The United States witnessed great economic prosperity from1920-1929. During this period, there were significant developments in industrial production which came in handy to serve the needs of the First World War. At this time, the country captured new markets which Europe was previously serving. After the war ended, America continued to sell its goods to these countries (DeWitt, 2002).
The social and political factors that contributed to this economic development included the presence of the World War I, the laissez-faire policy that the Republican government established mass production in industries for commodities such as cars, TV sets, refrigerators, and radios among others. There was also protectionism which raised the import duty as well the introduction of Hire Purchase which enabled Americans to buy on credit (DeWitt, 2002).
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According to Spindler (2002), the economic boom led to consumerism which changed the way Americans distinguished between necessities and luxuries. The middle-class population accessed commodities which only the rich could afford previously. Cars, radios and T.V. sets became affordable, and many households bought them. The middle-class population moved to suburban areas away from the city since there was great mobility due to improved transport systems.
At this period of economic boom, the war had just ended, and the participation of Blacks in the war reinforced their quest to end slavery which was still legal in some states. Wright (2006) explains that there was much activism following the rise of civil rights groups pushing for slavery to end. There was also a significant increase in campaigns about Blacks' inclusivity for citizenship in America and the need for their freedom as they felt they earned it.
There was significant economic growth in America in the 1920s which was caused by various socio-political factors. As a result, it changed the way a typical American lived, and there was much consumerism due to mass production and access to credit making commodities affordable. This development also had an impact on slavery as it raised much debate about the end of this injustice.
References
DeWitt, J. (2002). Early globalization and the economic development of the United States and
Brazil (6th ed.). Westport CT: Praeger Publishers.
Spindler, M. (2002). Veblen and modern America: Revolutionary iconoclast (6th ed.). London: Pluto Press.
Wright, G. (2006). Slavery and American economic development (6th ed.). Baton Rouge:
Louisiana State University Press.
