Following the extensive reforms of the progressive era, the 1920's was a time of apparent prosperity in America. It seemed as though all Americans were living an extravagant lifestyle that could not be matched in any other era of American history. People were buying more goods than ever before, the stock market was soaring and production levels were at an all time high. This was truly a time of lavish lifestyles. During this time period people could not imagine that the economy could ever slow down let alone crash. They believed that the economy was invincible and could not be stopped. This however could not be farther from the truth. Throughout the 1920's there were a number of underlying issues within the American economy which were drawing it ever closer to an implosion. One of the biggest reasons this was happening was that the government was drastically reducing it's role in the economy. A new philosophy called "Laissez Faire" was imposed which suggested that the government should stay as uninvolved in the economy as possible. As a result of this decrease in the government's role many factors arose which together ultimately led the Great Depression.
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Some images showing life in the 20's |
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