The installment plan of the 1920s, an arrangement that allowed people to buy what they wanted with a small down payment and pay off the rest in monthly installments, provided Americans a way to own what they did not have the money to buy. This system first became popular in this decade of overindulgence just prior to the Great Depression.Know More
Manufacturing of goods was on the upswing in these years. All kinds of new machinery and appliances sparked the interest of the consumer, from cars to radios and from washing machines to dishwashers, and many Americans wanted them all. Most, however, were unable to afford everything they wanted, so the installment plan became a popular solution. All the buyer had to do was put down some money and pay monthly payments until the financial obligation was met.
The plan seemed to be a win-win situation for all. Manufacturers kept producing, stores kept selling and people got to live better than they ever imagined. No longer did the majority of people pay cash for all they bought. Credit became popular, and consumer debt rose more than 100 percent during the decade of the 1920s. By the end of the decade, more than 50 percent of cars were purchased on credit. When the stock market crashed in 1929, many consumers were drowning in debt.Learn more about US History
The stock market crash and subsequent economic depression, known as the Great Depression, hit the deep South much harder than the rest of the country. Life was difficult for all Southerners, particularly African-Americans, during this decade, as cotton prices fell and the boll weevil wiped out crops on a large scale.Full Answer >
Daily life for colonial Georgians was centered around the home and farm, as they were fairly isolated among themselves and from the rest of the colonies. Georgia initially was a community of small farmers, but grew quickly in later years.Full Answer >
Alexander Hamilton's plan for a federal debt repayment plan was controversial because of the way it pitted some states against other states and threatened the perceived sovereignty of the states relative to the federal government. After the Revolutionary War, the United States was left $54 million in debt, with another $25 million in debt held by the states. Hamilton's plan was to nationalize and pay the debt with Treasury bonds.Full Answer >
The European Recovery Program, commonly called the Marshall Plan after General George Marshall, rendered aid to European countries that had been devastated by World War II. The program provided direct funding of industrial redevelopment and protected markets from international competition to foster development.Full Answer >