The 1920's - Europe and North America (jan 1, 1920 – oct 24, 1929)

Description:

The 1920's was a period of economic boom where the economy was seen to grow 42%. This was due to mass production increasing consumerism, modern auto and airline industries, and the invention of credit. Average income rose from $6,460 to $8,016 per person. But this prosperity wasn't distributed evenly. In 1922, the top 1 percent of the population received 13.4 percent of total income. By 1929, it earned 14.5 percent.The United States transformed from a traditional to free market economy. Farming declined from 18 percent to 12.4 percent of the economy. Taxes per acre rose 40 percent, while farm income fell 21 percent. By 1929, average annual income was only $273 for farmers, but $750 per person. At the same time, new inventions sent the manufacturing of consumer goods soaring. (https://www.thebalance.com/roaring-twenties-4060511)