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1920s

1920s. A Quick Look at the Economy. Objectives. To what extent did the US economy boom during the 1920s Did all parts of the US share in this prosperity?. Key Vocabulary. Mechanization Consumer goods Model T Moving Assembly LIne Overproduction Tariffs Buying on Credit.

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1920s

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  1. 1920s A Quick Look at the Economy

  2. Objectives • To what extent did the US economy boom during the 1920s • Did all parts of the US share in this prosperity?

  3. Key Vocabulary • Mechanization • Consumer goods • Model T • Moving Assembly LIne • Overproduction • Tariffs • Buying on Credit

  4. A Period of Economic Boom • The 1920s is remembered as a period of great economic prosperity in the US • Some historians refer to this time as a Second Industrial Revolution for the US. • Most of the growth came from the production of consumer goods that were produced cheaply and efficiently because of mass production • New advertising techniques were used to sell these products to Americans

  5. Automobile Industry • By the end of the 1920s, the automobile industry was the largest industry in the United States • By 1927, one Model T was being produced by Ford every 10 seconds because of the moving assembly line • Moving Assembly Line: Each worker had a small job to do as the car moved past him/her

  6. Side Effects of the Autombile Boom • Helped increase the output of other industries such as steel, glass, rubber, and petroleum • Made it possible for more Americans to move away from the central city to the suburbs • Helped in the rise of holiday resorts and bill boards • Led to a road building boom in the 1920s • Gave teenagers more independence from their parents

  7. Ford Assembly Line

  8. Rural America • Rural America did not benefit from the boom of the 1920s

  9. FARM CRISIS • Millions of Americans left farmng during the 1920s and for the first time in US history, more Americans lived in urban areas than rural ones • Hundreds of rural banks collapsed as farmers were unable to pay back their loans • For the first time in US history, more Americans lived in cities and towns than rural areas

  10. Why the Crisis? • Lose of markets in Europe after WWI ends • Overproduction by farmers • Competition from farmer in other countries—eg Canadian wheat growers • US put tariffs on goods coming into the America; European countries retaliated with their own tariffs • Slower population growth in the 1920s meant fewer people were able to by farm products

  11. Rural America in the 1920s

  12. Industrial Workers • Although industrial profits rose 80 percent, the wages of workers rose only 8 percent • Old industries, like coal and textiles, faced worldwide competition • Mechanization of the industrial process decreased the need for unskilled workers

  13. Buying on Credit • Improvements in industrial efficiency led to an increased output • Thus, producers had to find a way to get consumers to buy products, even if they did not have the money to do so • Consumers were encourage to buy on credit—ie borrow the money to buy now. The rest of the cost could be paid for through installments. • Most cars and radios were purchased in this manner

  14. Installment Plan

  15. Question • What problems do you seeing buying on credit potentially creating?

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