WORLD HISTORY

Detailed explanation-1: -Stock prices collapsed first, by the end of 1919. The downturn in wholesale prices came 6 months later. By the autumn of 1920 a severe industrial depression had developed. Factory employment dropped 30 percent from March 1920 to July 1921.

Detailed explanation-2: -However, it took the United States a long time to rise to this status. While the U.S. gained independence from Britain in 1783 following its Revolutionary War, it took the U.S. decades of expansion and economic development before it became a world power in 1898.

Detailed explanation-3: -By the end of World War One, the United States produced more goods and services than any other nation, both in total and per person. Americans had more steel, food, cloth, and coal than even the richest foreign nations.

Detailed explanation-4: -Manufacturing wages increased dramatically, doubling from an average $11 a week in 1914 up to $22 a week in 1919. This increased consumer buying power helped stimulate the national economy in the later stages of the war.