American Economic Boom of the 1920s: Benefits and Contrasts
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Did All Americans Benefit from the Boom?
Farmers and workers in many other industries, such as coal, leather, and textiles, did not benefit much.
- Coal suffered from competition from oil and electricity companies.
- Leather and textiles faced domestic competition.
- Industries struggled to compete with cheap labor in the South.
- Growth of industries, but no new jobs (machinery doubled production).
42% of Americans lived below the poverty line. Millions of unemployed people didn't share in the boom. It was a consumer-led boom, driven by ordinary families buying things for their homes, so demand began to tail off.
Chicago in the 1920s
Chicago was one of America's biggest cities.
It was a center of the steel, meat, and clothing industries that involved unskilled... Continue reading "American Economic Boom of the 1920s: Benefits and Contrasts" »