Roaring twenties economy essay

By producing large numbers of cars on an assembly line Ford needed fewer workers, and that cut the cost of paying wages. By standardising the parts he cut production costs even further. Mass production worked by breaking down the job of making a car into smaller jobs that could be done quickly and simply by an unskilled person.

A car would be pass down an assembly line and every time it stopped someone would add an extra part until finally it reached the end of the line and was finished. As Henry Ford said:.

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The car industry helped to make America richer in the s. The more cars that were made, the more jobs that there were created in these industries. By the end of the s American cars used seven billion gallons of petrol a year. This helped to create jobs in the oil industry and made the oil state of Texas rich. New roads had to be built for the increased numbers of cars. This meant more jobs for the construction and building industries. People with jobs could afford to spend part of their wages on luxury goods such as a new car or a vacuum cleaner!

USA at the start of the 20th Century. Causes of the Economic Boom.

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In , Ben Bernanke , then a member of the Federal Reserve Board of Governors, acknowledged publicly what economists have long believed. Bernanke, like other economic historians, characterized the Great Depression as a disaster because of its length, depth, and consequences. Industrial production plummeted. Unemployment soared. Families suffered. Marriage rates fell. The contraction began in the United States and spread around the globe. The Depression was the longest and deepest downturn in the history of the United States and the modern industrial economy.

The Great Depression began in August , when the economic expansion of the Roaring Twenties came to an end. A series of financial crises punctuated the contraction. These crises included a stock market crash in , a series of regional banking panics in and , and a series of national and international financial crises from through The downturn hit bottom in March , when the commercial banking system collapsed and President Roosevelt declared a national banking holiday.

Return to full output and employment occurred during the Second World War. Each district had a governor who set policies for his district, although some decisions required approval of the Federal Reserve Board in Washington, DC. The Board lacked the authority and tools to act on its own and struggled to coordinate policies across districts.

Essay on s: The Roaring Twenties in Canada - Words | Cram

The governors and the Board understood the need for coordination; frequently corresponded concerning important issues; and established procedures and programs, such as the Open Market Investment Committee, to institutionalize cooperation. When these efforts yielded consensus, monetary policy could be swift and effective. But when the governors disagreed, districts could and sometimes did pursue independent and occasionally contradictory courses of action.

The governors disagreed on many issues, because at the time and for decades thereafter, experts disagreed about the best course of action and even about the correct conceptual framework for determining optimal policy.

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Information about the economy became available with long and variable lags. Experts within the Federal Reserve, in the business community, and among policymakers in Washington, DC, had different perceptions of events and advocated different solutions to problems. Researchers debated these issues for decades. Consensus emerged gradually. The views in this essay reflect conclusions expressed in the writings of three recent chairmen, Paul Volcke r, Alan Greenspan , and Ben Bernanke. Unintentionally, some of their decisions hurt the economy.

Other policies that would have helped were not adopted. The Fed did this in an attempt to limit speculation in securities markets. This action slowed economic activity in the United States. The Fed repeated this mistake when responding to the international financial crisis in the fall of Humor was used to assist in acceptability. One popular American song, "Masculine Women, Feminine Men", [97] was released in and recorded by numerous artists of the day; it included these lyrics: [98]. Masculine women, Feminine men Which is the rooster, which is the hen? It's hard to tell 'em apart today!

Roaring Twenties Essay

And, say! Sister is busy learning to shave, Brother just loves his permanent wave, It's hard to tell 'em apart today! Hey, hey! Girls were girls and boys were boys when I was a tot, Now we don't know who is who, or even what's what! Knickers and trousers, baggy and wide, Nobody knows who's walking inside, Those masculine women and feminine men! The relative liberalism of the decade is demonstrated by the fact that the actor William Haines , regularly named in newspapers and magazines as the 1 male box-office draw, openly lived in a gay relationship with his partner, Jimmie Shields.

It was a box-office success. West regarded talking about sex as a basic human rights issue, and was also an early advocate of gay rights. Profound hostility did not abate in more remote areas such as western Canada.

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Vienna psychiatrist Sigmund Freud — played a major role in Psychoanalysis , which impacted avant-garde thinking, especially in the humanities and artistic fields. Historian Roy Porter wrote:. Other influential proponents of psychoanalysis included Alfred Adler — , Karen Horney — , and Helene Deutsch — Adler argued that a neurotic individual would overcompensate by manifesting aggression.

Porter notes that Adler's views became part of "an American commitment to social stability based on individual adjustment and adaptation to healthy, social forms". The United States became more anti-immigration in policy. The Immigration Act of limited immigration to a fraction proportionate to that ethnic group in the United States in The goal was to freeze the pattern of European ethnic composition, and to exclude almost all Asians.

Hispanics were not restricted. Australia, New Zealand and Canada also sharply restricted or ended Asian immigration. Other laws curbed immigration from Southern and Eastern Europe. During the late 19th and early 20th centuries the Progressive movement gradually caused local communities in many parts of Western Europe and North America to tighten restrictions of vice activities, particularly gambling, alcohol, and narcotics though splinters of this same movement were also involved in racial segregation in the U.

The Roaring Twenties Essay

This movement gained its strongest traction in the U. Constitution and the associated Volstead Act which made illegal the manufacture, import and sale of beer, wine and hard liquor though drinking was technically not illegal. The laws were specifically promoted by evangelical Protestant churches and the Anti-Saloon League to reduce drunkenness, petty crime, wife abuse, corrupt saloon-politics, and in , Germanic influences. The KKK was an active supporter in rural areas, but cities generally left enforcement to a small number of federal officials.

The various restrictions on alcohol and gambling were widely unpopular leading to rampant and flagrant violations of the law, and consequently to a rapid rise of organized crime around the nation as typified by Chicago's Al Capone. The continuation of legal alcohol production in Canada soon led to a new industry in smuggling liquor into the U. Speakeasies were illegal bars selling beer and liquor after paying off local police and government officials. They operated with connections to organized crime and liquor smuggling. While the U. Federal Government agents raided such establishments and arrested many of the small figures and smugglers, they rarely managed to get the big bosses; the business of running speakeasies was so lucrative that such establishments continued to flourish throughout the nation.

In major cities, speakeasies could often be elaborate, offering food, live bands, and floor shows. Police were notoriously bribed by speakeasy operators to either leave them alone or at least give them advance notice of any planned raid. The Roaring Twenties was a period of literary creativity, and works of several notable authors appeared during the period. Lawrence 's novel Lady Chatterley's Lover was a scandal at the time because of its explicit descriptions of sex. Books that take the s as their subject include:.

He had a single-engine airplane, the " Spirit of St.

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