Issue Index aaaa Archive Index aaaa Subscriber Area aaaa Home Summary Sincethe Japanese economy has experienced almost fold growth, with real gross national product per capita increasing almost 20 times. Before the Meiji restoration ofdoubling living standards took years; afterward, the same gain occurred in 45 years. During the high-growth period following World War II, output per person doubled in the space of just the seven years between and This century-long history of outstanding economic performance was the result of investment in plant and equipment, infrastructure and human capital.
The decade marked the flourishing of the modern mass-production, mass-consumption economy, which delivered fantastic profits to investors while also raising the living standard of the urban middle and working-class. But for the large minority of Americans who made their livelihoods in agriculture, the decade roared only with the agony of prolonged depression.
Labor unionswhich had grown strong during the war, fought to maintain their power through a series of strikes in Coming just two years after a successful communist revolution in Russia, the militancy of the strike wave proved deeply alarming to most Americans. Bythe economy was growing robustly, a pattern it would follow more or less continuously until the Great Crash of Red Scare and Anti-Radical Violence One important aftermath of the failed strike wave ofhowever, was a powerful reaction by government and business against radicals in labor and politics.
Mitchell Palmer encouraged J.
Meanwhile, the explosion in new mass-production industries fueled by the spread of technologies like electricity and the assembly line provided ample opportunities for profitable investment, and the stock market began its famed ascent—the Dow Jones Industrial Average peaked in at a value more than six times as high as in Their wage gains were stretched even further due to the falling cost of wonderful new mass-production goods.
During the s, the rate of automobile ownership increased from one car per 15 Americans to one per five. So, the s were a great time to be middle-class, too. Mass Production, Mass Consumption, Mass Culture Demand for the multitude of new products that emerged in the s was pumped up by a new industry, advertising, which developed new methods of enticing buyers to desire new products through new media like the radio.
Through such sponsorships, the advertising industry grew in perfect harmony with the emerging industries of mass culture—especially network radio and Hollywood cinema.
The emergence of broadcast networks and proliferation of studio-linked movie theaters made possible the development of a robust nationwide mass culture.
For the first time, a Detroit factory worker, a San Francisco longshoreman, and a Birmingham domestic could be expected to enjoy the same radio programs and watch the same films The decade began with the end of a period of great prosperity. World War I, by disrupting the agricultural production of much of Europe, had created enormous demand and high prices for farm products throughout the world.
From tofarm prices fell at a catastrophic rate. The price of wheat, the staple crop of the Great Plains, fell by almost half. The price of cotton, still the lifeblood of the South, fell by three-quarters.
Throughout the decade, farm foreclosures and rural bank failures increased at an alarming rate. The divide between "the haves and the have-nots" in the s was the divide between city and country, and the economic resentments created by that divide helped to fuel a powerful traditionalist backlash against modernity, most menacingly through the re-emergence of the Ku Klux Klan on a nationwide scale.
End of the Boom: The Great Crash and the Great Depression Urban America only began to share the pain long felt in the countryside late inwhen the stock market crash suddenly caused billions of dollars in assets to evaporate.
While the Great Crash itself directly affected only the tiny minority of affluent Americans who owned stock at the time, ensuing cutbacks in industrial production caused a nationwide economic downturn unprecedented in its depth and length.The nation expanded westward with vast deposit of coal, iron, lead, and copper.
The many forest of the Pacific Northwest provided lumber for building. The government want growth so they gave generous land grants and subsides.
How did the railroad expansion affect the US economy? companies to become much bigger and allowed the economy to boom.
of the railroads affect the American West? Explain the Gilded Age. In the National Bureau of Economic Research was established in cooperation with government, private foundations, and academic institutions to better measure economic performance statistically so that government could apply those principles to the economy.
Secretary Hoover . Start studying History Final Essays. Learn vocabulary, terms, and more with flashcards, games, and other study tools. American foreign policy during the 's was increasingly important because of foreign trade; the U.S was worried that we would run out of natural resources.
-Hoover was very educated in the economy but was not so much. By the mid–s expansion was supported by a well-developed popular ideology that it was inevitable and good that the United States occupy the continent “from sea to shining sea.” Some talked of expanding freedom to new areas.
Others talked of spreading the American ethic of hard work and economic progress. Between and the formal Empire expanded to occupy an area of 4 million square miles, despite the lack of coherent imperial policies. Yet there is no simple explanation as to why such expansion took place during this period, and it is only through combination of the many factors, metropolitan and peripheral, which historians have.