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Feb 16 - February 16,2011 1920 Decade of economic growth...

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February 16,2011 1920: Decade of economic growth industrial power, not agricultural production, wages, and corporations increase didn't eliminate inequality 15% wage increase for blue collar workers 40% wage increase for white collar workers politically important: capitalism and industrialism appear less scary Golden Decade of Agriculture 20s: overproduction force prices down and farmers in debt and poverty farmers lose property, corporations buy small farms Rise of Consumerism Key shift of American Economy rising wages availability of electricity increase production and efficiency improving technology Heavy industry such as steel → consumer products such as automobiles and fridges Corporations are thinking about about what Average American wanted not needed Henry Ford: Assembly Line Advantage of short repetitive movements New ways of purchase Sears(mail order) available to most rural Ads and advertisement became popular cosmetics, music etc Unequal distribution of money 65% had income of less than $2000 a year Retailers and auto manufacturers came up with Installment Plan Buy now and pay later Huge concept, evolutionary Most urban paid cash except for houses but in 1920, consumers put fear of credit on hold Automobiles bought by installment plan easy to finance, so they start financing on everything else advertisement paid a huge rose Goal: Make consumers see as luxury items as necessities Consumption: consuming products define by what you have Consumerism
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