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The 1920’s

The 1920’s. Business Boom. Consumer Economy. Short recession after WWI Economy quickly rebounded Wages rose 28% Number of millionaires more than doubled Growth was in large part due to Consumer Economy Large amount of consumer spending on products. Consumer Economy. Buying on Credit

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The 1920’s

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  1. The 1920’s Business Boom

  2. Consumer Economy • Short recession after WWI • Economy quickly rebounded • Wages rose 28% • Number of millionaires more than doubled • Growth was in large part due to Consumer Economy • Large amount of consumer spending on products

  3. Consumer Economy • Buying on Credit • People paid in installments, buying beyond their means • Electric Power • Electricity in more homes meant more appliances • Advertising • Began to appeal to the consumer’s image • Rise in Productivity • Productivity increased to meet demand • Increase in GDP

  4. Ford and the Automobile • 1896 – Ford created the quadricycle • By 1903 Ford sold 30,000 Model-T’s

  5. Ford and the Automobile • Wanted to make cars in great numbers and sell them to the common person • Perfected the Assembly Line to achieve this • Manufacturing process in which each worker does one specialized task • Not fulfilling work, very efficient • Ford paid is workers good wages, but it came with a catch • English and civics classes – becoming American

  6. Industrial Growth • Auto industry helped other industries grow • Garages, dealerships, steel, etc… • Other industries also grew • Entertainment, aviation • Republican Laissez-faire policy • Hands off government policy that allowed businesses to grow • 200 top American companies doubled in worth • Monopolies actually declined due to growth of competition

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