Roaring Twenties Flashcards
Economic benefits of WW1
- One-way trade from USA to Europe boosted agriculture and industry
- Debts to the USA had to be paid back with interest
- USA replaced market suppliers in Europe e.g. replaced Germany as leading producers of fertilisers, dyes and chemicals
- Demand for supplies increased in Europe
- By the time Europe recovered, America dominated certain markets
- Worker’s wages rose by 20% during the war
The assembly line
Revolutionised manufacturing and sped up production. More goods were produced, more jobs were created and increased supply reduced price so goods could become more affordable
Credit
Allows people to buy products even if they don’t have the cash, resulting in more sales. Firms would also allow people to pay by instalment
Consumerism
An attempt to drive people to buy a variety of goods regularly. Shopping became a leisure activity and more department stores opened
The stock market
Grew significantly and when share prices rise people can make profits. The success of the stock market also enticed companies to float on the market, spending more
Small-scale farmers suffered because
Prices of grain collapsed making farming barely profitable. New gasoline powered tractors were forcing labour farmers out of jobs and possible threats to harvest (grasshoppers) ruined any hope of resilience
Advertising
Grew with the growth of the department stores and catalogues, which contained big posters and colour pages to attract customers. The use of radio aided this and by 1929 $2 billion a year was spent on advertising and it employed 600,000 people. It’s growth also drove up consumerism
What did coal miners face issues with?
- Overproduction causing a drop in price and workers’ wages
- Oil, gas and electricity have taken the place of coal, cutting demand and coal mining is dangerous and workers’ safety is the least of the mine owners’ concern
Why did textile workers struggle?
Decrease in demand for cotton products resulting in decreased income and wages. Also a man working the same job would get paid twice as much as a woman
Changes to the leisure industry
- Viewing live sports became very popular
- New sound and picture cinema was popular
- Dancing was popular
- Jazz was new and on the rise
- Automobiles became a necessary item
- Advertising had effects that boosted the economy
- Radio is very useful
Changing position of Women
- Increasing numbers of women in work due to mechanisation and employers willing to pay them less
- Clothing had greater freedom of movement and was more daring
- Shorter hair
- More make-up
- More had cars, liberating them from the home
- More free time due to domestic appliances
