The Roaring Twenties A Time Of Economic Prosperity

What came to be known as the Roaring Twenties was a time of economic prosperity following the First World War. At the crest of Jazz Age, when traditional norms were tested and culture was displayed through music and literature, American consumerism was at its peak. From Ford’s automobiles to the smallest of household appliances, from houses to stock market bonds, the average American used credit to purchase all of these appliances. However, at the height of this consumerism, the wealth gap amidst the affluent and the impoverished refused to contract in size. At this moment, 0.1 percent of the elite acquired the same total income as 42 percent of the Nation’s population. With the average personal debt rising and the overproduction of consumer goods too stubborn to decrease; on October 29, 1929, otherwise known as Black Tuesday, the stock market crashed. Unlike others before it, this crash impacted a significant amount of the Nation’s population; predominantly due to its prosperity within the last decade as a result of foreign market advantages during the First World War. Black Tuesday came to be known as the event that set in motion what was the worst economic collapse in history, the infamous Great Depression, which lasted over a decade. Former President of the United States, Herbert Hoover, passed it on as â€Å"a passing incident in our national lives.† As a result of his belief in rugged individualism, Hoover concluded that it was not up to the federal government to try andShow MoreRelatedWorld War I And The Great War1196 Words   |  5 Pagesdeveloped from this 20th century time period under the influence of mass media. World War I, or the Great War, was one of the bloodiest wars of all time. It was a war sparked by militarism, alliance, imperialism, and nationalism. 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