The 1920’s proved to be a remarkable time for the United States. After a yearlong recession in 1921, prosperity made its mark on the country. This economic boom resulted from several factors. The greatest, however, was technology. The automobile industry grew rapidly during this time. Henry Ford and his assembly line created a system of efficient production using unskilled workers that did not require high pay.
What did this mean? Cars were suddenly affordable. Steel production also increased due to a rise in automotive production. Rubber, glass, tools, and gasoline were stimulated by the automobile industry as well. Road construction also became of importance in the 1920’s, and a demand for suburban living was cars bought newfound mobility to Americans. Car production may have created a domino effect of growing industries, but other new industries made their own contributions to America’s prosperity.
The radio saw innovations during this time, and by the end of the 1920’s nearly every American owned one. Commercial aviation was starting to become popular as well. Technological advances in science were becoming clear, and genetic research made discoveries that would be important in the future.
The growth of these industries created jobs and contributed greatly to the prosperity of the 1920’s; however, this time was not without problems. From an economic viewpoint, overgrowth weighted heavily on the minds of large industries. Rapid expansion could lead to an economic collapse. Industrialists soughed to stabilise the economy as to not repeat the busts of 1893, 1907, and 1920.
Agriculture felt a decline in food prices with the invention of the tractor. More crops could be produced with less workers to pay. This was a positive occurrence for the consumer, but family farms could not compete with big agriculture industries, and many went out of business. The 1920’s were a time of innovation and industrialism. For many, this was a positive time.
However, the prosperity hid several issues such as overgrowth that could lead to economic instability and the foreclosure of family farms.
Dimecev team implement working strategies and new technology learning from our historians that have succeeded in stabilising economic prosperity.