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Why Did American Industry Boom In The 1920's?

824 words - 4 pages

The following were reasons why American industry boomed in 1920’s. i. The Impact of the car ii. Credit iii. Policies of the Republican Party. Which of these reasons do you think was the most important? Explain your answer referring only to the three points stated above. (10)
I think the most important reason why the American industry boomed in the 1920’s was the ...view middle of the document...

Money needed to be lent out because the average wage of a factory worker in 1914 was $5 whereas the car was in that time $1200 soon to be reduced so in order to afford the car credit was given out. Without credit, the car industry wouldn’t have taken off as many people wouldn’t have been able to afford the Model T. Therefore credit could be seen as the most important reasons for why America boomed in the 1920’s.
Also it can be seen that the policies of the Republican Party was the most important reason why the American economy boomed. The policies were that taxes were lowered on people’s income so people had more money to spend on the new goods along with taxes being lowered on company profits so that money could be spent on investing in their business and putting tariffs on imports coming into America from abroad in order for American goods to be cheaper so more will be brought. People believe this because these changes in taxes made more money available for business and customers to use. Due to companies having more money to invest in their company, new factories were opening and unemployment decreased from 11.9 million to 3.2 million within the years 1921-1923. Therefore it could be seen as Policies of the Republican Party was the most important reason why the American economy boomed because...

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