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The American economy in the 20th decade of the twentieth century: Prosperous development but still has limitations.
The prosperity of the US economy is reflected in the high growth rate of economic sectors. In just 6 years (1923-1929), industrial output increased by 69%. In 1929, the United States accounted for 48% of world industrial output, surpassing the industrial output of the five industrial powers of Britain, France, Germany, Italy and Japan combined. The United States leads the world in the manufacturing of automobiles, steel, oil, etc. In particular, the boom of the automobile industry has had a strong impact on other industries. In 1919, the United States produced 7 million cars, by 1924 it reached 24 million.
In terms of finance, from having to borrow $ 6 billion from Europe before the war, the US has become a creditor of the world (only Britain and France owe the US $ 10 billion). In 1929, the United States held 60% of the world's gold reserves.
Despite high growth rates, even in these prosperous times, many American industries use only 60-80% of capacity. Economic development driven by profit, excessive liberalism has led to asynchronous development between industries, between industry and agriculture, and there is no long-term plan for the balance. between production and consumption.
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