The general economic climate of America in the 1920s was characterized by an economic boom.
What is general economic climate?
The general economic climate of a country is the overall condition of the country in terms of its economic wellbeing.
Although America experienced some setbacks in the 1920s, the economy of the country was said to rise about 42% at the time.
Asides the depression of 1920-1921, the boom was characterized by many industrial as well as other positive developments:
- The rise of auto and air transportation industry that spurred industrial revolution.
- Mass production of consumer goods
- The victory of America in World war I
However, towards the end of the 1920s, the 1929s, America experienced the Great depression.
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