USA HISTORY

Detailed explanation-1: -During the 1920s, there was a pronounced shift in wealth and income toward the very rich. Between 1919 and 1929, the share of income received by the wealthiest one percent of Americans rose from 12 percent to 19 percent, while the share received by the richest five percent jumped from 24 percent to 34 percent.

Detailed explanation-2: -This uneven distribution of income between the rich and the middle class grew throughout the 1920’s. A major reason for this large and growing gap between the rich and the working-class people was the increased manufacturing output throughout this period.

Detailed explanation-3: -Economic inequality is the unequal distribution of income and opportunity between different groups in society. It is a concern in almost all countries around the world and often people are trapped in poverty with little chance to climb up the social ladder.

Detailed explanation-4: -The Great Depression was partly caused by the great inequality between the rich who accounted for a third of all wealth and the poor who had no savings at all. As the economy worsened many lost their fortunes, and some members of high society were forced to curb their extravagant lifestyles.

Detailed explanation-5: -The 1920s is the decade when America’s economy grew 42%. 1 Mass production spread new consumer goods into every household. The modern auto and airline industries were born. The U.S. victory in World War I gave the country its first experience of being a global power.