Mass production was very significant, when related to the prosperity of the 1920s.
The Industrial Revolution which led to enable, and further develop mass production was the key to success basically. Mass production was meant to satisfy the consumer demands, now that consumers had more spare money to spend on goods. Production was vastly more efficient that it had ever been. It was simply cheaper and faster. This large utility rate played a big role in boosting the economy, therefore, bringing prosperity to Americans from all social classes.
Goods such as cars suffered a big drop in price. For example, after the roaring twenties, the price of a Ford Model T fell from $850 to $295. Which meant that more people were buying cars and not only contributing to the car manufacturer development, but to the oil, leather and steel industry too as they were requirements which go hand in hand with cars.However, there were other factors which greatly contributed to the creation of the prosperity in the 1920s. Firstly, the impact of the WW1, which created a lack of competition from Europe and made the US the main source of weapons and loans to the Allies.New technology was also a great impulse for the prosperity in the US. This new inventions were having an abnormally amount of sales and were ‘boosting’ the economy by creating a demand, consumers have not experienced before.
With this came the new revolutionary ideas for the all-new improved advertisement which greatly helped in the demand.The creation of “Hire Purchase” contributed to prosperity too. It allowed the consumer to buy goods they couldn’t afford by paying weekly installments which not only repaid the product but also paid the interest which was given for the loan.
Last but not least, a great contributor in creating prosperity were, shares. As companies were making profits, their share prices were substantially rising too. People saw this ‘bull market’ and did not think twice before investing, they were buying ‘on the margin’. This whole thing helped the companies growth and increased people’s will to spend on goods.To summarise, the mass production was significant factor in creating the prosperity but it was only a part of a whole process which involved many other factors and all of this together lead to what we all know as prosperity. Mass production itself wouldn’t have made the same impact on society if it was for the other factors.
