Compare and contrast the economic, political and social environment of the United States in the 1920s and the 1950s - Essay Example

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These eras incorporate era of exploration, era of expansion, era of colonization, era of Great Depression, era of Industrial Revolution, era of…
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Compare and contrast the economic, political and social environment of the United States in the 1920s and the 1950s
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Extract of sample "Compare and contrast the economic, political and social environment of the United States in the 1920s and the 1950s"

Download file to see previous pages The economy of 1920 boomed and contributed to the success of the country during this era. It resulted in a boost in employment, cost-effective development and consumerism. In 1920s, there was a great enhancement in purchase of commodities, mass production, industrial production, corporate profits and movies. In 1920, every field witnessed innovative breakthroughs and creations. These inventions embrace cars, methods of transportation, gas stations, malls/shopping centers, radio, and sewing machines. The period of 1920 was a period of huge advancement in the sphere of mass communication and the movies became popular as well (Goff & Terry, 2002).
The manufacturers made huge profits from new business and production approaches. Departmental stores along with service station chains benefited from considerable retail power and helped in wage rise. The figure of millionaires in US increased during this period. The share market reached to the pinnacle. The salaries of management were increased excessively. Banks offered significant bonuses to their staff. The moral codes of business distorted and corruption was prevalent in politics, business and society. This was an indication of the end of booming period in USA.
Comparatively, the period of 1950 was somewhat outdated. The economy during 1950 observed no major innovation. The main issue of this era was inflation, the rise in consumer prices, in indirect business taxes as well as social security taxes. Tax rates along with employment rates carried on climbing during this period. First half of 1950 viewed the prosperity of progress of life insurance companies and enrollment of new private companies to take in the extremes of personal investments (Goff & Terry, 2002). The industries that flourished after the war comprised, transport industry, newspaper industry, automobile industry, housing industry, electronics and aviation and aerospace industry, military industry, Hollywood and newspaper industry.
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