question archive THE ROARING TWENTIES: REQUIEM FOR LAISSEZ FAIRE CAPITALISM
THE ROARING TWENTIES: REQUIEM FOR LAISSEZ FAIRE CAPITALISM
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THE ROARING TWENTIES: REQUIEM FOR LAISSEZ FAIRE CAPITALISM. THE ROARING TWENTIES November 19, The Roaring Twenties, Ch. 22 The introduction part of the article captures my attention by the well organized details of the American economic development during and after the World War 1. The people of America had their hopes high that after the war, the social and especially the economic status of the country would go back to normal. During the year 1920 to mid-1921 there was a recession but it did not last long. It was then followed by an astonishing expansion of the economy that brought about the new level of living standard of the Americans. Reading through the article, I get the opportunity to understand some of the products and occurrences that led to the emergence of the middle-class people in the American economy. Further importance of the article is seen whereby various questions asked by known economists on the various causes that might have rendered the great depression inevitable by the then economic planners.
An interesting article in this chapter is about the new goods and rise of the middle class. The article gives details about how the middle class standard of life became a common phenomenon in America during the economic expansion period between 1920 and 1930. Majority of the people had the ability to acquire several products that made them live a rather comfortable life. The analysis of the different products that changed lives and had great impacts on the economy is well tackled in the article. A god example of this is the automobile. After the increase in the rate of ownership of the automobile, pressure on the government to make good roads even in the rural areas also increased as the people wanted easy movement on good roads. Construction of good roads means increased expenditure by the government. Therefore, such things explain the pressure posed on the economic stability of the country (The Roaring Twenties 432).
One concept in the article that I can relate to a topic in economics is about the supply and prices in a free market. Increased competition in the provision of goods and services in a particular market leads to reduced prices that favor the consumers especially when it comes to consumer products.
