Features of the Economic Boom in the United States 1920
The Economic Boom is the famous period that America experienced rapid growth in its economy in the 1920s. This period began just after World War I when American industries widely sold products to many countries. At the end of the war, those countries continued buying American products and thus creating high market demand. The American economy experienced a massive transition from war production to economic production. This period is sometimes referred to as ‘The Roaring 20s’. The American economy really roared during this time for all the good reasons.
The most important feature that triggered economic success during the period is industrial mass production. At the period, Ford’s industry had discovered the use of the conveyor belt and moving line production. This unlocked the possibility of large-scale production and boosted the growth of many other industries. The Ford automobile industry started producing thousands of automobiles every day. This boosted the growth of other industries benefiting from the automobile industry. Among those industries are the oil industry, steel, glass, and rubber industries. Mass production was supported by the widespread availability of the electricity and pursuit of scientific innovation and technologies.
The massively manufactured products in the market were made popular by prosperous marketing and advertisement techniques. This important feature caused great economic success at the time. A famous company ‘Sears, Roebuck & Co’ prospered in catalog advertisements all across America. Advertisement companies promoted a vast range of consumer products. The use of colorful words and catchy phrases in both radio and print advertisements established consumer culture. At the time, people indulged in luxuries because of the availability of money and free time. This consumer culture made many go for new products in the market. The advertising media revolutionized how people buy luxurious products on the market. This created a high market demand for new products. It is through the high demand for new products that grew the market and expanded production of a wide range of products.