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Roaring Economy and Great Depression●Section 1○00:00:00TEACHER: Let's take a look at your lesson question, which reads, why did the economic prosperity of the 1920s come to an end in 1929? In the warm up you learned that the economy during the roaring '20s was booming. In the 1920s, most Americans enjoyed economic prosperity and had money to spend. That prosperity was caused by many factors,○00:00:25 including growth in consumerism and mass production. Now, underlying issues, such as speculation and credit, however, would lead to an economic disaster, called the Great Depression. But first, let's take a look at why the economy was booming, and how that affected Americans.●Section 2○00:00:01TEACHER: As the war ended, new economic policies cut taxes and encourage spending. Consumers had more resources to spend and more reasons to shop. American consumers earned more money, and they had more leisure time. And they also demanded a wide variety of goods. Here's a serious consumer over here. I love this photo, because take a look and look really closely,○00:00:27you can only see the feet of the gentleman who's standing next to her carrying all of these packages. Consumerism is a pattern of continually desiring and buying new products. What consumerism describes is a society in which people buy things they don't necessarily need for reasons that include showing off their wealth, wanting to have what other people have,○00:00:52or just enjoying buying things. Sort of sounds like some of our celebrities from today. For example, this woman here from the 1920s, maybe she already has a bowl like this, but, hey, maybeone in a different color or a holiday pattern might be nice as well. Manufacturers eagerly try to meetthe consumer demand, and they use new ways of advertising○00:01:16to influence consumer choices.●Section 4○00:00:01Manufacturers had to keep up with this new consumerism. New economic policies helped manufacturers thrive with fewer regulations and lower taxes. At the same time, manufacturers made changes to adapt to consumerism. They adopted Henry Ford's manufacturing techniques to make products faster and more cheaply. For example, this Washington Crisps company,○00:00:28it makes a cereal. Perhaps now all the boxes are filled in an assembly line, or maybe thereis new equipment that makes the production much faster. Manufacturers offered a wider variety of consumer goods, such as ready-made clothes. They responded to changing standards of fashion and housekeeping, like vacuuming every day, and daily living,○00:00:51like turning to processed and ready-to-cook foods.●Section 5○00:00:01TEACHER: In the first segment, you learned about the growth in consumerism and mass production in the 1920s. Americans began this cycle of buying and wanting more goods, while manufacturers produced more goods and used new mass production techniques. The economic growth in the 1920s hid problems in the economy, however, problems○00:00:24such as speculation and credit. And those problems culminated in the 1929 crash of the stock market. So now let's take a closer look at the speculation and credit that was going on in the '20s.