THE ROARING 20S 1920 1929
AMERICAN ECONOMY IN THE 1920S
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Command economy
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Consumer economy
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Extractive economy
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None of the above
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Detailed explanation-1: -Fordism, a specific stage of economic development in the 20th century.
Detailed explanation-2: -Consumerism in the 1920s was a state where individuals were encouraged to buy goods in increasing quantities. It was defined by an impulsive desire to spend money. People were caught up in the idea of how only rich people owned a lot of goods-driving a purchasing frenzy.
Detailed explanation-3: -Newly developed innovations like radios, phonographs, vacuum cleaners, washing machines, and refrigerators emerged on the market during this period. These new items were expensive, but consumer-purchasing innovations like store credit and installment plans made them available to a larger segment of the population.
Detailed explanation-4: -By the early 1920s, the economy was booming. Advances in technology, mass production, and new advertising methods led to a vibrant consumer culture.
Detailed explanation-5: -The American economy’s phenomenal growth rate during the ‘20s was led by the automobile industry. The number of cars on the road almost tripled between 1920 and 1929, stimulating the production of steel, rubber, plate glass, and other materials that went into making an automobile.