In the 1920s, the economy of the world had started recovering after World War I. The United States emerged as the dominating economic powerhouse taking over from Great Britain, which was now struggling to get back lost markets.Know More
Technological advances had been made in the 1920s, making business more conducive for various countries including Germany, Russia, Japan and other European regions. Things like automobiles, vacuum cleaners, radios, refrigerators, air travel and talking movies were available in abundance making trade much more lucrative and convenient.
Even though things were looking good with regards to the general world economy, some of the challenges that arose included an agricultural crisis in the U.S. The country was not able to meet the demands of European countries during the war, prompting a need for expansion to farmlands. However, right after the war, European countries started producing enough crops, leading to complications for American farmers who had greatly invested in the expansion.
Another problem during this period was that the U.S. had enough industries and raw materials to sustain itself while also supplying other countries with products. This meant that the cash flow was not liberal as money would only circulate within the U.S. and not around the world.Learn more about US History
Colonists in New York made their living in a variety of ways, including fur and lumber trading, shipping, the slave trade and farming. By the end of the 17th century, New York was a prosperous colony with a thriving mercantile network.Full Answer >
The American economy was growing rapidly in the 1920s, with the real gross national product per capita growing 2.7 percent between 1920 and 1929. The economy began to contract in the middle of the decade, leading to the great depression of 1929.Full Answer >
The Dust Bowl was both a geographical location in the Midwest and a series of devastating droughts that crippled the economy in the 1930s by shutting down many farms and forcing farmers to leave in search of jobs that did not exist. The first of the droughts occurred when the Great Depression was underway, which meant work was scarce. Many former farmers ended up homeless.Full Answer >
One sign of a weakening economy in the 1920s was a growth in debt by the average American. Many new inventions arrived on the scene to make life easier and more enjoyable. Americans wanted all of them, and they were willing to go into significant debt to have them.Full Answer >