World War One had impoverished European countries and almost did no damage to the United States; when peace came, the Americans found themselves as the economic leaders of the world. The country, with enormous resources in materials and in human labour force and with a wide domestic market, was ready to take advantage of this situation. It had developed production to a new level of mechanical and managerial efficiency. Americans were aided by the boom in the automobile industry. The phenomenal activity of this one part of the body economic which was responsible, for the employment of nearly four million men pumped new hope of life
