1. Describe the consumerism that developed in America during the early twentieth century, especially after World War I.
Consumerism is known as an era that was characterized by massive buying and consumption of goods. It was caused by the enormous production and increased products in the market. In the USA, consumerism was experienced in the 20th century. Technological advancement enabled massive production making the supply exceed the demand in the market (Morrow, 2010). The Americans were eager to try out new things hence boosted the supply of the goods. With this, the advertising firms were positively benefitted. They always insisted on comfort and luxury while marketing to attract more Americans. The commonly used methods used to advertise …show more content…
The causes of this menace were due to various reasons. Firstly, it began with the drastic collapse of the stock market where 16 million shares were sold (Freeman & Donnelly). The day is remembered as Black Tuesday where the stocks in the market were not bought. Over the next two months, the investors had lost approximately $40 billion. The banks also felt the impact of the stock market. The banks lacked money to carry on with their businesses and compensate the costumers who wanted to withdraw their money. The situation left many banks closed. The remaining ones were unwilling to lend money due to the uncertainty of the economic condition. Money supply in the economy was reduced since many people withdrew their money from the banks due to panic. The primary concern though is that the Fed ignored this plight which resulted in the depression (Freeman & …show more content…
(2017) Aspects of the Great Depression: Its Causes, the Struggles of the Unions, and the Plight of the Unemployed. Bingham University. Retrieved from https://www.binghamton.edu/history/resources/journal-of-history/depression.html
Wheelock, D. C. (n.d). The Great Depression: An Overview.Fedral Reserve Bank of St. Louis. Retrieved from https://www.stlouisfed.org/~/media/Files/PDFs/Great-Depression/the-great-depression-wheelock-overview.pdf
4. Evaluate FDR's actions designed to alleviate the effects of the depression, and discuss the opposition he faced.
In this period, the sitting president of the USA, Herbert Hoover, was under pressure to counter the situation. The president came up with plans to help deal with the situation. Due to his political ideology, he came solutions that did not involve the federal intervention. The president focused on people working together and organized committees to mobilize the charitable organizations to aid in the menace. His method failed since the programs were small scale and could only serve a small percentage of people. As the situation worsened, the pressure was mounting on him to use federal means that would fix prices and influence the currency. To him, this was socialism which he heavily opposed. He eventually left the office with one of the lowest profiles in history (ER services,
Consumerism is known as an era that was characterized by massive buying and consumption of goods. It was caused by the enormous production and increased products in the market. In the USA, consumerism was experienced in the 20th century. Technological advancement enabled massive production making the supply exceed the demand in the market (Morrow, 2010). The Americans were eager to try out new things hence boosted the supply of the goods. With this, the advertising firms were positively benefitted. They always insisted on comfort and luxury while marketing to attract more Americans. The commonly used methods used to advertise …show more content…
The causes of this menace were due to various reasons. Firstly, it began with the drastic collapse of the stock market where 16 million shares were sold (Freeman & Donnelly). The day is remembered as Black Tuesday where the stocks in the market were not bought. Over the next two months, the investors had lost approximately $40 billion. The banks also felt the impact of the stock market. The banks lacked money to carry on with their businesses and compensate the costumers who wanted to withdraw their money. The situation left many banks closed. The remaining ones were unwilling to lend money due to the uncertainty of the economic condition. Money supply in the economy was reduced since many people withdrew their money from the banks due to panic. The primary concern though is that the Fed ignored this plight which resulted in the depression (Freeman & …show more content…
(2017) Aspects of the Great Depression: Its Causes, the Struggles of the Unions, and the Plight of the Unemployed. Bingham University. Retrieved from https://www.binghamton.edu/history/resources/journal-of-history/depression.html
Wheelock, D. C. (n.d). The Great Depression: An Overview.Fedral Reserve Bank of St. Louis. Retrieved from https://www.stlouisfed.org/~/media/Files/PDFs/Great-Depression/the-great-depression-wheelock-overview.pdf
4. Evaluate FDR's actions designed to alleviate the effects of the depression, and discuss the opposition he faced.
In this period, the sitting president of the USA, Herbert Hoover, was under pressure to counter the situation. The president came up with plans to help deal with the situation. Due to his political ideology, he came solutions that did not involve the federal intervention. The president focused on people working together and organized committees to mobilize the charitable organizations to aid in the menace. His method failed since the programs were small scale and could only serve a small percentage of people. As the situation worsened, the pressure was mounting on him to use federal means that would fix prices and influence the currency. To him, this was socialism which he heavily opposed. He eventually left the office with one of the lowest profiles in history (ER services,