The Cause Of The Economic Boom In The 1920's

1184 words - 5 pages

The Cause of the Economic Boom in the 1920's

By the end of the First World War America was regarded as the most
powerful and richest country in the world. In the 1920´s the United
States economy was booming. This was a period of prosperity, when the
country's economy was doing well and some of the people were sharing
in it. A long-term cause of the American boom in the 1920´s was
America's natural advantage and regional diversity. The South was
mainly used for farming but also had large amounts of oil. The North
of America and the East Coast were the richest parts of America
because there was lots of industry, business and many new factories
were being built providing new jobs. This large area of farmland and
industry provided for all the food America needed and all the products
that the American people needed which meant that America did not need
to import any goods from outside the USA, to further discourage this
and keep prosperity increasing in the US, the Government imposed
tarrifs on imported goods. The main turning point of the boom was the
First World War and American Isolation. In the First World War America
lent millions of pounds to countries like Britain they would then be
paid back with interest on top of the original money. America also
exported many of its good and products such as munitions and natural
resources which it had lots of to Britain and France. This was a one
way trade system and it gave a real boost to American industry.
America got rich while the European countries were busy fighting.
America took over British and French markets. America also took over
German markets, before the war Germany was the world's largest
chemical producer of dyes and fertilizer however after the war the USA
had replaced Germany of this title. America was only able to do all
these things as the country was rich and full of resources. America
did not suffer any damages in the war (apart from loss of military
lives) whereas it's business rivals such as Britain suffered hugely.
There was a huge rise in production at this time. There were many
important short term causes as well as the obvious long term cause and
turning point that contributed to the boom. One short-term reason for
the boom was the policy of the Republican Party. From 1920 to 1932 all
the US presidents were Republican. Republicans believed that the
government should interfere as little as possible in the everyday
lives of the people. When the Republicans came to power they
introduced tariffs, this made it expensive to buy foreign goods. The
tariffs protected US businesses from competition. The Republicans kept
taxation as low because of this everybody had more money and they
would buy American goods (because they were cheaper) or invest it in
the American economy. The Republican attitude was to interfere as
...

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