popularized in the late 1920s by Henry Ford's .
division of labour, and standardization of parts to the manufacture of goods. Such manufacturing processes attain high rates of output at low unit cost, with lower costs expected as volume rises.
Limits of Prosperity:- While the Market Revolution led to many improvements, prosperity in the United States was not without its limits.
In the 1920s, prosperity manifested itself in many forms, most notably in advancements in entertainment and technology that led to new patterns of leisure and consumption. Movies and sports became increasingly popular and buying on credit or “carrying” the debt allowed for the sale of more consumer goods and put automobiles within reach of average Americans. Advertising became a central institution in this new consumer economy, and commercial radio and magazines turned athletes and actors into national icons.