|
|
After World War I,
factories in the United States
began to produce different produce different products and business boomed.
Wages increase and people started buying electrical appliances to make
their life easier. Washing machines, vacuum cleaners, and refrigerators
were some of these “consumer goods.” Also, the automobile became a big
seller. Assemble lines made car manufacturing easier and faster. The
rubber industry and the oil industry grew along with the automobile
industry. Steel was needed to produce all these goods so industry grew
also. Installments buying made it easier for all people have these goods,
not just the wealthy. People were buying on credit, not with savings.
Banks made money from the fees, and the number of millionaires in the
United States
went up! All this ended with the stock market crash in October 1929.
Farms slumped in the
1920’s.United States farmers had been supplying goods to
Europe
during the war. Farmers had increased production and started farming more
land. They had bought new tractors and farm equipment. As
Europe
farmers began to be more productive, American exports went down. American
farmers found themselves in debt with no market.
|