The Russian Empire was a European nation, which was put ahead of most other nations naturally. Japan was considered a weak, Asian, frail island that could easily be beaten. If Japan were to beat Russian in the Russo-Japanese war, the world powers at the time would have to respect Japan.
The 1920s were a period of economic growth and transition. Real wages for most workers increased, while stock prices advanced as much during the 1920s as they had in the previous three decades
