American Economy During and after Depression
After the First World War America was a completely different country. The twenties were a very unusual time period in American History. 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 everyone many believed that it was a time of great hopes. In the twenties, industry took a very big step. It nearly doubled. Not only did industry grow, but also so did science, laws, beliefs, arts, social lives changed, sports and the various different news from around the globe. The workweek had dropped from 60 to 48 hours. For the first time, the Americans considered play as important as work. The weekend family outing and vacation had become things workers expected it. Huge numbers of people had radios went to the movies and owned a car. Jazz was also introduced in the 20's. The car and train industry was the largest industry there was. The assembly line made mass production possible, and the industry boomed. America was now a very powerful envy of many countries. America had high production and low unemployment. But as the 20's came, the economy jostled forward. It was because everything was e
The most famous of these interventions was the Smoot-Hawley Tariff Act. Henry Ford's assembly line in Detroit was the largest one in the country. Thus Smoot-Hawley was guaranteed to worsen any depression, not improve it. Taxation was kept low; therefore businesses and companies were able to keep much of the profit to invest in new efficient factories that produced goods at a cheaper price. During October, stocks on the New York Exchange fell in value by 37 percent. Tuesday, October 29, 1929 was "the most devastating single day in the market's history, brokers reported sales of 16. " (Tindall & Shi, 1223) Mass production had gone way too far, whereas products were on the shelves for months. American citizens were losing their jobs and rushed to their banks to get all the money they could before it was too late, which it usually was. The cars were made identical to make them easier to make and so they were cheaper. Hire purchase was also introduced to enable people to have consumer goods straight away. Though mass production made it easier to make products, it overdid its job, wasting resources, spending extra money, and forcing corporations to cut workers or wages. By the end of the 1920s, 100 corporations controlled nearly half the nation's business. Herbert Hoover had been accused of being a president who allowed the country to continue to slide into its worst depression ever. Other acts passed during Hoover's administration had similar effects of either raising prices or keeping them artificially high when they should have been dropping.
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