1920s and the Great Depression
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Reflect upon the 1920s and the Great Depression. Summarize your impressions of how the 1920s set the stage for what followed, and what you discovered and felt was significant about attempts to counter the effects of the Great Depression.
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This solution explores how the 1920s set the stage for the Great Depression.
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The 1920s was known as the New Era. Many American historians agree that the American New Era was between 1920 and 1929 (Great Crash of October 1929). During this time period, Harding and Coolidge were the presidents. In addition, this was an era of consumerism.Between 1919 and 1929, the gross national product-the total value of all goods and services produced in the U.S.-swelled by 40 percent. People had more purchasing power and spent more than they ever had before. As Americans acquired spending money and leisure time, service industries such as restaurants, beauty salons and movie theaters boomed. Installments also drove the new consumerism. Of 3.5 million cars sold in 1923, 80 percent were bought on credit.
When president Hoover first entered office, the American economy was soaring. However in the fall of 1929 stock market prices plunged after soaring in 1928. Analysis explained the drop as temporary, but on October 24, "Black Thursday," panic set in. Hoover assured Americans that the panic would be over in 60 days. He believed that the stock market's ills could be quarantined and that ...
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