Economy
Roaring 20s
World economy grew at a never before rate after the pandemic in 1918
History suggests that the next 10 years will see fast growth. After Spanish Flu in 1918 and the First World War, the world economy grew. Roaring twenties benefited rich more than the working class.
Roaring twenties was the growth story of world’s cities. New York, Berlin, Chicago, London, Paris, Sydney, Los Angeles established themselves as the economic powerhouses. They also became the cultural centres, which the world wanted to imitate for the next hundred years. It was not the single thing, which made the super growth possible. There were many…
- Large scale use of automobiles
- Telephones, films, radio became common
- Millions of electrical appliances
- Aviation as a business
- Growth of retail
- Increasing consumer demand
- The rise of media media
- Mass-market advertising caused consumer demand
- Age of celebrities such as sports heroes and movie stars
- People filled cinemas and sports stadiums
- Jazz and popular dance culture
Roaring 20s crashed in 1929. It led to the Great Depression of 1930s. Indian economy is at the same place, where western economies were hundred years ago. India should be wary about growth with big spending and big businesses. USA saw growth in roaring 20s with the help of low taxes and big businesses. Instead, India should focus on small businesses led growth.
Worth your time: A brief history about roaring 20s in USA Link
