This caused industries like steel, glass and rubber to boom creating more and more jobs. Plastics like Bakelite were developed and used in household products. Electricity was present in many American homes and led to the development in more electrical products. I believe that the technological change contributed to the economic boom because many people were excited by the prospect of products that were not manual and meant that their lives were made
The stock market was a place where you could invest in stocks basically buying a share in a certain business. The stock market put America in the golden age and virtually abolished poverty in the 1920’s. The many changes in the economic, social and political changes in the twenties had a huge impact on American life. We had a very successful era and it show that we can rebuild America, as we know
Mass production beginning in the 1920's allowed a broader group of people to increase their consumption. The influx in the production of products created more jobs and money. Advertising took advantage of this new consumer money and convinced many to buy unneeded goods. Also, a system of credit was established to allow lower class citizens to consume more. Credit gave people time to pay off the cost of the product.
This is because they had access to radios and fridges really cheaply. This cause American production to rise up to about 50% this period saw lots of production of manufactured goods. All this caused many Americans to expect a high standard of living. Employment was high so this ment people had confidence and having work combined so people had money to spend on new consumer goods, which included cars and radios enabled many people to go to places more often. New forms of entertainment such as cinema caused many Americans who had money to go and see films or go and watch a baseball match ment they had confidence to travel in there cars to watch it.
The railways, particularly the Trans-Siberian railway, also gave Eastern Russia a link to Europe and Western Russia a link to the Pacific Ocean, which made it easier to export Russian goods. Therefore the Russian governments’ investment in railways was extremely successful in promoting economic growth. The Russian government was also successful in improving Russia’s heavy industry through the introduction of tariffs on imports. This clearly helped Russian heavy industry to expand as steel production increase eightfold from 1880 to 1905 and petroleum production increased over 2500% during the same time period. These tariffs, introduced by Vyshnedgradsky and continued by Witte, both increased revenue for the government and made
These manufacturing methods can be replicated by other businesses in the countries and improve their ability to manufacture goods. This improved ability to manufacture within the country and should lead to an increase in the GDP of the country. This will improve the trade and relations between the country and many others. Also in some cases these MNC's will invest in the infrastructure of the country. This will improve the trading process for not only the company, but also the rest of the country.
The G.I bill (Servicemen's Readjustment Act) provided veterans with money, college tuition, and low interest loans so that they could buy homes. This contributed to the economy because soldiers returning home had money to spend. Another reason for the economic boom was new technology being invented that people wanted to buy. * In general the prosperity level of all sections of society increased. This brought about basic changes in lifestyle of Americans.
This meant that people had one specific job on the production line that they repeated over and over so they became very good at this one job, this meant that the T-ford model could be produced every 10 seconds. Henry For could then sell these cars for much a cheaper price than before because it used to take blacksmiths hours to produce a single car. This mass production also provided many people with jobs. People felt that they could buy cars at this cheaper price and therefore more cars were bought, putting more money into the economy. The car industry also helped the economic boom because more people could move near to cities without actually living in the centre of them and then drive into the cities to work and earn money.
Los Angeles and London are both good examples of this process which began in the 1900’s and is still occurring today. In the early 20th century, The Pacific Electric Railway was built in LA which led to the spread of the population from the central business district area towards the outskirts and suburbs. People were able to move more efficiently, quickly and cost effectively. This effect was intensified by the ascendance of the automobile with the Model T. It helped fill in the gaps between these commuter towns with the lower-density settlements. People had a greater choice of where to live due to the convenience brought about by these improvements in transport.
This meant faster transport and with the invention of the factories economic growth as well. As the economy grew then we capitalised, and as we invested in different things insurance was invented and so financial institutions were formed. Being a small island we had excellent communications so we can get an army together quickly and efficiently so this proved helpful in succeeding in military campaigns, as we were a powerful land force as well as a powerful naval force, such as the battle of