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Date Created: 08/28/14
The American Dream and the Economy of the 20s New Money Vs Old Money Old money was inherited over generations Rockefeller Vanderbilt New money was created in the economic boom New business and production methods created an increase of factories and production across ask the country and increased wages Summary New money is that which is made recently usually by business people the media or entrepreneurs In the 1920s new business and production methods created an increase of factories and production across the country which caused wages to rise and led to an economic boom Old money is wealth that is inherited over several generations by upperclass families The Rockefeller Vanderbilt and Carnegie families are known to have old money from the economic boom in the twenties Historically the concept of old money and new money is linked to social status and behavior Those with old money tended to have a lower public profile be regarded as discrete and restrained and focus on education and etiquette In comparison those with new money were seen to have higher social standing and be more extravagant showy and selfindulgent What was the economy like in the 20s Modern mass production flourished in this decade The Roaring Twenties Economy flourished for the majority of the twenties until 1929 People were happy production was high There was large technological advancement with inventions like washing machines and Henry Ford s assembly line Sad economy in 1929 because of a stock market crash This marked the beginning of the Great Depression Known as the Roaring Twenties the 1920s were a time of great social and political change America s national wealth nearly doubled within 1920 and 1929 and lead citizens into a consumer society Summary Known as the Roaring Twenties the 1920s were a time of great social and political change America s national wealth nearly doubled within 1920 and 1929 and lead citizens into a consumer society The economy flourished for the early twenties People were happy and mass production was high There was large technological advancement with inventions like washing machines and Henry Ford s assembly line This era of happiness was cut short on Black Tuesday October 29 1929 The day the stock market crashed which lead to the Great Depression This tragedy cost millions of people theirjobs and was the beginning of government involvement in the economy What were peope s perceptions of the American Dream Part of the American dream that started during the 1920s was the burning desire to own a house The outlook on the US during the 1920s was conflicted In some ways the US was in a period of optimism the country was quickly becoming urbanized jobs were starting to pay better wages and technology was advancing quickly Henry Ford started his automobile plants with the revolutionary assembly line In contrast racism became more prevalent The Ku Klux Klan was very influential during the 1920s The American Dream was peoples home to come to America to become doctors and engineers orjust a new start at life because who wouldn t want that Summary o The 1920s was a decade of rebirth characterized by the founding of the American Dream which was the belief that anyone can and should achieve material success such as a family cars or a dream house Before the 1920s the was the dream of freedom and equality was originated by the immigrants who came to the United States in hope for opportunity This quickly changed as the nation sunk deeper into the Roaring Twenties instead of dreaming of equality and unity America dreamed of getting richer than ever before Due to extensive advertising the American dream was not seen as a luxury but as a necessity Today the American dream focuses on the success of the individual and the growth of the economy
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