2-20 history notes - HIS 315K Mass consumerism: Large part...

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HIS 315K Mass consumerism: · Large part of the American dream, and comes to be the American dream · Credit: · Drives the mass consumerism society · Didn’t exist on a mass level until the 1920s · In early 1920s, only people who got credit were people who were already wealthy · Average person had zero access to credit · After war realization, if you want businesses then you have to put money into it. . How? Give the people credit! · Credit cards not common until 1980s Installment loans: · Earliest form of credit · Droves of people buying stoves, washing machines, refrigerators, furniture, etc… · Middle class expands largely during this time (in consuming wise) Balloon mortgages: · Pay a very hefty down payment, then the majority of what is owed must be paid within 5 years · Due to this, at the time, about 40% of Americans own their own homes Assembly line · Model T-Ford (Henry Ford) o 1908 - 12.5hrs $850 o 1917 - 93mins $290 Producer > consumer
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2-20 history notes - HIS 315K Mass consumerism: Large part...

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